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cancelling a pension plan
After being made redundant i have now found out i may be enrolled in 3 pension schemes. I've checked them online and it looks like only one is active. Is it possible to cancel the inactive ones and have the money now or does it have to be transferred?? Tried searching online but cant find anything that tells you in plain…
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Missing National Insurance Credit
I've just been looking at my online pension forecast and discovered that I've only been credited 51 contributions for the year 2000/1 though I was on Incapacity Benefit throughout that year. How do I go about getting this corrected?
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Nat Ins Contributions for Pension
Hi I was wondering if anyone had any information about the abolition of the NI contributions for self employed persons effective 2017 and pension contributions Currently my husband earns less than the sum required for small earnings, but has paid NI cat 2 to get his state pension on a voluntary basis In 2017 the NI cat 2…
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40% or not 40%???
When my husband sadly died in 2011 I thought I had informed all of the companies with which he had a pension. Last year a letter arrived for him from one I had missed - long story short - they backdated to 2011 and sent me a lump sum before commencing a monthly payment. This lump sum briefly sent me into the 40% tax…
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Advice please!
I am 58 and wanted to transfer my pension out of LGPS so I could access. I followed Martin's advice and found a registered financial adviser and all seemed well. My husband did the same so we have been working jointly with the financial adviser. I haven't worked for all of last year so wanted to gain my 25% tax free and…
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Should i transfer my small pension to LGPS?
Hi I cannot afford financial advice so I was hoping for any advice from you guys? I used to work full time before children, and had a contributory pension with the pension trust, I now work for a school and have been enrolled in a local government pension, which seems like a good pension to be in as it pays death in…
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What to do with old Allied Dunbar (now Zurich) Plans?
I have three old and fairly modest pension policies with Allied Dunbar (now Zurich) and am finally getting round to reviewing them and my options - leave them as they are, transfer them, re-commence some contributions etc. I know (and understand) very little about pensions but having reached 55 I feel I should be paying…
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Only three days to go.......
.....till the New State Pension kicks in! Be interesting to see what people ACTUALLY get compared to their forecast. Cheers fj
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Do employers contributions count towards gross pay??
Hi, Just went round and round with a HRMC rep on the phone after trying to get my tax code adjusted. At one point he was saying that employers pension contributions count towards my gross pay so pushing me into the 40% tax bracket. This is the first time I've heard this. His insistence was my employer contributions meant I…
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Drawdown vs Savings
Apologies if this has been asked before, but I couldn't find the answer .... My salary is £36500, I am 57, and thinking to retire early. I contribute to a DB scheme which normally pays out at age 60 although I can take it now with a 6% reduction. I also contribute to a DC AVC through my employer that has £8000 at the…
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Pension Fund Security
I know banks are guaranteed to £75k but what about pension savings. I appreciate investments can fall but can the fund holder ever collapse and what would happen then? I'm not advanced with banking/finance but this is important to me. Thanks, Peter
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Just lost out on early severance package - What Now
Not sure how appropriate it is to disclose actual figures Background. Aged 56 this September. On a public sector final salary pension scheme If I had got early severance I would have been able to go on half salary plus x3 tax free lump sum or reduce pension higher lump sum tax free up to 25%. Its equivalent to 400K pot if…
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Annuity vs IHT
If I buy an annuity from my cash savings is the lump sum used for the purchase,immediately taken out of my estate for IHT?
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Company issued share scheme, tax question
(if this post is in the wrong place can someone please advise me) Hi I took up a company share option scheme in about 1998 at the newspaper where i worked (United Business Media - UBM). I put £60 a month into it for a while. Then I had the shares when they were offered at the end of this period - 2 or 3 years i cant…
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Downsizing - early stages of planning
Hi there, we are trying to work out what options are best for us as we approach retirement and wondering what the pros and cons might be of selling our family home now the kids have left. There is no mortgage on it and the kids have left home and are renting. If we sold the house and brought a smaller one for us and…
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Scottish widows: We failed to contract you out of the additional state pension scheme
Hiya, I received the following letter. The full statement was: "We failed to contract you out of the additional state pension scheme. You may be due payment as a result of our error" It's asking for kinds of information eg Details of all P60's of your salary at the date you intended to contract out, and for all tax years…
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Understanding COPE
Both my wife and myself (both 53) have received state pension forcasts at our request, but I'm not sure if we fully understand them. My forecast states that I will receive £194 / week, of this £155 is the state pension and £39 is COPE. 1. I was contracted out for 20 years and my contracted out element went into a private…
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Pension contribution, income tax
Hello, I'm looking for a sanity check, and making sure I did not miss anything. I'm 40, and, due to personal circumstances, I am just starting to contribute into a pension fund. I'm currently a higher rate tax payer. My plan is to increase the pot as much as possible through salary sacrifice (80%), while living off my…
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SIPP planning : help can DIY
Hello, I am 45 years and planning to put into SIPP for first time (funding self owned limited company). Fund amount approx. 30K Looking to save for a commercial investment at later date or for own pension. I have understood that I cannot withdraw the money till 55 years old. Can I DIY via AJ Bell, H & L or Barclays....…
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Pension Help Please
Hi, I'm 51 years old and have worked continually since 1984. I contracted out of SERPS from 1987 to 2001 and assume I was contracted back in after this date. I'm now confused as to my eligibility to a state pension at retirement age. I receive a statement each year from CIS which mentions a pension amount of £701 per year,…
