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Partial drawdown Question
I am in final salary scheme. Read an article about partial draw down today - question is what the difference between partial drawdown and being able to take 25% max from pension as a tax free lump sum? Many thanks
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CS Pension
Help, I have a number of small pensions pots and have started to consider amalgamating them. One of the pots is worth 16k, after transferring to the Civil Service I have been offered a £1,454.52 per annum with 545.41 widower pension if i die from age 67 (age now 50). It seems a fantastic offer but I dont know where to…
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SERPS....what does that mean?
Please be gentle... I honestly don't know what I'm talking about! Early 90's the company I worked for suggested serps...as I understood, a diversion of NI payments to enhance pension? Had no more idea then than I do now what it was all about, but heyho, in for a penny, in for a pound! Anyway, was employed there til 1999,…
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SERPS Contracted -Out & State Pension
I contracted out of SERPS almost 30 years ago & as a result expected a lower state pension at retirement time. However on the GOV.UK website it shows that if I make another 6 years of N.I. contributions I'll qualify for the max. state pension, £155.65. Would be obliged if anyone more knowledgeable than myself could comment…
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Wife's Pension Forecast
I am sorry to add a further post on this subject, I noticed that this subject has been discussed a number of times recently, but we cannot get our head around what we should do? My wife took earlier retirement when she was made redundant in August 2013 and has not worked since. She will be 62 next week and is 4 years from…
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Teachers Pension and SIPP contributions.
I am a 40% taxpayer and within 5 years of retiring. I want to take advantage of the tax relief on my SIPP contributions and pay in as much as I can over the next few years. However, I am finding it difficult to work out the maximum I can contribute to the SIPP without exceeding any limits (? £40k p.a) due to not knowing…
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drawdown tax
My Pension draw down is being taxed even though I have not and will not exceed the personal allowance level. Surely this is unfair and not in keeping with the idea of pension drawdown. I am 62 years old retiree, have a SIPP drawdown account with HL worth £120K and was looking to use some of this to bridge my pension until…
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High earner pension tax relief query
I've been trying to understand the way tax relief works for personal pension contributions for higher rate tax payers, and I think I'm missing something. Any help would be really appreciated. Best way to illustrate my issue is with very simplified worked example. Assuming tax payer is in the 45% tax bracket & ignoring NI,…
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When to buy additional post 16 years?
Hi First post but have been reading posts for some time. I know this has been discussed but I need some specific advice please. Just need some advice on when to buy additional years? I have been contracted out and will reach SPA in 2023. Took early retirement from teaching 3 years ago and have worked 2.5 years part-time…
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Increase Mortgage Term to Increase SIPP Payments?
Further to reading this Forum I have been thinking about changing my mortgage strategy to reduce the monthly payments and make additional payments into my SIPP with the surplus cash available. I have been mulling figures and strategy over for a while but would welcome a sanity check on my thinking and any comments. Details…
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how much
The wife parents retired to Spain 15 years ago and are both in there 80s, when they worked he paid full NI and gets full state pension she opted out so only gets a very small amount if he dies what would she get?
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state and personal pension help?
I just got a state pension forecast by post as well as checking online. It says I should get £120 a week. Two years ago when I got a forecast that one said £110 pw and also mentioned a further £9 pw 'additional state pension' 'SERPS'. On my latest forecast there was no mention of an 'additional state pension' or 'SERPS'.…
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Moved around a lot: need help to clarify pensions situation
Hello I'm looking for some advice and / or others who've been in the same position. My Dh and I are 48 and 44 respectively and both UK citizens. We were students when we met, having both already done undergraduate degrees, worked in the UK and travelled / worked overseas, then met while doing postgrad studies back in the…
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Buying extra years
Hi all , I retired early at 61 in oct 2016 with 42 years NI contributions all contracted out ( member of FS scheme ) my normal retirement date is 5/10/2021 . My understanding is I will receive the basic state pension of £119 pw ( being the higher of the two new/old rates ) and have a estimated cope figure of £67 pw . Is…
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Becoming a Pension Advisor
I work in banking (over 15 years experience) and understand even fairly complicated financial products very well. I would like to become a qualified pensions advisor - it would allow me to offer free pension advise for people who cannot pay (possible working with a charity in my freetime). It seems to me that for people…
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Just a very quick question....NHS unpaid leave and pension
I am NHS worker, will be 35 years unbroken service this July, intending to retire August 2018, Full time worker. Have an urgent need to take a week's unpaid leave - there is a very sensitive situation I need to deal with which doesn't mean I am sick, and as our team is so small only one person can have leave at one time -…
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Timetable for abolition of Class 2 NICs?
Hello there, I had thought that Class 2 NICs were to be abolished from April 2017. Am I mistaken? I'll be delighted if I am: I'm semi-retired but self-employed and pay Class 2 NICs voluntarily (still by direct debit, believe it or not). I'm trying to get a few more years of post-2016 NICs before I retire fully in order to…
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stakeholder pension
i dont have much spare money at end off each month so have been paying £80 per month into an Aviva stakeholder pension.with all the recent bad news on pensions am I wasting my time and money as its only a small amount off money I'm paying in each month but cant afford too pay in anymore.would I be better off inesting in…
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Help with State Pension enquiry
I need some help before I contact the Pension Office regarding my State Pension. I'm sure that I will be asked some questions that I do not know the answers to as the details go back almost 50 years. I am a 67 year old woman & have been receiving a very much reduced State pension. I do not remember claiming it but I…
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'Unlikely' to be able to access my £33k pension pot
I really hope you guys can help... I have gone round and round in circles, speaking to various people including the Pension Advisory Service, Money Advisory Service and my Local MP. When the government changed their policy on pension release I contacted my pension provider - Electricity Supply Pension Scheme (ESPS). They…
