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Pensions, annuities & retirement planning

Archives for November 2013

Are my AVCs being paid on time?
Hi. I'm with a Standard Life pension scheme in work which my employer pays a percentage and I contribute directly from my pay packet too. When looking on SL's website at the payments made, I notice that the payments are being made a lot later than I had thought. For instance (amount columns removed): Payment due - 30 Nov…
How much am I paying for my HSBC pension?
Hey all I wonder if someone can help me with working out how much a deferred pension is costing me. As I now have a few different pension pots am trying to work out whether it is wise to keep a small HSBC pension worth £44k where it is, or if I should transfer into one of my active pension pots. It would be be easier for…
Legal & General WP. Final Bonus?
I have an old Legal & General With Profits retirement plan. The policy number begins with '0T'. For years no bonuses have been added to this policy. The statements say that a 'final bonus' may be paid when I take the benefits. Has anyone had recent experience of taking the benefits of this type of policy? Was any final…
2/3 pension for Mrs?
I was informed that the stay home mums may only get 2/3 of their husband pension, is this true. i.e if the husband state pension is £114 then the Mrs get £76. Can someone please shed some light on this. Thank you. Sebastian.
Applying Online For State Pension
In a few days time I shall be eligible to apply for my state pension when it will be due to be paid in 4 months time. I'm making sure I have all the necessary information they'll require to hand. I notice that if you use the downloadable form it includes instructions to enclose your original marriage certificate when…
Query about State Pension Application
My husband yesterday applied for his State Pension by phone. They asked him if he intended working after he has drawn his pension. Why did they ask this?, I didn't think it made any difference to your pension. (He isn't thinking of working, but just wondered). FYI, he took early retirement in 2004 and receives a Teachers'…
Refused early retirement, ill health & transfer !
Hope it's ok to start new thread to update one I started weeks ago. To summarise, husband laid off job after 30 years service due to work place accident. This was approx 7 years ago. At 50 we asked for early retirement (this was when law permitted) but the trustees refused on grounds of being detrimental to the fund. On…
Tax Free Savings / AVC or similar
Looking to take pension ( Final salary scheme) at 58- when I will have 43 years in ( enhanced) but carry on working if possible till 63 Total income with Pension would thus be £60k+ pa Work for large PLC, once Final salary Pension drawn 15% funding for pension then paid with salary . The other plan is a Retirement savings…
Tesco AVC Via Legal and General
Hi, I've joined at £100 per month at age 30 with a charge of 0.55% on the Standard Life Lifestyle Choices Option. This is with a view to using the AVC to fund my lump sum at retirement. Is there anything better? Apologies its Standard Life NOT legal and general
Retirement v Redundancy
I have been offered either early reirement (i'm 51 years Old) and have worked over 20 years in the NHS just wanted to find out the estiamate figure £31k lump sum along with an annual pension salary ....do i pay tax on the lump sum offered? redundacy offered £70K what are the tax payment on this?? will it the tax%…
Is this a good retirement idea?
I am thinking of buying a leasehold flat which is a good price due to the lease being shorter than average. It has 63 years left. The figures I have worked out are: Property price £135,000 Deposit £27,000 Mortgage £108,000 (repayment-see below) £630 a month @ 5% I will find the deposit by re-mortgaging the house I live in…
How to release AVC pot.
I have an AVC with the Prudential who don't offer Flexible Drawdown. Is there anyway I can release these funds?
Advice on Voluntary Early Release options needed
Hi experts - I'm asking for opinions on whether I should ask for an additional 3 years added to my pensions or take a lump sum amount. I'm in the Environment Agency Pension Fund. Salary around £44K. With a whooping 35 years and 295 days on my last statement (March 31 2013). My lump sum would be capped at a years salary.…
Minimising tax if I die before retirement
I've got a couple of deferred final salary pensions and am currently contributing to a defined contribution scheme. I've got no dependents at present, but I do have some close relatives. I'm at least a decade from retirement. The nominal combined value of the schemes is now quite substantial, but I'm not a higher-rate tax…
Local govt VER
Under the terms for VER in my local authority, it says that the pension will be paid with no reduction. Does this mean that years of service is added to normal pension age? We've been told not to contact pension dept at this stage.
Pension contributions never credited to fund!
Well, I contacted my employers pension scheme that I have been contributing to for 9 years, to ask about transferring in an old private pension that I forgot I had. Turns out that I am not even a member of that scheme and never had been! Contacted payroll to be told that there seems to be some kind of mixup and the…
Teachers Pension and buying additional years
Just trying to see if its worth my OH buying additional years of the teachers pension. The deal is approx £15k payment for £1k additional pension per year at NRA. On the one hand life expectency points to this being a good deal but on the other hand inflation means it may not - though I think the TPS is index-linked so I…
Max tax free cash on final salary scheme
I recently became 60 and was due a payment of max free cash of circa 40k from the FSA. My birthday fell on 22nd of this month November, waited and no cash arrived. Phone them to be told that as their payment run is on 21st of each month, I would not receive this money till 21st December. Ok I said fine what interest are…
55% tax on Late Father pension
I’m hoping someone can give me advice regarding my late father’s pension. 2 years ago my father was contacted and advised he had a small pension scheme that had never been activated. So, at the Age of 75 he started receiving contributions each month. Part of the scheme policy was if he died within 5years of commencement od…
Non advice annuity purchase
Hi all, Wasn't sure what to put as title - so ill try and explain. I'm helping my father in law sort his pension out. Previously helped my own father do his through an IFA so picked up limited knowledge. FIL is 56 and has recently stopped work for a number of reasons (he will be looking for a new part time job in the new…

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Pensions, annuities & retirement planning

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