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Early 'retirement'
My husband has recently been made redundant. He is 56. We are currently in the midst of a major building project on our house so we decided he would not look for work but will project manage the construction, doing a lot of the work himself. I earn enough for us to live on so income is not a problem but i am just concerned…
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Queens Speech
Sounds like more chipping away.... Maybe more caps on contributions, LTA or Employers NIC rebate??? http://citywire.co.uk/money/queens-speech-hits-pensions/a817219?re=34316&ea=299459&utm_source=BulkEmail_Money_Daily_Summary&utm_medium=BulkEmail_Money_Daily_Summary&utm_campaign=BulkEmail_Money_Daily_Summary
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Annual Allowance carry forward
I understand that any unused Annual Allowance (relating pension input) can be rollwed forward so that in a year when I exceed the annual allowance I can use Unused allowances from the previous three years. If I exceed the annual allowance in a year by less than the unused allowance from the previous three years I don't get…
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Suggestions for DC pension to supplement small DB pension
Aged 47. Working full time as teacher in Teachers' Pension scheme. Currently have old LG pension forecast of £250 pa payable at 60 (may have changed but hope not). Teaching years to date in pre 2007 scheme only 5; predicted pension of about £1600 pa. Have bought £500 pa additional benefit outright and am paying towards…
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Trivial release catch 22
I am 60 and recently retired with a DB pension and I am not thinking of adding to this. My problem though is that I also have a pot of just under £5000 from a defined contribution scheme which the provider has said that I can only transfer to another provider who will allow me to take the cash as a lump sum on which tax…
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MPS Rip-off
My Mineworkers' Pension Scheme have let me know that, due to an administrative calculation error they have reduced my retirement pension by £11 per week! I took out my pension based on the original calculation and now find myself struggling to manage on £572 less per year! Are MPS allowed to do this, when it was their…
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AVC and new pension changes
I have an AVC which I have contributed to for 20 plus years it is now worth around £30,000 and when the new changes were announced I thought, GREAT I would be able to take small lump sums over the next few years. It would be better than an annuity and I could avoid the hit of paying 40% tax when added to my pension. But…
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Pension Fund - FL Stewardship International
Does anyone know how to decipher the pension fund report. I am confused by the contradictory information. Take for example the FL Stewardship International fund from Friends Provident: factsheets.financialexpress.net/FRLE/LCG8.PDF It's quartile ranking range between 1-2, and it performs better than it's sector. Over the…
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My SIPP after me
I have two single daughters who do not have very good pension prospects and like all parents I would like to leave them something to remember me by. I have considered leaving them my SIPP, after my wife, for them to use as their own pension fund rather than withdraw the capital. Is this idea feasible, would the SIPP have…
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AFPS 2015 added pension
Good afternoon all Please feel free to move to the Armed forces board if required. I have recently received my quote to purchase some added pension on the new Armed forces pension scheme 2015. It reads as follows For a lump sum purchase of £5500 (with tax relief ???) I would gain the following Upon leaving the armed forces…
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Closing a SIPP
I was poorly advised two years ago to open a SIPP and invest in alternative investments. It now looks like I will lose most of my investment due to a possible scam. I am 55 in two years time, will I be able to take what is left of the SIPP and close it? It certainly will not have enough monies to provide a pension, maybe 2…
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GMP, COD and Single Tier Pension
Since the announcement of the Single Tier State Pension I have been trying to understand what it all means, particularly with regard to my own situation. In the process I seem to have learned a lot, but may still have major misunderstandings. Could someone with a better grasp of the subject than me please answer my…
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I've been overcharged by my Pension provider - HELP !!!
Hi all I have a Private Pension (SIPP) with an Insurance Company which is now just over 5 years old, after I switched from another type of Pension - I had to use a Financial Advisor to do the switch, but it enabled me to take £39k tax free just over 5 years ago when i was 50 just prior to the change in minimum age to 55.…
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Charges too high on Self Employed Pension?
Anyone able to give some advice. I spoke with a FA and got an illustration on a self employed pension. The Illustration appears to point out that i won't make back what i put in? It then goes on to say Is this just usual illustration speak, or am i getting into a bad investment? Thanks in advance for any suggestions.
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401k's
I have a 401k which was part of a QDRO after my divorce. I am a dual Nationality British/American, living in the UK. I want to know how I can take it out and bring it to the UK so I can buy a house. Does anyone know of any financial companies over here who deal with this type of thing??? I did contact the pension company…
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Is my tax rebate correct?
Hi all, I just received a tax rebate from HMRC following a lump sum pension payment I made in March 2015. If I go over the figures below could someone tell me if it's correct? This is what it states in the letter from HMRC; Total PAYE income - £55,134 Tax paid - £11,677 Personal Allowance - £10,000 Income tax chargable on…
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Baffled by WP Funds
I have pension investments in With profit Funds with Aegon(personal pension) and Standard Life(transfer policy). The Standard Life policy has a NRD of 65 and a penalty if I transfer out of about 20%. I understand this - it helps to protect the fund and fellow members from a rash of selling, it seems sensible. The Aegon…
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Pension after my lifetime
Hi guys I've been recently diagnosed with a life-limiting illness. I need some advice on the best way to deal with things going forward, particularly if I need to act now to change anything. I've got 2, perhaps 3, pensions: 1. Standard Life Workplace Pension - commenced 1/1/15, around £125pm going in, will stop 31/8/15…
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How long does procedure take?
I wish to take 25% of my Pension pot tax free in accordance with the new rules. I want to do this so I can clear the remainder of my mortgage. Can anyone please advise the exact procedure, from calling my pension provider to request this. Do they then send you forms, for you to complete and return. And if so, because of…
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Gmp
Hi, just wondered if anyone could help please, my hubby has a very small pension pot from an old employer and it is his only pension but because I still work and am Alot younger so have a long time left to work and have my own good pension, we are wanting to cash his pension in so we can enjoy the few years of good health…