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Worth transferring pensions
I have a NHS pension at present, although some other small pots from previous employers. Don't know if to transfer these into one other pot??? 1-Friends life ((Aviva) Aug 2017) black rock consensus / secure growth total £8968.40 or transferable £8514.39 2-Friends life (Aug 17) A/A £ 75.77 Charges (0.5%) each fund 3-…
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£3600 allowance- where to put it?
Hi there Although I dont work due to illness but have savings , i believe i can contribute up to £3600 into a personal pension Am i right in thinking i put £2800 oddin and it is topped up somehow? Also wherewould i put the money without charges eating it up? I intend taking my pension in 6 years time or 11depending how ill…
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Tax on pensions
I have joined this forum today, so please bear with my inexperience. This is my first time submitting a post. I heard that the SNP are planning to use their tax raising powers in Scotland. I am retired and apart from my government pension, I have a final salary pension from a finance company based in England. Can you tell…
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PILON Deductions?
This is about redundancy PILON and the LGPS. At the meeting that started my 30 day consultation period I was presented with the gross figure for what I will get paid for my 12 weeks PILON. I was told this will be paid in 30 days time when I am formally made redundant and that will be the end of my employment and the start…
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LGPS Pension + Salary must be less than previous salary
Being made redundant and will be taking my pension but may decide to get another job if I can. Been advised that if I work in local government again then if the salary plus my pension is greater than my max qualifying salary then I may face claw back on my pension. Anyone throw any more light on this please?
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Pension Transfer
Hi, currently have a Prudential private pension that is invested in Blackrock Aquila equities. Current value is circa £116,000. I'm looking to lower the risk by moving this into a cash balance pension with my current employer (Tesco) as I plan to retire, semi retire at 55 (5 years time). The Prudential pension does not…
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Scottish Widows are closing my pension fund - Options?
Hi, I have a Stakeholder Pension fund with Scottish Widows who have informed me recently that they are closing all such funds on November 15th 2017. The information that they have given me tells me that they will automatically move my investment into what they openly admit is a poor choice unless I go for one of their…
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Demand that im liable money overpaid to dressed grandmother!
Hi My Grandpa worked for British steel...he died in 1994 with my Nan getting widows pension until she died 3 years ago. British steel recently got intouch with my dad asking if he was next of kin as there was money in the pension pot due to be paid to the next of kin....he said he isnt (Nan was mums side)...,and that I'm…
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CETV Valuations going forward
I've recently got a CETV valuation on a deferred final salary pension I have with my old company (large multinational). They finally got round to setting up an automated system online and I've been using it frequently. At the beginning of August, the valuation was £480k but this jumped up to £503k at the beginning of…
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Salary Sacrifice for those who have kids?
I don't really know the ins and outs of salary sacrifice. I looked in to it a while ago and if i understood correct then... * it lowers the money i earn gross * which means i pay less tax and national insurance * which also means my employer pays less on the national insurance * so what they save they can pass on a portion…
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Already have DB pension,should i open a SIPP?
I have a DB pension into which i have been paying for about 35 years. The current CETV is approx 670k. I pay 6% contribution and employer pays in. With my annual salary, savings interest and divi income, i am just inside the higher rate tax band though by how far, im not sure. 1) Can anyone recommend a decent tax calc…
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Defined Benefit Cash Balance vs defined contribution pension
My DH has a Royal Mail pension and I am finally starting to get my head around the proposed changes to it in preparation for section B and C of the RMPP closing at the end of March. Can I check my understanding of this and get your thoughts on building the maximum pension possible? I understand that there are two options…
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Pension Transfers and Guaranteed Minimum Pension
Currently, I have a pension with my current employer; it has 25 years of final salary entitlement based on my final leaving salary and since 2015 a Defined Benefit element which also includes all of the Voluntary additional contributions. I also have an old (pre 1990) final salary pension from a company whose funding is…
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Pension advice
I’ve sporadically posted in the past but as I’m providing numbers I thought I would create a new account to remain confidential. I’m after some advice, not really on exactly what to do, rather what are the risks, am I missing anything and should I consider further discussions with an IFA regarding my pension arrangements.…
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Confusion about the value of pension from last company
A couple of years back, I left my BAE Systems, along with it's final salary pension scheme :cry: . At the time I thought I understood roughly what to expect at NRD. In my annual pension statement, it said if I had left the Scheme on <insert date here>, my pension at NRD would have been based on something like 48% (my…
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Nhs pension 2015
Hi, whilst i have my pension plan sorted my wife has only just started a few years ago. Shes 36 and has been in the nhs pension scheme for 2 years. Ive asked her to get some details about the scheme to see what we can do to increase it or make it more beneficial in years to come. She only earns around 10k a year and pays…
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Pension confusion
I pay into a work based ben pal pension and put in 50 quid a month of additional voluntary contributions which I was thinking of increasing but can also see that you can make regular contributions based on a percentage of your 'benefit salary'. Im pretty hopeless at understanding all the jargon but wondered if anyone could…
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Exception rather than the rule
Please I need to start planning for myself and my wife, on the state pension in "unusual circumstances". (I just cannot get a sensible answer from HMRC). My wife retired 5 years ago on 27 qualifying years, and currently receives approx 470.00 per month (she also receives 70.00 per month private pension). She has her days…
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100% crystallised SIPP - Tax on Drawdown
I was talking to a friend over lunch about our SIPPs and she mentioned that now hers is 100% crystallised as she has taken 25% tax free of the whole fund , but she also said that she she has been told that any amount she takes out will be taxed at 25%? I explained that I thought that was incorrect but she insists that this…
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What is "Date of leaving" in GMP escalation calculations?
Hi, I was employed by the same company from 1992 to 2010. Throughout this time I was contracted out of SERPS/S2P. The pension scheme had two tiers : Money Purchase (DC), and Final Salary (DB). From 1992 to 1997 I was in the Money Purchase tier and then from 1997 until I left the company in 2010 I was in the Final Salary…
