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"Gold Standard" for retirement - what does it mean?
Out of curiosity, it used to be said that a "2/3 final salary" pension was the 'gold standard' for pensions and that '50%' was the silver standard. I never really understood what this was based on and whether it related to gross or net income? Are these still the 'rules of thumb' used today and if not, what should be?
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Should I put a lump sum in to my pension
I'll try to keep this short. My wife is due to take flexi retirement in July of this year. She'll be getting a lump sum and a pension but will continue to work part time up till retirement age in 12 years. I have an old pension that I have not contributed to in over 15 years. Can I put part of her lump sum (up to a maximum…
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Can't move pension without FA advice?
Hello I have a small pension fund which was a scheme offered by an old employer (not a 'company pension', there are no guaranteed benefits etc). I noticed recently that the management charge is higher than for another scheme I have with the same pension provider, which was offered through another old employer of mine. I…
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private pension deferral
My Uncle has a private pension he is near 65 and not sure what to do, he does not need the money someone told him if he does not draw it until after 75 there will be no tax to pay and if he dies can leave it to his wife or estate without any inheritance tax, does this make sense? Thanks for any replies
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pension contribution from redundancy
Quick question: I have directed part of my redundancy payment into my pension. This money wasn't taxed, so am I right in thinking it won't be grossed up by 20% when it hits the pension. Thanks in advance.
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Accessing retirement savings when still working
If you are in a pension scheme set up by your employer into which your employer contributes a certain percentage of your salary can you access this pot when you hit the allowable age eg 55 even if you are still working and they are still contributing. Thanks
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Tax payable on pension
Good afternoon, I hope someone can confirm my thoughts. I am now 55, still working and pay higher rate on about £18000 of income a year. I have an occupational pension but also have an old small pension with Friends Life worth about £11,400 which I am thinking of cashing in to fund a big holiday to visit family down under.…
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Not sure employer has taken correct amount
I started my new job on 3rd January Before starting I put on the new starter form that I wanted to put 5% of my salary into the pension scheme. My gross salary for January is £2782 But they have only taken £44 pension contribution from me They have put in £139.10, which is 5% of my months salary. Does anyone know why I've…
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UK Based Financial Adviser / Pensiosn / York
I have a pension pot of 60k I was to transfer into the Civil Service Pension Scheme. For me it is a no brainier. Ive done the maths and I am happy with them. But due to regulation I now have to engage a UK based IFA. I contacted one and it's going to cost me £500 upfront with a further 1% of the pot. over a £1000 pound for…
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Additional tax relief calculation
Extra tax relief needs reclaimed from HMRC. Could someone do a worked example of how this is calculated using the following figures- Salary gross :@47000 Total pension contribution : @7000 Annual allowance : 11000 Salary over 430000 taxed at 40% Thanks
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New Work Pension
As part of my employment contract I was allowed to sign up to our works private scheme, which entitled me to put in 3% and work matched that after one years service. I have been doing that successfully for around 11 years now - its with Standard Life and I get a statement for it every year. With the new government pension…
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Case for transferring DB -> SIPP?
I've 20 months to go to state pension age. In two months a small DB pension becomes payable, £4.5k lump sum and £125/mth (currently awaiting a transfer value). There's also £10k in an AVC. Unfortunately I'm currently living on means tested benefits and that's likely to remain the case for some time. I'm getting a new knee…
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Sipp Advice
I am 53 not working classed as disabled, i think its time to sort my future out I have 3 small pensions worth about 10k that was last paid into 30 years ago Should i pay into a sipp and which one bearing in mind i am completley clueless and need somebody to run it for me what can i pay in Thanks for looking
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Partial retirement from civil service advice
I am 60 in May and considering changing from 5 to 3 days a week from September and taking my pension. I am in the classic scheme. Can anyone advise please? Will I loose out on my final retirement amount if I work over 3 years before finally retiring? Am I able to leave the lump sum until final retirement? Thanks in advance.
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My view on Pensions
I was reading this article by Martin today. I need to say, whilst a lot of the advice on MSE is useful, I found this particular article to be ill-informed and wrong. I'm old enough now to have seen several incarnations of pension schemes come to disappoint the people who paid into them all their working lives. From the…
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State Pension deferment philosophy ....
I'm struggling to find a rational way of working out how long further my wife and I should defer our state pension and I'm hoping that others might offer their own thoughts - however tangential - if they have struggled with the same problem or question. We are on the old scheme. My wife's SP retirement date was March 2011…
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Pension Options - Advice Required Please
Hi All, I am looking for some helpful advice/ views on my current pension situation please. I am not particularly savvy when it comes to pensions - so apologies in advance if any of my terminology is not correct. Please see full details below (sorry for the lengthly post!): Due to current health issues caused by the…
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VERY small DB pension
Hi My wife worked for a couple of years as a lunchtime supervisor at out local school. From this she has a tiny DB pension, just uner £100 pa. She currently has no other pensions but I will be funding a SIPP for her before April this year and annually then on. Is there any point leaving such a small amount in a DB and…
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Pension Fund Switch...Help
I’m self employed and have a pension with Friends Life and my monthly contribution of (£226 gross) is split with half in the “With Profit Fund (Main Series 4)” and half in “FL Managed Fund.” I’ve decided to transfer my With Profit Fund into another fund as it’s hardly grown at all. I paid in over a £1000 last year and I’ve…
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State Pension Estimate and COPE
I have looked at my state pension estimate through government gateway and it advises that I need a further 3 years NIC in order to qualify for the full state pension of £155.65. However, it also gives a link to show my COPE of approx. £50. I am 52 and have about 15 years in contracted out schemes. My question is, do I get…
