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Deferred/delayed state pension
Hi My mother never really discusses her finances with me but she mentioned today that she made a phone call about her pension. She is currently 72 years old and as she is in fine health still works. She has never claimed her pension and the person she was talking today said she would be entitled to quite a large lump sum…
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7 Pensions to combine - PensionBee?
Hi I’ve got a total of 7 work pensions to combine. I been looking at the PensionBee site and I like the idea. But when I asked about the exit fees for the Abbey Life £5681 pension the person said I would get £5172, so £509 less. Is this an exit fee , seems a lot, basically 10%. Can I expect 10% to be taken off all my…
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UK State Pension - does nationality matter?
Daft question probably. But if someone relocated from india to UK around 40 years ago (legally), but still holds a Indian passport. Are they still entitled to Uk state pension? They have a national insurance number and possibly contributes (to be checked) and have received benefits in the past like child benefit and ESA…
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Options at Eariler than planned "retirement"
I'd not planned to retire for a few years yet - I'm 65 this year - but Covid has changed that and I'll be out of work in Sept. I have low expectations of finding a new role, so want to make some quick plans. Q1: I'll be getting a tax free settlement - should I pay elect to send that to my SIPP - what are the tax benefits?…
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Increasing Contributions to reduce income tax paid?
All small amounts here but every little helps!64 yr old female working 2 part time low paid jobs and in receipt of a Defined Benefit pension. Currently paying £150 PM in tax.Of my annual personal allowance I have:* a code of 889L against job 1 which is a relief at source pension (with minimum contributions being made by…
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Bmw pension - one off payment on death of a member
Hi all, I need a bit of clarification again :) , hopefully you can help ...................... JLR and BMW both pay a 1 off lump sump £1500 to the family of members who pass away, this is to help with funeral costs . 12 years ago Dad passed away, the Trustees decided I should be awarded the money which all family members…
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Defined Benefit Pension Transfer on Divorce - please help
Please can you advise me on the below. Parents have got a divorce last year and agreed to split the husbands pension as part of it. I believe it is a Defined Benefit Pension as they provided a CETV. The amount the wife will get is around £70k. FYI both are 60 years old. The husbands pension department have said they can't…
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PPF
I'm nearly 56 and tempted to pull my 25% out of the PPF. I'm unmarried and my partner would only get 50% of my pension if anything happened to me. Would I be doing the right thing or am I bonkers?
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Understanding my Pension Options.
Hi all. I'd really appreciate the opinions of the posters on this forum to help me with understanding the options I have when it comes planning for my (and my Wife's) future retirement. I am 52 years old and a member of my workplace DC Pension Scheme. The pot currently stands at £84k after 8 years service. I also have two…
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SIPP
Hi I have a SIPP pension taking out in 2013 . But lately I here about problems through media and adverts that they where no good and might have been Mis sold . Is there any truth in these .
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Voluntary NI Contributions: Class 3 or Class 2
I've been living and working in Germany for the past 20 years, but thinking about retiring early & returning to the UK soon. I did not pay NI whilst I was in Germany, but on checking it seems I can voluntarily pay for about the past 13 years. This seems to be worth it, to get to the 35 years threshold for full pension.…
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Shall I merge my pensions
Hi - please help! I have 2 Scot Widows pensions - an old work one which converted to a personal pension when I left my last employer and a new work one which I was auto-enrolled onto by my current employer. I am only contributing into the current work one. Should I merge these together or leave as they are? Are there any…
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Investing for Decumulation - Recommended Reading
It looks like I may be moving from accumulation to decumulation. I want to look at sorting out my existing portfolio into something sensible for decumulation. Can anyone recommend any good reading for the amateur investor. I'm likely to DIY as it's got me this far although with more luck than judgement, so perhaps time to…
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Income Tax and Pensions
When completing one's SA tax return online, the state pensions box is usually pre-populated with the annual amount evidencing that there must be some level of communication between HMRC and DWP. However, that communication appears non-existent in respect of the year in which one's state pension first becomes payable. The…
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advice on refusal to pay a retirement pension policy when policy matured
My wife took out a private retirement assurance policy in the 1980s.She subsequently stopped payments into her fund but the monies previously paid were left to mature until she was 60 yrs of age and eligible to claim her Pension from this funds assets . The company she took this policy out with was subsequently taken over…
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Fidelity changes to service fees for Junior SIPPs (& ISAs)
Some news from Fidelity that might be of some use to people out there. From September 1st they say they will be removing their service fees from Junior SIPPs and Junior ISAs. Given that their 0.35% service fee was on the higher side of what was available, this might make them more of a destination choice for people looking…
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Invest extra in to Teachers pension or SIPP
I have a friend who is a teacher. They wish to invest some of their savings in to their pension. They have a SIPP that has about £20k in (this is from a previous employer's pension transferred to a SIPP after that employment ended). They also have a teachers pension which they can add to as well. Which would be a better…
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Nest Pension to Vanguard SIPP
Hi All, I've got a Nest Higher Risk fund pension of nearly £35k, and I'm 39years old. The Nest pension was from my previous employer so it now only receives contributions from myself. I'm considering transferring it into a Vanguard SIPP to use one of their retirement funds (2050 possibly 0.24% OCF). I'm already with…
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Active Pension Management
My workplace pension with Scottish Widows is with funds described as Passive. I’ve avoided some tax & NI on contributions (£40k/year) and made some returns but now I’m both more nervous and More ambitious! Each fund has a list of companies and come what may the fund sticks with them. I would like active management ie…
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Pension Transfer due to Divorce
I am looking for recommendations of where to transfer a pension to (as part of a divorce). This is a defined benefit scheme and I cannot transfer this into my work pension. I would prefer not to use a financial advisor to save the fees? What platforms can you recommend? What are my options? Thanks