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Refused early retirement, ill health & transfer !
Hope it's ok to start new thread to update one I started weeks ago. To summarise, husband laid off job after 30 years service due to work place accident. This was approx 7 years ago. At 50 we asked for early retirement (this was when law permitted) but the trustees refused on grounds of being detrimental to the fund. On…
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Applying Online For State Pension
In a few days time I shall be eligible to apply for my state pension when it will be due to be paid in 4 months time. I'm making sure I have all the necessary information they'll require to hand. I notice that if you use the downloadable form it includes instructions to enclose your original marriage certificate when…
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LGPS changes who has interpreted it the right way
so LGPS have announced changes, our office have 2 different ideas of how the change affects us: 1. pension built up before april 2014 will be on final salary then changes to CARE 2. if already joined before 04/14 pension will not change from final salary
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Help me understand my pension performance
I posted this a little while ago in the Saving and Investments board, but got no responses so I though this might be a more appropriate board. About 18 months ago I was enrolled into my workplace pension scheme. It's a mediocre scheme (I pay 1%, employer pays 2%) , but it's still free money so I'd be silly not to. What I'm…
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Non advice annuity purchase
Hi all, Wasn't sure what to put as title - so ill try and explain. I'm helping my father in law sort his pension out. Previously helped my own father do his through an IFA so picked up limited knowledge. FIL is 56 and has recently stopped work for a number of reasons (he will be looking for a new part time job in the new…
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Is this a good retirement idea?
I am thinking of buying a leasehold flat which is a good price due to the lease being shorter than average. It has 63 years left. The figures I have worked out are: Property price £135,000 Deposit £27,000 Mortgage £108,000 (repayment-see below) £630 a month @ 5% I will find the deposit by re-mortgaging the house I live in…
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Pension contributions never credited to fund!
Well, I contacted my employers pension scheme that I have been contributing to for 9 years, to ask about transferring in an old private pension that I forgot I had. Turns out that I am not even a member of that scheme and never had been! Contacted payroll to be told that there seems to be some kind of mixup and the…
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Pension plan performance
Morning all, thought I would pop this question out before I make my way out for my 7.16 T time for 4hrs of misery. I have a personal pension plan that will supplement my deferred final salary pension.I have about 6 year to go before I draw both. Between myself and my employer we have been contributing approx £750 / month…
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Minimising tax if I die before retirement
I've got a couple of deferred final salary pensions and am currently contributing to a defined contribution scheme. I've got no dependents at present, but I do have some close relatives. I'm at least a decade from retirement. The nominal combined value of the schemes is now quite substantial, but I'm not a higher-rate tax…
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How do you know if a company is ok?
Hi, My boyfriend has had a letter from Caledonian Limited, I haven't had chance to ask him why the've sent it, but how it reads they must of rang him. They have sent a letter of authority for him to fill in and sign to allow them to do a free valuation and review of his current pensions. Before he gets rounf to doing it,…
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Any advise - SIPP with standard life.
Quick backgound:- My company is closing a DB scheme and replacing it with a DC scheme with Standard Life. I'm involved in the committee to over see the change. One thing we pushed the company for was to include SIPP as an option for anyone wanting to go this route. They were not keen at 1st but have now relented.…
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Police pension can i cash it in
Can i cash my police pension in? Im a serving police officer and am part of the 30 year pension scheme, i have 10 years service and due to the changes and working conditions i am looking to leave the job. The pension is looking to change in 2015 and i for one will not be signing on to a new scheme. My query is can i cash…
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How to release AVC pot.
I have an AVC with the Prudential who don't offer Flexible Drawdown. Is there anyway I can release these funds?
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Cash for transferring my pension
I have been offered the following scheme and wondered if anyone else had come across anything similar or had any advice... If I agree to transfer my current pension pot of around £40,000 I will be given a cash payment of around £9,000. I have been assured the pension will go into a UK SIPP and will be under FSA and HMRC…
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Closure of final salary pension
Hi.. My employer is considering the closure of our DB pension scheme completely which has various implications. However, the one that concerns me is as follows: Currently the DB scheme i contribute to has a death in service element which is very generous and based upon my current salary x 5. This is very important to me as…
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Local govt VER
Under the terms for VER in my local authority, it says that the pension will be paid with no reduction. Does this mean that years of service is added to normal pension age? We've been told not to contact pension dept at this stage.
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55% tax on Late Father pension
I’m hoping someone can give me advice regarding my late father’s pension. 2 years ago my father was contacted and advised he had a small pension scheme that had never been activated. So, at the Age of 75 he started receiving contributions each month. Part of the scheme policy was if he died within 5years of commencement od…
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Max tax free cash on final salary scheme
I recently became 60 and was due a payment of max free cash of circa 40k from the FSA. My birthday fell on 22nd of this month November, waited and no cash arrived. Phone them to be told that as their payment run is on 21st of each month, I would not receive this money till 21st December. Ok I said fine what interest are…
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Drawdown query
Can someone kindly answer these points for me. 1. If I choose to convert my pension to capped drawdown, I assume that there is no option to secure a minimum payment period, say 10years, as is available for annuities? 2. I understand that on death, any funds remaining are subject to a tax of 55%. Does this still apply if…
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LGPS valuations
Question Timers prepare! For the the time is fast approaching - the results of the LGPS triennial valuations are a-near! The concept of an actual pension fund (and lots of 'em) may confuse Michael Gove ('you wot? there ain't no blank cheque?'), but I'm sure there are Tory boys and girls on this board who are far more…