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DebtFreeWannabe preparing for retirement...
Hello, I wonder if someone could take a look at my circumstances to see if there's something I should/shouldn't be doing? As you will guess from my Signature, I am usually to be found on the DebtFreeWannabe board. My aim is to clear our debt by Feb 2019, and this has been my focus for the last three and a half years. It…
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Deferred state pension questions
Hi all, I'm trying to help my mother work out some pension related things, and could do with a little clarification on a couple of points. She's 67, and has been deferring her state pension since 2008. The latest calculations sent to her state:...your weekly rate of State Pension has been taken to be £164.18 which is the…
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New State Pension vs Additional State Pension?
So... here's a semi-hypothetical question, hopefully someone knows the answer. Mrs X is in her early 30's, has 15 years of NI contributions so far, but has also been contributing to the State Second Pension. Her State Pension forecasts confirm this. Next year, she'll have a "starting amount" for New State Pension…
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Prudential S32 policy about to mature
My other half is 60 in just under 3 weeks and has a with profits section 32 plan that reaches its NRD. It has 3 components - units that support the GMP (actually insufficient money but I think that is the Pru's problem). Also units that can be used to buy additional pension plus a terminal bonus. We had a letter about 6…
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SERPS - In or Out??????
I am 45years old and in the late 80's or early 90's I either opted into or out of something called SEPRS???. I really need to know the following: * How do I know if I'm in or out of this pension? * Who runs this pension? (if I'm in) * Should I be in it or opt out of it? Sorry I'm vague with the details, but I don't have…
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How long can you pay into a Private Pension ?
Hi all I have a small private pension with Standard Life that has a 4% growth guarantee fund. The statement from them says my retirement date is in 2020. Are they likely to let me continue paying in after this date? Also is tax relief on money paid in dependent on me working and paying tax while I pay in? I may be out off…
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"Flat rate" state pensions - deception exposed
I heard on the Today programme that the figures for the new state pension will not be as stated by the government over recent years. I have known this for a fair while but I'm sure plenty of people won't and will have taken the misleading info at face value. Ministers had promised to replace today's means-tested state…
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Rename Clerical Medical to Scottish Widows
Just got a letter from Scottish Widows. I have a small pension lot from 1990, legacy of a short lived job. It was With Profits from the start, in the days when I thought safer is better. Safer is also goes nowhere in 25 years. They are saying they will restructure various companies under Clerical Medical Investment Group…
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Ordering income at early retirement
I would much appreciate some guidance relating to the most efficient option to support my early retirement plans in early 2016. I am just 55 and have savings sufficient to take me through until my DB schemes start to pay at 60, as well as having DC schemes totalling approximately 400k. The DB schemes at NRD are currently…
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NHS Defrerred benefits Early
Hi All. I will obviously follow this up with NHS Pensions as it's a very specific question, but thought I'd see if anyone here has any comments to make. I started paying into an NHS Pension in 1982.Very sadly I had to leave my NHS job in 1998, unfortunately since that time my condition has worsened and I have not been able…
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Sipp withdrawal fees?
Considering opening a sipp and then drawing down in stages each year from 55 to minimise tax. Bit confused looking at sipp charges as to actually how much I can expect to pay for one simple withdrawal each tax year? Any clues?
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Leaving Company After 8 Years and Moving Country - What Should I do?
This Friday is my last day after 8 years working for the same company. I've decided to move to Australia, with the aim of working there for a couple of years. Does anyone have any advice on what I need to do with my pension? If I end up staying in Aus long term what will happen to my pension? This has been my first job…
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Need mortgage to pay pension fund
I want to get £40.000 to mortgage a property, The money will go to my pension I will take money from pension fund pay it off using the government tax free scheme for pension release? Can this be done? So would be paying off within 3 months I would guess!! Based in Northern Ireland in case laws are different!!
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Lta protection questions
Hi there, I wonder if anyone more knowledgeable than me might please be kind enough to offer any insight into the following questions? I believe that the precise details surrounding the likely 2016 LTA protections are yet to be announced. However, it seems likely that fixed protection, for example, will be on offer, from…
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SIPP Allowance for 2015/16
Despite reading up on the transitional arrangements for Pension Allowances in 2015/16 I am still a little confused about the actual workings of this new initiative and would appreciate the advice of more experienced members. I am a company owner and currently my company pays £3,333 per month by DD to my SIPP (£39,996 in…
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Pension pot charges by IFA - how much?!?!
I have a pot of pension worth £35k which after doing some research myself I have decided to take all of the money. When I contacted my provider they said that as the pot was over £30k I would have to seek Independent F/A and get the advisor to sign to say that advice had been given. When I have approached a few local IFA's…
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Help with an inflation calculation please
I am wondering if anyone could help me with a calculation please. I am 49 and have two health issues which have been impacting my ability to work, although I am currently on a return towork I may not sustain full time. Both issues are fluctuating and one is more serious than the other, although neither are likely to reduce…
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Friens Life- pensions freedoms
Friends Life have told me they are presently not allowing people over 55's to withdraw 25% of their pension pot (the tax free element) which is one of the Governments new pension freedoms. Apparently the freedoms are not legally binding on the pension companies! Some pension companies are allowing this but not Friends Life…
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Working on Pension Credit
My parents are in their mid 60's and receive pension credits. My dad would like to take on a little part time job that will earn him £102 per month. Will this affect their pension credits?
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Pension Choice - Defined Benefit/Defined Contribution
Hello, I have to pick a pension - hoping kindly knowledgeable MSErs can help. Option 1 - Defined Benefit Scheme* Employee Contributions - set rate by company * Retirement pension for you based on pensionable earnings throughout your career and increased in line with rises in the cost of living * Benefits payable on…