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Royal Mail Pension
I left Royal Mail in 2005 after 12 years and paid into their pension I am about to turn 55 so thinking about retirement I am also disabled- need double hip replacement, have mobility difficulties due to Ostioarthritus: i am type 2 diabetic; have hypertension and long term depression. Can I apply for early medical…
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Retirement plan Inflation assumption
Hi, in my retirement calculations, I had thought I was being reasonably pessimistic by factoring in 2.5% inflation year on year seeing's as the BOE target is 2%. However we seem to be consistently sticking above 3%. I was just interested what inflation figure you are factoring in at the moment in your plans?
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Lump sum
Hi , Thanks for all your help. You have all been very helpful on my previous posts and I wondered if anyone could help me understand this.... LGPS have sent me my details...retirement starts 1/9/25 AVC £5000 3 options given.. 1) add to pension and take retirement grant at min amount 2) normal pension amount and add AVC to…
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Additional Payment Due Because of the 2020 "Lloyds Judgement"
Hi, would appreciate some input on this one. I transferred out of a DB scheme in 2019 and have just had a letter telling me I'm due an initial payment as a result of the "Lloyds Judgement". The payments is offered "as a one-off small lump sum" with 25% tax free and the rest taxed at 20%. I'm being given 2 months to accept…
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USS - Investment Builder UFPLS withdrawal - How to check the figures?
Greetings, Following a UFPLS withdrawal request from my investment builder, the USS has sent me a letter with some details and has paid an amount over to my bank account. However, the details aren't quite akin to what's on a typical payslip (such as the one I get from my Retirement Income Builder) and, as such, don't think…
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Adventurous approach to retirement planning
I'm planning to retire in around 20-23 years, so this is by no means the most urgent call for advice ever. Just putting some ideas down and seeing what you forumites think. If: * I don't mind whether I use drawdown, annuity, or a mix of both; and * I have a few years' income held in an ISA so that the pension would not be…
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Crystallisation practicalities
I would appreciate some help with the practicalities of moving money to drawdown and then to my bank account, particularly around ensuring the drawdown account is funded sufficiently when my draw instruction needs to be executed. The assumptions are simplified to focus on the issue. Assumptions: - retired, 56 - only source…
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DB pension options - head in a spin
Sorry if this is too long to read. My deferred DB pension can be taken soon at 60 with no reduction and I need to choose my options. I have an AVC pot of about £25k that needs to be taken at the same time, and it can also be used to take a higher tax free lump sum. I also have a stepped pension option where I can get a…
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NHS Additional Pension
Hi grateful for advice on this I'm 55, been in the NHS pension scheme since 2008 and in theory will be retiring in 11 1/2 years. I would like to go somewhere between 60 and 65 but we will see what life brings obviously. I have 16 years of deferred civil service pension and state pension obviously, but my wife having worked…
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Help with some DB/SIPP/HMRC pension maths, please
Hi, all, could anyone help me out with the sort of sums I need to do to talk to HMRC? I have a civil service pension I'm paying into, at 2.32%, and I also have a Vanguard SIPP which I pay into as and when and get 20% tax relief automatically claimed by Vanguard. This year I realised that, as a Scottish taxpayer, I may not…
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Self employed & disabled pension questions
My partner is self employed 58 and has virtually no pension. He is a carer to me and as a result earns about 14K a year. my question is what happens with tax relief if he pays into a pension but he isn’t paying much tax. Also what happens with tax relief if I pay into my pension (again very small from previous jobs) when I…
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pros and cons of transferring DC into Alpha
Hello, I got 3 DC pots and currently paying into in DC pot. What are the pros and Cons of transferring these 3 pots into Civil Service? I used CHAT GPT. It worked out one pot of £13,000, would buy me approx 425pa. Chat GPT also told me, the dc pots would payout full if I died before claiming it. My initial idea was to…
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Lump sum reduced
I’ve cashed my largest pension pot on the grounds of serious ill health. They estimated £81k, but have actually paid me £77k. I’ve enquired with them and they said they’ve miscalculated the tax and they are going to give me a £250 payment for the inconvenience! This doesn’t make any sense as these payments are tax free up…
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Pension tracing services
My mum (75) has found documentation from 1995 about her previous work pension with Airtours Plc. There was only a few hundred pounds in it back then but with interest this money could really help her out. I just can't seem to track this down. I've tried using the Government tracing website 2hich has a few listings for…
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Net Pay and Tax Relief
I have three pensions from my previous employment many years ago. Pension A - Trust Pension - approx £25k - yearly fee approx £50 Pension B - Trust Pension - approx 15k - yearly fee approx £15 Pension C - Corporate Stakeholder Pension Plan - approx 10k - yearly fee approx £50 I haven't paid into these since I left work. I…
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Protected Pension Age - Aviva Dispute
Hello I'm looking for advice or shared experiences. I opened an Aviva pension in 2013 under a TK- prefixed plan. In 2017, this was moved under a block transfer by my employer, to Friends Life who were then subsequently taken over by Aviva. Based on HMRC guidance (Finance Act 2004, Schedule 36, Paragraphs 23ZB and 23ZC), I…
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Final salary transfer value
Evening. I requested a transfer valuation back in 2021 but due to circumstances I never transferred out of my final salary scheme. I have just asked for a transfer valuation and it is 30% lower. Can someone please explain. I know their was an issue when Liz Truss announced her mini budget but that was 2 1/2 years ago.
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LGPS AVC payout timescales?
How long does it take to de-invest a LGPS AVC (Pru) and pay it to the council pension fund please? My regular AVC contributions have ceased. And my last payment shows in my online account.
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DC pension contributions after retirement.
Hi. I am at retirement, last day is Friday. This forum has provided some much needed reassurance with regards to this big change, so, thank you all. The biggest challenge, for me, is one of mindset, going from saving to spending. Having said that, I may still have funds surplus and may carry on with the saving mindset for…
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Ongoing search for a place for my pension
Well I've been chipping away at my occupational schemes and now just have one to sort out. It's a DC scheme and must either be put into an annuity or transferred out to another pension of some sort. I've pretty much ruled out annuities as everything I've seen about them says they are not good value currently. (happy to be…
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