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PCLS re-instatement?
http://citywire.co.uk/new-model-adviser/aegon-in-talks-with-hmrc-over-reinstating-pension-lump-sums/a742266?ref=new-model-adviser-todays-news-list 'If someone has taken an open market option, they may take the tax-free cash sum with ourselves and then transfer the balance to somebody else. If we’ve paid it out normally we…
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Pension Game Changer?
I have a deferred final salary pension with a transfer value of 182K, given recent events and the Governments desire to put us in charge of the whole of our pension pots which to a layman like me seems to have come out of the blue. What is there to stop me and millions of others transferring our pensions to another scheme…
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New Tax Year - any benefit in waiting
I have a small stakeholder pension with Legal & General (about £7500). I am no longer working and am a non taxpayer. Under the new rules announced in the Budget I think I can cash this small pension in full and with no tax liability. My last annual benefit statement dated May 2013 showed the plan value at 5 April 2013, so…
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Tax free cash from pension pot. (?)
I appreciate much fine print still has to be read from the budget, but I do not recall any mention of the existing TFC allowances. If retirees wish will they still be able to have 25% free of tax and buy an annuity or drawdown the rest?
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auto enroll
Hi I opted out of auto enroll, can you advise if I can opt back in now I took some financial advicw, if so how? Thanks
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Budget pension changes not good for me
I know that everyone is getting excited about the pension budget changes but for my personal circumstances, I think I’m now in a worse position. I plan to retire within the next 2 to 4 years and have built up pension and ISA savings. My intention on retirement was to buy an annuity with a portion of my pension fund to…
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I already have an annuity
I already have an annuity pension, under new pension rules can I pull out or am I locked in.
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New pensions for existing pensioners
Hi, My other half and I have taken early retirement and are drawing our final salary pensions. We are under state retirement age and we are both paying a slight amount of tax on both these pensions.:( In light of the budget announcement regarding accessing pension pots, would it be possible/advantageous for us to start new…
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Question regarding higher rate tax relief on pension contributions
Hi, I just wondered whether you can claim higher rate tax relief for tax paid in the previous year. I stopped paying in to my private pension 10 years ago and it is now considered paid up and cannot accept any further payments (current value around 50K). This year I will be paying higher rate tax and am thinking that it…
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PCSPS - Added Years advice.
PCSPS - Classic joined 1988 In 1994 I entered into a contract to buy two and a bit years pension by making payments to direct purchase added years, the cost of this extra pension was calculated into monthly instalments from 1994 through to my then Normal retirement age of 60 (2026). My classic pension will be frozen from…
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panic at no pension
Am 43, hubby 50 with no pensions set up. We have both always worked with no gaps . My company will give 3% match up, i earn £15k. Can afford to put in more. Please sensible advice. What sensible to add in, i can live cheaply but deffo not on £110, if State Pensions even exists then!!
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Even more confused what to do now!
Bit of a late starter here with pensions etc - since I last posted for advice there seems to be a lot of changes made re. pensions so am just looking for up to date advice please. I will be 43 this year and have no pension as such. (well one that will pay me £100 per year when I retire with Scottish Life, so not worth…
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can anyone answer this please.
If someone has a pension pot of just under 30k from a previous employer is he allowed to take this as cash. Age 57. Thanks for any help.
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can you tell me please what this means in simple words?
hello can you tell me please what this means in simple words? http://uk.finance.yahoo.com/news/budget-2014--the-biggest-shake-up-of-british-pensions-since-1921-180900360.html thanks!
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What now for Final Salary, Defined Benefit and Public Sector pensions?
Yesterdays changes were just for Defined Contribution pensions but they have opened up a whole new can of worms for Final Salary, Defined Benefit and Public Sector pensions. Why shouldn't people in funded Final Salary or Defined benefit schemes have the same opportunities as people in Defined Contribution schemes? The real…
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Probably not possible but....
just wondered if anyone thinks there is any chance that the Prudential will allow me to take a full and final settlement of my AVCs even though I have been in receipt of them for two and a half years. I paid into AVCs when I was teaching but not for very long. When I retired I got a lump sum of around £1200 from them but…
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Flexible Drawdown - Death Benefits
I currently have a stakeholder pension plan and want to move it to a SIPP and put it into Flexible Drawdown. The bit I can't get my head around is death benefits. Just say, for the sake of an example, that I have 100K pot and I tick all the boxes to satisfy the Flexible Drawdown criteria. Just say, for the sake of an…
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Annuity Help Please
I have a small annuity worth 20k and have literally sent off the paperwork this week to take the 5k cash and the rest in a small annuity. But because of the new budget, does this now mean I could now take the whole 20k? If so, would it be too late to ask for this? It would be a welcome amount to pay off some of the…
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Redundancy & new pension rules
I am being made redundant & expect a final amount of approx 70k. Hopefully I will find work after this & therefore potentially a tax bill of 40% of 70-30=40k. I am 53 years of age. Over the years I have accumulated 3 pension pots. An old private contracted out plan, a DB plan from a previous employer & my current employers…
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Prudential pension - new rules questions
Hi, My brother has a personal pension with prudential. He is 55 in a few months time. The pot has around 36k in it. Before yesterday, we knew the max he could take out was 25% tax free. However we are now unsure on what to do now. He wants to have access to all the cash as he is looking to use it towards buying a property.…