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Pension Dilemma
Hi everyone My wife and I are already drawing our pensions from our long term "proper jobs" but for the last 7 years we have been semi retired and running a small business. We are now in our late 50's. We will soon be selling the business for c. £1.1m and want to invest the money to draw on, generating additional pension…
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Retirement Query
I'm 57 and am being made redundant soon. I have asked my employer lots of questions, but they are not very supportive and tell me to look on the internet or go to Citizen's Advice, but whilst the Gov UK website allows me to apply for benefits, I can't do that until my redundancy happens. Ideally, what I am looking to do is…
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Claiming pension contribution tax relief for previous years
19 years ago my wife became disabled, overnight out income was halved so it was a busy time. She opened a pension plan because her employers pension pays out under £2k a year because she was only working for a couple of years. The equivalent of her DLA goes into the pot. As I had to retire soon after we are not wealthy!!…
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Drawdown Notional split?
Just wondering how people manage their investments and drawdown with this. My own fault I know, but I stupidly thought that when I opened my SIPP i'd be able to....... 1) Crystallise an amount of money for up to the next 4.5 years (to take me up to state pension age) and do FAD to take a tax free sum and a monthly income…
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COPE
HMRC has advised I have a weekly COPE projection of £50. I tracked down my old contracted out pensions and was informed they had all been transferred into a new singular pension provider. New provider said they don't pay COPE and directed me back to HMRC who can't help. My question is have I lost the money and is there…
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Interactive Investor SIPP question
I note there is a fee of 12.99 per month. Is this the II "platform fee"? You also have to pay a percentage fee - albeit smallish generally around the 0.2% mark - for the various funds that you decide to invest in??? Trying to do the numbers. My workplace pension offers a fee of 0.3% so by the time the platform fee and fund…
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Advice on Drawdown Pensions vs Care Assessments - please!
Posting in hope more than expectation. My FiL is completing a Financial Assessment to establish whether he ahs to contribute to his care. He has no savings / capital, so he is well under the £23,250 limit. BUT, his wife has a drawdown pension pot that she is NOT drawing from at present (she may never have done so, it's not…
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Pension recycling rules hit?
Hi! Wondering if anyone has hit or is familiar with my scenario. I checked the Inland Revenue website and their pension tax manual and even spoke to them, but didn't get a definitive answer. My scenario is fairly straightforward in that I have a defined contribution pension pot of around 700k. For the past 7 years, through…
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*Symmetrical* Joint Annuities??
Help! I have a pension pot to invest in an annuity (after tax free take of 25% etc). I know all about making it inflation linked, guaranteed income etc etc, and about providing for a loved one. THE PROBLEM: What I want is an annuity that pays X until one of us dies, and then pays 2/3 to the survivor until they (whether…
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Pension Release
Hello All, I hope someone is able to help. This is my situation. Myself and my wife are thinking of putting in an offer for a house. We fall short of the asking price by 150k. I was thinking of withdrawing one of my pensions worth 60k in order to reduce the shortfall and therefor save interest on the monthly payments which…
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HMRC Trust Registration Service
My wife and I because of our ages decided to start putting our affairs in order and we found we had taken out a Trust Bond in my wifes name in 2004 that upon her death our son would be the beneficiary. We then found out that the trust may have to be registered with the HMRC Trust Registration Service. So I tried to…
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Paying into a DC pension whilst drawing from the same DC pension pot?
Getting a few ducks in a line, I will get £25k in DB pensions payments across a couple of DB pensions that amount to that sum. I also take £30k UFPLS payment from my only DC pension (so 25% tax free). So in other words, pensions will be my only income. I will be 57 or 58 when I retire (I am 56 now). In this case, can I…
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Lump sum pension contribution - making the right investment choices
I am taking voluntary redundancy next month and will be sacrificing part of my severance into my DC workplace pension scheme to save tax, but am restricted to a degree because of the annual allowance. I have calculated that I can contribute around 100k to my pension. I am going to retire so this should be the final (and…
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Pension: Salary sacrifice scheme types
Hello, Hoping for some help, please. I am currently enrolled on my company's salary sacrifice scheme. It seems to be a 'Simple' (and not 'SMART') scheme, though the company says that they nevertheless will pass on all employer NIC savings to the employee. I was under the impression that there were only two types of…
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Scottish Widows stakeholder pension, best funds
Hello, Following my divorce I received half of a small pension pot. My share when last valued was almost £40k. I tried to get financial advice but as I hadn’t got £250k to invest, no one was interested as I’d pay to much in fees. I decided to stick with SW, as this has been going on for some time. My question is, which is…
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Should I claim my NHS pension
Hi I do not understand pensions and have a question I was thinking of taking my NHS pension when I reach 60 in June and then continuing to work in my current role. The pension I want to take is the 1995 section. Will this negatively impact me financially. I realise it's a final salary pension which is bad news for me…
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Confused about new LTA rules
Hi, I have been trying to understand this Lifetime allowance stuff, especially since the new rules werwe introduced.and was wondering if anyone could assist please. The more I google and ask the more confusing it gets, and my priovider just bombards me with acronyms and other jargon I'm aware the old rules calculated…
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Discounted Gift Trust - question about withdrawals
Hello, My brother and I are equal beneficiaries of a Discounted Gift Trust set up by our mother with an advisor from St James's Place a few years before she died. My brother, as is entirely his right, has made a number of withdrawals from the trust recently to pay for home improvement projects. I have no issue with this at…
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Early Pension and National Insurance Contributions
Hi all I'm hoping to retire in September with a teachers pensions and a drawdown from other pensions. As I will be 7 years away from state pension should I be thinking about National Insurance contributions from September onwards in order to get the full state pension in 7 years? Many thanks Jimmy Jazz.
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NHS/Lloyds/Scottish Widdows missing pension
Hi Everyone My wife was an NHS pension when she started nursing in the late 70’s,In 1989 she was one of many who was advised by Lloyds to leave the NHS pension and move to theirs! Fast forward to 2002, they promised to reinstate her pension in the NHS which doesn’t appear to have happened. They also sorted annuities as…