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Wanting to withdraw money from my pension pot
I have a SIPP pension which I wish is valued at approx £197,000 and I withdraw £1,210 a month. I wish to withdrawal £20,000 for my 2 sons weddings. My IFA is against due to tax implications. Has anyone done this without incurring heavy charges i.e. By withdrawing small amount rather then the whole amount. Any suggestions…
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Pension Portfolio - Is this Looking Sensible?
Sorry to keep bothering you all. You can tell that I'm at that critical point of pension planning and am seeking to understand all the relevant factors, and need reassurance that I'm on the right track. I have approx £233k to create my pension portfolio from this point forward. About 5% is already invested in S&S ISAs and…
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IFA advice in UK
Following the death of my first wife in 1997, I took out a Co-Op AVC to supplement my lecturer's pension. At the time I was 36 years old. My wife's pension scheme paid me a small widower's pension (currently about £130 a month net.) I originally intended to take the AVC benefits alongside employer's pension at age 60 ( in…
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Trapped in Employers Pension?
My employer set everyone up using Standard Life the other year. Yes we could 'opt out', but there would be no contributory (1%) benefit applied. I've reviewed the Standard Life pension plan. The performance is appalling. The fees and charges opaque. There's not much control either. I want to switch to a SIPP with another…
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Alternative to cash deposit within SIPP
Hi As part of my portfolio, I would like to keep £60k in cash or reasonably accessible, just in case I need to use it for drawdown without selling units etc., I have just checked with my SIPP provider - AJ Bell You Invest and they offer no interest on cash balances. I just wondered how other investors were dealing this…
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Scottish Widow fund closing...
Today my Scottish Widow pension, informed me a fund is closing and said will move over funds to another fund automatically unless otherwise advised I of course want the best for my money so after a 'quick' phone call, the man informed me I could choose a fund if I feel the replacement is not good enough... he ran through…
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Final salary scheme
[FONT="]I have a DB final salary scheme and have noticed much of the regular mention of them in the media. A very recent illustration quotes a GMP and non-GMP part totaling about £1800 a year. It also says [/FONT] [FONT="]“The GMP part of your pension will be increased at your GMP Payment Date (age 60 for women…
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Deceased Father's Pension Payout
Hello all I received a letter through the post today entitling me to a very small amount of money from my father's pension fund. My father passed away at the age of 51, 22 years ago, so to receive this letter from JLT Benefit Solutions was a bit out-of-the-blue. However, in light of this, and given that he was only with…
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Another planning for retirement post
I was in a final salary pension scheme which consistently gave good annual pension, lump sum and option of retiring at 60. That has now closed and i have applied for a final transfer value, its £475000, which if i left in the scheme woks out at 23 times what my annual pension would be at 65. I certainly don't want to work…
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top up small pension or save?
Hi - I have an incredibly small pension pot - only about £6k. I'm 56 and have 2 options - I can either top this up with about £200pm so that, at 65 I'd get a pension of about £90pm OR I can SAVE £200 in a savings account/ISA in order to get a large 'pot' at 65. I don't know which I'm better doing. The only other pension…
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Do I move my old M&S Pension to BP?
Hi guys, After some advice. When I was 18 I worked at m&s till I was 22 and paid as much as I could into my pension. I left m&s 4 years ago and just recieved my annual statement telling me how much it's currently worth just over £20k Is it worth me transferring this money to my new works pension pot? Want to maximise the…
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Taking FS AVC into SIPP - advice
I still cannot decide if I am going to move FS to SIPP one mid way step I want to Explore is to move my AVC ( rules say I can) to a SIPP and then draw 25% and leave balance but carry on adding £100 pm gross to SIPP, I am a 40% tax payer In march this year transfer value of AVC was £35k . I know I will need to see IFA .…
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Advice of Moving Pensions and Fees
Hello Could anyone offer advice on if this sounds like a normal fee / or the correct way to move a pension please. A few weeks ago I contacted a company who said they could review my SERPs pension and if there was a claim against mis-selling. Last week I had a call with them and they said they couldn't help as it was sold…
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planning for my retirement, pension questions
ok second attempt i wrote whole thread out, submitted it and it failed and ive lost the lot . I've been overpaying our mortgage for the last few years and ive just fixed that for next 2 years with unlimited overpayments so i should get that down to around 15k in 2 years time. ive now turned my attention to pensions,…
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Attempting to Reconcile COPE with HMRC
I recently called HMRC and was given a breakdown of the COPE record they held for me. Some of their records appeared wrong. I have since contacted the administrators of the pension schemes whose COPE looks iffy. There are two categories of error and I'm unclear whether either of these will affect HMRC's COPE calculation.…
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Added years in the LGPS
Hi all My wife, who has been in the LGPS for over 20 years, is paying just short of 6% in an 'Added Years' contract. She has been doing this since about 2000. Looking at the pension forecasts, it is very difficult to see how many additional years of benefit this will lead to at the point of retirement. I know the LGPS is a…
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Young people and retirement planning - what would you do?
As a responsible 30-something, I have been paying into employer pension schemes for several years. But I am certain that my meagre pots will not be enough to cover a (hopefully) lengthy old age. I don't anticipate ever being in a position to buy a home so my earnings will have to cover my rent and living costs until I…
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FSAVC to SIPP
I have a FSAVC which has a transfer value around 55K. I have other company pensions which I already live off, so the FSAVC is a bonus. I'd like to convert the FSAVC into a draw down pension which I can use to fund travel. I now live in Australia and the FSAVC administrator tells me I need to use the services of a FA if I…
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Pension transfer to 3rd party
Hi, Am I able to transfer my small frozen pension pot into another person's pension scheme?
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Pension when moving abroad
Hi. I'm thinking of moving abroad next year staying long term in Cambodia, I have a pension here in the UK which i pay into every month via direct debit, I contacted my pension company to tell them that I'm thinking of locating abroad, they informed me that whilst I'm abroad I can still pay into my pension for the next 5…
