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SIPP tax question
I think I can invest up to 100% of my earnings into a Pension. I already pay into the LGPS and also 50% of my salary into an in-house AVC (Prudential). Do I have any wiggly room in terms of paying in the balance of my pay into a SIPP? I think the answer is yes, fill your boots. I am being made redundant at end of December…
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Advice for kids please.
Hi...both my kids have had a couple of jobs....and by the time retirement comes possibly many more. Is there a way of tracking any pension contributions over the years?..is it best to roll them all into one pension. What is the best advice.? thanks.
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25% tax free pension lump sum
I am starting to think about some serious retirement planning (I am 48). I have a company defined benefits scheme which on retirement will provide a lump sum along with monthly income. I believe the pension rules allow 25% of a pension pot to be withdrawn tax free on retirement. I also understand that a pension pot is…
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Limited time annuity
Does anyone know if such a product exists and do they present value for money (I am looking at a product that will pay out a set monthly income between the ages of 55 and 67 and then extinguish)?
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Lump Sum Investment/Care Home Payments
I hope this is the right forum, but would be grateful for some advice. After a number of illnesses this year, my mother can no longer cope in her own apartment (combination of mobility issues and Alzheimer's) and has moved into a care home. Because she owns her own retirement apartment, she will be self-funding after the…
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Pension Forecast - New "Flat rate" rules vs Existing rules.
I'm due to draw my state pension from Sept 2018, so thought I'd get a SP forecast. I have 38 qualifying years. Under the new scheme £69 a week; under the existing scheme £139 a week. I will be happy with the £139 (alongside my Occupational Pension), but am bemused by the "flat rate" political tag given to the new scheme…
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Confused on options
Hi all, I currently have a deffered PCSPS classic pension of £14000 a year and have a broadly comparable pension of £3400 a year which I will need to freeze or transfer next year as my employer is re joining the new Civil Service pension. I have been offered £83000 transfer value for my £3400 pension. Which looks…
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options I wish I had thought of
In 1984 the shipping company I worked for put all the ships on the Hong Kong flag, that meant I could no longer be in the Merchant Navy Officers Pension Fund it was only open to officers on UK flag ships with the owner paying his share. After seeking advice I was told to start a private pension, I was also told to split…
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Taking 25% tax free cash from DC pension before April 2015
If I were to crystallise a portion of my DC pension before April 2015 with a view to taking the 25% cash (to repay a mortgage)but absolutely no income (for some years), would I in any way be disadvantaged by doing it next week instead of waiting for April? I have cash sitting in the pension and will otherwise need to spend…
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Spouse NI credits towards pension while overseas?
I am a former UK civil servant, now retired. I worked overseas for a significant part of my career (some 18 out of 33 years) but throughout was regarded as UK resident, paid in sterling and taxed in the UK. I have a full NI contributions record, which I believe entitles me to a full state pension from age 65. My question…
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transfer advice
i am currently 50 and have to small pension pots 1 with b&ce to which i am contributing £25 a week and 1 with the railway,not contributing and left service.i have a transfer value of 19k i am thinking about taking a lump sum when i reach 55( if its still allowed then)is it worth transferring into my b&ce so that all are in…
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What would you do? 40 and no pension..
40 years old. Want to retire at 55(!) on (say) 40k pa. 12k in an old employer pension. 128k in cash (25k in premium bonds, rest in cash isa's & rubbish saving accounts). Income is 90k gross, with some discretionary bonuses on that. SIPP open with AJ Bell and waiting for action. Minded to pay in 20k pa into SIPP to get some…
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Personal pension contributions for 2013/2014
I think I know the answer to this one - but here goes anyway.. My daughter is self employed and her accountant is getting ready to file her taxes for 2013 / 2014. She's earned about £24,000 which less her tax allowance and expenses leaves about £14,000 taxable at 20% plus NI contributions. I've suggested that going forward…
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Pension lump sums
Sorry for probably a daft question. I had a lump sum from one of my pensions in June this year, so do I have to wait to take another pension lump sum until June or can I take it from April 2015, without paying tax? Both were under £30,000 but combined would be over. Basically my question is does it start again with a new…
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Advice for Mum
My Mum has a small pension fund (approx £28K) which was passed to her a few years ago when my father died. She is currently taking a drawdown from this of about £1600 per annum. Now, I was looking at her annual statement and it got me thinking - some quick checking indicated she could buy an annuity for a similar/greater…
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Advice re NHS early retirement
My sister is 55 next February, she has worked in the NHS since she was in her early 20s and due to various issues at work and at home wants to take early retirement. Can anyone suggest the best way to go about this? What is the likely impact going to be on her pension for taking it at 55? Is there any way to mitigate this…
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MSE News: Government unveils Pensioner Bond rates – and they're market-leading
"Pensioner Bonds will pay market-leading rates of 2.8% on a one-year bond and 4% on a three-year bond from January 2015..." Read the full story: Government unveils Pensioner Bond rates – and they're market-leading Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all…
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Transfer pension pot from wound up scheme to spouse
Apologies if this has been answered already - I've had a quick look but couldn't see an answer. I have a small amount in a pension pot which was a scheme administered by my former employer. They have now told me they are winding up their pension scheme. The trustees have given me some options - reissue the policy as a…
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Frozen pension question
hi all, i have a frozen pension which has been frozen since 1994,i have not been paying into a pension since but i have now got a new job and my employer has set up a standard life pension, my question is do i transfer the frozen pension into the standard life one or would it be best to keep them seperate? thanks in…
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Allied Dunbar / Zurich ACCUMULATION MANAGED Funds
I have 2 executive pensions taken out with Allied Dunbar many years ago. These were taken over by Zurich. Is there a way to see the fund values and performance online, the two descriptions are: "ACCUMULATION MANAGED 3/4 AP" and "ACCUMULATED CAPITAL 3/4 AP" The first one has a unit value of around £90.80 per unit currently…
