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Fund value - transfer value ?
Fund value / transfer value - silly question - what's the difference - I am 52 and obviously nowhere near retirement but I recently i asked my pension provider for a full statement - total fund value 38k and transfer value 62k ??? Confused ????
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Increase an AVC?
I have been adding £350 per month to an AVC with the Pru. Every article I see tells me that if I am paying 40% tax thus I get 40% relief. However, I am sure the amount I am being taxed 40% on is small - maybe £3000 at the most. The question is - should I increase my AVC from 350 to £400 per month, or to what I can afford?…
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Final salary change to CARE LGPS
I'm aware LGPS is changing to a career average scheme and I'm just a bit confused about how things are worked out from now on for those of us who have been in the old schemes. Does the pension I will get for my years of being in the scheme prior to April 2014 still amount to a final salary pension and if so how is that…
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Local Authority or NHS
Hi All I have recently been offered a job at the NHS (currently work at Local Authority) I have a pension with 10 years contributions (I pay in 6.3% and the Local Autho pays 19%) At the NHS i will have to pay 9.3% and the employer will pay 14%. I have 2 options apparently: Transfer Loc Auth pension to NHS or Keep my…
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The new IDS £144pw state pension
I'm 22 years off getting a state pension and assume a fair bit can change between now and then. But, as things stand, the headlines tell me I should get a figure of around £7,500 a year in today's terms. Some questions that are vaguely entering my mind this morning: 1. Until a couple of years ago I was contracted out of…
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State pension deferral old to new rules
Hi all, I apologise if this question has been asked / answered before. If I defer my state pension from Dec this year, will the 10.5 % up lifts carry on after the start of the new pension rules from May 2105. basically have grandfather rights. Or will the deal end. Regards Stilton
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AVC pension
I am a 56yr old and I retired 6 years ago taking two of my pensions which gives me a living wage. I have a small AVC pension of about £32,000 with L&G which matures when I am 62 but I could take this at any time. Under the new pension rules in 2015 what will be my options regarding taking this pension?
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RAF pension and seperated partners
Hope someone can help. My sister seperated from her violent husband about 20 year ago. In the last 7 years or so she has been his carer, (going to his house 4 times a day as well as working full time) as he was in extremely poor health. His side of the family havent bothered with him. He died a few days ago. They were…
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Challenge Charge?
I am required to produce a cash equivalent valuation (CEV) to the courts for divorce purposes. I have 4 schemes and 3 of them made no charge for this service. The Pension Protection Fund have levied a charge of £250 + VAT, a round £300. As I am required to do this by the court, I have no option but to pay it. However, I…
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Does this pension seem reasonable?
We have been paying approximately £320 into a pension every month (with the tax being added on to that figure). We used a financial adviser and was initially told we would be expected to get an equivalent pension of £10k. We have now had the second year statement and similar to last year its only showing about £7k - I…
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SERPS Opt Out (again)
Years ago I opted out of SERPS. I get a statement every year and the pot seems to be around £60k. I am now 56. Under the new rules can I just cash the whole thing in and invest elsewhere (BTL, Lotto, etc)?
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Pension deferral rules
After persuading Auntie Stinky to defer her pension (as advised in an investment thread) I now find that this is not possible as, according to DWP, she has already deferred once. She delayed claiming for 10 months in 2011 and DWP says that this counts as the only permitted deferral. DWP024 - Deferring your State Pension…
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getting a pension
I'm writing this for my boyfriend, because he's not very good with things like this! can't say I know alot , but I have got a pension I'm paying some money into. As far as I know he's got an army pension, and one with scottish widows and i think he could have another with someone else, but he hasn't payed into them for a…
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Pension Terminology Question
What is the difference between a transfer value and a pension pot? My employer has roled out a new website where you can see the potential pension you would get. It allows you to enter details of any pensions from previous jobs to give an overall picture but the terminology stumps me! Thanks in advance.
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Pension tax receipts
Does anyone consider the proposed pension reforms a ( get rich quick ) scheme for the gov. I can imagine that a % of people will grab their hard earned pensions and pay the tax thus netting billions for gov in the short term !although the bill won't arrive till later years when the welfare is overwhelmed?
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NHS pension: larger lump sum or larger pension
Due to retire after 40 yrs in NHS. Pension will be just under £50K per year and lump sum around £145K. Should I commute and take maximum lump sum to keep my pension below the higher rate tax level? Difficult to work out what is the best. i do need to pay off mortgage of around £100K.
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POLL. How will you use new pension freedoms?
An article from The Daily Telegraph asks just that question, and contains the poll I refer to in the title of this thread. Contrary to all those who squealed very loudly that old age squanderbugs would waste it all on a Lamborghini, it shows that not to be the case. So, I think it best to sell your shares in makers of fast…
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Better off with a zombie?
http://www.moneymarketing.co.uk/news-and-analysis/regulation/chris-gilchrist-zombies-win-clients-and-advisers-lose/2008781.article "Do the sums and you will find that for small monthly savings, an old-style contract with ‘initial units’ embodying extra annual charges will deliver better value if run to maturity than a…
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Taking TFLS, delaying annuity purchase.
http://citywire.co.uk/new-model-adviser/govt-extends-annuity-purchase-rule-to-18-months/a745656?ref=new-model-adviser-todays-news-list Will all providers be required to allow an 18 month delay, or are they only being permitted to allow an 18 month delay?
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Self employment after early retirement - advice please...
I am a retired teacher - I will be 61 this coming August (2014). I have a final salary pension which is tied to CPI through the Teachers' Pension Scheme. I now have several different types of paid activity which I undertake - most of which are as a contracted employee - so they are subject tp normal PAYE arrangements. In…