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Technical "Pension Illustrations/Quotes" Q
Hi I was wondering if anyone could help clarify (IFA's?), I work for an IFA company and I have been obtaining many quotes for clients from various providers. I want to know what the requirement is for pension providers to include in there pension illustrations. All the quotes obtained are on a paid up basis. Specifically:…
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Pension Advice Needed
Hi guys looking for some advice really. I'm 30 just had first baby and starting to think about a pension, i am unable to get a company pension as when i joined the company 4 years ago i opted out after first joining and company rules state you cannnot re opt in ( stupid i now know ). What is the best option for me pension…
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Early Retirement
Hi, I'm 39 and retired this year on ill health grounds. I was working for 19yrs for the same company, in their final salary pension so got my full pension. I'm also disabled so have been getting DLA and now getting some ESA. I'm being taxed on my pension, but I'm sure I read in all my paper work that I'm not paying…
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Question On Working Out % For Existing Annuity
In January 2011 I will be aged 60, so I may be able to take my pension as a Trivial Lump Sum. This is where the pension is paid out in one payment with I believe no tax paid on 25% of it, and tax paid on the other 75%. The 1% of the Standard Lifetime Allowance is £18,000 at the moment. My protected pension fund is £15,065…
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Pension or long term saving??
Hi I'm 41 years old and currently do not have a pension. I have savings and can save a considerable amount per month - would I be better joining a pension (works or not) or putting my money into an investment scheme/bonds/etc?? Every time I start to look into this, the terminology just baffles me, so if anyone has any easy…
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Getting old and worried where it’s all going?
I had a pension with one of the major insurance providers but got talked into putting it into one of the now nationalized major banks 2007.Fortunatly it was in cash when the market collapsed but is still in cash now and steadily losing money (because of what must be minus interest payments and charges) albeit nothing like…
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Advice for relatives
I was telling my uncle about MSE and he asked me if I could post. He and my Aunt are coming up for retirement. They will be mortgage free and will get, with serps about £270 a week from the state. A further, approx, £120 from work and private pensions. Now the question is, what is the best thing to do with their savings…
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Pension Transfer
Typical newby question so be gentle with a first time user! After 27 years in a final salary company scheme my (recently ex) employers are trying to reduce the number of members in the scheme. I have been offered an enhanced transfer value of around £345,000. The company have used an IFA to look into my pension for free…
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AVC or SIPP
I currently have a final-salary pension scheme from my employer, with contributions of about £200 a month. I also make ARC's of about £500 for 6 years to give an additional pension of £3,250 a year. I'm paying basic rate tax at the moment - though getting higher rate relief on the ARC's. I've decided that I can afford…
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Coming upto retirement - Alternatives and costs
I am 64 and I am looking to transfer the various 'pension pots' i have into an income drawdown scheme. I have been in a sales and advisory capacity all my working life (not financial) and have no aversions to paying for advice. I have a total 'pot' of around £150K. After I take out of the equation a pension policy with a…
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Sec 32 Buy Out - Was it a good idea?
Some 25 years ago I had a company pension which I transferred into a section 32 buy out policy with an insurance company. Was this a good idea or should I have left the pension where it was? I'm just curious as I have no real way of assessing whether or not I did the right thing, but someone out there may have a view.
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Is this wrong?
Hypothetically speaking If someone has been with their partner for 8 years and has 2 kids. His dad who wife died some 6 years ago is talking about getting married so should he die before his new wife will get 1/2 his pension. Is it wrong to suggest that he should marry his sons partner, so she can get his pension? Keeping…
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Letter from Pensions service re HRP
I have been receiving my state pension since September 2007. Last week I received a letter from the Pensions service telling me that I may have been underpaid because the new NI computer that was installed failed to take into account home responsibilities protection for the years when I received child benefit for my two…
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Has anyone seen this before?
I have an early retirement / deferred income scheme which works as follows: I contribute a percentage of my gross earnings to the scheme (currently 6%, rising to 8%). The total contribution is multiplied by a "factor" which gradually reduces over time. This factor more than doubles the contribution. The scheme pays out…
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My Dad retiring at 63 and a bit through ill health sort of
My Mum is 63 and retired and getting her state retirement pension plus a works pension. My Dad will be 65 in January and was working in a supermarket up until May 2009 when he decided to stop working because of health problems. My Dad worked out that he and my Mum could manage financialy until he was 65 and got his state…
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private or public package
I am 50 years old and haven't paid into a pension scheme at all for 14 years. I have an index linked pension from a bank that I paid into for 15 years previoously. Now I am about to change jobs and have been offered an NHS position and a private sector job that pays 20% more than the NHS job. My dilemma: which offers the…
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Retirement pension advice
This is a question regarding my Grandad's pension so apologises if there is any confusement but I hope someone can help as he keep getting different answers from the companies/people he is going to for advice. Basically he wants to know what's largest lump sum he can take out without being taxed on a retirement pension…
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Got employer contributions of £800 is it worth bothering with?
Hi all, I recently left a company and while I was there I did not contribute to any pension scheme however the employer contributions totalled about £800 (I only worked there a year). They have now written to me saying that if I don't nominate another pension scheme then I lose that £800. I don't have another pension and I…
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Claiming benefits when pensions gone
My Dad is considering selling his small pension. Once his pension is gone will he be able to claim benefits to help him pay his rent ect...He is 60 and has paid full national insurance for his state pension. Thanks:)
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pension lump sums
Can someone tell me why I had to pay tax out of my lump sum pension and others I know have had a tax free lump sum
