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Tax on one-off SIPP withdrawal
My wife is 55 and a non-taxpayer. She will start to draw a DB pension at 60 that's just over the current personal allowance. She also has roughly 60k in a SIPP and we intend to withdraw that over the next 4 tax years to use her PA and therefore take it all out tax-free. The proceeds will go into her ISA. So later this week…
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Cashing in pensions
My husband has a workplace pension with the company he works for. He also has an old pension with a company he previously worked for years ago and we were wondering if he cashed the older pension in, would it affect any state pension he might get?
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It's time to start digging up those Squirrelled Nuts!!!!
Hi Everyone and welcome to my new thread. Original thread can be found here... https://forums.moneysavingexpert.com/showthread.php?t=5631875 As you may know, DH has already finished work and I am also due to finish in 3 weeks time :j:j. We hope that our FIRE pot is now enough (our IFA seems happy!)...and so I have made the…
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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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Teachers' Pension Scheme: Rollback Choices (Faster Accrual)
Is anyone good enough to offer some analysis? Not financial advice, but observations that might be useful to anyone in the pension schemes impacted by the McCloud and Sargeant cases, and who opted for Faster Accrual (FA) or similar flexibilities. Quite a few of these letters must just have gone out to teachers, and there…
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Vanguard Account Fees Cap - Where paid from - ISA/Pension?
My pension has just been transferred to my Vanguard SIPP and due to the total account value now I will benefit from the £375 pa cap on 0.15% account fees. As per the title does anyone know how this is calculated and where the fee is taken from if you have multiple accounts with them? If the SIPP is above the cap amount on…
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USS - options options options - what to do?
I am taking early retirement ( 55) from USS and will have a DB annual pension of £23k and a separate £9k pa widows pension but my dilemma is I will need an additional £17k pa for the next 4 years to cover short term additional expenditure (supporting children through uni, maintain current standard of living) and I need…
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How long does it take the survivor to receive the widow pension?
Hello, My friend's husband retired 6 years ago and they moved to another country. Yesterday he died after a fall. They don't have children together but he had two adult children from his previous marriage. My friend doesn't know whether he had a will but he used to say he would leave everything to the survivor. My friend…
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When claiming pension why do DWP ask if you've lived overseas?
I reach my State Pension age in August this year and have just received a letter from the Department for Work & Pensions inviting me to claim my pension. As part of the process of claiming it online they're asking if I've lived or worked overseas since 1976. Why do they need to know this? Although I'm living in the UK now…
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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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Standard Life £131k?
Standard Life recon the average private pension pot at retirement is currently £131k Ok this forum attracts either, people who know how to use money, or those who want to know how to use money.... But over the last couple of years trawling this forum to gain knowledge, the vast majority of people on here seem to have…
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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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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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USS pension - what has been updated in the income builder?
Looks like the USS income builder (DB) has been updated recently. I have more in it that I had last time I logged in. But I can't tell what has updated? Is this just the adjustment to correct the valuation error of the last few years? Or does it include anything else? The date still says 31st March 2023. Hard to tell…
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Aviva reconnect letter
Both my wife and I received letters from aviva relating to an address we last lived in around 40 years ago. The letters stated that they believed they held an unclaimed Life Assurance or Pension policy taken out with one of Aviva's previous companies. Has anyone had a letter like this? We are pretty certain that we have no…
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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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Should I get pension contributions from employer?
Under 22, but earn up to £202.35 per week. Don't currently pay tax, so wondering if pension is a good/bad thing to look into and if the 'tax relief' aspect is even applicable (i.e. would it accrue for when I start to pay tax etc.) please? Thank you
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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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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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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…