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Overpaid by 14 years !!
We have just had a visit from dwp today stating that my husband has been overpaid on his old age pension by £65 per week which they calculated at the time ,now they have dropped the bombshell that he owes them £38,000 from 14 years ago !! Can this be right ?? We are absolutely devastated as it is their mistake. Anybody…
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Maximum Tax Free AVC with LGPS
Or I presume any other DB pension, can I just get the maths on my spreadsheet checked please. Example: DB Pension = 15000, DB Factor = 20, so Total Value is 300,000. Excel Fomula:- Max AVC Tax Free = (Total Value+Total Value/3)/4, in the above case that works out at 100,000. Thanks in anticipation - it helps me plan AVC…
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Are Scottish Widows a good bet?
Opinions please. Am 65, self employed and have 3 small paid up pension pots totalling £150.000 with providers who do not offer draw down. Have been told that a Scottish Widows Retirement Account is a solid performer with reasonable charges, a choice of investment risk level and flexible access to the fund. Could this be…
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DB pension transfer
Looking for some links to companies that do DB pension transfers for insistent clients as i don't want to spend money and be told can't transfer. Any one with experience of doing this?.
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Pru with profits to contribute or not?
Hi just wondering if anyone can point me in the right direction. I have a Pru with profits pension which I've had since 1989 (currently aged 52). I was originally misadvised to take out this pension (should have gone into my company one) and ended up being compensated back in about 2002. I have not put any money into this…
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Tax relief on pensions
I have contributed a £1000 into my sipp and have been given £250 tax relief I thought tax relief was 20% so that would £200 tax relief can any explain
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Multiple separate LGPS pensions
Hi, I am really hoping someone can offer me advice on my pension situation. I have over four LGPS pensions which are separate from each other across three councils. I used to work in the public sector for about a decade. I had an initial LGPS pension (1) with my job for about five years, I then moved to another job with a…
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Wife and I have full state pension contributions but we get different weekly amounts - why??
My wife and I paid the full 35 years NI contributions (in fact we paid more years) - we worked all the years without a break (we have no children so no maternity/paternity leave periods) although some of the contributions were Class 4 after we set up our own partnership business (later to change to a limited company). Our…
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Pension Contributions - Which Tax Year?
My pension contributions for 2019/20 will be made via employer contributions (my own ltd company) & salary sacrifice (umbrella company). For the purpose of ensuring I don’t exceed the 2019/20 limit (including carry-forward), please can someone clarify which is the relevant date wrt determining which tax year the…
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Wider application of retirement living standards
I was reading the retirement living standards wondering what it all means. I realised that even though I was a high earner we probably never spent more than £30k a year. With the extra we paid off the mortgage and then invested and voila early retirement. So if a couple earned £40k each a year they would take home £60k. If…
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Can I use my pension now?
Looking for some advice as don’t really know much about work pensions. I am 35 years old and know that I have £3500 in a work pension fund. I’m wanting to know if I was to choose, could I withdraw this money and what would be implications of doing so? Reason I’m considering this is because I currently have debts of £2500…
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UK state pwnsion
I worked in the UK until I was 32, then travelled and finally started working in Hungary paying into their state pension. In three and half years I'll be eligible for the Hungarian pension reaching 65. I'd rather not take that pension as it's very low. I'd rather add my qualifying years earned here to my accumulated…
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Changing Aegon workplace pension investment strategy
I currently have a workplace pension which is managed by Aegon. I've not touched it since it was set up so it's in their Lifestyle strategy. Given I'm not retiring for about 40 years I'd like to change it to something a bit riskier given that there's plenty of time to ride out any dips in the market. The interface however…
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Civil Service Classic pension redundancy quote
My Wife has received a statement of benefits quote for her Civil Service Classic pension as part of a possible redundancy package. She's been a member of the scheme for around 40 years and the figures she has been given are slightly higher than anticipated due to a couple of pension increase factors for two periods of…
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DB pension benefits equivalent.
I have been discussing pensions with my working twenty something children. Between my DW and myself we have DB 4 pensions all with 50% spousal benefits, all are payable from 55 but we plan to take them at 60 as reluctant to take a 5% hit pa. My questions is how much at current rates approx would someone need in a SIPP or…
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Small Pension Pot - what to do?
OK, I have several pensions but my main pension is with BT who I was with for 20 years and will provide me with a good pension. I have two AVC's tied in with my BT pension that will provide additional sums (but nothing to really write home about). The main question I have is that I have an AVC with the Pru which equates to…
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State Pension online .Gov service still 'unavailable'?
Since before Christmas, the online .Gov pension service has been 'down'. via the Gateway so I can not check my NI contributions etc. No-one has reported on this. I can not get an legitimate answer from HMRC they have just 'fobbed me off'. What's going on?...Chris...
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basic question about pension
i just want to confirm my understanding about this. lets say i am in 40% tax bracket, now if I put 100 pounds in pension (lets ignore employer contribution for time being), in a way i have put only 60 pounds from my pocket and government has put 40 pounds. so is it right to say that i invested 60 pounds and made a return…
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Can I use my pension to boost savings to draw down 25% at age 55?
Newbie alert - please be kind! Wondering if I can add more money into my pension now (thus saving 40% tax) and then draw down 25% of my pension pot tax free at 55 (to buy a house abroad)? I am 45 and a higher rate tax payer. My pension contributions are made via salary sacrifice (saving me 40% tax and NICs). I would like…
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CARE Pension Query
My wife and I are both 30 and I thought it was time to look at the state of our workplace pensions, and be a bit more pro-active in our forward planning. I work for a local council and my wife for the NHS, so we both have CARE pensions. I understand the mechanics of the pension in that a proportion of our pensionable…
