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Pros and Cons of AVC Payments?
I'm exploring options to boost my pension and would like to learn more about AVC's. FICTION? This could be wrong but, as I recall many years ago when I looked into paying into an AVC scheme there was some catch with the tax if I retired early. Something to do with only being able to take a pension up to a certain value…
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Am I able to choose my own annuity?
Hi, I have been paying a small amount into a retirement annuity for many years and the final payment is due to be made this September and I will be able to draw on it the following year. I queried why the difference was and the company explained I had taken the policy out for a fixed number of years, rather than to my 60th…
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Pension Transfer
Am finally getting my percentage of ex's pension. I am disabled and don't work so it is a lump sum I want to take my drawdown as am 56 to pay off part of my mortgage and to do some repairs. I don't want to take an annuity as my illness is progressive and I will need money later on to deal with my needs then. As its taken…
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Getting hold of your pension then investing it
I have a pension of around £90,000 and I am 5/6 years away from retirement. I had wanted to take part as a lump sum and the rest to purchase a buy to let flat but this is proving difficult, I am getting the run around and conflicting advice from people. At the moment I am told I can take about £5k out now and that is it.…
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Pension Loan
Hi I have a company pension that the company are paying into. Last year I transferred in a very large sum from my old pensions. My mother needs a life saving operation which we have to pay for so I was thinking of taking a pension loan. Looking at some of the various loan companies websites I guessing I will have to…
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Winding up cah lump sum.
Hi, I worked for northern rock for a few years and because of the split of the bank they have offered me a winding up lump sum on my pension totaling £6,212. 25% of this is tax free and the rest is subject to income tax. Does any one know how much tax i will be charged? Thanks
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NI and pensions
You don't make any NI contributions from a pension, but you may be liable for tax. Now Osbourne may announce that tax and NI contributions are to be combined to make things simpler, so how may he then take into account my first statement? Looks like it may end up being just as complicated! fj
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Pension options advice on unsecured pension
Hello money savers! I am helping somebody to make some decisions with their pension options. They have a pension pot of £35000 and on considering annuities, feels that she could do better by investing the money in a bank - having access to it when needed for holidays etc, and living off the interest. Luckily she has some…
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how can i get my lump sum and transfer the rest
hi, i am new to this so please bare with me. i have a differred pension which has transfer value of 97k,this was from a final salery scheme from when i worked in the print.i can take this pension from 50(i am now 51) and a lump sum or so i thought.when i applied for my lump sum i was informed i could not take it as i had…
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Pension Help
I am 25 and I don't currently have a Pension, which I know is very stupid. I have been investing in ISA'S. I have 3 ISA's (2 normal making quite a low rate now and 1 in stocks and shares; which is basically all profit cos I took half my money out about a year ago which in hindsight I shouldn't have done). Anyway I am…
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Personal Pension with Zurich advice needed
I have held a personal pension with Zurich (used to be eagle star) since 1992, at that time i started contributing £65.00 a month towards my fund index linked to current date makes my current contribution each month £83.00.. I recieved my annual statement yesterday morning in the post and did some rough calculations i…
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Final Salary Pension Query
i left the nhs 10 years ago on a salary of around £23,000 (but was part time) ive heard that final salary pensions are to be withdrawn - does this mean i should take my nhs pension now (im 53 this year) or should i wait and see what happens i now work part time in a school and run a small consultancy and have a private…
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Can you gift your pension?
Is it possible to have your state pension gifted to a non earning spouse if added to your works pension it suddenly makes you a higher rate taxpayer , or is that considered tax evasion?
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Royal Navy Pensions
Can anyone help clarify something for me. Hubby served 17 years in RN. Was awarded pension on leaving and commuted part of it. At that time we are sure we were told that no increases would be paid until age 55 when any increases accrued would be paid in a lump sum at age 55 when the pension would go up to the amount at…
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NHS Additional Pension or H&L SIPP?
I'm currently a member of the 1995 NHS scheme and looking to increase my pension further. The choice is to buy either NHS AP before 31 March 2011 (pre-payment increases in line with the RPI and in-payment increases in line with CPI) or to invest in H&L SIPP. NHS AP calculator:…
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Income tax and NI to be merged?
This is a scary report. http://www.independent.co.uk/money/tax/osbornes-secret-plan-to-raise-tax-ndash-and-scrap-national-insurance-2244091.html If not watched closely it could spell more problems for pensioners, early retired by choice and those retired early on medical grounds.
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Pension Tax relief
I am receipt of a State and Occupational Pension. I pay basic rate tax of £3,500 above my £9490 allowance. Would I be able to start a new Pension plan, in order to alleviate some of the tax that I pay ? If so, how would I go about it ? Thanx.
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SERPS & Pension advise
Hi, I looking for advise, When I was 18 in about 1979 I took out a pension with I think 'Prudentual' which I paid for a few of years until I got married bought a house & had children. Money was short so I stopped paying the pension, A few years latter in the early 1990's I was advised by a 'Refuge' adviser to take out a…
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Is this an Worthwhile Pension Option
I am 58 years old and still have a final salary pension . My current statement shows that I can take a lump sum now of £ 110,000 and still receive an annual pension of £ 16,000 although with the enhanced lump some only 50% of this amount would be indexed linked. .I am at present intending to continue with my employment…
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Ill Health Retirement - Cancer -
I was Ill health retired a few years ago, due to having Cancer. Thankfully, I'm still here to tell the tale, but wondered if anyone knew how long you get "Ill Health Retirement" pension for??? Is it indefinate? Am I "allowed" to get a job elsewhere if I feel well enough and if so, should I tell the company that pay my…