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Defined Benefits: Assessment Cost?
I've moved all my pensions into my own SIPP, which is so far working well. However, I needed to get an IFA to do an assessment of my two final salary pensions before SIPPdeal/YouInvest would allow me to transfer in - which ended up costing me some £6000 to get done (they offered me half price - a % of my total fund - if I…
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setting up and administering your own SSAS Pension scheme
Hi All, is it possible to set up an SSAS pension scheme fro my company (as I am a sole company director with rather simple tax affairs and currently very small pension pot) without having to do this through, and thus pay (rather high) fees to, an SSAS Pension administration company - anybody for example have a template of…
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To pay NI or not to pay NI
Hi there... My wife has been living in UK for 3 years and will become a citizen next year. She's a Graphic Designer and has picked up a few small jobs, probably not earnt more than a £3,000 this year. She's receinved a NI Contributions bill through for £70, and I'm wondering whether she should pay it ? Would this help…
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Is there a minimum amount you have to earn to accumulate NI credits?
Baring any disasters I'm hoping to have my mortgage paid off in 2016 and then I would like to drop my working hours down and relax a bit. Unfortunately I still need quite a few more years worth of NI contributions in order to earn my full pension. Could someone tell me please do you need to earn a certain amount per year…
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National Insurance contributions and State Pension
I applied online for my wife and my own statement of NI contributions. We received our statements yesterday which state that my wife has 33 years of class 1 contributions since 1978 (she is 51) and I have 32 years contributions since 1982 (I am 48). Both are correct up to 1 April 13, so those figures go up by one at the…
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New Zealand raids residents' UK pension capital?
IRD found that 70 per cent of a sample of 869 people who had transferred their pension here had evaded tax -- Hundreds of thousands of Kiwis are up for a tax king hit. And many of them have no idea it's coming. Readers with overseas superannuation and pensions in countries other than Australia could be hit with tax at…
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Pension Recycling
Having read another thread which gave links to recycling of pensions I was wondering if any expert out there had an opinion on my position. I have a Civil Service pension along with AVC's and a SIPP. A couple of years ago I realised that I was within striking distance of attaining a £20k pa CS pension so have started…
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State Pension when someone passes away
Good afternoon Sadly, my father-in-law is terminally ill and I am trying to help my mother-in-law ensure that her finances are in check so that she has one less thing to contend with. I am currently looking at income and expenditure. Both my mother-in-law and father-in-law receive a state pension. I have looked at the…
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Tell your story and help others who are buying an annuity
Hi folks, A government organisation is asking for our help to find people happy to share their stories about buying an annuity. The hope is the stories will help inspire others who are looking at what annuity to get. If you fit one of these criterion and would be happy to help please email your story to…
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Endowment mortgage as a bridge to pension?
I am 51 and facing redundancy. Payoff can be stretched to 53. At 55 I am in for a reasonable pension including large cash sum. I am thinking that if I can take an endowment mortgage NOW while still employed and then just stash it away,I can use it from 53to 55 when my redundancy runs out then pay it off with my pension…
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Salary Sacrifice or not?
Hi there. Wondering if anyone can help, I'm sure this question has been asked before but I've read quite a few old threads and not really made it any clearer. I'm starting a new job and have had all the employer pension details through. I need to decide if I pay into my pension by salary sacrifice, or by deduction from net…
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Quick advice or link please..
Hi, I'm new here :-) I started a FSAVC in 1996, which I paid into for about 5 years before I realised it wasn't as good a deal as I'd been led to believe..certainly not as good as my NHS one! I have a feeling there is a way I can ask for it to be investigated as mis-selling and possibly be entitled to some compensation -…
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Higher rate tax relief pension query
Hello, I have been paying around £550 each month into a personal pension for 4-5 years, so around £6600 each year. I have been getting basic tax relief added, so an extra £1600 has gone into the pension fund each year. My salary has been over 40K every year for the past 4-5 years. As I understand it, I have been a higher…
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Pension decisions to make
Hi, I wonder if anyone can shed some light on Pension charges. I am 52 years of age and starting to shine a light on our pension arrangements so that I can make sure we are prepared for the big day in 8 to 13 years. I have a stakeholder pension and sipp with Friends life and my wife has a stakeholder pension (all…
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Scottish Widows Pension Portfolio Two charges
I am being advised to transfer my current SW stakeholder to the Retirement Account, and to allocate funds into SW Portfolio Two with low annual management charge of 0.10 %. Sounds great (although past performance needs to be reviewed). However, when looking at where the investment is used it is allocated into other SW…
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Date of April Pension Increase?
Has anyone spotted the effective date of the April 2014 Pension increase for Local Government and other public service pensioners. I gather it is due to be 2.7% but it never seems to be paid from the 1st April, always a few days down the line ... e.g. last year's 2.2% was paid from 8th April. I've googled but cannot find…
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IFA Fee
Hi All, I have Pension Fund of approx. 67K after taking Lump Sum.Ive been quoted fee of 2% by IFA, for arranging enhanced annuity.Is this a reasonable fee?. Current provider,Aviva,is offering £3920PA.This is based on joint life,50%,10yr guarantee,level annuity.I make this an annuity rate of approx. 5.9%.Could this be…
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Is a 'tax-free' lump sum classed as taxable income?
I recently passed the age of 65, and decided to carry on working for a few years more. My pension scheme allowed me to take my pension as well, and I took a 'tax-free' lump sum. HMRC have now added that lump-sum to my annual taxable income for this tax year, with the result that the total is over the limit for receiving…
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Opting out of SERPS
Hi, New to this forum. Around 20+ years ago I was convinced by a financial advisor to not take up the company pension with the company I worked for at the time. He convinced me to opt out of SERPS and take out a personal pension with CIS . I did not pay into this policy for very long - maybe a couple of years. It is worth…
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Best SIPP for passive investor?
Edited this twice already to refine the question, sorry. I appreciate that as a result of RDR, many SIPP providers are moving from charging a flat fee to charging a percentage fee. Currently I hold just one fund within my Hargreaves Lansdown SIPP, this is Vanguard Lifestrategy 100% equity accumulation. HL are changing…