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Teachers ...retire early or take phased retirement?
Hi, I have been lucky enough to secure myself a part time role next September. I will be 57 years old and want to take my pension early to top up my earnings. I know I will lose about 12% of my pension by going early but would like to know whether other teachers in this situation took their full pension and started a new…
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Access to the government gateway records for tax and national insurance
Hi , Until recently I used experian to gain access to the gateway, the gateway no longer accepts experian to prove identity and the alternatives given are the post office and digidentity. I cannot register an account with either as I have no relevant photo ID. I have a well out of date passport and that is all. I really do…
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Using up carry forward pension allowance
For the last 4 years - I have neglected my pension contributions and want to make the most of the large carry forward allowance I now have. I started a new job two weeks ago which comes with a company pension. I would like to put 60K into a pension this tax year. My earnings are 70K - therefore I am not exceeding my…
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Waiting for info on putting DB pension into payment
If you make a request to your DB administrator, in relation to starting taking your DB pension in say two months time , how long would you expect them to take to respond ? The administrator is Mercer , who have been mentioned on this forum before as being very slow .
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Finding a reputable financial advisor
How do you find a reputable financial advisor with the right credentials to deal with the transfer of a final salary pension? I had my Pension Wise meeting and they advised of web-sites where you can put in your post code and find local advisors, I did this but so many no longer deal with final salary pension scheme…
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Defined Benefit Transfer help
Hi, I hope one of you can help. (all values are approximate). I have an old defined benefit scheme (from a previous employment) that will pay me £6,500 in 7 years when I turn 65. The transfer value is £330,000. I believe that this is a terrible return on that amount of money. I currently work for the NHS and could buy…
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Can I afford to quit
Hello all, I’m hoping someone can cast an eye over my numbers and opine if they think quitting work is a good idea or not I’m approaching 42, and I’ve mostly had enough of work. Live in the northeast, with mrs NM, and a <1yr daughter. We have no debt other than a small, paid of each month CC balance. Mortgage paid off, 2…
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Not sure where to start with pensions...
Hello, Im 44 yo and I have contributed 23 years of NI in the uk. I also have an old Scottish widow pension with about £46k I have an old Nest pension with £600 I have a current Local Government Pension and every month £38 goes into that pot (I think!) - No idea how much I have in I have just asked Finance to see if I can…
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Non-earner HR tax relief on £3600 Pens contribution?
If non-earned pension income is liable to HR tax in retirement, is HR tax relief available on the £3600 gross pension contribution allowable as a non earner? I get that ordinarily if you pay in 2880 to a SIPP, it would be grossed up to 3600 automatically with 20% relief. If pens income were sufficiently higher than the HR…
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Take TFLS without triggering MPAA
I'd like to check whether I've understood this correctly. I'm expecting to need a lump sum some time before retirement. I was planning to keep that amount in an ISA. But now I'm thinking I might as well put it in my SIPP, and take it out as a TFLS when I need it. (I'm already over 55.) Am I right in thinking that 1. I can…
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S&S ISA and SIPP with same provider?
I’m 49, and am beginning to act on some of the helpful advice previously received on this forum with regard to making changes aimed at contributing
to an early retirement. First two steps are to:- 1. Open a S&S ISA using the majority of cash currently
held in various cash ISA’s – planning to use approx. 110K for this. 2.…
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Taking small sums from pension - unclear language
I wonder if someone more knowledgeable, can help me - a newbie - understand the following sentences from the moneyadviceservice website: 1. ' You take cash from your pension pot whenever you need it. For each cash withdrawal normally the first 25% (quarter) will be tax-free, but the rest will be added to your other income…
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Utmost Pension
Many years ago I opted out of my NHS pension, however it was later found the advice to do this was wrong. The rules at the time wouldn't allow the opt-out amount to be transferred back into the NHS scheme. An AVC policy was set up with Equitable Life which has been transferred to Utmost Life & Pensions. As it is a group…
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Inflation again
Need some clarification that what I'm doing is logical or wildly wrong if you can please, My calcs for early retirement have various parts to them as you'd expect. * PP into DD - calculated using "Which" drawdown calculator on medium settings zero inflation Pension will mainly be invested in a mix of fixed interest…
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Pension single contribution - direct payment or via adviser
I am looking to put a lump sum into my pension (Royal London). Doing it directly increases the charges by 0.1% to 0.6%. Doing it via an adviser results in no addition to the annual charge (0.5%) from the provider, but the adviser charges me 1.8% for adding the lump sum. The advisers annual charge is 0.9% I've tried working…
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Difference between flexi-access-drawdown and UFPLS
I am sure this has been answered before. But I am struggling to understand the difference between the two options above. Can someone explain it please?
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Take a bit of money from SIPP even though don't need it NOW?
Hi folks. Retired at 54, 55 in a few months. Have enough cash in a savings a/c to cover 2-3 years of planned expenditure. Plus enough (for me) in SIPP + ISA (so far I've been spending half what I planned for so definitely enough). However was thinking I should still take an UFPLS (personal allowance + 25% tax free) out of…
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38 years of State Pension Contributions & Redundancy
I am 54 years of age and about to be made redundant and will probably look at early retirement. My state pension forecast indicates I have 38years of contributions, 13 left to April 2033 and a estimated state pension of £179.60wk, £780.64/month or £9371.27/yr. Is there anything I can do to improve my state pension e.g. by…
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New Pension for an 18yr old
I would like my son to start a pension but I have no idea which one to look at for his age. I am with PensionBee, although I'm so happy with the returns so far this year. Its been 8 months and it's gone up by £6,800 which I think is absolutely amazing. He can't join them because he is not transferring from another pension.…
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Army pension
I served Jun 86 to sep 98 then medically discharged, what would my pension be and do I get it at 55