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Moving pension from Standard Life to Vanguard
I have a personal pension with Standard Life, but I've become aware of the relatively high charges made against the total pension pot, over 1% even when invested in a passive Vanguard index fund. By moving the money to the same fund invested directly with Vanguard, the ongoing fee is just 0.2%, i.e. a fifth of the SL…
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Civil Service Classic pension
I work for the Civil Service and we have an internal communications board called Trusted Voices. One of the posters on there has said that he has taken his 31 years service Classic pension and continued to work full time as an Admin Officer aged 58 and his pension has no abatement. He said the wording around the Classic…
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Does abatement apply to government pension increases
A question on behalf of my worried mother- Do cost of living increases to civil service pension count towards abatement? she took partial retirement in 2022 and remains in the same CS role she had prior to partial retirement. Her income has become higher than her salary of reference simply due to cost of living increases…
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Bold leap into retirement
Morning all, I hope you have managed to find some time for yourself in what can be a busy period. We have enjoyed spending time with family over the last 3 days, it’s a quiet one today, then off to visit more family tomorrow. I’m not planning anything wild for NYE, but have been really starting to think about what I want…
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Pension Contribution at 74
I am 75 in December . It would seem fiscal drag is likely to have just put me into the 40% tax bracket for 23/4 ( by a small amount but enough to lose £500 of interest relief and pay the higher rate on part of my dividend payment ). I do not have a private pension my income is from a final salary pension, state pension and…
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Old Barclays DB Pension
Hi, I would appreciate some advice as I am trying to understand my pension and what it will mean at retirement age I have a Barclays Pension DB (1964 scheme) the transfer value has dropped over the last couple of years but I have learnt this will not affect the figures long term. I am 54 and the pension would be paid at…
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Twenty Year Gap in Pension - how to maximise current USS pension
Hello, I'm a woman in her mid 50s who spent 20 years either at home raising kids or working a minimum wage part time job to fit around children's school hours. I'm now back in a professional post earning £40k a year. My state pension is fine but my personal pension is a disaster. I have eight years pre-kids where I paid…
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NHS PENSIONS
Hi, I receive both state and NHS pensions. As the NHS pension is classed as ‘contracted out’ my state pension is reduced and I currently receive £8160 per annum. This amount is then deducted from my tax allowance so that my allowance for 2024/25 is now only £2980 per annum. In effect I am taxed on my state pension. When I…
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Target Life FGold Fund Insurance policy
Hi, WE have recenty found policy deocuments for the Target Life Gold Fund Endowment Assurance under the Gold Investment Plan which matured in 1994. Can anyone give us any advice on how to trace this policy and how to apply for a surrender value report as I have searched the name and cannot find any company that has taken…
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Lump Sum vs Cost Averaging 2024/25
Hi All, I have been researching what to do with my workplace pension this tax year. My pension is Royal London's RLP Susatainable Trust. I've been paying into this for around three years now and it generally seems to perform OK when i bnechmark it against other similar funds. I don't know enough about pensions and the…
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Paying More Into Wife's Pension
Hi All, Just wanted to put this out there to get some opinions. I am 53 and my wife is 48. I currently have a pension pot of £675K and my wife has a pension pot of £14K. This is due to me being a 40% tax payer and us taking the decision to pile monies into my pension to shelter it from the 40% tax burden. Current total…
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Civil Service Classic Pension - which month to retire?
I am in the Civil Service Pension Scheme. I'll be turning 60 in late June and planning to take partial retirement after that date. For the partial retirement period I will only be taking my Classic pension. The pay settlement date for my Department is 1 August each year although typically the pay settlement is agreed a…
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Accessing a dormant pension
Hi..I have an old pension policy originally taken out through NPI which is now handled by Phoenix Life. I paid into it for a few years then stopped, its been dormant ever since. I'll be 54 this year and wanted to know when I can access this/how to access it early if possible or best advice to wait til next year at 55Yrs -…
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State Pension amount on 2023/24 SA Tax Return
My state pension started on 2 February 2023. (No tax due for 2022-2023 tax year) I know State pension is paid in arrears. I had a part payment on 17 February 2023 (16 days). I had a payment on 17 March 2023 and another on 14 April 2023 (both for same amount). Payments on 12 May 2023 to 15 March 2024 (12 payments in total x…
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Interactive Investor UFPLS
Having transferred from Standard Life to II last year, it's approaching time to take the first UFPLS from II... I've been through their guides, but can't seem to find out how you designate where the withdrawal is taken from........is it just a case, as with HL, where it's your responsibility to make sure there is enough…
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Inheritance from father's pension - tax position
This discussion was created from comments split from: Inheritance of a pension.
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Pension Audit Advice
Salary: £26,750 Jan 2025 Salary: £30,000 Workplace Pension: 5% me 3% company Value is around 12,000 I am 30 years old Not that impressed with the pension offered in terms of the annual movement it's been very small over the last 12 years of working ! Worthwhile setting up a personal pension? I bank with Lloyds and notice…
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L&G Workplace Pension Funds
I'm currently in the process of deciding whether I should be looking to change the funds my pension is invested in. It's in a 'Lifestyle Portfolio' currently invested in L&Gs 'Diversified Fund'. From what I gathered it will stay in this until 10 years before my proposed retirement date (currently input as 58) and those 10…
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Pension beneficiaries under 18
Hello everyone, I am currently expecting my first child and so have looked in to changing my workplace pensions beneficiary to my child (in preparation!). On the MSE page regarding pension beneficiaries, there is a note: "Important: If you nominate someone under age 18, a pension provider will usually only be able to pay…
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Does this seem an ok strategy?
Hello. I’m retiring in 18 months @ 55. Long term pension requirements are covered by DBs which kick in 60-65 plus SP. I have a DC of £500k to mainly run- down prior to DBs plus top up the DBs 60+ Would appreciate views on fund choice? Would any of you do anything differently? 1) 275k Short term money market (Royal London…