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can anyone answer this please.
If someone has a pension pot of just under 30k from a previous employer is he allowed to take this as cash. Age 57. Thanks for any help.
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can you tell me please what this means in simple words?
hello can you tell me please what this means in simple words? http://uk.finance.yahoo.com/news/budget-2014--the-biggest-shake-up-of-british-pensions-since-1921-180900360.html thanks!
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What now for Final Salary, Defined Benefit and Public Sector pensions?
Yesterdays changes were just for Defined Contribution pensions but they have opened up a whole new can of worms for Final Salary, Defined Benefit and Public Sector pensions. Why shouldn't people in funded Final Salary or Defined benefit schemes have the same opportunities as people in Defined Contribution schemes? The real…
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Probably not possible but....
just wondered if anyone thinks there is any chance that the Prudential will allow me to take a full and final settlement of my AVCs even though I have been in receipt of them for two and a half years. I paid into AVCs when I was teaching but not for very long. When I retired I got a lump sum of around £1200 from them but…
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Flexible Drawdown - Death Benefits
I currently have a stakeholder pension plan and want to move it to a SIPP and put it into Flexible Drawdown. The bit I can't get my head around is death benefits. Just say, for the sake of an example, that I have 100K pot and I tick all the boxes to satisfy the Flexible Drawdown criteria. Just say, for the sake of an…
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Annuity Help Please
I have a small annuity worth 20k and have literally sent off the paperwork this week to take the 5k cash and the rest in a small annuity. But because of the new budget, does this now mean I could now take the whole 20k? If so, would it be too late to ask for this? It would be a welcome amount to pay off some of the…
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Redundancy & new pension rules
I am being made redundant & expect a final amount of approx 70k. Hopefully I will find work after this & therefore potentially a tax bill of 40% of 70-30=40k. I am 53 years of age. Over the years I have accumulated 3 pension pots. An old private contracted out plan, a DB plan from a previous employer & my current employers…
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Prudential pension - new rules questions
Hi, My brother has a personal pension with prudential. He is 55 in a few months time. The pot has around 36k in it. Before yesterday, we knew the max he could take out was 25% tax free. However we are now unsure on what to do now. He wants to have access to all the cash as he is looking to use it towards buying a property.…
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NI Conts
Are these payable on a company pension if the recipient is under state pensionable age? OH is retiring shortly and is under 60 yrs old.
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pension drawdown decision
So many people posting questions following the budget, I suppose I shouldn't be disappointed that I didn't get an answer to mine. Maybe I made the question too complicated. Anway, I have made a decision so I am removing the question. In summary I decided - a bird in the hand is better than something that may happen next…
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Need to start something asap
So I'm 34 and have no pension and know I need to get cracking on something. Must admit I'm geting depressed about the whole thing and scared I've left it too long. Say I'm on £40k a year which equates to £3,333 per month before tax and NI. If I pay in 5% and my company pays in 5% am I correct that my 5% (166.66) is taken…
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Increase in pension age from 55 to 57
Hi, Does any one know the date on which the pension age will increase from 55 to 57 for personal pensions, or if it will gradually phase in? Supposing the cutover date is 05/04/2028 and I turn 55 on 02/04/2028, does that mean I'd have a 3 day window to retire? If I decided not to start drawing my pension within those 3…
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cash in AVC?
I have Scottish Widows AVC via Civil Service Pension with a value if £13k. Following Budget 2014 can I draw down and invest it elsewhere? My last statement indicated a pittance at age 60! Us the money better under the matress?
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Investing in my wife's pension?
Can anyone fault my logic here: I would retire in about 4 years aged 60 but I want to carry on investing in my SIPP at the rate of £28k (topping up from my DB pension up to the £40k max pension tax relief cap). My wife however doesn't invest that much in her pension (she is also a 40% tax payer), she is 44 so could access…
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Cashing in pension whilst in IVA
First may i appologise if this is not relevant on this board. My husband is currently 2 years into a 5 year IVA.We survive on my state pension ,his miniscule private pensions (£27 per month and yearly £200 pension) and pension credit. Next year he is due a pension which has been in a freedom bond for many years.The pot…
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Transferring lgps deferred pension
Hello I took voluntary redundancy 3 years ago from local government and have a deferred pension, which I was told before leaving I would not be able to receive until I am 60 (I am currently 51). From looking on the web it seems I could transfer my lgps pension to a private plan. The potential advantage of this is that I…
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Plan for Tomorrow, Live for Today : the 80 Plan
So George Osborne is going to trust us with our own pension money, great. I just wondered which camp most people are in. 1. Carefully and proactively manage your cashed in pension pot using NISA's, Bonds, High Interest Savings Accounts (remember those?) etc. Checking the financial pages every week and worrying about it…
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Pension and yesterday's budget.
When does the rule come in where pension cash can be withdrawn in full. Just as an aside, if someone takes all their pension out of the pot, then blows the whole lot, what happens then. Presumably they will have their state pension but its not going to be a lot to live on. Surely under those circumstances they cant claim…
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Transferring a frozen pension to a Private Pension scheme?? (buy to let property)
Hi I'm new to the forum but would love some advice or help on my a frozen pension I have. I currently have an amount of money that is frozen with Mercer/Marlowe Holdings. I'm looking to withdraw the funds in there and put it into a buy to let property and use that property as an investment. Would I be able to class this as…
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Playing DC vs DB games
Now that the drawdown rules are becoming far more flexible does it make sense to draw income from the DC before invoking the DB. Suppose my DB offers £13,333 at age 65 and (25% less) £10,000 at age 60, ignoring inflation and interest, by taking my DB at age 60 I would accumulate £50,000 in cash by the age of 65. That could…