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small pot
I am 70 years of age and have a small pension pot of approx £28k. Under the new pension rules, am I correct in thinking that I can take 25% of that tax free and take the remaining £21k minus 20% income tax ? or is there a way of taking it to reduce the tax ? I only have a basic state pension to live on by the way.
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new pension rules?
I currently work in the nhs,at the age of 55 I currently plan to retire,roughly 5 years from now.i also have a additional voluntary pension with the RNPFN,now run by LV which I can take at the age of 60,10 years from now,would I be able to take the whole value in a lump sum under these new rules please
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Is there a recyling issue here?
I took voluntary early retirement when the government agency I worked for closed down and got a compensation payment of 39,000 (first 30,000 tax free). 18 months later in August 2012 I was 60 and took the lump sum of 67,000 and an annual pension of 23,000. That is the normal pension age for the PCSP. I did some work for…
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Lgps 2014
With only about six months to go before LGPS 2014 commences, there are so many questions still unanswered. People who may want to leave before the new scheme commences and need to give three months Notice need these questions answered but we appear to be shrouded in mystery... My questions are... If I leave my current…
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Ethical stakeholder pension fund choices
Does anybody know of a stakeholder pension with more ethical fund choices or is this roughly the sort of range that will be on offer elsewhere? I am assuming that a stakeholder pension is still okay in the circumstances as the monthly investment is low. Personal situation is this... I set up a stakeholder pension via…
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What would you do?
I'm 50 y/o with a pension fund value of £130K, a total contribution of £1K goes into my pot every month (I intend to increase contributions 5-10% annually), I'm hoping for a pot of approx. £500K when I'm 65 y/o. I'm beginning to wonder if I'm putting too much into my pension!! Am I correct that under the new rules, for…
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Final Salary AND DC pension query
There appear to be conflicting messages in the press about the latest budget changes and the eligibility of FS/DB members to use the new pension rules for DC pots from 2015. I will be retiring in Jan 2015 with 20 years pension service in an 80'ths scheme, but I had, before joining this company, paid into a DC scheme, and…
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Budget: requirement for pension advice
I cannot believe that the Government will fund the cost of advice that everyone will now be required to receive. The Government contribution toward this is surely just for policy development. Presumably, the pension holder will be required to fund. Does this mean that some of us will have to pay for advice that we do not…
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Annuity to begin at 80 or 85 only
I wonder if a potential option could be for someone of 60-65 retiring under the new regime could allocate a small percentage of their pot to buy an annuity that would only start paying once they reach a ripe old age of for example 85. This would provide security against living too long but also psychologically reassure…
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More than one pension transfer???
Hi, I am nearing my end at a company I work for. When I joined them they had a simple pension where what I put in they matched it. Then, when pensions became a requirement, they changed it slightly and moved to a different provider. When they were making the change the said they would be doing a bulk transfer from the old…
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Retirement 31/7/14 age 55-Options?
Wife intending retiring 31st July and has a DC scheme with work approx value £50k. No intention of taking account annuity due to poor value and have significant other investments (circa £600k+). Attracted by changes announced in budget which take effect April 2015 allowing access subject to marginal rate tax deduction.…
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Should I transfer to LGPS
Could anyone please offer advice as to whether I should transfer a previous pension plan with Standard Life to LGPS. I am 29. My previous pension is split 50/50 between the 'Pension Millennium with profits fund' & 'Standard Life Managed Pension Fund' worth a total of £23,204.05. I stopped contributing 14 months ago, when I…
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Pension credit/lump sum
Hi I'm thinking of taking my personal pension as a lump sum as the amount I'll get if I buy an annuity won't be worth having.Will this affect our pension credit? My wife claims it, she's 66 and I'm 63. Thanks in advance for any advice or info. Vonspritz
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How much increased contributions?
I'd very much like to retire at 60 in 5 yrs time, i have a frozen CS pension which will give me around 4 k p/a at 60, but looking at my current employer's local gov't pension forecast as it stands will only be give me an annual income of 2,500 at 60 & i would like to increase this to give me an income of 4,500 . Can anyone…
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And now you can delay annuity purchase
http://www.citywire.co.uk/money/six-month-annuity-purchase-rule-scrapped-after-budget-changes/a743214?re=28131&ea=341251&utm_source=BulkEmail_Money_Daily_Summary&utm_medium=BulkEmail_Money_Daily_Summary&utm_campaign=BulkEmail_Money_Daily_Summary
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Would this qualify under the new pension regs?
Hopefully a quick query. My husband is in a final salary pension scheme. His pension from this will be £20K (ish). He also has a FSAVC which he took out sometime ago and basically put in a bit of his overtime. He only paid this for a few years, and the sum at present is approx £7500. He is due to retire in 3yrs The…
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Home Reversion Nightmare
My parents were victim of mortgage fraud in 2007 this was successfully defended and the property was put back in their name. The fraud was perpetrated by their son in law who also made numerous debts in their name. My parents are 63 and 68 they have lived in their home for over 30 years. They are faced with having to work…
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Equitable Life
First of all I have to admit I know nothing about pensions. So, I took out a pension with them about 20 years ago when I was 25 (it may have been a company pension, can't remember), and stopped paying into it about 5 years later. So the money has been frozen since then. I know they have had major issues, and this week I…
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Government confirms workplace pension fees cap
"The Government has confirmed it will introduce a 0.75% cap on workplace pension charges from April next year" Read the full story: Government confirms workplace pension fees cap Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro…
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Is there anything to learn from the US and their 401K system??
What amazes me after a few days of pension debates around the UK, is that nobody has ever drawn a comparison to the US model of 401k... Past the age of 59.5 y/o, the funds can be accessed through standard drawdown and/or annuity - all of it being subject to income tax, as a normal income would. This system has been around…