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DB pension forecast - what assumptions to ask for when requesting a forecast
By way of background once a year I request my DB pension forecast
from a workplace (private sector) I left in c.2008. They are willing to forecast up to five years’
away (i.e. if I request the forecast in November 2025 they will forecast my
pension as though I commence drawing it in November 2030). The DB pension comprises…
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25% Tax Free Question from a SIPP
I believe once you have crystallized your pot and taken the full 25% tax-free any investment gains on the remaining 75% will not be eligible for further 25% tax-free, correct ? Alternatively, what happens if you take a regular “salary” from your pot with 25% tax-free and the remaining 75% taxable, assume 3% safe withdrawal…
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Management co may have lost pension records
Hi all. I have 18 years' contributions, originally in the civil service, and then sold-out to a private company under TUPE. After I left, there were a couple of further ownership changes. Having never received a statement of benefits, I attempted to contact them last year and eventually got someone to reply earlier this…
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Pension Trust maintenance period
I have a smallish pension with SEI Master Trust, last year I took a 25% tax free lump sum using their online portal, it was a piece of cake and I received the funds within 2 weeks. This year I decided I tried to withdraw it all as I have now retired. I have been given the run around for about 6 weeks, firstly they couldn't…
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Annuities and IHT
Is anyone looking at annuities which leaves a balance on death to a spouse and potentially avoids IHT ?
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Tiny pension from previous employer
Hi there, I have a tiny pension pot from an employer I was with for about 2 years. The sum is only about £200 so far (estimated to be around £400 at retirement age). As I've found I cannot withdraw it, what are my best options please? I was hoping to withdraw and put it into a savings account but from the little I've read,…
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HL 2880 to 3600
Hi i paid 2880 into sipp which has been increased to 3600 and i am now trying to withdraw it I have been unable to set up a Nominated Bank account on line I rang them and they said i had to decide how i want lump sum before they send me application to withdraw. crystalizes something I am so outta my depth , i have small…
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Can I buy a deffered annuity now?
I've researched annuities a lot and have finnaly finnaly decided to buy one in the next few weeks and definitely getting it locked in before before the next budget. I've decided the amount of cash I'll use from a DC SIPP to fund it and picked RPI with Value Protection VP of 75% as 75% just felt like best balanced value, I…
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Pension switching incentives
Lots of coverage on incentives for current account switching, but none that I've seen for pensions. I kind of get it - bank accounts are a well oiled process, don't involve long waits, differing paperwork requirements, and potentially large sums needing to move. But given that the demographic of this board is made up of a…
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Royal London GPP - Entire pension re-invested into higher risk fund without consutation.
Hi all. Quite a long post, so please bear with me (I also have to spread this over multiple posts as I only seem to be able to add one image per post.! Before giving Royal London a call (which I don't feel hopeful about getting a sensible answer out of), I was wondering if some of the pension experts on here can explain to…
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Defined Benefit Pension...buyout in 2001. Compensation received but query of terms on lump sum.
Hi...I had a company DB Pension during the 1980's that I transferred to a Buy out when I changed jobs. I then received a letter from the Pension company saying they might have missold and do I want to claim. I did and the Pension company transferred the pension scheme into one that had the same rights as the original…
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Winding up lump sum offer
Age: 63. Self employed with SIPP. Pension from previous employer from 6/4/1980 to 31/01/1986 as a student on summer placements. Deferred benefit: £522.84 per annum. From 1/4/2027, not available before then? Received a letter from the administrators to offer a winding up lump sum of £7107, of which 25% or £1776 is tax free.…
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Any point to choosing UFPLS?
The main difference between UFPLS and Drawdown would seem to be that with UFPLS you have to take both tax free and the taxable income straight away. With Drawdown you take the tax free and can leave the taxable portion invested and can withdraw from that amount at any time - even the next week if you wanted. As you have…
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have I missed something?
Thanks in advance I have taken early retirement at 55 I have approximately £700k in 2 pension funds I currently have an income of around £30K I am assuming once I take my state pension and private pension I will be paying tax at 40% I don't need to take my tax free lump sum yet I want to make the most of the next 17 years…
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Why Am I Forced To Use An IFA to Convert My Personal Pension Into A Flexible Drawdown ?
I have a personal pension plan that I want to convert into a flexible drawdown. I have tried to do this myself on-line but every provider insists that I do it through an IFA. I am being quoted around £5000 for an IFA to do this for me which is ridiculous given that I know exactly what I'm trying to acheive and need very…
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Basic state pension
Posting for a friend Hi I was wondering if any of you guys could help me. I am 80 years old and I received the basic state pension, the old style pension.
I also get savings pension credit on top. Around £12.
If I make money in addition to getting my basic state pension, would my pension be affected or compromised in…
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Withdrawal Spreadsheets ?
Does anyone know of any Excel withdrawal spreadsheets available for forecasting pension withdrawals using different scenarios or any online services?
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SIPP beneficiaries
This also applies to the auto-enrollment pension provided by my employer at the minimum 5%/3% level and operated by "Creative". I'm over a decade off state pension age so not looking to drawdown any time soon. My SIPP (with HL, though I don't think that matters) asks me to nominate one or more beneficiaries to pass the…
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Taking flexible retirement from a LGPS while still working
Hi there, hoping to get some advice on behalf of my partner
who is a member of the West Yorkshire Pension Fund (Local Government Pension
Scheme). She’s 55 and has recently been looking to reduce her hours
from five days a week to four. When she requested this from the HR department,
she was offered the option of taking…
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Pension fund tax free lump sum then drawdown.
I have two finals salary pensions and on death my wife will get 60% of them. My wife will also inherit my pension fund of £270,000 (current valuation) that is untouched. This will be tax free as I will die before age of 75 unless there is a medical miracle cure to my blood cancer. We have own house worth about £500,000…
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