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Will we need more????
Hello all. Thank you as always for your help. I have increased my pension contributions by £150per month now . I'm a part time police officer and would love to retire at 55 ( i will have just shy of 20 years part time contributions at 55) but suspect it will be closer to 60 - which will be 25 years - when I can retire. We…
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Hold sipp with 2 providers?
I have a Sipp with h&l, worth approx 300k, I also have a s&s isa with about 200k with h&l. I have a deferred dc pension which will need to be moved before drawdown, I'm keeping it where it is at the moment as there are no costs associated with it, the value is around 500k. I'm thinking rather than h&l I'm putting it with a…
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Tax Issue
I have recently retired at age of 58. so 9 years off state pension, I have 3 private pensions which in total come to less than £600 / month. All 3 are being classed as CRB so it looks like being taxed @ 20%. Is this because I have 3 seperate pensions, will this always be the case ? Thanks.
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Aviva Pension Transfer Headache
Hi All I have a DC Pension Pot of £100,000 ish with Aviva, I now want to withdraw the 25% tax free cash and leave the rest in a drawdown policy until I retire without accessing any of it until then. I qualify in terms of age etc. I made an initial enquiry about accessing the TFC, and was told that the policy I held through…
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Republic of Ireland workplaces pension but living in NI UK
HiI'm a cross border remote worker PAYE in Ireland but living in the UK. My employer has offered me a contributary DC pension scheme. Would anyone know what would be the implications of this tax and benefits wise if i remain in the UK? Maybe i would be better off contributing £2880 to a SIPP in the uk? I'm not sure if…
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pensionstracingservice.com
Can't find a 'pensions' category on this site so have had to post under savings and investments, This is NOT the government scheme but a private company that has contacted me and, on the face of it, given some solid basic advice. Has anyone used them? Are they legitimate? I've checked on Trust Pilot and there are only 7…
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Pensions, tax, part time working…
I’m very confused! I’m 60 with a Local Authority pension. I suspended it when I went into teaching and opened a teachers pension. i was thinking of drawing my LA pension and using the lump sum to pay off debts. However I’m aware I will be taxed on the monthly amount I receive. A financial adviser I saw suggested I could…
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Transfer value confusion
I have a small DC pot with GMP underpin from an old employer. (£140k) Their pre-retirement pack left many questions, some of which they still can't explain. First, they quote a DC transfer value of £46k "which is not subject to the GMP underpin and can be transferred separately." Then they outline the following options -…
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Most efficient drawdown method
I have DC pot with Royal London that I no longer contribute to. I’m going to take a tax free sum of £60k from a pot of £295k and I don’t plan on any further drawdowns for 4-5 years when I retire. Have I understood this correctly?I can crystillise 4*£60k = £240K, take the 25% TFC (£60k) and leave the remainder invested…
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Labour proposing NI raid on pensioners?
Not sure where i read it…..but commentary was along the lines that the Shadow Chancellor Rachael Reeves was proposing NI payments from pensions. Any thoughts…..
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Should I take my state pension?
I am nearly 66 and still working, at the moment I am putting around £20000 a year into my pension. If I take my state pension and carry on working does that mean I will only be able to put £10000 max yearly into my pension? Is taking the state pension classed as accessing my pension? Which would then mean I will not be…
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Lump Sum vs Cost Averaging 2024/25
Hi All, I have been researching what to do with my workplace pension this tax year. My pension is Royal London's RLP Susatainable Trust. I've been paying into this for around three years now and it generally seems to perform OK when i bnechmark it against other similar funds. I don't know enough about pensions and the…
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To auto glidepath or not
I am considering derisking some of my DC funds over the next 5 to 7 years to provide enough to buy an annuity for core income, but to continue with a fair amount of risk on the remainder of my DC assets. I am trying to figure out whether to use a pension providers own automatic glidepath fund that does the switching for me…
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Aviva stakeholder pension options
I have an Aviva stakeholder pension, not very big, just over £20k, invested in Aviva Pension Mixed investment (40-85% Shares) Is this something I should think of adjusting, as in Funds wise or maybe move to my SIPP which is invested in HSBC Global SB C?
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Was inflation negative in recent months?
I tend to use this site monthly to keep an eye on inflation for my planning: https://erikasgrig.com/calculators/inflation-calculator-cpi/ According to this site, inflation between September and January was actually negative (actually negative in all months in between). Does this make sense given that inflation was said to…
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Withdrawal from SIPP.
Hi, I was wondering how long people have to wait between asking for a withdrawal from a SIPP and receiving it? Thank you.
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Pension Payment Following Redundancy
Been told this week that I've at risk over redundancy and likely to apply for VR I would have liked to pay some of the redundancy into my company pension but awaiting a pension sharing order to be completed so that's not possible. If I received my redundancy and then paid it into a private pension, would that get my tax…
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Personal pension
Hi all, Background. 33 yo and have been a full time carer for 20 years on carers allowance and income support. Does anyone know how to save for a pension? I have been putting some money away weekly but I'm worried because when income support eventually becomes universal credit the savings your allowed drops from £16k to…
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Modelling Inc funds
I've only ever held Acc funds, and am pretty used to using a modeling tool to compare funds' past performance when thinking of making changes to my portfolio et cetera. As official retirement date approaches, I'm considering whether changing to Inc funds might be right for me and am attempting to create a model (or models)…
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Pension - Cash Park
Hi, I am looking to pay a lump sum into a private pension and then to transfer this into my work defined benefits pension. I have been employed less than a year so can do this but I would like to avoid investing the money as it would be subject to market forces and I would not be able to wait for any losses to recover. I…