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Trivial commutation lump sum
Last year I was offered a trivial commutation lump sum from a pension scheme I belonged to about 35 years ago. I decided to do nothing as I didn't need the money at the time and was told that it would increase by 8% if I left it for a year. I've now decided I'd like the lump sum as cash and have received a quote of £44K.…
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ESa and Impact on Ill-Health Retirement Pension
I ORIGINALLY POSTED THIS ON THE BENEFITS BOARD, BUT AS ONE OF MY CONCERNS US AROUND WHETHER CLAIMING ESA COULD IMPACT MY PENSION, THOUGHT I'D POST HERE TOO I retired early recently due to ill-health. I was advised to register for ESA not for payments as I believe the value of the pension I'll receive will make me…
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Life Time Allowance and Private Pension
I will probably exceed the LTA when I take my DB pension next year. I have also got about 72K in what was AVCs - starting it seemed like a good idea at the time but now looks like I will get taxed ++ when I take anything out of it. Is there anything else that I can do with it or just take the hit?
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Defined benefit pension transfer
I am looking to transfer up to 3 defined benefit pensions and have obtained a transfer values. The 12 week clock is ticking and I am not making much progress. I am aware that legislation requires me to obtain independent advice. Specifically I require: 1. A list of suitably qualified IFAs who can meet the legislative…
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Has my COPE been automatically included in my latest DB pension statement?
Or do I add it on myself? I have a deferred pension with LGPS and my NI record states I was contracted out for 10 yrs. Thanks for any help!
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Martin on TV
Well said by Martin this a.m.Now is the exact time to check your rate Band.If it is too high you can get a refund for as long as you have lived in your property and as far back as 1993.This even applies to anyone who lived in the property before you did , again back to1993..Check MSE for details.Good luck
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Pension contribution limit using salary sacrifice
Hi All, Can I pay more than £40,000 of my salary into my pension via salary sacrifice - the employer will also contribute a small but welcome amount. For instance if I put in £50k and the employer puts in another £5k is that allowed ? I used to think not, but someone suggested to me that because its all 'employer…
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LISA vs AVCs to pension
Hi I'm looking to save more money for my retirement. I am a teacher with a teacher pension and would like to know if it's possible to work out whether it is more beneficial to open a Lifetime ISA in April or start an Additional VoluntaryContributions pension fund. Any thoughts gratefully received. Thanks
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Ok how do I do this?
No screaming don't do it - I might or I might not but meanwhile I'd be really grateful for some ideas from you wise people. Welcome to my dream world - could I/should I even go there? 350k cetv in DB pension LGPS. Which apart from the house is my main, ok only, asset. I'm 55 (so suddenly have pension options - if I draw…
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Fixed fee platforms
*I have cross posted this from the ISA board, as it's relevant to both* I have been shopping around for a SIPP provider and read that for low value pots a percentage charge platform is the way to go. I don't have any money in a SIPP currently and would be paying in around £8k per year (grossed up). My S&S ISA is with…
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Enjoy wallowing in gloom?
Then you must look at this US website with the wonderful name. http://www.pensiontsunami.com
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LGPS self serve pension query with figures quoted
I'm looking on the LGPS self serve members site looking at my own figures for retiring early. It's giving me a reduced figure but then below this figure it says your pension is being reduced by x amount due to leaving before NPA. But if I deduct the x amount (the amount it's being reduced per year from my pension) from the…
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working out size of deemed contribution to LGPS DB scheme
The total amount of pension contributions on which tax relief is allowed is 100% of earnings (max £40k). If an individual is a member of the Local Gov Pension Scheme (LGPS), they will already have made some contributions and the employer will have made some, too. I want to work out the total LGPS contributions made, so…
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Leaving Final Salary Scheme
I had with my current employer, a non contributory final salary scheme pension (Defined Benefits). I decided to opt out last year, which, as compensation, gave a fixed pay rise for 8 years (~35%), and started a new defined contribution scheme pension with the same company. There were quite a few people opted to do the…
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Inheritance tax
With the inheritance tax laws for one individual their estate can be £325k before tax and married couples is £650k before tax. How does it work with married couples where is one person dies and their spouse is still alive, will their estate be taxed at £325k when they die or will it be £650k?
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Not enough NI contributions
I'm trying to help a friend. He's had a lot of mental health issues over the years but has now held down a job for about 18mths. He's 32. We have looked at his NI record and the position is not great: 3 years of full contributions 37 years to contribute before 5 April 2053 12 years when he did not contribute enough…
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Final decision
I'm curious and I would not do it myself so please be non judgmental but I want to know that if after a F.A. has taken all the details and done there research on a Pension that you want to "cash in" and they tell you that there advise is not to "cash in" is there word final or could an individual say I hear you but I want…
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Tax implications loss of personal allowance
Guys, Trying to work something out. If you hit the £110k earnings mark for the year, am I right in assuming you lose all your personal allowance? With that in mind, is it better to put £10k directly in to your pension, rather than in to an ISA? Am I right in assuming you'd get approx a £6k rebate, if your tax code had been…
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Drawdown SIPP and new contributions ?
I've just read this : April 6: Money Purchase Annual Allowance for pension contributions chopped from £10,000 to £4,000. This is harsh and could hit over 55s using the pension freedoms while continuing to work. People will need to think carefully before dipping into pension savings early, they will be restricted on what…
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Old Pension - What options do I have?
Hi, I have a small pension fund (say £20k) from a company I worked at for a couple of years and wondered what options I have. I'm about 25 years from retirement so guess I could leave it where it is but what I would be interested to know is whether I would be able to sell it and access the funds? I've read in the past this…
