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Deferred Final Salary and started DC
Hi all, 45 years old and been in DB pension since 1st Dec 1985. This is now a deferred final salary pension which my company ended in March 2014. This is worth £14.5k per year now growing each year at CPI. It had a 1/60th commutation. I have started a DC pension from April 1st this year with same company and add in 6% of…
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Inheritance Tax Question
Hello I'm sure this is a simple scenario, but I'm having trouble finding simple answers... SpouseA dies with an estate valued at 500K. They leave this all to SpouseB in their will. As I understand it SpouseB pays zero inheritance tax. When SpouseB dies do they have now have: a) a 650K IHT allowance (i.e. they still inherit…
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State Pension Claim Form BR1
Hi All Must apologise if I've posted this in the wrong place, but I am a first time user of your forum. I am trying to claim for my state pension and I am having no luck thus far. The help desk are not very helpful. I have downloaded form BR1 and it asks for very specific details of your partner. As I am separated, I have…
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National Insurance Credits
Morning all Apologies to detract from the exciting proposed changes to death taxes on pensions pots, but just had a quick query I can't find a definitive answer to on the HMRC website/rules. I understand that you are entitled to National Insurance Credits for a given tax year if you are in receipt of Child Benefit for a…
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"Inheriting" pension tax rules change.
Since when has anyone been able to "Inherit" a pension from someone over 75? Could someone explain, Ta.
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Additional State Pension query, resolved?
I have passed NRD but have deferred claiming my State Pension because a maturing investment created a potential Higher Rate tax liability. I obtained a pension forecast in 2011 when aged 63 and another this year when aged 66. For some months I have been puzzled why the Additional Pension component of the forecasts (only…
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pension changes - new rules on death taxes
I've been watching the tv news this morning, a number of experts have tried to explain, but I still don't get it. I think I know the distiction between a dependant and a beneficiary, and I think I understand the difference between a pension pot and a pension pot in payment. But I can't quite get my mind around the 55%…
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Final salary closed
Nearly 61 yrs old final salary pension closed I am now in different scheme I have been offered £24000 and £4500 year Or a straight £6000 per year,at 65 the amount I will receive will be £8500 they cannot give me a cash figure and smaller amount. What I would like to know if it is worth taking now and if so which should it…
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Early retirement due to ill health
Hello I am in my early 50's and work for the nhs as a maint technician I have been suffering with depression for 2 years and am told I will be taking the medication (medium dose) permanently now. I also have to self catheterise on a daily basis to keep my urethra clear to to an operation I have had years ago. Some days I…
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SIPP Pension
Hi I have two questions: -Can I use my SIPP to invest in a private house in order to rent it out? -Following the goverments announcement last year enabling anyone to take their entire pension out,how tax would I have to pay on my SIPP? Thanks
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Recommendations Appreciated
Due to retire Feb 2015 have 4 Pension Funds approx. Pension Value totalling £130000. Heard the saying shop around just wondered if anyone could recommend a good Pension Service who sort it all out for you or would I be better going direct with company. Am clear on what I want just to take my 25% and have a pension at set…
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SIPP growth - what constitutes a good return?
Ok, I've done some work on my pension plans recently and moved a Virgin Pension over to a HL SIPP and just finished transferring an old Zurich protected rights pot into the same HL SIPP. I now have it spread around 4 different funds and am making total monthly contributions of £100 (not including tax relief), rising to…
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stopped paying into my pension
i paid into a pension for about 20 years then fell on hard times and couldnt continue the payments. that was about 7 years ago. im about to write to them, Royal London, about the status of the account. will the pension still be running? could i cash it in now? could i continue to make payments now i can afford to? thanks
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Tracing pensions when you many not have kept good records
So, I worked for a company that was made up of lots of divisions. Lets call it ABC. For the majority of my time at ABC I worked for C but my last 5 months I worked for B. ABC has been carving itself up recently and C has been spun off as a separate company and I've been informed that my pension will now be administered by…
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SIP tax shield advice
Hi After some advice on behalf of a relative. He has retired, is 60 and has a pension from his prior employment with tax paid at 40%. Having now had a £15k bond mature, a friend of his has suggested that he put the money in a SIP in order to attract tax relief at 40%. The aim is not to provide a second income, just to…
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LGPS Pension Death Grant
Sorry this may sound a daft question. But a local authority have excercised their descretion under regulation 23(2) of the local goverment pension scheme (benefits, membership and contributions) regulations 2007 to pay myself half my late fathers death grant (No nomination form had been completed) equally between myself…
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Pension or house deposit
The company my son works for is starting up a pension fund and he wants advice on how much he should contribute. Now I understand that the earlier he starts his pension, the better but... He is in rented accommodation with a wife and young child and I think at this stage he should probably concentrate on getting a house…
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deferred state pensions?
are you thinking of this? then you should read this. http://www.telegraph.co.uk/finance/personalfinance/pensions/11123240/I-lost-my-120-a-week-state-pension-for-more-than-a-year-due-to-a-quirk.html
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is it worth going on the government pension scheme
My company want me to go on the government pension scheme and have already taken first payment from my wages, on paper it looks good, they pay in as well and so does the government using my tax. However I have already paid in full NI contributions for 43 years and have had a future pension statement that told me what I…
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Pension Dilemma re tax free lump sum
I have two small pensions which mature in April 2015 and need to make a decision whether to take a small pension with a larger lump sum or bigger pension with small lump sum. I appreciate that the lump sum is tax free. Thanks to the Government changing the state pension age I am unable to claim my state pension for another…