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USS - options options options - what to do?
I am taking early retirement ( 55) from USS and will have a DB annual pension of £23k and a separate £9k pa widows pension but my dilemma is I will need an additional £17k pa for the next 4 years to cover short term additional expenditure (supporting children through uni, maintain current standard of living) and I need…
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Explanation of options listed by Pru Pension Letter
Hello, I've received an Open Market Option letter from the Pru on a small £14k pension fund I have. I'm not planning on retiring until I'm 66 in July next year, however, they have my retirement date for July this year. One of my options is to delay my benefits until next year which is what I was going to do, however, the…
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GMPE Past Transfers - GMP equalisation claim form
Dated January 9 2024, I received a letter referring to my transferred out benefits on 21 May 2007. 'Mercer' identified an underpayment in relation to the transfer value being undervalued as it did not take account of GMP equalisation. I duly completed the claim form on January 12 2024. The amount is relatively small.…
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Preparing portfolio for retirement
I have one more year until I reach pension age, and wonder if I need to change my strategy at this stage in life. I have two pension funds which I probably won't need to dip into for at least 10 years - cash in ISAs and other deposit accounts will keep me going (along with my SP) until then. I don't want or need to be…
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Pension income codes etc help
Hello , clarification required please, if anyone can assist. Next tax year my income is as follows: state pension £11500... company db pension £16000... drawdown dc pension £12500. Total annual income from all sources. Tax code allocated for next tax year S228M. I fully understand that the tax won't be taken from state…
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Which pension company provides the easiest & quickest ufpls withdrawls?
I.e. How good are their Apps How quick do withdrawls hit your bank How easy is it to sort out any problems This question is probably ost aimed those who are currently flexi withdrawing and have experienced this practically
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Personal Pension advice please 🙏🏼
Good morning All I've been pondering over all the excellent advice received recently regarding pension and retirement. Many thanks to all who contributed their time and thoughts, much appreciated! From my own perspective I’d like to take up the advice offered of opening a personal pension in my own name. As I’m currently…
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DB tax free lump sum - a spanner in the works!
I’ve been quiet on here for a couple of years. We have various pensions, I have a pension withdrawal strategy, and everything has been ticking along relatively nicely, but a spanner has just been thrown in the works! My husband is already retired, but will be 65 later this year and will be taking his DB pension from an old…
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Tracking Lost Pension
Hi All, Trying to track down a a family members possible lost pension (we don't know whether one exists for sure or not). Short of it is, my family member worked at a factory nearly 30 years ago. Company is dissolved and she's been retired for a few years now. She has spoken to 3 of her ex-work colleagues and all 3 of them…
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FIRE Girls Pension Diary - Aim High & Dream Big
10 year targets are set and I'm aiming high and dreaming big. :) A bit of background. When I was young I grew up with a family of 4 children, Dad worked and Mum stayed at home. We had very little material things or new clothes and I remember I was always dreaming of how I could possibly become a millionaire. So why not…
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Inherited annuity
Hi I appear to be the named beneficiary on an inherited annuity - there is a choice to receive a lump sum payment (greatly reduced) or a monthly sum. It is from usa and we understood it was to be paid out with the estate. Our relative who died had lived here in uk for last two years so the solicitor is considering if this…
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NHS 1995 pension.
My 1995 pension is now forever frozen in 2022! I am due to retire and I need to know if my 1995 pension will be based on my pay in 2022 or my pay now. I can't get a definite answer, even from the pensions people. Does anyone know the answer?
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Closing a tiny pension
I have just reached 55 and one of my pension funds has just £50 in it. I would like to just close this for simplicity. But one of the warnings I get when I request this is that my annual allowance will reduce from £60,000 to £10,000 if I do this. What is this annual allowance, and should I be concerned about this? The…
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Experiences of flexible or part time sources of employment in retirement
I am thinking about stopping full time work but would like to look for a part time job - or perhaps some sort of flexible employment. I have about of NHS bank employment for admin staff and I am going to follow this up. Just wondered if any of you had found any other sources of flexible/part time employment?
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Pension Payment Dates
Electing for Annuity payments in Arrears results in them being paid at the beginning of the following month. How does this affect tax assessments? For example in which financial year are payments made in April which are actually earnt in March. Can anyone help?
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Final Salary Pension
Hi, Sorry if this has been asked before, but can someone please explain how a Final Salary Pension is calculated please? I worked for Eagle Star between 1995-2000 and only left as I was made redundant. Z Pen hold the pension fund which is a final salary pension. My salary at the time of leaving was around £25,000.00. I…
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Retirees what is your typical day
On the 'what made tou pull the trigger' thread Bluenose1 posted a typical day... What is yours like now you have retired? At 64 my finger is gtting very itchy......
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LTA protection
This thread is not about whether a future Government might or might not reintroduce the LTA as that is discussed elsewhere. What I am interested in is opinions on whether some form of LTA protection would likely be introduced IF a future government reintroduced the LTA so that the reintroduction is not punitive on those…
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Pension fund charges
Hi have three defined contriubution pension funds from current and previous employers. I've been looking into the charges I incur in them and they seem to vary a lot. 1) Annual charge of 0.30%2) Annual charge of 0.21%3) Annual charge of 0.079% Seems odd that the last is so much less than the others. I am wondering if (1)…
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STATE PENSION - NATIONAL INSURANCE CONTRACTED OUT AMOUNT/CONTRIBUTIONS
I have recently retired an was expecting a full State pension. I was not aware the "contracting out" would affect my pension amount, which as led to my State pension being about £10 per week lower than the normal full pension amount. I know that 35 years of full "National Insurance" are required for a full pension. I have…