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Discounted Gift Trust - question about withdrawals
Hello, My brother and I are equal beneficiaries of a Discounted Gift Trust set up by our mother with an advisor from St James's Place a few years before she died. My brother, as is entirely his right, has made a number of withdrawals from the trust recently to pay for home improvement projects. I have no issue with this at…
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Early Pension and National Insurance Contributions
Hi all I'm hoping to retire in September with a teachers pensions and a drawdown from other pensions. As I will be 7 years away from state pension should I be thinking about National Insurance contributions from September onwards in order to get the full state pension in 7 years? Many thanks Jimmy Jazz.
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NHS/Lloyds/Scottish Widdows missing pension
Hi Everyone My wife was an NHS pension when she started nursing in the late 70’s,In 1989 she was one of many who was advised by Lloyds to leave the NHS pension and move to theirs! Fast forward to 2002, they promised to reinstate her pension in the NHS which doesn’t appear to have happened. They also sorted annuities as…
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Teachers Pension Refunds before 2016
I've requested a refund from the Teacher's Pension Scheme as I didn't qualify for the benefits (less than 2 years service). I received a letter today stating that I can only be repaid for part of the money I put in from April 2016 as, prior to this, the scheme was contracted out and I paid NI contributions at a lower rate.…
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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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Willis Towers Watson - Lloyds - HBOS Final Salary Pension Scheme
I have a pension held by the above. It is a old work pension with the Bank of Scotland who transferred it to Lloyds. It is under the HBOS Final Salary Pension Scheme I turm 55 in October and would like to take 25% in cash, the pension pot has a value of £104k. I have asked Lloyds by email if I can take the 25% but can…
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Capita - Hacked
I see pension companies have been warned to check whether data was stolen during the Capita hackhttps://www.bbc.co.uk/news/business-65443841 The hack apparently went on for 9 days at the end of March, and while the Guardian indicates only 4% of Capita's IT was affected…
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Best way to buy a house
55 later this year, currently employed earning 42k a year, job safe. Have no real savings as such, have circa 500k in a few sipps, currently got about 1100 going into workplace pension per month most of which paid by employer. Always rented, been paying child support for a long time, just ended. Lot of decisions to make…
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Sal Sac or Net Contribution.
Hi, hoping for some opinions on this one as im not too hot on pensions!. My company have today sent the below to a number of employees, due to the NMW increase and the fact they wont give pay rises (last one 10 years ago) they have said i dont earn enough to qualify now for sal sac scheme. Does anyone know how this will…
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ii crystallisation and maximum tax free amount if pot above old LTA
FYI - if like me your pension pot is greater than the old LTA limit and you crystallise and take the maximum tax free amount; their may well be a delay against their normal processing times in getting your money (as has happened with me), their processes don't seem to have adjusted smoothly to the new rules.
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Help understanding old pension plan
I have a family member who is paying into a personal pension plan since 1994. Back then it was called the Pearl Prosperity Pension Plan. It’s now with Phoenix Life, and called Prosperity Pension Plan unit-linked. The pot is around £90k. The fund it’s in is the Phoenix Pearl Pens Mixed. Mostly in ‘accumulation units’ and…
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What happens if you straddle pension age increase?
On 6th April 28 minimum pension age increases to 57. My DOB is Oct 71. If I start accessing a DC pension from Oct 26 (age 55) can I continue? Or on 6th April 28 (age 56) will there be limits on how I can access my pension? What are the guidelines? I'm thinking I would be able to access crystallised funds in a drawdown…
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Pension advice needed please!
I hope someone can help me. Im in the enviable position of having an old defined contribution pension and a live defined benefit pension with the NHS. I would like to use the defined contribution pension to settle some debts and lend it to my daughter for a house deposit. If I was to cash in the old pension in total, would…
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Tax on one-off SIPP withdrawal
My wife is 55 and a non-taxpayer. She will start to draw a DB pension at 60 that's just over the current personal allowance. She also has roughly 60k in a SIPP and we intend to withdraw that over the next 4 tax years to use her PA and therefore take it all out tax-free. The proceeds will go into her ISA. So later this week…
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Cashing in pensions
My husband has a workplace pension with the company he works for. He also has an old pension with a company he previously worked for years ago and we were wondering if he cashed the older pension in, would it affect any state pension he might get?
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It's time to start digging up those Squirrelled Nuts!!!!
Hi Everyone and welcome to my new thread. Original thread can be found here... https://forums.moneysavingexpert.com/showthread.php?t=5631875 As you may know, DH has already finished work and I am also due to finish in 3 weeks time :j:j. We hope that our FIRE pot is now enough (our IFA seems happy!)...and so I have made the…
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Teachers' Pension Scheme: Rollback Choices (Faster Accrual)
Is anyone good enough to offer some analysis? Not financial advice, but observations that might be useful to anyone in the pension schemes impacted by the McCloud and Sargeant cases, and who opted for Faster Accrual (FA) or similar flexibilities. Quite a few of these letters must just have gone out to teachers, and there…
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Vanguard Account Fees Cap - Where paid from - ISA/Pension?
My pension has just been transferred to my Vanguard SIPP and due to the total account value now I will benefit from the £375 pa cap on 0.15% account fees. As per the title does anyone know how this is calculated and where the fee is taken from if you have multiple accounts with them? If the SIPP is above the cap amount on…
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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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How long does it take the survivor to receive the widow pension?
Hello, My friend's husband retired 6 years ago and they moved to another country. Yesterday he died after a fall. They don't have children together but he had two adult children from his previous marriage. My friend doesn't know whether he had a will but he used to say he would leave everything to the survivor. My friend…