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Flat vs Indexed Annuity; front loading income?
Hi, I've been looking into annuities as am attracted to the certainty. I automatically gravitated to the 3% indexed rates and didn't really consider the flat rates. I'm probably very much inclined to go for the index rate but playing devil's advocate, is there a benefit for going for a flat rate? To my mind a flat rate is…
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LGPS
Hi I am currently in the WM LGPS. I would like to retire this year (age 64) but I am totally confused by the information I am being given regarding the LGPS regarding what my annual pension would be. I understand that I will have a penalty for early leaving but the figures given seem to change whenever I contact them. I am…
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Buying an annuity for cash
Can anyone tell me if there is a company from whom I can buy an annuity for cash as I don't have a 'pension pot' that I can convert (I'm over retirement age). I would be looking to spend £100K from cash savings. An annuity would fit me perfectly. I don't need a financial adviser because I have done and understood all the…
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To combine or not LGPS
Hello - if anyone can advise I would be most grateful. I have a deferred amount in a LGPS (accrued from 2002 - 2017) as I was made redundant. So the Pension was frozen. In my current role I am also in the same LGPS but it counts as a separate record or amount. They have contacted me to see if I want to keep the benefits…
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Annuity vs Bond ladder
I’ve been investigating a guaranteed income to bridge the gap from soon to be 60 until 65 when a DB pension kicks in. I did research on annuities then compared this with a gilt ladder managed myself through my SIPP and the 5 year cost to get the income I want is very similar. The best quoted annuity is L&G at around £196k…
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What to do with all your time?
I thought it might be interesting to get some perspectives from the hive mind here running: might help others. We all know that those who have bitten the bullet almost all wonder how they had time to work, but perhaps this thread could give others ideas? Not wanting to focus on the financial aspects - most threads here do…
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Public Sector Adjustment Calculation - Scheme Pays
Hi everyone, Today I received my Remedy PSS and so went through the HMRC Public Sector Adjustment Calculator using those figures and whatever else it needed. The calculation shows there is an increase in the annual allowance tax charge for one particular year of circa £18k. When I go through to the next stage, Submission,…
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Sipp contribution for low earner
If someone earned £2910 in the current year, is £2910 x .08 = £2328 the most they can put in a SIPP that year, or does the £2880/£3600 unearned limit applied....? tx
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Standard Life Stakeholder - DB transfer
Hi I’ve just been on the phone with standard life attempting to open a stakeholder pension in preparation for maybe transferring a db pension over (I’m sure I won’t get a recommendation to do so from an IFA). I’m still gathering info to make a decision on whether or not to do it but I thought for the sake of £20 I’d get…
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Topping up NI after living abroad
I am a UK born citizen, 57 yrs old, in full time employment in UK since 2012. Prior I lived for 22 years in US only contributing to US social security. I resided / worked only 1 year in UK prior to moving to US when 18-19 years old as I lived in France from age 7 to 18. From looking at form CF83 I don't believe I can pay…
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Just checking this is ok or fall foul of pension recycling rules?
Is it ok to take a PCLS from a DB pension and use it to pay off debt which then allows you to increase your salary sacrifice payments into your current workplace DC pension? I'd be doubling my contributions so a fairly significant increase and I'm worried it will fall foul of pension recycling rules somehow. It asks me to…
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Retirement Planning Spreadsheet example
I have searched but can't find one. Can anyone please share your retirement planning spreadsheet or recommend a free download of one? Thanks a lot.
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Civil Service McCloud lump sum confusion
Myself and my wife have been planning for retirement (I'm USS and she's Civil Service). She has been subject to the McCloud remedy but we have been going round in circles as to what this means, and the Civil Service pension modeller is not helping. The first issue is the lump sum (I tacked this onto the end of someone…
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Teachers Pension - Less than 2 years qualifying service.
I was a college lecturer from January 2015 until October 2016 and was a member of the Teachers Pension during that time. The minimum qualifying period for Benefits with the Teachers Pension is two years so I'm trying to find out what's happened, and what to do, with the contributions made during that period. All I can find…
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AVC contribution into a Final Salary scheme
I'm an active member of a final salary scheme, and I'm now facing redundancy. I'm looking to understand whether I can make a one off AVC lump sum contribution of £100k, and use carry forward to make use of unused annual allowance from previous years. I'm hoping someone is able to answer my question.
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National insurance transfer from spouse who had been registered for child benefit
Wondered could you help. I am a 59 year old male. I need 4 years NI contributions to receive full pension. My wife already has 40 years contributions. Was wondering how far back can I request transfer of my wife's NI contributions which she received for our daughter's child benefit. My daughter was born in August 2004. Was…
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SIPP withdrawal
Has anyone done a withdrawal from Vanguard recently? Last year when I did mine I was able to take my money from any fund that I had in my pre retirement account, this year they have told me the money has to be taken proportionally across all the funds held. When I questioned them they said it had always been the case, even…
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What to do with SIPP (no dependants)
Background details: I'm in my late 60's, in good health, no dependents, have a SIPP valued at around £120k. Total estate on death is currently marginally above IHT (excluding SIPP) but way over IHT threshhold (by about £120k) including SIPP. So, essentially, the SIPP portion of my assets is above the IHT threshold. The…
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Rising Equity Glide Path vs Annual Rebalancing of a retirement portfolio?
Anyone looked into using a rising equity glide path at start or retirement to counter sequence of returns risk? In the Timeline retirement planning app I modelled a portfolio shift to 55% equities and 45% MMF at start of retirement and set the drawdown to consume the MMF first vs a 80/20 equities/MMF portfolio that is…
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HMRC have lost record of some of my contributions
I worked in the same job (on pretty low pay but very long hours) from 1983 until 1991. Recently I checked on the government website what I should be receiving in terms of state pension as I will be 60 this year. It claims that I have three missing years of contributions from 1984 - 87. This is not possible as I worked in…
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