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SIPP or ISA for spare cash and endowment?
I have approximately £3000 spare cash, and in two years time my endowment policy (approx. £17000) will be maturing, so I'm wondering what the best thing would be to do with the £3000 now and then the endowment money later, either stick it into my existing S&S ISA or open a SIPP. My situation: I'm 50, in the LGPS, standard…
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CAPE valuations & TFLS
Like many people, the funding of our retirement will come from a variety of sources; a couple of DB pensions each - phased in at different times, SP, savings, ISA, SIPP and a TFLS from one of the DB pension. Whilst it will vary over time, as DB and state pensions come on stream, around 25% of this funding will come from…
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COPE after April 2016
Curious to know is there any pro rata on the added amount per week before your state pension kicks in, or is it only a complete year that counts? My SP will start in the month of March, so will the eleven months before be a wasted time?
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FCA urged to launch full probe into pension transfer advice
I have just been reading Monevator site and it linked to FT article about that the initial review found less than half of advice given to those considering cashing in final salary schemes was “suitable”. I am starting to wonder if this is a beginning of an end and ban the transfers out of DB schemes eventually?
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How much tax will I pay ?
I have a drawdown pension and I have already taken 25% tax free this year but now want to take another £10,000. I have a personal allowance of £11500 so will my £10000 be tax free ?
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Cope
I was checking up on the current status of my pensions due to the fact I had opted out of SERPS back in the 1990s. I am in the fortunate position that due to my age I will still get the full new state pension as I am able to make enough contributions to qualify even with the changes to pensions. There was a separate amount…
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Self employed Pension Contributions
Hello, I wonder if anyone can help with the following please? I am currently taking a sum from my pension that is just below my personal allowance, so currently pay no income tax. I am using capped drawdown so could add up to £40K to my pension under the current tax rules. I may have the opportunity for some self employed…
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Quick State Pension Question..
Hi, I have just checked my state pension summary on the gov.uk website. I need to contribute for another 20yrs then in 2046 I should get £160p/w. (based on my previous contributions I will only get £69p/w) Just wanted to check, I presume this £160p/w will be linked to inflation? So, in 2046 I will still be able to buy what…
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Alternative to nhs pension?
Hi, I am a doctor in A and E,have a pension in the 2008 scheme Been contributing since 2009.People in general praise the NHS pension and would love to have it. But lately we doctors have been chatting about it and have some serious concerns. 1. Our contributions are just increasing and the benefits remain the same. 2. The…
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Gift Ideas for Colleagues on my Retirement
I am taking early retirement in 3 weeks time. I have been at my company for nearly 20 years. I would like to buy each of my very close colleagues, both male and female, a gift to show my appreciation. In my personal experience, I think this is quite unusual, so thought it would be an interesting thread to find out what…
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NHS pension problems
Hi , first time post and am looking for some advice as I am having some difficulties getting straight answers from the NHSBSA. I am a deferred member of the 1995 scheme with 20 yrs and 200 days paid in.I haven't t contributed to this since 2002 and will be 55 in 6 months time I would like to access the 25% tax free sum and…
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Civil Servant Pension
Civil Service Pension I am retiring in March 2019, I will receive a lump sum and a pension per month. I will be 60 on the 2nd of March 2019 and on this day I would have aquired 37yrs 4 month pension. The question is do I retire in the month of March 2019 or would it be worth waiting till April of the new tax year? To pay…
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Scottish Widows Early Bon
Hi - hopefully an easy question for someone to answer... I have an old Scottish Widows Personal Pension with a small amount invested. I'm considering either moving this elsewhere or paying into it again. Each month I have a policy fee deduction and a "early bon" credit. I'm not clear what these are or if the difference is…
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Teachers Pensions added years query
wonder if anyone can answer a quick question? I am purchasing added years but the purchase is not due to conclude until 2020. If I retire earlier than that can I just buy whats left with a lump sum? Just tried to phone them but went from queue position 48 to 40 in half an hour! Thanks
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SERP drawdown
I have an old Canon/Lincoln account that was used for contracted out of SERPS payments from 1989 until about 2000 ish I think.( I didn't work for Canon/Lincoln). I moved the share choice from the original government managed shares to far eastern and it has done rather well with around 50K sitting there in Canon/Lincoln Can…
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Civil Service Pension and Annual Allowance
My wife has received a surprising letter indicating that she had exceed her annual allowance and that tax maybe due on this. However the figures indicated seem strange to us. Is anyone able to provide a simple calculation in order that we can work out what total Alpha contributions are including employee one and also the…
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Can I compare a CARE pension with a standard pension?
I've been offered a new job, and the pension offered is 8% employer contribution and 4% employee contribution. My current company has a CARE/Career Average scheme, which I've been in for 3 years, with the previous 7 years in a Final Salary Scheme at the same company. The new role is slightly higher pay, and has better…
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Pension company not telling me what my pots worth
ive got a pension pot from a previous employer and I was wondering what the pot might be worth so I rang the number on some old paperwork. I was told that they cant tell me over the phone but they will write to me with the information. Three weeks passed and I received nothing so I rang them yesterday to ask where is the…
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Bonus payment or company payment to pension? Advice Appreciated
I am posting this for my brother. He is a director and shareholder in a small company. Five directors are also the shareholders and all take the same 29k salary and about 10K dividend each year. There is more profits but they are keeping the money in the company because they want to sell it in a couple of years and…
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£10k fee to transfer!
Been to an advisor today. The company they use for transferring pension would charge max of £10k on an £800k pot. Nearly fell off my chair. Aim I naive?
