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Pension 3 year carry forward rule
Hi, I am trying to work out if I am entitled to 3 years of pension contributions carried forward from the past 3 years. I have an old workplace pension that I haven't contributed to in years and I haven't put in anything to any other pension in the last 3 years either, so does that mean I could put 3 years worth of…
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Why is my DB pension so poor?
I worked in the civil service 1985-1988 and have a defined benefit pension due to pay out shortly age 60. I then moved to the private sector and have a defined contribution pension that also pays out at age 60. By coincidence I have virtually identical lengths of service with both, so I would have expected the DB pension…
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Remain in workplace pension of transfer to SIPP
Hi, I am currently invested in workplace pension (Scottish Widows Master Trust Adventurous targeting flexible access). This is due to start reducing the risk profile as I head closer to retirement between 55 and 67. Looking at the options within the workplace pension there does not seem to be an option to stop the…
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Pension crystallisation/part crystalisation
Hi all, I hope you are well :) I am just looking for some clarification on pension terminology and process. I will be going to an IFA in the future but want to get my head round it first. Lets say there is a DC pension pot of £500,000. Age 60. I am aware that you can take 25% tax free lump sum and then access the rest…
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SIPP - is everything in 'HSBC FTSE All-World Index' enough?
Last year I consolidated my workplace pensions into a ii SIPP.It is around £100k and is all invested in HSBC FTSE All-World Index C Acc. I am currently contributing into a workplace pension, so the ii SIPP will not be used for regular contributions. I am not going to need it for 15 years, so I'm happy to leave it to grow…
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Inherited Pension Options
I have inherited my husbands pension with Pru. It is now in a Cash SIPP and as he died before aged 75, it is tax free. The illustrated growth rate is 1.72% (mid). I am wondering if it is possible/advisable to withdraw funds from it and add to my own pension - to avail of the tax allowance ? As I am 66, I feel I should keep…
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Royal London Governed Portfolio Funds
I am trying to get to grips with the various Royal London Governed Portfolio Funds. I am currently invested in their GP5 fund. I am 69 and am not expecting to draw against this pension to supplement income. In my head I am sort of thinking this will be for Inheritance / Care Fees, but of course things could change. I am…
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Commutation factors lower with later retirement age
Hi, Is it normal that commutation factors would get lower (worse) for retirement estimates at older ages with a DB pension. I received 3 estimates from Mercer (strangely I received each of them weeks apart, with one of them being delivered by the post and the other two by email even though the request was made using the…
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MYCSP Injury Allowance legal advice
Good afternoon , I beleive I am wrongfully being deducted an amount I receive from my pension provider and I have since 2015 ,I have raised all relevent IDR with the cabinet office and I am currently at specialist assessment stage with the pension ombudsman but I would like to speak to someone with legal advice. Thanks
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B&CE pension entitlement
This discussion was created from comments split from: NEST Pension being illegally witheld.
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Child benefit and transferring credit to grandparent
Hi there 👋 So I understand that grandparents can have national insurance credits transferred to them if they look after a grandchild. My mum will be looking after my little one 2 days a week next year when I return to work so we are looking at applying for this. However my question is, does this mean I will no longer…
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Pension - charges to transfer into SIPP
Hi, I am 53 and still employed - I have a DCS pension plan with my employer (one of the large banks), currently valued at c£480k. I have been talking with a Personal Wealth advisor at the Bank who as well as looking after external clients also helps staff members. So one of the things pointed out to me was that I was…
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NHS Pensions/ Military
Can anyone help !! .. I joined the NHS 24 years ago and hoping to retire next year .. I served in military before hand for 10 years , my query is that I was never given any pension advice about transferring military pension to NHS .. there are literally dozens of staff that I know of in the same situation . Can anything be…
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NHS Pension, McCloud, etc....
Hi peeps.... I'm trying to work out some pension stuff for my wife who is absolutely clueless on pensions.... She's been with the NHS as a nurse since 2003, so I think she's in the 95 scheme (as she doesn't think she transfered into the 08, tbc). Am I right in thinking the following: 1. The 95 scheme pays a tax free lump…
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No support by BP for discretionary pension increase above the 5% cap in 2023
I'm a BP pensioner and received an update from the BP Pension Fund Trustee today. It advises that, because of the prevailing economic situation of the highest inflation in the UK for 30 years, the Trustee decided it was appropriate to ask BP for consent to award a discretionary increase beyond the maximum 5% to which most…
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LGPS spouse pension and ARC increases - calculation errors
I am a deferred member of LGPS and previously entered a contract to purchase added years prior to April 2008. Am I correct to assume that added years also build entitlement to extra 50% spouse pension? I subsequently elected to make Additional Regular Contributions (ARCs) later in 2008 and specifically chose the option to…
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How long should I wait for a CEV
Hi, I have been waiting since Feb 2023 for my pension administrator ( XPS ) to give me a CEV for my DB pension. Lots of promises that it will be sent through next week, etc etc but nothing. Latest message has been that the Trustees of the plan to put transfers out on hold temporarily as the factors are currently being…
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AVC wise & LGPS
My son works for the local government and has been contributing an extra 6.5 a month AVC with Prudential. He got an email today telling him about AVC wise and gas not got a clue what to do. Given the option to book some seminars. Our new benefit is a Shared Cost Additional Voluntary Contribution (Shared Cost AVC) scheme…
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Merging pension into one company
Hi, my husband is paying a pension through his employer with Mercier Holdings and was previously with Standard Life, he still has the Standard Life one but is not paying into it. He and another colleague have been contacted at work by a company called Brunswick Investment Management Ltd asking if they would like to merge…
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Capita hack - phishing attempt?
Hello everyone, Today I received an email from soprasteria@email.cescommunications.co.uk with the subject line The Capita Cyber Incident. What is it? When did it happen? How does it affect me? addressed to "Dear Member" "We would like to share a letter from the Trustee, along with a Frequently Asked Questions (FAQ)…