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Incorrect Pension Contributions & Lost Growth
When I joined my current employer, I asked to make 6% contributions into my pension, so as to gain the matched employer contribution of 6%. I have been paying into the pension for just under 2 years and discovered last November that the payments have been wrong since day 1 :eek: The amounts involved aren't massive (low…
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Trivial Pension but have other company pensions
Hi, My partner has just received a quote from Aegon for a small pension pot of £1094, one option was to take it as a Trivial Pension. The problem is she already receives an NHS pension of just over £7K that X 20 takes her over the £18K limit. Have been listening to Money Box live and they talked about a £2k limit what rule…
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Old employer money purchase scheme - what is considered a decent appreciation rate
Evening people I took part in a money purchase scheme with a previous employer. I'm a cautious kind of guy so I opted for my money to go into the most secure & safest of the 3 options that were available. I've found a statement of account dated at the very end of 2012 which states that my total account value was just under…
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H&L SIPP v IFA managed
Hi, For many years I have had a SIPP with Hargreaves Lansdown. The funds have performed well and my investment has grown quite well. Last year I had cause to consult an IFA regarding another matter and she has recently contacted me for an annual review. Her company is keen to get hold of my SIPP and manage it themselves. I…
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Taking deferred pension early
I have a deferred SAUL pension. The normal pensionable age with it is 65 but the rules say "Benefits built up before 1 July 2012, (which mine are) are reduced by 3% for each year before age 60 that you retire." http://www.saul.org.uk/3fsdeferred/retiring.html#early So why wouldn't I take the pension early rather than…
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When can I cash in my pensions?
I have 3 pension pots which I do not pay anything in to (think they are called paid-up?) One is a private personal pension with currently about £8k. Other 2 were taken out with previous employers. 1 is £1900 and other about £2-3k. Could someone please advise when can I get the money out and how much of it can I get? I will…
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Can pension companies go bust?
Once I buy an annuity, is it protected against the pension company going bust, like banks having deposits guaranteed to £85k? If not, should I split my pension pot and buy annuities from several pension companies?
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Employer makes overpayment to personal pension: can it be corrected equitably?
An acquaintance's employer is implementing salary sacrifice for contributions to the group personal pension. It appears that by mistake, the employer has made an extra credit of employer contributions (Recorded as a "single payment" by the pension provider), in addition to the normal. monthly regular contributions (which…
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Combining pensions
Hello, Apologies if there is another thread on this. I have a question: I have a personal pension with Standard Life, into which i pay £88 per month. I am also enrolled in the pension scheme at my work. This pension also happens to be with Standard Life. With this scheme I pay in 3% of my salary and my employer pays in 5%…
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Lump Sum, 25% of Pension Pot or 25% of Pension?
I currently have a good company pension and when I retire would like to take a lump sum for a large purchase. If I set up a SIPP, can I use this to take a lump sum equal to 25% of my total pension pot, i.e. Company + SIPP, thus leaving the favourable company pension untouched, or am I restricted to taking the 25% lump sum…
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large lump sum into pension, tax and any pitfalls to be aware of
My OH was awarded quite a hefty bonus yesterday, he was over the moon till I pointed out a huge chunk is going to the tax man and I need to get the figures just right if he does not want this to happen. I was trying to get his pay just below £100K with a contribution to his pension before the bonus as he earns £112K. Pay,…
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NHS Pension & AVC
Hi, I'm hoping to get a little advice from you if anyone would care to help ? I,ll just give a little back ground as I'm sure it will be relevant. I have been in my NHS pension from 2003. I am 52 years old. I have a 9 year old child. I have a 46 year old partner also works for Local Government, he's also pays into a…
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NHS Pension and Final Salary 1995
HI All. Just wanted to check something my oh will be retiring from the NHS in June next year 2015. He is in the 1995 Section so will have his Pension worked out by his Final Salary. In April of this year he will be changing his shifts to include nights and weekends. This will make a difference to his salary. Will these…
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Final Salary Pension query - hopefully simple one!
Hello all, just joined as I'm sure this is the best place to get simple answers from people who know what they're talking about :D I am currently in a local government final salary pensions scheme. I have just accepted a new job, also local government, on a little bit less money (about £2K lower), but have reduced a 2 hour…
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Can anyone who knows about Superannuation in Australia help me out?
Hello Money Saving Expert. I'm currently on a working holiday visa in Australia. Today, in order to make a joint big purchase with some friends, they deposited some money into my account, but by mistake I gave them the account details of my ANZ superannuation fund, and having checked online, I realise that the money has…
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AVCs - does anyone else think they are a waste of money?
Just ended my AVC because I felt the returns were inadequate and did not 'bridge the gap' between my part-time pension pot and the potential full time expectation. Feeling somewhat misled. Any thoughts?
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State pension deferment - lump sum calculation
Good evening, I would be grateful if someone could help with the following. My dad has deferred his state pension for 2 years (and 1 week). He contacted the pension service for his quote for a lump sum payment, however the figure is lower than expected. The figure quoted was based on his state pension at the time he turned…
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Tax Code 477-40% pension tax relief?
My tax code for this year is 477 & I am keen to pay any excess earnings over the higher rate tax threshold in to my pension before the end of the tax year to gain from 40% relief. At what point based on this tax code am in to 40% territory?
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Drawdown and inheritance
I have a final salary scheme pension paying me in 40% tax territory. I am paying into a personal pension - I am aiming for a pot of more than £250K by 60 - 62yrs old around which time I will take tax free lump sum and then go into drawdown. I am avoiding crystallising before I have to as there are clear death benefits in…
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Financial advisor charges help PLEASE....
Hello. This is my first post so please be patient with me. Ive had a independant review from a financial advisor and they have told me my Prudential 'with Profits' pension which I have had since the age of 18 (I am now 47) is not performing well and she has advised me to move to Scottish Widows Retirement Account as she…