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GMP and the PPF
Hello all, I hope someone out there may be able to help me with a question I have on the PPF and what happens to the GMP built up in a pension. In particular, does anyone know whether post-88 GMP built up before 6 April 1997 receives any index linking in the PPF?Note I'm not in the PPF, it's just that I wouldn't be…
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Tax on PILNO
I will be receiving a Payment in Lieu of Notice from my work mid-April, which will be about £13k, with tax and NI to be deducted. If that's all I earn in the coming tax year, when can I claim the tax back against my personal allowance? Do I have to wait until the next tax year or do I inform HMRC that I'm out of work and…
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Which fund for my Workplace pension?
It makes sense for me to be putting most or all of my pension contributions into the Scottish Widows Group Personal Pension Plan arranged by my employer, due to the employer matching contributions, as well as the additional contribution of employer NI. However, the range of funds available to me is quite limited, and so I…
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Is a million enough for early retirement?
Sorry if the title sounds braggy, but it's a small but genuine concern of mine. All of the following sums are in today's money: My excel spreadsheet is spitting out that by the time I'm 49 I'll have about £750k in my DC pension and £300k in a S+S ISA. Planning to use the S+S ISA as a glidepath to the DC pension. Expecting…
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When will the PPF fail?
Although the UK's "Pension Protection Fund" (PPF) is able to rescue pensioners and deferred member in the occasional defined-benefit scheme which fails, it clearly can never be big enough to deal with systemic changes, such as a dramatic increase in longevity, or permanent low returns on investments. I suppose it just…
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New SIPP and checking figures
I took voluntary severance this year, having worked for 4 months, earning c.£43000, before taking my pensions. I have worked out my own (11.3%) and employer's (23.68%) pension contribution this year, after deducting the non-pensionable PILON element from my last salary payment, and have put £20000 into a newly opened SIPP…
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HBOS/LLoyds Pension - Nuvos pension
I worked at Halifax building society for 10 years and have a pension from that job that I will received when I am retiring. It will work out at about £20 a month. I have worked in the civil service for the last 12 years and I have a Nuvos pension there. Am I best moving my old Halifax pension into my Nuvos? is that…
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Employer DC change - options
Hi all, I have a basic understanding of pensions but I struggle to get my head around the tax implications of doing things in different ways, so please bear with me. My employer is planning on changing our DC scheme, the result for me personally would be a 3% drop in their contributions and I am trying to figure out the…
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Retiring Into Work
I'm being made redundant soon, and am pondering the future. Five years ago I was in the same position but unfortunately thought then that the lifestyle promised by Mr Money Moustache, Jacob Fisker (with his book Early Retirement Extreme) and the FIRE community was the life for me. It wasn't. I gave it a year but went back…
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To those who retired early, what made you take the plunge (and any regrets?)
Just that really - I'm a wannabe early retirer who spends way too much time on this board these days (but have learned SO much - thank you). I'm on countdown (not quite there yet - some financial reasons and some family ones). I'm 53 and wondering what makes some people take that big step, what did you worry about when you…
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Widow Pension - What happens next?
My mother has very recently found out that she doesn't have very long left to live and has asked me to help he with her affairs and after some advice. She currently receives a small private pension which was my fathers which equates to about £74 a month. I've asked them if they could settle this early to assist her and…
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Pension Questions
Hello, I was wondering for some help please on questions about pensions. 1. I understand with the classic pension scheme in the Civil Service, you can inverse commute your lump sum for more pension but can the same be done in the premium as well? I know commutation rates are poor but I would just like to know so I can have…
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Can I apply for state pension and working tax credit at the same time?
I'm about to reach state pension age. However, I am still working and I am currently claiming working tax credit. Can I apply for state pension and working tax credit at the same time? I haven't yet received a letter from the Work and Pensions department telling me that I should now start applying for my state pension -…
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what to do with this "pension"
Hi, back in 1990 I worked for am employer for just under a year and they enrolled me into their pension group plan for the duration of my employment with them. The then fund has changed on a number of occasions and am currently receiving a yearly statement showing me that my forecast is the amazing amount of £17.00 per…
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Does the State Pension increase every year?
As above. We are looking to retire in 2 years time, aged 60. SPA isn’t until 67, so I was wondering if there was an annual increase in the pension? Trying to figure out what our pension will be in 10 years time rather than using today’s figure of c£9100. Has the pension increased in previous years, if at least. Sorry if…
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Maximum number of NIC years you can buy with voluntary contributions
An MSE article about the state pension, in the answer to the "How many years can you buy" question under the "Buy extra pension years" subheading, says that "Those retiring after 6 April 2016 can buy up to 10 years' contributions." I cannot find this information anywhere on the government website, or anywhere else online.…
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Fixed term Annuity
I'm thinking of possibly taken out a 6 year fixed annuity, has anyone done this before or doing it at the moment, the company I was thinking of using was Retirement line, any help would be appreciated.
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Pensioner help please
Hi, Sorry this might be a long post but here goes. My father in law has recently passed away from cancer and has left my 83 year old mother in law, my wife and I are trying to sort everything out and we have discovered their energy bills (electric only) shot up from £50 a month to nearly £500 a month, so obviously…
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National Insurance credits
Is it possible to claim retrospectively for a benefit in order to be awarded National Insurance credits that I missed paying whilst I was not working through illness? At the time, my state pension was the last thing on our minds and my husband was a high wage earner at that time, so it wasn't something we considered. Now I…
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In 'Today's Money' v Adjusted for Inflation?
Hoping for some insight into this, I appreciate people will have a different approach. I'm around 8 years away from full financial independence and I plan for retirement in today's money, because the figures are more relatable and it just seems easier to me. My target income is in today's money also along with my…