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Prison Service Classic and Classic Plus.Advice if possible please.
First of all apologises if these questions have been asked and answered before,I was advised to ask on this forum board so here goes........ I started work in the prison service in 1997 and left by taking Veds in 2013. I am 59 years old and due to receive hopefully my lump sum and monthly pension when January arrives. When…
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Annual Pension Limit Help
My wife has opened a SIPP and wants to pay in the maximum she can this tax year. I know she is allowed to contribute an amount up to her total earnings for the year, less any other pension contributions. In round numbers her gross taxable pay for the year is £19k, this excludes £1.5k paid into her work pension scheme. She…
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Newly opened e-sipp/allowance
My wife is 59, not working and recently discovered she was entitled to a small pension from a building society she worked for some years ago, she got a value for it and it was transferred into an e-Sipp earlier this year. Now she has a Sipp I'm just considering if it is worth/allowed to make the small annual contribution…
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Pension I was unaware of...
So many years ago I worked in a company that had a defined benefit scheme set up. Unfortunately it turns out the pension scheme was wound up. I have been given a transfer value of around £50k for it, but it mentions that I need to get financial advice to transfer it, which I assume will be expensive. So this is what I…
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LGPS Ill Health Retirement Tier Scheme
Hello All, new member here, still finding my way around. Can anyone enlighten me on this please? Re LGPS Ill Health Retirement Tier 3. This is a hypothetical question at the moment. LGPS can be accessed at age 55 to give accrued benefits. IHR Tier 3 is meant to be a temporary pension for 3 years assuming you will be able…
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Starting Civil Service at 46: Alpha or Partnership?
Hello. I am starting work for the Civil Service at the grand old age of 46 and I am faced with the choice of choosing between the Alpha or the Partnership pension scheme. Normally, I would go for the Alpha scheme. But I see that the Partnership Pension Account with Standard Life has the employer making payments of 14.75%…
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The Pension Dashboard
http://www.thisismoney.co.uk/money/pensions/article-4364904/Pension-dashboard-showing-savings-2019.html Could be a boon in due course....
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Additional NI Contributions for new State Pension
First post here, raising a point which almost caught us out so double checking correct and if so, making others aware. I recently called HMRC about my wife's new state pension (due in 2023) and option to make voluntary NI contributions to make up the shortfall (current F/C is £131, she is not working right now). She has 37…
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Increase Pension Contributions To Keep Child Benefit
I have been trying to do my own research to find the answer to my question but the advice in various forums is quite convoluted. Basically our situation is we already have a child (almost 2) and our second is due in 3 weeks. I am a higher rate tax payer with a PAYE income from the NHS of £57k plus a self employment income…
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Lost Pension pot
Hi, I am in need of help to find a company pension plan I had over 35yrs ago but after 2 house moves in that time I have lost any paperwork that I had so I dont have a account no. I do know the plan was with Manulife and I think at some point it was taken over by either Canada life or Sunlife but I dont know where to start…
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Payslip reading -Pension
I am confused. About this time last year I decided to drop down to a three day week, take my Final Salary Pension and then pay in to a Stakeholder Pension, same company. With the FSP every month the ERs and Pension Gross would change on the payslip, obviously going up each month in total over the year. With the Stakeholder…
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Percentage Fee or Flat Fee - That is the Question
I will be transferring out, taking a flexi access drawdown and decided to go with an IFA who charges by percentage rather than flat. It was more of a decision of feeling comfortable with him rather than being a financial one. Over the longer run it will cost me more, as his bit cheaper transfer fee will be more than…
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Asset Protection Trust - 6 month time limit before it is disregarded???
Hi all My parents are currently looking into their options for later life and I am trying to help them. We all attended a meeting recently with an advisor who talked about buying an Asset Protection Trust to protect ("shelter") the value of their property should they need to go into care. There are many considerations,…
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Pension contributions not being forwarded
So today i was told that my employer has been taking contributions for the last 12 months but they haven't been added to my fund. The explanation given was that the fund management company has received the money, but due to an IT problem they havent been able to allocate to the pension company. So the money has been…
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Pension Planning in Retirement
I was looking back at my first post in January 2013, when I was looking to take early retirement after being made redundant. - and received the following reply from Jamesd. "Since you're apparently unfamiliar with managing investments, have you considered making lots of use of tracker funds, with the majority of the money…
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Question about tax relief on pension contributions
My wife has a Sipp with Bestinvest, and she makes monthly contributions. The tax relief on the contributions takes a while to be paid in to the Sipp, it can take a couple of months. As a result some of the tax relief on contributions paid in Feb and March will be received in the next tax year. We are going to make a lump…
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Questionable deferred db pension valuation
I have a deferred db pension which at point of closure on june 30 2008 was valued at £11,963.31 of which the guaranteed minimum pension was £543.59. The gmp grows by 4% per year compound for each completed tax year and the remainder grows by the lower of rpi and 5%. I have just asked for a quote and received a new…
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Draw DB pension now or defer a while?
I can start drawing pension from my 2 DB schemes shortly. Please can I check what factors to consider before I start drawing? DB1 is c.5K p.a. and DB2 is c.10K p.a. at age 55. They are with different schemes so I have the option to start either, both, or neither. If I defer until 56, I’ll be about 66 before break-even…
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Sipp & Defined Benefit scheme
I am in a company which runs a Defined benefit scheme. My employment with the company will end before I can accumulate full benefits. Is it allowable to fund a SIPP to run alongside my company scheme? Thanks.
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Planning for retirement as a single person - any hints or tips
I am 43 soon to be 44 :j I have 2 children, one turns 17 this year and the other 16. I work full time and bear all the costs for the children. I have been single for some time (divorced) and I'm starting to think I should actually plan for retiring being single. Not that I haven't been, but obviously when I was married we…