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Where to start
I have a small defined contribution pension pot (£60,000) and will qualify for the full state pension when I retire in 18 years but have suddenly realised that this is very little. I have never seen a financial advisor and feel it would be too much to start from a basis of no knowledge so can anyone recommend where to…
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Minimise LTA tax following DB transfer
Having recently completed a DB transfer from my old employer, I would appreciate any thoughts on the best way to manage my resulting LTA exposure: (I know this is a fortunate problem to have - the result of crazy DB multiples) My details are as follows: - Age 54 - current SIPP value £2m - LTA is £1.25m from FP2016 -…
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Recommended SIPP platform
Hi All, I have 2 old workplace pensions from previous jobs that I no longer pay into and I would like to amalgamate them by transferring them into a SIPP. I am keeping my current pension as is and will continue to pay into that monthly (15% combined contribution between me and my employer). The value of the 2 pensions I'd…
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Tax relief on my pension statement
Need some help from you guys in the know, I'm not sure if I'm being thick or not. I have a pension through work for which I pay in 6% of my salary per month and my employer matches this . Nominal Salary is £62,500 p.a. my contribution p.a. £3,750 and employer same. So I've just received my pension statement , its clear…
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Draw down charges
Hi, My 1st thread here. I have been looking at many draw down plans and have noticed that the charges are quite high and various - charge for starting plan, annual charges and periodic draw down charges. these could be costing up to 5% or worse if a IFA is involved to manage the fund. So the funds would have to perform…
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Pie in the sky pension question
I wanted to pick your collective brains, if I may. Currently I'm living and working in London but want to explore my options for moving out into the country and changing down a few gears in the medium term. Some details: - I'm 37 and currently earning around £50,000pa. - I have £30,000 in a previous work pension and 18…
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Pension Inheritance
I have both a SIPP and a personal pension. Talking to an IFA recently, he explained that if I set the beneficiaries correctly, then my wife could inherit my pension funds if I die first and that potentially, my children could inherit that same money from her in their turn assuming she did not spend it first. So far so…
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Multiple SIPPs
Is there an advantage to having multiple SIPPs? I have my sipp and ISAs on one platform. I am looking at transfering more money in, do I put it in with the rest or does having acces to a separate platform have any advantages (risk reduction etc). I have always assumed that risks relating to the platform are negligable..
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Pension Protection Limits
Having just watched "The Great Short" my mind turned to the level of protection available in case of failure of a product / business, rather than that of underlying valuations falling. A quick search found this; https://www.fscs.org.uk/what-we-cover/compensation-limits/ which says for investments "The maximum level of…
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Your opinions please - increasing risks
I have 3 pensions 1) State pension 2) Final salary pension 3) Pension via 'Vanguard' Knowing nothing much can be changed with the State or Final salary pensions. But my 3rd pension is in 'Vanguard' at a 40% risk factor as advised by my IFA 2 years ago from a questionnaire. I am due a review shortly. Can I ask as to whether…
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Looking for advice on a 10 year investment plan.
Hello all. 49yr old single with no savings or investments looking to set up a 10 or so year plan to pay me a lump sum at the end. I have never saved or invested as I have never really had a disposable income. I no longer own any property either but recently, I have found myself earning a higher than average income and…
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Advise - £9000 old pension pot
Hello. I'm in need of some advice. An old company pension has £9000 odd in it. I want to move it to a s SIPP that I can invest myself. I have a new company pension which is sat where it is but this old one I am free to play about with so to speak. Ive seen a thread or two on here recently with people taking control of…
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Woolwich/Barclays Final Salary Pension
HI I worked for the Woolwich Building Society, now owned by Barclays. I took my pension 3 years ago with the 25% lump sum and a small monthly income. I'm moving to Spain and would really like to cash the whole thing in. I called Barclays last year and they told me I couldn't do that but I see things have changed this year.…
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Thank your lucky stars you don't live in the USA
My magazine just dropped on the doormat on Wednesday and I took the time to go through it this weekend. This article is jaw droppingly unbelievable. This is what is actually legal in some states in the US under State and not Federal Law. Unless of course you have the wallet to challenge it in court. Is this the way we are…
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Tax relief
Hi all, Just got a query about the tax relief on pension contributions. I’ve got a workplace pension and I also pay into a private pension. I know I only get tax relief up to a certain figure but am unsure if that figure is just my contributions into both my work and private pension or does it also include my employers…
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Should I move work pension to a sipp
Having been edumacated by this site and others I'm thinking of changing how I save for retirement. I'm 36 and have built up a reasonable amount in my workplace pension about 120k. This is invested with aegon i their equity lifestyle tracker which is 100% equities but switches to safer investments as you get closer to…
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Protected Rights Benefit
Hi I hope one of you guys can help me. I have a small private pension from 20 years back for which I get a yearly statement. The latest one says I have: £35K former protected rights benefits £9K excluding former protected rights benefits I'm turning 55 shortly - so my question is just how much of a pension pot do I have?…
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Retirement Plan at 55 – Enough to retire?
I’ve been asked for some advice (opinion) by a friend and I thought I could improve the quality of that input by asking the experts here. He plans to seek professional advice nearer the time but wanted to get a better feel for his position beforehand. He’s looking to retire in 2 years at 55. He has accumulated just over…
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Class 2 NI contributions - preserve State Pension entitlement?
A quick question. Wife thinking of becoming self-employed for her last few years up to retirement age. Totally unsure of what earnings would be - likely to be low - but needs these as qualifying years for State Retirement Pension. Believe that Class 2 contributions are necessary - true? If so, what level of earnings would…
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Cheap pension providers for smaller contributions?
* Just to kick start this thread with basic rate taxpayers and likely always will be. So now that we don't need to really consider higher rate tax relief.... I thought i had a few pages bookmarked from when i looked into this for myself but i either didn't or i must've deleted them as i can't find the pages now. I…
