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Paid holiday pay after my P45 and paid tax :(
I wonder if anyone has had a similar problem and can advise or knows a little bit about it? I worked part time for a small nursery and recently handed in my notice with no plans to find employment elsewhere (lucky I know!). I received my P45 ok, stating my leaving date. However, the following month I received a payslip and…
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RANK MONEY PURCHASE PENSION SCHEME
Hi, Spent around 4 months and many, many hours trying to trace above pension, been to Pension Tracing Service, HMRC, .Gov, about 15 companies. My wife left the pension in 1997 but have all paperwork/statements etc. including letter advising Abbey National will be responsible for 'some aspects' of the pension as being…
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Taking A Reduced DB Pension
I am currently approaching 51, and my wife is 55. She plans to retire at 60, and with the new rules in accessing pensions for me, I cannot access until 57, so I plan to retire at 58. Currently I have 60ths DB scheme to which I will have contributed 35 years by 58. But if I take my DB pension then, it will reduce by 4.4%…
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Pre '97 GMP Transfer
Hi I have a deferred Pre 97 GMP fund with Mercer (52K with 21k underpin) that was left over after company transferred our funds from Mercer to an Aviva DC fund back in 2017. Initially I took advice in 2017 from an IFA regarding the way forward with the GMP Fund and there appeared to be no real upside or downside to move…
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Teacher's pension - Online Illustration versus Statement of Benefit
Hi , I'm thinking of taking early retirement from teaching. My Benefit Statement gives me Annual pension and Lump sum figures much higher than the online illustration calculator on the TP web site . Example - Automatic Lump sum on calculator £46k . On Statement of benefits £60k. This concerns me. Now, I understand that the…
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Pension Pot and emergency moving out of marital home
Hi The situation . Taken already last year my 25% tax free but left the rest invested with Vanguard . I have been married for over 25 years but the last 10 years has been marred with wife becoming an alcoholic , she has stopped for 4 years , gone to work with a drug abuse company to help others ( which im extremely proud…
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Pension help
I am sorry but I just can't get my head around these pension calculators. In a nutshell can anyone recommend the amount or bare minimum you would recommend we put into pensions please. I currently have 2 pensions but not much going in a month and hubby has his work pension but I think only 3% is going in to that. Me,…
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50% Tax Query on NHS Pension
Hi, I wonder if anyone can help? My 87-year-old mom has a (tiny) NHS pension from a very long time ago. I've just seen her P60 for this year, and she's being taxed exactly 50% on this. The only other pension she has is her state pension. Is that right? If not, how should I go about challenging it? The total amount for the…
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Auto enrolment postponement
I have started a new job and my earnings are above the auto enrolment threshold and will continue to be so. My new employer has sent a letter to me saying they are using postponement and if I meet the criteria in April I will be enrolled in the work place pension. However, if I wish I can write to my employer and request…
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TEACHER'S PENSION ADVICE - Additional contributions to mitigate losses from coming out of TPS?
QUESTION: £49,000 + TPS = £49,000 + £?? + Aviva Pension What percentage increase might be fair to ask for to replace the lost value from coming out of the TPS? --------------------------------------- I have moved schools to take up an equivalent teaching role elsewhere. My old school was a part of the TPS and the new one…
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Transition Arrangements for PCLS following abolition of LTA in April
Hi, What is the best source for info regarding the transition stuff? Any feed/stream I should subscribe to? David
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Question re Money Purchase Annual Allowance
Hi, I have a question about the Money Purchase Annual Allowance and a transfer to a SIPP if anyone could help please. Scenario 1) 25% tax free cash already taken from a SIPP with Hargreaves Lansdown, the rest moved into drawdown and then take £1,000 a month from the drawdown pot. (This will have no tax liability with a…
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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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When does a negative period officially end?
Often we hear that after a big drop in markets, they usually recover within 2 years. If I looked at my portfolio, after the big drops at the end of 2021, it recovered to the same nominal value in mid March this year. (after adjusting for contributions and changes obviously). However, this has only lasted a month and it is…
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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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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…
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Advice on moving away from Hargreaves Lansdown please.
We've come to the end of our tether with HL having botched my wife's paper based UFPLS payments on so many occasions. I've had it out with them over the phone and I can go through weeks / months of complaints, however all we want is a reliable service. So, do St James, Vanguard, a n other allow electronic (HL insist on…
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FBU & other Unions - Public Sector Pensions Judicial Review
In July, The Fire Brigade Union were granted a Judicial Review hearing. This related to the Government's decision to make public sector pension scheme members foot the bill for the cost of remedying the Government's age discrimination (as per the McCloud judgement), when they reformed the various public sector pension…
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Pension Withdrawal
I currently have a works pension with Royal London.I have withdrawn my 25% cash some years ago. I withdraw my maximum from my pension on monthly basis £1150 per month allowing myself and wife £13800 without any tax implications. My question to you fellow advisors is . If I was to withdraw £30k from this pension pot. What…
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USS and Pension Tax Changes
Hello on 6th April 2024 new pension tax changes were introduced. So the Lifetime Allowance was abolished and two new tax changes introduced. The one which will affect my situation is below - the lump sum allowance (LSA). Therefore I am trying to workout how this will affect my situation. So 2 years ago I retired from a HEI…