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RO4 Exam Question
Hi all, Apologies for posting this here but as it's not strictly related to my own pension. I'm sitting an R04 pension exam tomorrow and have come across 2 questions in mock exams where I am pulling my hair out a little, I've scoured the info in the textbook as well as well as Aviva, Royal London, Pru e.t.c and can't find…
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early retirement options
NHS worker going for early retirement at 55. will be working part time after up to the allowable limit. Question is 75k pot and 11.5k pa payment or 45k pot and 14k pa?
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The National Insurance Gravy Train
I have thirty-five years NI in the bag, so in theory, I am entitled to a full State pension. Because I opted out of SERPS for nearly all that time, I know I'm going to get the lower 'full' rate of something like £115 a week or thereabouts. However, although I have retired and taken my work pension, I still do a fair amount…
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Small Pension - GMP
Hi Was going to revive my old post from 2006/2007 but 'tis closed, so.... This question specifically relates to the GMP pension with Aegon. Scottish Equitable (Aegon) GMP at NRA (60) £1228 (figure all post 88 GMP) GMP Revaluation Rate: 7% Plan Value (Reserved): £5100 Transfer Value: £8100 No mention of MVR being applied if…
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Small company.
Hi, the company I work for only employs 7 people, a friend of mine told me the company does not have to offer me a pension because its to small. Is this the case? I need to know before I confront the MD and ask why we have no pension yet. Thanks.
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Restrictions on Early Access to LGPS?
I contributed to the Staffordshire LGPS for many years but left in 2011. I'm now 56 and contacted the scheme about withdrawing a lump sum but they told me that because I left before the changes in legislation in 2014 I'm not able to claim before I'm 60 because it's a defined benefit scheme. They suggested that, with…
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Old pension
My partner has just received information about a pension he paid into about 20 years ago. Basic question is it best to leave it where it is or should we be transferring it to his current employer pension scheme
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Pensions - can you lose money?
Despite being quite money savvy in most ways I have to admit I could write all I know about pensions on the back of a postage stamp. So I was hoping some pension expert could perhaps give me a little bit of guidance. I managed to build up about 40k work place pension with my previous employer. Its managed by Willis Towers…
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Pensions Transfer
Hi Hope this question has not been asked before by someone else Are Pensions transferable to next of kin in case the person who pension it is passes away say wife pass away will it was given to the husband and if no husband then to the son Private and company Pensions
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Lisa or pension
advice pls for husband after left pension with previous employee with county council. Age 38 has own Ltd company, he is only employee. Would a pension or S&S LISA be better for him now? Able to pay £300 pm in. Sorry I'm sure this has been asked many times before.
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25% tax free lump sum
I went for a meeting with a Pension Wise advisor this morning and one thing that came up which I should have asked for further information about but didn't was regarding the 25% tax free lump sum on my pension schemes. I have two pension schemes, one is a defined benefit scheme and one is a money purchase scheme. The…
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Pensions/healthcare
I live in Spain and receive a UK pension plus the UK pays Spain for my healthcare. Will this change if I change my nationality? I understand that the pension will continue but will the healthcare payments?
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Conversation with IFA about DB transfer
Hi We spoke with an IFA today as we'd previously decided to transfer out of our defined benefit schemes. We haven't come to this decision lightly but it feels the best route for us. We have around £900k and £800k values currently. The IFA would charge £6.5k each and we would require the funds to be managed by his company…
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Pension - Tax Calculation
Hi Could I please ask for some assitance in checking the sum I can take from my pension whilst staying below the tax threshold. Personal Allowance £11500 Other Taxable Income £5683 Therefore £5817 Taxable income and £xxxx Tax free component Can withdraw from pension £5817 + xxxx Tax Free Just unable to get my head around…
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Self-employed vs limited company for pension
Hello, I am looking at starting to pay into a pension again. I am currently self-employed (sole trader) however was wondering if it is worth going down the limited company route from a pensions point of view. I did have a limited company before I had my kids so I do have experience of running one. When I started working…
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Pension - working tax credit
I have a question if anyone could answer, I work part time 16hrs a week and claim WTC and I get the disability element .I have two small seperate pensions from when I was self employed I want to cash in the least value one. I know I will pay 25% on it the rest i'm not sure as I earn only £6,500 pa my tax code being 1150…
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Unpaid Widows Pension
Advice please as to next step. My step father passed away in January, ( I am an executor of the will with my sister), and when we notified the pension company of his death we then received a letter to inform us of an over payment, as he had died before the payment. This was paid back immediately, and since than an absolute…
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Pension plans for an early retirement
I would welcome some helpful suggestions regarding what I'm thinking of doing to prepare for an early retirement. Objective I would like to retire at 58 at the latest, and my wife at 60 and we think we need £43k pa before tax to live on Background I'm 44 live in Scotland earn £67k pa My Wife is 46 and earns £18k pa 2 kids…
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old pension
Hi, I retired a few years ago. A couple of months ago, out of the blue, i received a letter from Aviva about an old pension. Having heard of, and seen lots of pension cons, initially alarm bells did ring. However, big company, letter not e-mail ... So i wrote (letter) and shortly after received a reply about an old pension…
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Costs of pension transfer and ongoing....
Hi there. Basically I'm transferring out of a DB scheme after taking lots of advice etc, what would the typical costs of transferring out and ongoing costs of running the new pension look like? I'm being quoted a lot of money at the moment. I just thought there are bound to be lots of folks on here going through the same…
