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Is this allowed ?
Hi all , I am aged 54 and self employed , my wife 52 and also self employed in partnership with me . I have a SIPP of approx 250k , my wife has a SIPP with just 12k. Neither of us have contributed for at least 2 years Next year my plans are to crystallise 50% of my SIPP taking the lump sum and using it all to pay debt. I…
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Pension Questions
Hi All Iv arrived here after asking about taking the tax free lump sum as I am on a income based benefit and I am 56 and have long standing ill health but have a old private pension from a company I left 20 years ago.Which has approx 58k total in it. So could mean as much as 14.5k as the 25% tax free lump I could take now.…
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Pension investment charges
I am trying to work out if I can/should be saving money on fees in my pension investments. I currently have 4.5k in a Standard Life Personal Pension. It is invested in the SL BlackRock Managed (50:50) Global Equity Pension Fund - I have no particular attachment to this. There is a FMC of 1% and additional expenses of…
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Calculating Contracted Out Deduction
My wife was officially contracted out from around 1988/89 but stopped working in 1991 to become a full-time housewife and hasn't returned to work since. She has 29 qualifying years, some of these being credits (home responsibilities protection scheme??). I'm trying to figure out what her foundation amount might be. I know…
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Scottish Widows log in .......not.
Before I embark on phoning the call-centre .........[sandwiches/flask of coffee] - anyone else with problems accessing "client services online" pension a/c? no-go now for 3 days.
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April 2015 Government Pension Changes
I am looking for advice on my options next April. I'd be grateful for help with this. I recently made enquiries regarding a pension scheme that I paid into many years ago - I left their employment in 1984, having worked there 11 years. I didn't pay much into the scheme so I thought I might as well withdraw everything in…
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EE/ER Contributions Question
Hi, Apologies if I'm posting this in an incorrect area but I'm hoping someone can provide some advice else I'm going to have to seek professional opinion on this quandary!! In fact I probably will have to anyway to provide a comprehensive answer to the employee from a qualified source! Firstly I should point out I'm…
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How to avoid mansion tax by "rolling it up into my estate"?
I live alone in London in our family house of 35 years which was worth £32k when we bought it and is now apparently worth £1.25m and rising. (It is a 4 bedroom semi in outer London). I am retired and have a couple of modest pensions, total £16,000 and a bit of parttime income but that is all. I am asset rich and cash poor.…
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DB transfer value growth mystery
Six months ago I got a transfer out quote from BT with a transfer value of £111,750 Six months on, a new quote gives the value as £118,350 - growth for six months of 6% - annualized would be 12%. Why the difference? What factors influence this? Birthdays? Could that rate of growth continue until I retire? It implies when I…
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Can I buy an Annuity with Savings?
I live on the Isle of Man. My UK house has just sold and I am wondering what is the best thing to do with the money to get me through retirement, which will start in 2-3 years time. I believe an annuity is not an option if you have not been paying into a pension pot. Is this correct? I do not want to buy another house, but…
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pension question
Hi I have a railway pension that I am paying into via smart pension payment I am a higher rate tax payer so how can I check if I getting tax relief at the correct rate being on p a y e do not do a tax return any help please many thanks .
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Employer changing from DB to DC
Last week my employer told everyone (over 500 employees) that we are in the consultation stage of moving from a DB pension to DC. We have to have a meeting with HR etc and air any issues/questions that we have. I don't know enough about pensions to know what i should be asking. I would like to know if legally the work can…
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Pensions calculator
Hi all. When plugging figures into a pensions calculator do these factor in the top ups that the government will pay? I.e I will be a HR Tax Payer when I finish travelling. I will be putting £600 a month into a sipp when I come back. Do the calculators take into con side ration that this will actually be £1,000 a month…
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Two real pension eye openers
I feel like I need to share this information. So far I have shared this story with the MSE site and the Pensions Advisory Service, but with no response so far. My mother is 86 years old. She has a small pension from years of working for Avon Rubber Company, and also a spouses pension from my deceased father who also worked…
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serps missold?
does anyone know what serps would have been if id not opted out? state pension £148 . + ???? . my forecast is only £113 . it looks like im about £2000 a year down on the £ 148 to £113 . if the serps bit is thousands , i cant see how my company pension which is about £7000 a year . adds up . any ideas ?
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Help Please :- Belated 25% Tax Free Lump Sum !
Hi, I retired in 2006 & started receiving my Final Salary Pension, I elected not to take any " Tax Free Lump Sum ", I could have taken circa £80k. I have since gone back to work & invested £100K in a Hargreaves Vantage Sipp. When I decide to "hang up my pencil", can I just take 25% Tax Free Lump of the £100k or is there an…
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Decision made
My mind is made up, after reading the advice on my last thread. After april next year, thanks to mr Osborne ,I am going to take the pot and blow the lot,enjoying myself for as long as it lasts . When its gone its gone , then I shall invest in what the majority of this country does. A LOTTERY TICKET.
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Transferring pension
I have a very small pension pot from a private provider and I thought it sensible to pay it into my USS defined contribution scheme. The transfer value stated by the company was just over £9,000 but USS tells me it is worth £10,000 (good!) and would buy me 191 days pensionable service. I am almost sure that it is a good…
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What to do with former protected rights fund
My contracted out of SERPS pension received no contributions in 2013. This i now realise is because contracting out was stopped in April 2012. I also have a company DC plan with Aviva. When i took out the Aviva pension I asked a company appointed pension adviser about my SERPS plan and bringing the pot over into my Aviva…
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Bringing Overseas Pension into UK
Hello, I've posted this on the Tax forum but thought that I might as well post it here too. I am after some advice regarding the tax situation on our overseas pension. I have been going around and around on the internet and have had conflicting advice from a couple of tax experts. Me and my wife worked in the Cayman…
