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Hargreaves Lansdown SIPP help please.
Hi I have opened a SIPP (last tax year) with HL. I have paid in £2,880 and have had the 25% added - now £3600 I have received my form and illustration for drawdown and now I'm stuck My plan is to withdraw the 25% and access the balance in an ad hoc way leaving £1,000. Repeat Do I want to move ALL of my SIPP into drawdown…
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UFPLS - Check my maths please
I am in the process of using UFPLS to transfer unused personal allowance from SIPP to ISA. I calculate the max tax free I can withdraw this tax year as: Unused tax allowance = £8490 UFPLS of £11000. £11000*25% (tax free) = £2750 Balance (offset against personal allowance) = £8250. I know that I will be taxed at 'week 1'…
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UK/US dual citizen fatca pension nightmare
I'm a dual national UK/US (two passports - born in USA). I've lived in the UK for over 30 years and have no US ties or US accounts/property/assets. My whole life is in the UK. I have a flexible personal pension plan with Aegon Scottish Equitable (salary sacrifice). However, I'm starting to think about income drawdown or…
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drawdown of 150000 advice
im just coming up to 62 and would like to retire . i have a pension pot of £150000 with prudential . to cut a long story short with savings i could get by with £11000 coming out of my pot every year until iam 67 and can get state pension . then i could get by with taking about £8000 out every year . will it last and is…
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Pensioners face reductions because of historical errors
The media are reporting possible pension payment adjustments resulting from up to four decades of miscalculations by HMRC and or pension schemes. I have posted links below to some of these. As far as I can see the main issue the guaranteed minimum pension for final salary schemes. What is harder to find is if I am…
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Pension Fund Value
I have recently recivied some figures from Aviva which confuse me. The figures state that the current fund value is £52,879 - Plus a terminal bonus of £15,242 and a current transfer value of £68,121. My question (in simple terms) is what is the value of my pension pot - is it £68,121
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CETV calculations
We are trying to work out CETV valuations for mine and ex final salary pension. Length of service is similar in both schemes and ages similar, one a private DB scheme and one a Civil service scheme. Both CETV requests were initial requests. Private DB CETV is roughly equal to x 20 accrual to date (similar to LTA…
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1st Consultation With Advisor. Which questions should be asked?
My wife has her first consultation (RE Pension planning & saving) with my advisor next week. What should she ask him?
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Pension Performing Poorly
Hi All, I have a pension at work that I pay into as does my employer (around £500 per month), however this year it has just broken even which is a loss in real terms as the £500 monthly payments covered the losses. How can I start managing my pension to try and ensure it performs better? Thanks
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Are individual pensions only covered up to £85k?
As the title suggests really. I am 32 and approaching the £85k mark in my personal pension but it made me start thinking about when I near 55, where my aim is to try and get around £1m into the pot, am I completely exposed in case my provider were to go under? Even now when I make deposits to go over the £85k am I risking…
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Understanding the charges to my Pension Fund
Hi All, I am 25 years old have been enrolled in my company's pension scheme for the last 2years. I have recently been more involved about taking care of my future finances and after reading several articles/books on the matter. I have recently decided to increase my contribution to 15% from 3% with my employee contributing…
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How to get young people engaged in Pensions
Hi everyone, I am looking to get some insights and thoughts from the experts on why young people aren't engaged with pensions. I recently set up auto-enrolment at my last company, and the opt out rate from staff was huge. My theory is that its purely about understanding, and that if young people did understand the benefits…
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Limited company >>> directors' pension
My limited company has two directors: myself and my wife. I am the fee earner. Each director receives a salary of £8,400 a year. My life time allowance would be 94%. If the company makes contributions to my wife's pension, are there any limits below £40,000 on the amount that the company can contribute to offset profit to…
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First yearly wrap statement
Hi I have just received my first yearly standard life wrap statement through the post , My ifa invested my pot of 466.000 in the plan. It looks like it's now worth 455.000, the shortfall being my advisors fees, Isn't this a bit strange that the plan with that amount has stayed pretty much totally static apart from the…
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IFA Fees
Hi All, Firstly I'm not sure this is the correct board for this post, please let me know if it isn't. Recently we got move on with regard to planning for our retirement. An IFA came strongly recommend to us. Having engaged with them we have now got to the point of organizing our finance's as per the recommendations. Our…
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Financial advisor for LGPS transfer out £31000
Hi I have a LGPS pension with a transfer out value of £31000. As this is more than £30000 I am legally required to get financial advice before I can transfer the LGPS to an existing defined contribution scheme. However, I am struggling to find a financial advisor who is willing to offer the required advice as they all seem…
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Recommendations for Mother-In-Law's Pension
Background My mother-in-law is 54 years of age. She worked hard all her life, but unfortunately was not particularly clued up on pensions. At the age of 51, she had a major stroke, costing her some mobility and loss of speech which she has only partially regained, and has been unable to work since. She has been claiming…
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Hbos gmp?
My wife has a deferred pension with HBOS since 1996. She has received a text saying that there is an upcoming court case in regards to GMP. Current projections are that she will get a pension at 60 (4 years time) of approx £3k/yr and a TFLS. The £3k includes about £700 GMP. Does anyone know what this court case is about…
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How many months to accrue 1 yr SP
Does anyone know how many months of NICs it takes to accrue 1yr SP entitlement? Do you need to pay it for all 12 months, or just reach a specific monetary amount of contributions?
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Transfer or Stick??
Hi I am looking some of your thoughts, I appreciate I should and would take professional advice on this matter but I have a few queries that I hope some of you wizened individuals can help me with to help get me started.... So I have a couple of different pensions from the two careers I have had to date and am trying to…