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Being stupid or doing the right thing?
I reached retirement age for state pension early last year. I was told that if I claimed it then - January, I would get approx £108 a week as I didn't have enough qualifying years but if I left it until April, I would get more, I qualified under the old scheme. I didn't and don't want to retire yet so I have left it in the…
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Civil service pension
Between the ages of 18 and 24 I worked for the Civil Service and paid into a pension. I went on Maternity leave and did not return to work, receiving the minimum maternity pay. After I resigned, I remember getting a letter asking me if I wanted to receive some payments which had been paid into my pension, and being…
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Maximising State Pension
My state retirement date is Sept 22. My state forecast (based on NI contributions to April 5 in my retirement calendar year) is just short of the maximum payable. I intend to continue working to (and probably past) my state retirement age. Are my final NI contributions made between April 6 and Sept 22 effectively lost for…
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SIPP with no investing experience?
Hi I am looking into setting up a SIPP, I'm 30 and have no pension, my planned retirement age is 65. I'm a company director and have £20k to invest per year, my initial investment will be £20k. I've been researching SIPPs and am becoming more drawn towards this than a personal pension. I've no experience in investing but…
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Pension contribution rule of thumb query
Hi everyone, Regarding the rough 'half your age as a percentage' rule, does this include the tax relief? For instance, If I start my pension at the age of 30, I should pay around 15%. If my employer pays 3%, my personal contribution is 12%. But what about the tax relief? Should my personal contribution decrease to allow…
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Started a new job - will my pension pot come with me?
Hi, I've had a job in the public sector for the past five years and built up a reasonable pension pot over the time as my first job since graduating. Now I'm in the private sector and I don't feel I've had enough information from my last role about the pension fund I saved up. Should it stay with me?
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Transferring company pension
Hello all - I am taking early retirement later this year at 57 years old. I have been paying into my Centrica company pension for 39 years and have a pension pot of £700k. They have sent me my pension options which I am now reviewing. However, we recently met with an independent Pensions Advisor who stated that my £700k…
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Death during final pension drawdown....
I read a post on another forum about a very odd tax case and I wondered what the correct procedure for a pension company should be in the following case... A pensionholder in drawdown asks that the whole of their remaining fund be paid as income and their account closed. The pension company make the payment, less emergency…
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Setting up a Trust for Property
My elderly Father recently fell ill and needed to go into a care home, however he passed away just before this occurred. During the process, we learned that because he had £30,000 in savings (over the £23,250 care cap), he would have to pay the full cost for the care home fees. We also learned that because he co-owned his…
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State pension forecast
After reading some threads on this forum, I logged on to the gov website and looked at my most recent state pension forecast. I have had forecasts in the past which arrived through the post showing the number of years I paid full NICs. However, the computer showed this information broken down, and I think one of the years…
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Buying additional teachers pension- what would you do?
I have accrued an ISA holding of £100k, mostly income paying investment trusts, like City of London IT etc. I have the possibility of buying additional teachers pension. £3000 per year, which would cost me, £53880 with dependant benefits, i.e. half when I die, after tax this would give me £200 per month index linked from…
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Going for Flexi Access Drawdown - Questions for IFA's
Hi, I have decided to transfer out our pot of £780k into flexi access drawdown. I am 55 mid July. We are seeing two IFA's on Tuesday, and had a conversation with another so could be another meeting arranged shortly. All have been through their fees which are fairly similar, though will have to weigh up where their transfer…
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Previous Employment Final Salery
Hi all.I asked a couple of questions about this pension last year and decided to just sit on it and leave it. I have this year asked for a new "retire now" forecast,I am 58 and my normal retirement date is not til February2024. Last year I was offered- Option one-£965.40 p/a option two £963.12 plus £41.28p lump sum…
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Advice on shares held in HL Fund and Share account
My friend has approx £80K worth of shares in a fund and share account. He is retired, and on a state pension and a small private pension, he plans to draw some lump sums some time in the future, by selling off some shares every year. He is just under his tax allowance. He draws a dividend of approx 3.5% pa on the shares…
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Should I pay shortfall for state pension ?
I recently rewuested a pension forecast and also checked online. My record shows 34 full years and for 2012/13 I have 38 credits. My cope figure is £6.68 pw. I have spoken to someone in the future pensions at DWP who said I could pay £185.50 to complete the year 2012/13, giving me 35 years. This would give me an extra…
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Pension with Prudential Ex with profits (2)
Hi, My husband has a Prudential Ex with profits (2) that he's no longer contributing to as his employer swapped to a Scottish Widows Pens Portolio Two. The Prudential fund only seems to be increasing around £2500 per year - does anyone know that how much Prudential will be charging yearly to maintain this pension for him…
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Pension Actuarial Reduction Buy Out and the Pension Annual Allowance
I am considering using the money from my forthcoming redundancy to buy out the actuarial reduction in my final salary based pension, which would be being paid early. I am stumped on how to calculate how much of my pension annual allowance (and unused relief from previous years) this would use up. Is it simply the monetary…
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Lifetime Allowance Planning - Does anybody do it and how?
Hi I am looking for some comments on planning around the lifetime allowance rules maximising tax efficiency in my retirement savings. My scenario is as follows: - 38 now, my plan is to retire at 65 at the latest, preferably earlier - My current pension provision is made up as follows: * Defined benefit pension from HMRC…
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Claiming pension from time worked in France
OH currently has pension entitlement from 4 years spent working in France. Under current rules he will be able to claim it when he reaches 66, or can take it from age 60 onwards with reductions. He was planning on taking it at 66, in just over 2 years time. Brexit has thrown a huge spanner in the works since once we exit…
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Short-tem SIPP investment
Hi, I'm planning to leave work next year, I have a DB pension and SIPP. I also have a recent state pension forecast. Instead of drawing my DB pension immediately my plan is to take my 25% tax free lump sum from the SIPP and then make withdrawals, up to the personal allowance, from the SIPP so I pay no income tax. I'll dip…
