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    Most tax-efficient pension pot and payout to aim for?

    One of the many strengths of Askaboutmoney is that when a poster asks ‘What gun should I use to shoot myself in the foot and what’s the best angle to do it from?’, contributors have a tendency to point out that shooting oneself in the foot probably isn’t the best idea.
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    Most tax-efficient pension pot and payout to aim for?

    Exactly. This is a cousin of a mistake lots of people make. It reminds me of people going out of their way to incur tax deductible expenditure to ‘save money’. Put simply, all things being equal, it’s crazy to target an income in retirement that avoids paying tax at the higher rate.
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    Does it make sense to cash an old pension at 50 and contribute the funds to a new pension?

    My sense is that there are two main advantages, 1) Paying down debt, 2) Taking future growth out of the Standard Fund Threshold calculation. For example, I can access a decent amount of tax-free cash at age 50 which will be enough to kill-off my mortgage. I’m struggling to see the downside.
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    Most tax-efficient pension pot and payout to aim for?

    Some of this doesn’t seem a million miles from turning down a promotion and a higher salary because it results in a higher salary. Paying tax at the higher rate is fundamentally a good thing because it’s a function of success.
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    Most tax-efficient pension pot and payout to aim for?

    Think about it a different way. The government will lend you 40% of whatever you’re willing to put in, and it’ll do so on an interest-free basis. That 100% can then grow tax-free. Yes, the government wants tax on the growth down the line, but you’re still getting to keep the majority of the...
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    BOI sells mortgage of my deceased brother to Mars Capital

    They can sell the loan to Mars. Try negotiating with them. Failing that, sell it. Sorry for your loss.
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    Most tax-efficient pension pot and payout to aim for?

    It’s misguided to aim for €37.5k of income just because that’s where the higher income tax rate kicks in. The “relief at 40% and tax at 40% plus levies” argument is also misguided. It’s the tax-free compounding that’s the real secret sauce.
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    N26 Launch Savings Account Paying 2.80% to 4.00% less fees

    That doesn’t seem wise.
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    New Ireland Smart Funds

    I’d run a mile. A poor product and poor service delivered by a company that has no clue or identify in relation to where it sits in the BOI Group. Expect it to underperform and to wait months for any requests to be processed.
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    Pensions - KPMG calls for significant increases to SFT and TFLS

    I’m guessing you’re in the public sector… There should be consistency across the board. The SFT should be increased to €2.5m and then index-linked. The KPMG number is too high, but it’s all a negotiation. Ask for €3.5m and land at €2.5-2.75m.
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    Increase contributions or savings?

    That’s fine, unless your expectations are too high. There are also trade-offs in life though, and opportunity costs to things.
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    Non Dom - CGT on shares

    It’s not possible. Forget the fact that the principal was subject to an income tax event. That just makes it like a base cost. Say you acquire a share for €10,000, sell it for €20,000, and then transfer €10,000 to Ireland. That €10,000 is a taxable gain. You can’t say “no, it’s not that €10,000...
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    Non Dom - CGT on shares

    The €10k transferred to Ireland would be subject to 33% CGT. It’s a mixed fund, basically.
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    I messed up my house move - financial mess

    In the grand scheme of things and in the context of two big transactions, €40k isn’t a king’s ransom. The new place probably has increased in value, so if it was me I wouldn’t beat myself up over it. Hindsight is great sight and in terms of bad decision making, this really isn’t that bad.
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    East Wall

    East Wall keeps popping-up in the context of violence, disorder, and protests against immigration. On that basis alone, I’d run a mile.
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    Increase contributions or savings?

    Focus on buying your home and worry about pension funding once that sorted. But try to get it sorted ASAP.
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    Financial Advice Needed - 7 years on from last post

    Agreed. It’s shocking in this day and age for either spouse to be coy about their finances.
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    Increase in Davy Pension fees (from May 1st 2024)

    Will they do an ARF at that price? I thought Royal London had some very cheap products too?
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