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Pension fund companies practices when you cash in your pension
I have recently retired and in order to do so I needed to contact my pension provider to sort out getting an annuity. Normal stuff you would think but perhaps I was a little surprised when the cash lump sum and amount used for the annuity was not as much as I thought it would be. I got a quote for the cash lump sum and the…
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Pension adviser charges, pros and cons
We've just been talking to a pension adviser (sourced from unbiased.co.uk) regarding my wife's assorted pension schemes. She has 4 DÇ schemes which are worth c£98k collectively (two of them are worth less than £3.5k each). The largest pot is with Aviva (c£77k), then Clerical Medical/Scottish Widows (c£16k). My wife has…
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Do I still need certificate from an IFA for Defined Benefit pension after policy term end at age 75?
For "certificate" use "written confirmation". Prudential provide a printed form for IFA to sign which confirms that they have been consulted but, importantly, not what advise was given. I took out a Retirement Annuity Plan(S226) in 1984 with Scottish Amicable
when I was 34 with and of term end date of my 75th birthday…
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USS pension - taking maximum TFLS in Scotland?
Hi all, I'm going to be taking VSS from a Scottish university this summer and intend to take retirement at the same time. I've been mulling over whether to take the standard pension offering and 3 x pension TFLS or to take the slightly smaller pension and maximum TFLS. My concern with taking the standard pension offering…
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Help with state pension top up (from being living abroad)
I'm 52 and I have 22 qualifying years of NIC's and my forecast is the full pension when I contribute another 13 years of NIC's which will take me to the age of 65/66. I did work and live in Spain from 1998-2010 so In January this year I applied to HM government to see if I can fill in any gaps on my NIC. Today I've…
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Retirement planning sense-check 2025
Hi All It's a year or two now since I sense-checked my thoughts around my retirement planning, particularly bridging the gap between ages 60 and state pension (67 on current rules), and would value any comments that others may have. Background: * Age 54, no dependants or partner * Combination of Classic and Alpha CS…
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Winter heating allowance
How does this work if a pensioner lives with an Adult child and their family? Is the whole household incomes part of the 35k limit or is it just the person claiming whose pension income is used for eligibility?
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Deferred lpga pension refund
Hi, I have a lpga pension that has less than 2 years contributions, but length of employment longer. I was a teacher at a college and moved to a different department which was teacher development and training, this had a different pension scheme, lpga pension. There was a delay in moving me onto new pension scheme and as…
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Look at my DIY plan, comments suggestions and criticism welcome
Hello Appreciate the collected pensions and retirement wisdom available on this here forum. I have read lots and learned much. Enough to make a DIY plan for my retirement finances. I am in a good position and I know my circumstances will be more comfortable than many at this stage of life. But I have been working hard, was…
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Lifetime Allowance Statement
I am (early) retiring in the next few weeks with a reasonable DB pension which I am accessing early. My employer has just sent me the Lifetime Allowance Statement in respect of the DB pension which is over £0.5m. Adding to that the other DC pensions built up over the years, I have about £65k over the LTA. I must admit I…
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Optimising tax free pension
Hi. I am looking to front load the 25% tax free element of my (so far untouched) defined contribution pensions. The money is contained in two defined contributing pensions. Together they exceed the old lifetime allowance, so I expect to be able to get the maximum today which is £268,275. I wish to leave my pension money…
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Moved: Do I need to change my will?
This discussion has been moved.
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Section 32 pension about to close - what to do?
Hi I have section 32 pension (old work pension) now with Aegon that is due to compete at the end of July. It has £80K in it but has a massive benefit of 60% of tax free cash. I was initially just going to move it to a SIPP but only just realised the tax free element. My plan was to withdraw the tax free cash and put into…
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How long for DWP to send letter about voluntary contribution
I managed to get through to DWP regarding voluntary contribution for state pension before the deadline this year, so triggering the ability to pay the pre-deadline contribution. So far I've not heard back by phone, email or letter. Is everyone else waiting for a reply. Note, currently receiving state pension, but not…
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Retirement Living Standards in the UK: 2024 update published
The Pensions and Lifetime Savings Association (PLSA) have just published an updated report which attempts to identify how much someone might spend at retirement across three different living standards (what they consider to be minimum/moderate/comfortable). Thought I'd mention it for anyone who might find it either…
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Financial Assessment and Private Pension
A relative has been having treatment for cancer and now needs care at home. We have a financial assessment from to fill in with her. She doesn't own her house, has around £9k in savings and her state pension. With capital being less than the £23,250 we thought the local authority would cover all of the cost. However, when…
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Transferring TPS contributions into USS defined contribution section
Seeking advice from folk with knowledge of both the Teachers' Pension and the Universities Superannuation Scheme please: I am moving employer from a university that offered only the TPS to one that only offers the USS. I have a previous pension with the USS through prior employment (2012 - 2019) but had to leave when made…
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Will receiving previous backdated LGPS pension impact on my current one (with AVCs)?
Hi everyone, After several years of discussions - and largely thanks to the wonderful Pension Ombudsman - it appears that I'm going to receive my unreduced backdated LGPS pension from a previous job. I have since started a new LGPS pension with my current employer - I didn't combine because the dispute was ongoing. In the…
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UFPLS
I wish to start accessing a DC pension pot with Vanguard. Am I correct in thinking that if I initially withdraw a small amount then HMRC will allocate a tax code to this income source and any future UFPLS withdrawals made from this pot will be correctly taxed rather than having emergency tax applied?
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Will recent "events" cause a rethink of DC pensions?
Stock markets have suddenly become very volatile. What does this mean for DC pension strategies in both the accumulation and spending phases? Those of us either retired, or close to it, have lived through the decline of the DB pension and rise of the DC pension based on individual exposure to equities and fixed income. The…
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721 discussions
6.3K comments
Most recent: Delays for P55 tax refund from HMRC by leosayer
21 November at 11:44AM
