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Help, complete pension newbie!
My husband is 33 and to date we haven't paid into a pension as we haven't been able to afford to. Circumstances have now changed and he's looking at joining his works pension. We have zero clue about any of it. Pension is a group stakeholder pension supplied by Scottish widows, his work will pay in 5% of his annual salary…
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Aviva small pension charge
I have a small pension thats now with Aviva from a job I had yonks ago. Value £7400 approx. In the annual statement in the notes and assumptions section is says "a charge of 4% of the fund is made at retirement for setting up and administering your pension" Seems like a lot to me. Whats that for exactly? I know what it…
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Workplace pension transfer
As a general rule is it true to say that transferring out of a workplace pension will lose you the employer contributions or come with a significant transfer penalty? I ask because Im considering whether I want to stick with the pension provider my new employer has chosen. If I dont then Ideally Id like to be able to…
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Fidelity transfer to drawdown minimum
Thought I'd ask here as I struggle to remember to call Fidelity. The minimum drawdown is £50k. I think that's the case - but searching their site again I can't find a mention of it. It could be that is for a transfer from an external sipp into drawdown. Actually I think it is as I can't find it anywhere else. Looks like…
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Tax on pension
Afternoon My wife has just taken ill health retirement from her work aged 63. She has a pension pot of £51500 and we have no need at the moment for a lump sum. She intends to take a yearly lump sum of £5000 and as this will be her only income until the state pension at 66 will she pay any income tax on the £5000 as it is…
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An obvious cautionary tale.
The nearly six year return on two SIPP pension funds is £49k to £140k and £8.5k to £20k respectively, not bad and all made possible by the freedoms within a SIPP. A few months back the largest portfolio was touching £170k and the smaller one bubbling along at £30k+ To get these gains I’ve for want of a better word gambled…
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Work until 55-use equity release
Slightly off pension topic. If I were to retire due to ill health in 50's maybe 55 max. Is equity release an option even whilst I'm still paying mortgage. 2 very small workplace pensions will not be worth more than a few pounds@60 or 65. Only asking as I have M.S. and have dropped to part time past year and permanently.
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Gwm
Anyone ver heard or death with Guardian Wealth Management for pension transfer out and re investment into their schemes
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pension and Tax
When I take my pension it will be taxable for around £5000 mark, can I move this money onto my wifes small pension, so as to not pay any tax.
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State pension - actual vs previous forecasts
Have just received my letter with a breakdown of my deferred state pension ,which will be payable from July 2018. It shows that I'm entitled to the full basic of £125.95 Zero entitlement to ASP from 1978 to 1997 (because the COD is way more than that period's ASP) A figure for ASP from 1997 to 2002 A figure for ASP from…
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Early Retirement Penalty
I recently asked Willis Towers Watson who run my work's pension scheme what the early payment penalties were on the FSB part of it. They came back with an early payment factor of 0.9967^months retired before NRD. For example for 5 years it would be 0.9967^60 = 0.8201. I then replied back asking if that's what you would…
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12 months go before retirement - planning ideas?
Hi I am 58 and was planning to retire at 60 but work has become so stressful with new initiatives and targets I have decided to go in 12 months. Our BIL died of cancer last week aged 60 and other friends who have recently retired are starting to get health problems. I have combined pension pots which will be worth…
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Salary Sacrifice Query
Hello, our company run our pension scheme via salary sacrifice. We were wondering if we should be giving the employees a choice on whether it should be deducted salary sacrifice or if they'd rather have it from their net pay? Our pension provider says we can run it both ways. But wondered whether we should be giving them a…
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New job, and using prior years unused pension allowance.
Hi all, I'm just about to start a new job that offers a good pension contribution, in fact it's likely to be greater than my actual tax free allowance because of what I'll be earning. I did not however pay into a pension during the past 2 tax years, despite receiving some trailing income from a former employer from vesting…
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What happens to pension if you move jobs?
I am not planning on moving jobs any time soon, as I enjoy where I work....but... our work's pension is with Scottish Widows, say if I left and went somewhere else, what happens to that pension? Obviously my employer would stop paying into it, and presumably the management fee would go up (as the pension representative…
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Lgps
Hi Can anyone point me in the right direction to an idiot's guide to LGPS please. I'm a member and I'm thinking of early retirement in a few years, it's just I don't understand what options are available to me and how much I will receive. I can log on to the LGPS website and see figures but I'm still none the wiser. Thank…
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R06 Exam
Hi Folks, i am looking at attempting R06 in July to complete my Diploma. i was made redundant by my previous employer and dont have any study materials. i have bought a package from Brand online however dont have the text book. i am just looking to ascertain whether it is important to have the book whilst studying or are…
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Do I pay tax if I withdraw my whole pension
I have about £10k in an Aviva pension. I know I can take 25% of this tax free but could I withdraw the whole £10k without paying any tax as I am a non taxpayer?
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Plans to retire at 60
The wife and I are now both 48 and have aspirations to retire at 60, our NRA is 67 so 7 years early. To enable this I have recently started putting a fair bit more into my pension. I just wanted to put my plans on here to make sure that I am doing this in the most tax efficient way. Both up to and beyond our retirement…
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SP question for mum - paying voluntary NI.
Hi there, Hoping someone can help me. My mum has lived abroad since 2004 and is now around 8 years away from SP age. She's looking to return to live in the UK in the next few years but likely not to work. Looking at ways of boosting her state pension she was asking about paying voluntary NI but there is confusion about…
