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Baffled
My husband, who will be 60 in September, has received notice from Equitable Life that his "with -profits" pension is valued at £8,352.40. His option are: (1)Take savings as cash. (2)Transfer the savings to another company. (3)Use the savings to but an annuity on the open market. (4)Keep the savings where they are. Any…
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pension review
i was contacted today by a company called pension shield, they want to review my current pension and select a new one for me. im very suspicious of cold calling and telephone sales. any one had any dealing with them and is it legit???
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Is it time to scrap National Insurance?
Extract from The Independent (22 July 2015) Is it time to scrap National Insurance? The Chancellor has asked the Office of Tax Simplification to have another look at the idea, which he first considered in the last Government. Does that mean I would pay less tax? No chance. If NI was scrapped it would simply be merged with…
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Family Pension
Has anyone heard of family pensions? It has been suggested for my wife and I as I am going to breech the lifetime allowance by the time I am 52 at my current contribution rate and by setting up a family pension we can pool our lifetime allowances. The one suggested is by Axa with a 1% set up charge and ongoing IFA…
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Drawdown Vs UFPLS
If I have a single pension, it's a SIPP, and decide to take some cash from it using Drawdown, but taking only the TFLS I can still pay in up to £40,000 per year, and make use of the carry forward, right? I'm aware of the recycling rules. If I subsequently wanted to use UFPLS on another portion of the pension can I do that,…
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Will structure
My Mum & Dad and Brother own a business. My Dad started the business in the 1970’s and my Brother has worked there for the last 20 years. In 2008 my Dad has an accident at the business that could have resulted in the loss of his life, thankfully, he got very lucky and survived. Since 2008 my Dad has taken a step back and…
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Can you help a dumb blonde please! pension question!
Sorry I'm not very knowledgeable around pensions so please don't be annoyed with me. I worked for the old British rail when I was 16 for a couple of years. I then left and done other things. I paid into the pension for the couple of years I was there. can I get that money out? It seems silly as it won't amount to much when…
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cheapest pension options
which company or companies are cheapest overall to access a mixture of tracker funds for a 40k pot. Assuming no additional contributions What would the costs be? thanks
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Hargreaves Lansdown stops new advisory work for pension transfers
Just a phase the industry is going through I suppose but how things can change in such a short time.... http://www.ft.com/cms/s/0/e4d776de-3207-11e5-91ac-a5e17d9b4cff.html#axzz3h6IiNNje and if you can't read the story in the FT then this covers the key points.…
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Tax and savings question
Sorry if this has been covered before; but a search is not showing anything. I am 57, and looking at retirement sometime soon. My employer has been offering Voluntary Severance for the past five years or so, and i am hoping that when I am ready to leave (in 2 years, probably) that this will be on offer. If it is, and if I…
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Buying additional years
;) Hi, we got a pension statement for my wife, she has 23years of NI contributions in total on it and won't reach retirement age for another 8 years. My question: is it worth buying another 6 years (all you can go back) and then potentially keep buying until she gets to 35years. I estimate that it will cost £4368 to buy…
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Four weekly pay cycle and monthly pension deductions
Morning all, An odd situation, which I'm sure I'm overcomplicating... I get paid four weekly and my HR department have recently agreed to my request for salary sacrifice pension contributions to take place. I've now got the forms for my Fidelity SIPP and they accept monthly direct debit payments from employers. I'm…
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Claiming deceased aunt's pension
My aunt died a few weeks ago. Her Will has left everything to my brother and I. Her nominated executors are sorting out all the paperwork now. They have written to her pension companies to be told that they cannot transfer per pensions. It sounds like she didn't nominate anyone to pass the pensions onto. As she has no…
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Pension tax relief - how does it work?
Although I won't be retiring I am taking my pension later this year. I already pay 40% tax on my salary over £42,385 so my entire pension will be taxed at 40%! I would like to pay my pension and some of my salary into a money purchase scheme. As I understand it if I pay £6,000 into the scheme I get £2,000 tax relief at…
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LTA/Drawdown/contributions
By entering drawdown am I right in saying that my annual pension contributions are limited to £10k only when I start to take benefit from the drawdown funds?
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State Pension and LTA
Just a quick one - is the State Pension included in the pension LTA? If so how is it calculated? I don't think it is included but want to be sure.
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Inheritance of state pension top up
The information on the new state pension top up scheme always has the following info: "a surviving spouse or civil partner will be entitled to at least 50% of the additional State Pension" Can anyone tell me what could cause the amount to be more than 50%?
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Reclaiming tax on pension contributions!
Apologies if there is already a thread but I couldn't find it. Does anyone have experience of reclaiming tax on pension contributions as a higher rate tax payer? I wasn't aware of the situation till reading these pages & there's a couple of years where this might have applied to me. To complicate it further, this will go…
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Late Farther's British Rail Pension
Good morning I am in need of some help. My farther worked for British rail and had a full pension with them. Sadly he died at 55 and his pension was never claimed. I have been informed that as I am his next of kin I am entitled to claim this private pension as a lump sum. The problem is I do not know if this it true or…
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Elderly parents living in poverty
Hello, I'm looking for some advice for my elderly parents. One is aged 80 and the other 83. Only one is still working, self employed but bringing in a very low income, approx £7k per year. Has always been self employed but neglected to pay various contributions earlier in life so now only the other has a state pension…