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Final Salary Pension
I have a deferred final salary pension with LGPS. I have read lots and also contacted pension wise and now an independent FA. If I don't make any changes I will end up with a payment of £13000 approx. and an annual pension of £4500 approx. The value is approx. £100000 however expect the transfer value to be a lot less. I…
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Lump sum and final salary pension query
Hi I have been following this Forum for several years. I have found it very helpful and I have learnt a lot so many thanks to everyone who contributes. My relative, aged 65, is due to retire in the next few months. His occupational final salary pension scheme (USS) offers various combinations of lump sum and index-linked…
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withdrawing my pension
I have £7830 in my pension pot, I am 56 and earning around £80k a year. i want to withdraw some money from my pension pot but getting really confused about the tax that i would have to pay. i know that on this amount i have tax free cash of £1957,does it mean that i can withdraw that amount and wont be paying tax at all?…
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Budget - Green paper on pension contribution tax relief
If I heard correctly in the budget statement, a green paper consultation on scrapping all tax relief on pension contributions in favour of pensions not being taxable upon retirement. 40% taxpayers to take a big hit? The end of salary sacrifice? Won't this mean ultimately more people will be discouraged from putting some of…
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Using my pension to buy a house
Hello all, I hope this is the correct forum for this. I'm in my mid fifties and no longer own my own home due to a divorce and illness. I'm employed, but earn just above the minimum wage, and even if I had a deposit, the new rules make lending beyond retirement age difficult (well, I've found it impossible), which means I…
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Effective Date Of Pension Contributions
Hi all, I wonder if someone might please be good enough to answer the following query? I am enrolled in my employer's DC pension so the contributions made by myself and employer are docked from my oay on the last working day of each month. This money then goes into hiding for 2-3 weeks before being paid into my separately…
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Drawing part of lump sum
My wife wants to continue working. She reaches State pension age this October at 62 1/2 yrs of age. She also has an Occupational Pension. She doesnt want to draw on either yet. However what she would like to do or know is if she can draw on some of the 'lump sum payment' that's paid. If so any idea how she goes about it.…
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Equitable Life With-Profits Personal Pension
I have tried to make sense of the relatively old posts about the goings-on at the Equitable Life, but I am still confused about the pros and cons of transferring out With-Profits policies. I have a small (c. £24k) pot in a With-Profits personal pension that I've not contributed to since 1999. I was considering whether to…
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Using extra pension payments to keep child benefit
Hi all, I am a frequent visitor/lurker to this page, but rare contributor. I write now to ask a question which is probably obvious, so please go gently! moreover I hope this is in the right forum, it is primarily about pensions but involves child benefit as well. I am already paying a lot of money into a DB pension to keep…
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State Pension Boost help
Hi wondering if anyone can give me some advice in relation to my dad's state pension. He is 65 in November so before the state pension allowance is increased. Today he gave me a scrap from a newspaper saying that those who reach pension age prior to April 2016 can pay some contributions to increase their state pension…
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Defined Benefit Scheme PCLS calculation?
I have been provided with different sets of figures as follows: Age 60 (9 years away) Full Pension £25879 OR PCLS £124885 and reduced Pension £18733 Age 50(scheme allows pension at 50) Full Pension £13547 OR PCLS £69433 and reduced Pension £10415 My question is what multiplier is used to calculate the PCLS? I can use my…
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My pension worries as a forty-something year old
Hi The baby boomer generation have generally hit the jackpot with the property market and with these new pension rules but how will this effect my generation when the time comes? - maybe the million dollar question...! I'm concerned with what is going to happen to pension pots when todays 30 to 40 year olds retire and what…
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Balancing my portfolio - Global Income funds etc.
I have recently retired at the ripe old age of 49. My DC company pension has approx £430K invested in: 10% Cash 20% Property fund 70% equities (70%UK 30% global) On top of this I have approx £230K primary in cash. I want to start feeding this into a S&S ISA I can invest £15K now, I can then transfer £15K from a cash ISA in…
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Annuity for House
Just wondering if anyone can offer any advice on the following scenario. I am due to retire next year, I am married with no kids and I was wondering if I could use the value of my house to either boost my existing pension pot sum (It's worth around £150k) or use it for an annuity. Obviously the deal would need to be based…
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Opinions please?
I have a Merchant Navy Pension due to mature this month if I decide to take it. I was thinking of deferring it as I am lucky enough not to need it right this moment, although out of work, I have savings to live off until I get another job. I am 61. My neighbour (retired fireman) has suggested taking it nevertheless, rather…
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PCSPS pensioners - 1% ?
Will my pension (pcsps) be limited to 1% pa - as civil servants are being limited to this figure ?
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They think real estate will provide best retirement income
As real-estate prices climb since 2008, the population counter-intuitively views the asset class as a better, not worse, retirement investment.…
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National Insurance Contributions...
I haven't been able to login into the NI calculator for a couple of years because I was born in the 1960s. I am worried because I do not work anymore but want to top up my contributions. Who do I need to contact to see which years have gaps so that I can send in a cheque? Thanks!
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Annual allowance to be reduced to £10000
Did I hear this correctly in the budget ? If this is true it's going to be quite a big impact or was it just for very high earners. Anyone have clarification on this ?
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40% tax rate
Last year I earned around £45,500 which meant I paid around £2000 at 40% tax rate. if I was to pay more into my company pension scheme ie £2000 a year would I get tax relief on this and therefore lower my tax payments