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Final Salary vs Career Revalued Benefits
Hi all. Firstly, apologies for the lack of knowledge/information in this post, as i know next to nothing about pensions (which, i know, i should be embarrassed about, and i am). I work for a UK university and currently have a Final Salary pension with SAUL. I've been promoted, and will now automatically be transferred to…
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unsure of these new rules apply to me
5 years ago,i took out the 25% tax free option on my pension,the rest was put into a `core investment plan with income release plan.this plan has `non protected rights transfer,and also protected rights transfer. with the new rules ,would i be able to withdraw part of the pension pot . theres 37,000 pounds in this…
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Impaired Life Annuities
I would appreciate some advice regarding IMPAIRED LIFE ANNUITIES. With the recent changes will the rates for these type of Annuities be effected GOOD OR BAD ...... ??? I have a life threatening cancer which is incurable ...... so far I have lasted nearly 10 years from a Bone Marrow Transplant and am approaching 55 next…
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Who actually puts their 40% tax relief back into their pension?
Hi all Just wondering this, so many articles about higher rate tax payers pension contributions only costing 60p for every pound, but in reality who actually puts their end of year rebate, or the extra income from the adjustment from their tax code back into their pension. Not me.....
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Help please Advice on Annuities
Hi, I am so confused with the rules surrounding annuities and feel i was probably wrongly advised by my insurers. I am a man aged 57 physically disabled and have not worked for 20 years . As my works pension was frozen i assumed that i would have to wait until i was 65 to get any benefit from it. Last year I found out…
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Pension provider said the only option was to buy annuity with the balance which I did
Less than 3months back my pension provider told me I had no option but to purchase an annuity after I had taken the 25% lump sum. THIS I HAVE NOW DONE. I am 65 in May. My total pension pot before taking anything out was £24,000. I have some questions after watching recent pension discussions on TV. Q1: Did my provider not…
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NHS Pensions Actuary Reductions
Have been looking at the Actuary reductions and working out exactly what that will mean with my OH retiring at 55yrs and being in the 1995 Section of the NHS Pension Scheme. To work this out I had originally been using the amounts from 76% for the Pension and 86% for the lump sum.from here;…
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starting company pensions
I own and run a limited company that has just one other employee. I need to sort out pensions and would appreciate any advice offered. I'm thinking that I could start a directors pension for me (and possibly my wife) and use the governments workplace pension scheme for my employee. I believe the company will get relief on…
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Tax treatment of pension contribution when in drawdown after April 2015?
If you are currently in capped income drawdown then you get tax relief on further pension contributions into the same scheme or other money purchase scheme. If you are currently in flexible drawdown then you either cannot make further pension contributions or, if allowed, do not get tax relief on them. According to the HM…
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small pot
I am 70 years of age and have a small pension pot of approx £28k. Under the new pension rules, am I correct in thinking that I can take 25% of that tax free and take the remaining £21k minus 20% income tax ? or is there a way of taking it to reduce the tax ? I only have a basic state pension to live on by the way.
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new pension rules?
I currently work in the nhs,at the age of 55 I currently plan to retire,roughly 5 years from now.i also have a additional voluntary pension with the RNPFN,now run by LV which I can take at the age of 60,10 years from now,would I be able to take the whole value in a lump sum under these new rules please
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Is there a recyling issue here?
I took voluntary early retirement when the government agency I worked for closed down and got a compensation payment of 39,000 (first 30,000 tax free). 18 months later in August 2012 I was 60 and took the lump sum of 67,000 and an annual pension of 23,000. That is the normal pension age for the PCSP. I did some work for…
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Lgps 2014
With only about six months to go before LGPS 2014 commences, there are so many questions still unanswered. People who may want to leave before the new scheme commences and need to give three months Notice need these questions answered but we appear to be shrouded in mystery... My questions are... If I leave my current…
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Ethical stakeholder pension fund choices
Does anybody know of a stakeholder pension with more ethical fund choices or is this roughly the sort of range that will be on offer elsewhere? I am assuming that a stakeholder pension is still okay in the circumstances as the monthly investment is low. Personal situation is this... I set up a stakeholder pension via…
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What would you do?
I'm 50 y/o with a pension fund value of £130K, a total contribution of £1K goes into my pot every month (I intend to increase contributions 5-10% annually), I'm hoping for a pot of approx. £500K when I'm 65 y/o. I'm beginning to wonder if I'm putting too much into my pension!! Am I correct that under the new rules, for…
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Final Salary AND DC pension query
There appear to be conflicting messages in the press about the latest budget changes and the eligibility of FS/DB members to use the new pension rules for DC pots from 2015. I will be retiring in Jan 2015 with 20 years pension service in an 80'ths scheme, but I had, before joining this company, paid into a DC scheme, and…
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Budget: requirement for pension advice
I cannot believe that the Government will fund the cost of advice that everyone will now be required to receive. The Government contribution toward this is surely just for policy development. Presumably, the pension holder will be required to fund. Does this mean that some of us will have to pay for advice that we do not…
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Annuity to begin at 80 or 85 only
I wonder if a potential option could be for someone of 60-65 retiring under the new regime could allocate a small percentage of their pot to buy an annuity that would only start paying once they reach a ripe old age of for example 85. This would provide security against living too long but also psychologically reassure…
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More than one pension transfer???
Hi, I am nearing my end at a company I work for. When I joined them they had a simple pension where what I put in they matched it. Then, when pensions became a requirement, they changed it slightly and moved to a different provider. When they were making the change the said they would be doing a bulk transfer from the old…
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Retirement 31/7/14 age 55-Options?
Wife intending retiring 31st July and has a DC scheme with work approx value £50k. No intention of taking account annuity due to poor value and have significant other investments (circa £600k+). Attracted by changes announced in budget which take effect April 2015 allowing access subject to marginal rate tax deduction.…