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Deferred Alpha Pension to LGPS Transfer?
Hi all, I am currently trying to decide if I should transfer my deferred Alpha Pension across to LGPS and just want to check I am not missing anything obvious I ought to consider… As a bit of background, I am 53 and I have a previous LGPS pension from 2000 - 2019 when became deferred when I was Tuped across into the Civil…
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Private Pension After 75 - Grandchildren as Beneficiaries
Hi all Hopefully a simple query, I've searched online and on this forum but couldn't quite get the answer to my specific question. If a person over the age of 75 puts their grandchildren as the beneficiaries of their SIPP; after they pass is there any income tax the grandchildren need to pay (assuming they are under 16 and…
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Pension Illustration Error?
Hi pensions experts, I have a Defined Benefits pension - I won't say at this stage who the employer or the who the Pension administrator is. Upon retirement I have been planning on taking the 25% tax free lump sum and reduced annual pension. The pension administrators system has an illustrator that provides an estimate…
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Tax question regarding accessing 100% of SIPP in one go
I have about 50K in a SIPP. I would like to use it all in one go, to contribute towards moving home. (Sell my flat, and buy a house.) I understand that 25% of the SIPP is tax free. I am currently only on tax free DWP benefits (not working atm), and so I am hoping that I can get a further £12,570 of it tax free? Is this…
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What does purchasing full contribution years do to a full international pension?.
I´m just trying to understand ;- normally, having worked in 4 different countries (UK, Finland, France and Spain) giving me a total of 42 full contribution years across the four, I should qualify for a full pension in each country pro.rated by the number of years I worked in each. This is my understanding so far - please,…
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NI voluntary contributions through self assessment not credited to NI on HMRC account
I’ve 46 years of NI and like most contracted out out but after redundancy in Dec 21 I’ve gone self employed and 21/22 was first SA but I was paid until middle of March 22 so virtually no loss of NI contribution missed. 22/23 was my first SA as 100% self employed and made voluntary NI class 2 contributions £163.80 which I…
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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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Tax Implications in UK on Australian Superannuation funds.
We are returning to retire in UK after 30 years in Australia. What are the tax implications in UK if we transfer some or all of our Australian Superannuation funds to UK, either as a lump sum or an income stream?
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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…