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What do I get from GMP, keep or transfer?
I have a deferred
pension with Pre’97 GMP with Mercer this was left over when the company I work for
changed to a Retirement Savings Plan with Aviva. I opted to leave the Pre’97
money there as at the time (circa 2017) as I believed that there was some hidden value in it. Can
anyone clarify in layman’s terms what this means…
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85 year rule
Hi I am new to this just a quick question i have applied for flexi retirement to take a lump sum continue to work pay mortgage of early whilst having an income. This request was declined by our HR department as its a considerable cost to the service, my other option is to retire early and take a lump sum of my pension - i…
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State pension having spent 2 years working in Ireland
With the recent news about topping up missing years in your NI record, it has made me wonder if something can be done about the 2 "missing" years I have. I moved to Dublin in 2005, spent 2 years working there paying full taxes in Ireland, and then moved back to the UK. Can I get those 2 years credited back in some way?…
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Alpha to NHS pension
I'm considering a move to the NHS from the Civil Service, I am 41 and currently have £13k built up in pension. The post I am considering would be a pay cut unless I can negotiate the mid band point which would be very similar gross but roughly £100pm less take home due to pension contributions. From what I understand the…
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Contracted Out - Was The Impact On Our State Pensions Really Communicated Properly?
As far as I remember being CO happened probably over 30 years ago when I was a much younger man in his late twenties (being younger was much less pension savvy). I maybe wrong but it was done to apparently give us more money in our payslip (unless I am getting confused with salary sacrifice)? I’m not sure if we had a…
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Is now a good time to buy more Bonds?
I like a lot of people have seen the value of my portfolio drop due to the falling bond prices. So although I am hoping to retire in the next couple of years, as I will probably go the Drawdown/UFPLS route I will be able to pick and chose where I take my money from in the first few years so can leave the bonds alone in the…
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Only 30 years NI contributions but max pension already forecasted
I was employed for 25 years, then self-employed and making voluntary NI contributions for a further 5 years. Everything I read about NI contributions says you need 35 full years for max pension forecast. Yet, according to the State Pension Forecast, I am already qualified for max pension based on my NI history even with…
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A nice problem to have
I am 67, in receipt of a decent pension and still working full time in a job with a defined benefit pension scheme. I started on a 2 year contract in 2020 and it has been renewed twice and when the current term expires I will have been there 5 years. So 5 years worth of pension. My question is when I should take the…
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Limits on Stakeholder pension contribution when retired
I am 71, retired, and drawing my Company DB pension, and a state pension. In 2012 I enroled in a Stakeholder Pension with Co-Op Finance. This is now Royal London, after Co-Op moved out of such business. My contributions increase automatically by 10% per year, and this year I am contributing almost £600 a month. Please can…
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Transfer DC into LGPS?
I'm 61 years old and recently joined LGPS in a low-pay part-time role. I have three DC pots from previous employments that total approximately £900K. Before the new job, I had been considering using some of the £900K (maybe up to half of it) to buy an annuity in a few years time. I'm now wondering whether transferring it…
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How quick is quick? Pension vs mortgage?
Should I continue to max out my pension contributions in an effort to catch up with what I’d like in retirement? Or should I double down on paying my mortgage off? TLDR; I can’t even summarise sorry it’s so long :neutral: I earn around £140k.My pension pot is £200kI am 50.I have no debt.I’ve tried IFAs but they’re just not…
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Will HMRC see this as recycling?
I'd like to pick the brains of the assembled experts please! I'm on the verge of potentially taking a DB scheme early at age 55. The usual option is a TFLS (£27.5k) and an actuarially reduced pension (£7.6k p.a.), OR a lesser TFLS down to £0 with a boosted pension of £9k p.a. Q1. Recycling I'm separately planning to make…
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Interactive Investor referral offer
Does anyone know if there is anything stopping me from using the II referral offer for my spouse to open an II account. This gives £200 bonus to me and then she would get a year for free on the SIPP plus whatever other services she uses (minimum £10K investment). They also have a "family" membership option where if you…
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Guessing at my choice of Scottish Widows funds
I could really do with some advice. I am 51 with £150,000 in a DC Scottish Widows pension and via salary sacrifice there’s £3,000 a month going in. I am at a loss as to the optimum number of funds I should split this over and which funds I should invest into. Apart from the 25% TFLS I may take before I am 65, I am likely…
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Transfer pension to superannuation abroad (Australia)?
I am 55, was formerly a teacher in the UK, and have now moved permanently to Australia. Is my teacher pension from the UK transferrable to Aus or is my only option to begin drawing upon it from the UK?
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Normal Minimum Pension Age NMPA?
I have a pension (A) that has a protected NMPA of 55, as it was opened prior 3 Nov 2021, my pension company did confirm this last year. I have another pension (B) that was opened in 2022, so my NMPA for this is 57. If I were to transfer pension B into A, before I am 55, could I take all of the 25% tax free lump sum?
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Pension for property
Hi, I am 53 and currently renting with little savings. Ideally I am looking to purchase a property or park home, I am thinking at 55 to take 25% of my pension which is worth around 200k, so this would give me a good deposit Is this allowed and is 25% the maximum I can take from pension, I understand the 25% is tax free, I…
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Buying an annuity
The company recommended by my pension provider to buy an annuity hasn’t been brilliant, cancelling calls, ringing at wrong times, giving us a quote without the option to proceed, then giving us lower figures. When we expressed our disappointment, we were told that they are the only company we could deal with/our pension…
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Should we take the lump sum or increased pension?
My wife and I are planning to retire in April '24. We'll have combined SIPPs worth about £450k and other ISAs worth about £250k. I will get an inflation proof pension of about £17k. My wife also has a DB pension. There are infinite options. The two extremes are:* £0 lump sum and £12,600 pension * £65k tax free lump sum and…
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Company pension
Hi all. So my exhusband and I owned a small firm for a number of years. There were only the 2 of us. We had pensions through that company. I stopped working for health reasons and stopped paying into my pension. We divorced about 4 years ago. My husband got full control of the company. The divorce was very acrimonious.…