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State Pension
I was 66 on the 17th April this year, I completed the on line form after receiving a letter from DWP to claim my pension, since then I have heard nothing, I tried to log in on line to find out when and how much I will be getting, but once you start the process, the site then asks for even more personal information, I only…
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Interactive Investor UFPLS
Having transferred from Standard Life to II last year, it's approaching time to take the first UFPLS from II... I've been through their guides, but can't seem to find out how you designate where the withdrawal is taken from........is it just a case, as with HL, where it's your responsibility to make sure there is enough…
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Is there any point in spliting pensions between providers
FSCS provide cover for 85k Would it not be wise to devide pension pot between providers? What am I missing?
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Pension tax
I am age 67, in full-time employment, have not yet claimed my state pension but receive monthly payments from two employment pensions. As the tax taken from my salary calculates to be based purely on that salary I can only assume that the tax on my two employment pensions is paid at source - does that mean that when I do…
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Finding an IFA
I’m looking at retiring this year and need to decide what to do with my pensions. I have a smallish DB pension (circa 7-8k) that will start paying at the end of this year and I don’t really need advice on that but I have a SIPP plus a DC pension with my current employer that I will want to put into flexible drawdown at…
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Accrued state pension
I am over pension age but still working full-time and have deferred my state pension - When I do decide to retire and claim it I believe that I can only take 12 months of the accrued amount as a lump sum but cannot find out how the balance will be paid - a colleague advises that it's spread over the next 20 years pension…
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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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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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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…..