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Buy annuity with tax-free lump sum!
Given a defined-contribution personal pension fund, which offers a 25% tax-free lump sum, and wishing to buy annuity income in retirement, there are presumably two extremes: * Take no lump sum, converting the entire capital to a compulsory-purchase annuity * Take the maximum lump sum at 25% of the fund, then use this to…
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Reliable private pension company?
As soon as i have shifted this debt in a few months i am going to be putting away some of the money i have used for the past 6 yrs paying off debt into a pension pot. I have a small pension running with work, I pay a little over £10 a month and have done for the past 7 yrs, but i want to try and top this up with my own…
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Some advice if possible please
Some years ago my partner opted out of serps in favour of a company private pension plan,she was advised that this would be in her best interest. Her employment and contributions continued in this way until the company ceased trading a couple of years ago, she was made redundant, but had paid into the plan for around 18…
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Withdrawing pension at age 55
Have been offered a pension I forgot about now I am 55 they have offered 25% tax free and a small monthly sum can I take all money from this fund even if I have to pay tax
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Is this feasible/legal
I'm virtually into the 40% tax band, and I currently have £84K in one of my deferred pensions, which I want to get at my 25% lump sum. (I'm nearly 60). So I am considering transferring it into a Sipp. (I've checked regarding transfer, and though it's currently in an S32 buyout plan, but there is no GMP nor GAR associated…
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Tax relief on pensions and and retirement annuity
Hi can anyone help. I have a personal pension and retirement annuity - two different polices. Following a conversation with HMRC tonight I think I may have been claiming tax releif for one of the polices that I should not be claiming. This dates back to around 1989 I think. I have asked my plan holder to confirm if I…
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state pension and teacher's pension
I understand that my state pension will be paid (weekly, by choice) without tax deduction and that the tax will come off my teacher's pension. My question is will this settle down to a regular figure or will it fluctuate to reflect state pension payments received each month?
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30 year old with no pension help advise please
Hi I am 30 years old and due to changing jobs/no financial awareness/ raising a young family. I have not been adding to a pension. My current situation is I am working part time do not pay any tax, I am due to start a new job in a few weeks but will not be able to join a company scheme until next year (very small company).…
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Start a pension fund at 25 before moving to Vietnam?
Hi all, I am just coming to the end of my PhD and have just accepted a 13 month post as a Lecturer at a university in Vietnam. I am currently 25 and don't have any pensions set up, but I do have savings in a Cash ISA and direct access savings accounts. The university I will be moving to does not have any options for…
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Pensions buying guides?
Money saving expert has excellent guides for selecting a savings account. I was wondering are there any similar guides for selecting a pension. There's so many Pension products, I am not sure how to begin going about selecting the right one and would appreciate some advice! My circumstances are bit unusual. I've just…
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State pension - start date
Hi, Read in another thread that the date on which they start your pension payment period can be a week after your actual birth date. Seems its not only paid in arrears its started in arrears as well. Looks like you have to collect the extra weeks money from the grave ! Got my details recently but for my birth date of the…
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Defined Pension Scheme Rules
Does anyone know if there are rules in place that Defined Pension schemes have to follow rules as to how and when % lump sums are paid out from the scheme when the retiree has reached pension age or does each scheme do their own thing ? I am due to be paid mine this week although I've heard nothing since I spoke with the…
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Pension Booster
I have just had a call from a company offering a review of my pensions. I have agreed to give them information which they will pass to an FSA-regulated financial advisor. They claim that all advice will be free and without obligation. I didn't catch the name of the company but checking the phone number it's Pension Booster…
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Pensionlite
Anyone have advise on a company called Pensionlite. Independent financial advise for free on pensions. Would like to use them as a second opinion ref my own pension.
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pension ideas
i have £8000 to invest in some form of pension fund/scheme ,would appreciate any advise
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Salty Dog Investor.....
I have a Skandia CRA for my non employer pension, and am reasonably happy with it (the only mild irritation is lack of some funds - CF Ruffer range in particular), I tend to stick to +/-5 funds but I manage them actively - rightly or wrongly I do any research or analysis of funds myself. I have spotted in today's Telegraph…
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Employer messes up contributions
Hi Some advice please Recieved a letter from my PAYE employer NHS to say that the payroll provider has not deducted enough pension contributions for past 3 years and I am liable for nearly £3000 in back payments, this is due to my employers error and also the payroll provider they have admitted liability in the letter. Do…
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Parents moving back together again
I hope someone can help us on this forum. My parents, aged 75 and 72 have been separated for many years and have each drawn down state pensions as single people. However, just recently, and much to the joy of all of us, they have patched their relationship and are considering living together again. The one issue that is…
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Custody of Pension Assets following MGN
Lots of threads here re pension options. Few about the safe custody of pension pots. Many may recall the loss of assets from the Mirror Group Newspapers pension fund in the early 1990's. We are better protected now via subsequent acts of parliament and occupational pension 'pots' being held independently of employers. Is…
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Pensions confuse me - please help!
Hi this is the situation. My mum is 64, and works as a school administrator (40 years!!). She has recently been thinking about retiring ( but the thought of spending 24 / 7 with my dad seems a bit daunting). + She's a bit scared of making the wrong decision with regards to her pension. She's asked the school for advice on…