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State Contracted Out Pension - Claim Advice
Hello Everyone, I am a 52 year old married male with a Final Salary Scheme Pension which is fully paid up and frozen. I am due to retire in next few months from my current employer, and this pension will be thawed so to speak and I will claim it. Back in about 1986, I was advised my a so called friend to opt out of the FSS…
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New State Pension - Contracted Out Years
I have just got my pension forecast and it tells me that I will receive about £13 (3 years worth of contributions) less than the full amount of £155. This appears to be explained as contracted out reductions while I paid into company pension schemes over many years. The statement shows that I have 45 qualifying years. I…
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When to crystalise?
I am 54 and have a DB scheme paying £40K (with 50% spouse pension on death) payable from 60. I have £500K in 2 DC schemes. Together, these would take me over the current LTA of £1M, so I have both Individual protection 2016 and fixed protection 2016, giving me an LTA of £1.25M. I am looking at ways to reduce a potential…
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Tax loophole with SIPP, advice please
Can anybody guide me with this http://www.telegraph.co.uk/finance/personalfinance/pensions/11012663/Tax-loophole-boost-your-pension-by-88pc-a-year.html information please from the Telegraph newspaper and tell me if it can work for me. I’m not sure how to interpret it, i.e. is it ethical, acceptable, possible in reality or…
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Paying off parents mortgage
Hello, Our parents are in their 80s and my father has dementia so myself and sister are now power of attorney for both parents. We have just discovered that they still have an interest only mortgage (with 23 years to run!) For £7500. We were thinking of paying the mortgage off for them (and buying the house off them) but…
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Pension NHS - Additional Purchase topup or Property
hi all, In need of advice regarding pensions My OH (45yo) has been working for the NHS (clinical staff) since 2010 and is enrolled on the 2008 scheme (retirement age = 65). Therefore, in theory, she will have worked for the NHS for 26 years when she reaches retirement age. Hopefully go full time for 3 years in the last 10…
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Long term pension calculator
I have decided to buy pensions for my very young grandchildren I have an anecdotal quote that if you invest £10000 by age 18 at retirement age this "MAY" be worth £10000 pa Does anyone have any links or indeed calculations that would allow me to speculate on this. I am well aware that the future cannot be foretold BTW yes…
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Ssas into a personal pension
Hello I have a ssas (shared with one other person), however the admin charges are horrendous, and are wiping our any profit. I have just sold the small business that it was associated with.I am 70, dont want to draw it yet, but wondered could i transfer the funds into a 'normal' personal pension at all ( i want one that…
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Lgps experts
Hello any lgps experts. http://www.lgps2014.org/content/additional-voluntary-contributions-avcs This page in the lgps website suggests any avc contract taken after April 2014 can be taken as cash (subject to it being 25% or less of the total pension value) May be me going mad but I thought they stopped this in 2014 - was I…
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DB Transfer - Likely outcome of IFA review
My partner and I both have deferred DB workplace pensions of similar value (approx 15k per annum) but one has no provision for spouse benefits. The pension administrators has confirmed they will cannot (or will not) convert to a lower annual payment with a standard 50% spouse provision. We are considering either buying…
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DB - TFLS 'annuity' rate
I have requested and today recieved an estimate from my ex employeer to allow me to take my pension at 53. The pension is question started out as DB, then became DC, so I have managed to build up a reasonable DC money part in addition to the older DB. The original DB part is based on a normal retirement date of 63, so I…
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Company Pension
I currently work for a UK company who offers a company pension. I have a question about contributions to the pension. Should overtime pay be part of my contributions and my companies % contributions to my monthly payments into my pension? I have looked around the companies pages and i cannot find any information on it.
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Transfering pension from previous employer
Good morning all, I have a DC pension pot of about £11,000 with my previous employer. As I've now left them I no longer benefit from a reduced fee and so the ongoing charge is now 1%. Is it possible to move this money from my previous employer to my new employer's fund where I can then benefit from the reduced charges? If…
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State Pension Forecast Seems Too High
Hi there, Just checked our state pension forecasts online. Mine is the standard amount of £155 per week, but my husband's forecast says £218... He is 61 now and started work in 1971 as an apprentice with British Rail, where he worked for about 7 or 8 years. He is not aware that he had any kind of pension set up with BR,…
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Tax relief for non-taxpayers
I'm 57 and no longer able to work. Currently my annual taxable income is between 7k and 8k, made up of contributary ESA, a small annuity and savings interest. I'm entitled to the Blind Person's tax allowance, so that makes my tax-free personal allowance something over 13k, leaving loads to spare. I also have a deferred…
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New pension rules force me to seek IFA advice
I understand why as leaving a final salary scheme but I have my reasons. Trouble is, I'm finding it difficult to find an IFA as I'm told by the pensions advisory service they have to be pension transfer qualified - I can check easily if they are FCA registered but what is 'Pension Transfer Qualified'?
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Pension and redundancy
Afternoon, The company began the pension scheme in August. I was paying 1% and the company was matching it. The company then entered voluntary liquidation in mid-November as a company that owed us almost £1m went into administration. I am still working for the same group of companies albeit under a different company and it…
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recently retired
New to forum so go easy on me,not very savvy but willing to learn with some of your excellent guidance .I recently retired aged 66 sp £156 which includes 1 year deferment, have about £85,000 in isas, already getting £2,500 from 1 pension.I want to go into drawdown with 2 further pensions approx £154,000. My question is how…
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Higher rate tax relief
Am I missing something or are we getting ripped off with higher rate tax relief. If I invest 10k into a personal pension then the pension provider tops up for basic rate tax (@20%). 10,000 / (1 -20%) = 12,500 As a top band tax payer I think I should get relief at the 45% rate. 10,000 / (1 -45%) = 18,182 Therefore through…
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Increase AVCs or Set Up Separate Pension
Hi, I've recently changed my pension to the Universities Superannuation Scheme. It is a DB scheme but we have to option of paying in AVCs to a DC section. At the moment I am paying in an additional 1% of my salary to this (which is matched by a 1% contribution from my employer). My question is whether I should up my…
