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Don't put of your Annuity tip
Martin says in his excellent guide not to put off buying your annuity, So for example: Single life, level, no guarantee Age 60: £5,382 Age 65: £6,020 So to gain £638 per year when your 65 you give up £26,910 (£5,382*5years). Now here's my money boosting tip: Put your pension payments into a Cash ISA until your ready. So in…
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Invest heavily in pension for future?
Hi all, My heads in a bit of a spin trying to work out the best investment, and I think my pension is the answer. can I bounce this idea off you? About me: age 32, salary is £45000, I work at Tesco which is a defined benefit pension scheme. I joined 4 years ago, and pay 5%, which tesco , then add to to to make 16%. This…
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RO6 Exam
Hi there Has anyone taken this exam? I was considering booking the July sitting and taking a revision course at the end of March, all paid for by work. Then I realised the courses generally go over the case studies sent out for the exam the week after so this wouldn't work for me. My question to any advisers that have done…
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Section 32 policy
I have an executive pension plan from a previous employer.The trustees of the scheme are about to wind the scheme up.I am being forced to lose money by being forced to transfer the funds .I understand that I can at least protect my enhanced tax free lump sum by transferring the funds into a Section 32 fund.Is there a…
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NHS Pension & AVC
Hi, I'm hoping to get a little advice from you if anyone would care to help ? I,ll just give a little back ground as I'm sure it will be relevant. I have been in my NHS pension from 2003. I am 52 years old. I have a 9 year old child. I have a 46 year old partner also works for Local Government, he's also pays into a…
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State Pensions
How much of my state pension would pass to my wife if i died first
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Scottish Widows Pens 2 & 3
I'm in a group pension that is with Scottish Widows. I'm 50 y/o and contribute a total of £1k/month. The contributions go into the Pension Portfolio 2 and some of that has started to drip feed into the Portfolio 3. I spoke to my IFA about moving some of my pension into other funds to try an increase growth, but I'm told…
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How to advise son on workplace pensions?
My son, 25 yr old, recently started his first full time salaried job in a small company who have said they are not, I believe initially, enrolling the staff in a workplace pension scheme. Am I correct in thinking that they will have to, but not until 2017? Should he start saving into his own pension now, or would this have…
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Are my pension contributions enough??
I previously read a comment from Martin saying at age 30 you should be saving 12% of your wages towards a pension/ retirement. I currently pay 6.5% into my local council pension which is matched by my employer. My question is, with my work matching does this count as the 12% or should I be aiming to save an additional 5.5%…
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ready to retire
hi all, I dont retire for another year but I am thinking of getting used to it and trying to live off my works pension for a few months does anybody have any idea what my NET monthly pension would be on 20K per year and then of course I will have the state pension :) if I struggle I will keep on working !! thank you P M
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UK pensions
The government of the UK must prioritize pension and initiate reforms such that senior citizens would benefit more and enjoy their old age
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Living abroad
I am planning to take early retirement and move abroad (we have a house in the Philippines) I will have pension income plus rental income from a uk property.will I be able to still take advantage of my and my wife's uk tax code against this income.our total income will be less than £10000 each so would we therefore pay no…
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NHS Pension question.
Hi guys. 1st post so please be gentle with me! I retired from the NHS last month. My monthly pension is being paid to me on the 12th of each month. Does anybody know if it is possible to get the date this is paid changed? It would more convenient for me from a budgeting perspective. All my bills go out on the 1st. :beer:
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My wife doesn't pay tax but I hear that there is still a tax gain to be found.....
Am I right in thinking that you can make a small pension contribution and get some tax relief? My wife has a few old pensions - very small - and doesn't earn much now - we save for her via ISAs. But I have been told that you can save a small amount into a pension and get some form of relief. Can anyone clarify?
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Alternative to an annuity?
I have a choice, as everyone has, of putting an entire sum of pension money into an annuity or taking 25% in cash and investing it in some other way. However, given that annuity rates are low and Building Society interest rates are also low, does anyone have any ideas of alternative ways of investing the 25% for income?
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Power of attorney - two people?
I can't see a suitable section for this question, but Pensions seems the closest: Does a power of attorney have to appoint a sole person to be the attorney? Can the attorney be for example two people, acting in agreement with a mandate requiring two signatures? Does an attorney have to be a person at all - can a trust be…
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Cristallise a pension - options
Hi, My pension is likely to be greater than £1.5m when I'm 57, so it seems to make sense to go for fixed protection now to lock in the £1.5m rate (I'm 52 and will not likely get a company contribution to my pension after April) and then crystallise the pension when it hits £1.5m. My question is - what then? I won't need…
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Using Solicitor as POA.
We have two kids neither of which we can rely on to act for us finance wize when we need to. So we are really down to a more formal arrangement with a solicitor or similar. Has anyone had this experience we can draw on? Thanks.
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Illustrations & yearly statements
Hi, I am going through a paperwork clearout and wondered if there is any point in keeping old pension illustrations or forecasts ? I thought that it is only the most recent statement that is relevant, it confirms what has been paid in by empolyer and myself and current value of plan.
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Annuity purchase advice please
I'm due to retire at the beginning of April this year. I have accumulated 2 pension pots: approximately £72,000 with Zurich and approximately £42,000 with Canada Life (as a result of opting out of SERPS). I assume my best bet would be to use one of the comparison sites? Can anybody recommend one in particular please?…