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Pensions
Jun 8, 2021 5:57:37 GMT
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Post by questionable on Jun 8, 2021 5:57:37 GMT
I’m at the age now where I can access my deferred pensions, still in employment but want to try and help my children financially if at all possible.
Contacted my deferred pension providers/DWP and provided with figures etc (took a full day) as I was told after speaking to the Government Pensions Matter Helpline I would need all the figures prior to the hour long phone call whereby I’d get all the advice I would need.
Basically told nothing I didn’t already realise other than if I was to access my deferred pensions early I’d need to ask if I would be charged as my pot might be transferred into another type of scheme they provide, but repeatedly told to get a financial adviser before making any decisions, all in all not a pioneering bit of advice given the importance of the matter.
Long gone are the days where you stop with one employer, get your watch/hand shake then off you go.
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Post by raythesailor on Jun 8, 2021 9:04:06 GMT
Correct financial advice is the proper recommendation.
It is a complex subject with many non black and white answers.
There are tax implications as well as longer term financial planning.
If you have several small funds from previous employments drawing one is an option as is also transferring them into one fund.
Again I emphasise proper advice is essential and beware there are sharks out there.
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Post by dexta on Jun 8, 2021 9:12:10 GMT
Pointless having one my old man and old dear worked all there lives dad down pit mum on potbank.. As soon as they began to get ill health they had to pay for everything walk in showers stair lifts etc.. No help of the authorities what so ever if they had been unemployed all there lives would of got it all done for nothing and would of got a lot more help with benefits.. Cause they worked all there lives and saved some money they got hardly no benefits.. We don't look after all the old ones who have worked for this country all this government does is take it of them
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Post by chuffedstokie on Jun 8, 2021 11:14:23 GMT
Correct financial advice is the proper recommendation. It is a complex subject with many non black and white answers. There are tax implications as well as longer term financial planning. If you have several small funds from previous employments drawing one is an option as is also transferring them into one fund. Again I emphasise proper advice is essential and beware there are sharks out there. Couldn't agree more ray. Going through this very process at the moment. Pulling together three separate policies, taking a tax free lump sum and re investing the remainder into one fund. No way could I have done this without the invaluable help of the lady from the Prudential. There'll be a very modest and reasonable commission to pay but god it's worth it. I'll still have to work until retirement age but with knowledge and without a headache.
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Post by Robo10 on Jun 8, 2021 11:28:52 GMT
I work for Royal London (6 years) and am in my mid 40s so its started to get my attention a lot
Our scheme there is excellent (as you would expect from a Pension provider!), but I also have 3 other small pots from my time at Singlepoint and Vodafone - I keep meaning to transfer them all into my RL pot but am waiting for all the post Covid/Brexit stock market recovery to get the best prices/value
I will deffo be taking advice though from a trusted advisor in our town, despite working there none of the guys in the call centres can give you advice, it has to be independent, or you can make the decision on your own which means all the risk is on you!
I work in IT so not really involved in the operations stuff - they talk about drawdowns, income release and all sorts of terms that I really don't (but should!) understand, but probably the same as me talking about SQL and databases to them :-)
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Post by lancashirelad on Jun 8, 2021 11:42:47 GMT
Correct financial advice is the proper recommendation. It is a complex subject with many non black and white answers. There are tax implications as well as longer term financial planning. If you have several small funds from previous employments drawing one is an option as is also transferring them into one fund. Again I emphasise proper advice is essential and beware there are sharks out there. That is the main point. Proper advice from a competent advisor. It may cost you initially a bit of money but the benefit later is worth it. One of my previous employers i know several pension members have in their mid 50s plus have seen an independent Fin Adv whom have combined previous small pension pots with their existing one and several months later due to the latest rules (2016 onwards) plus good company pension are taking early retirement. Also re read original op others have accessed their previous pots and taken them early whilst staying with existing employer and in the employer scheme, also via IFA advice.
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Post by lancashirelad on Jun 8, 2021 11:54:02 GMT
Pointless having one my old man and old dear worked all there lives dad down pit mum on potbank.. As soon as they began to get ill health they had to pay for everything walk in showers stair lifts etc.. No help of the authorities what so ever if they had been unemployed all there lives would of got it all done for nothing and would of got a lot more help with benefits.. Cause they worked all there lives and saved some money they got hardly no benefits.. We don't look after all the old ones who have worked for this country all this government does is take it of them Sorry to hear about your experience but i also one of my parents had a small pension in their case lost them entitlement to benefits others got but that is the system and works for many. Having that extra pension can also give you more options in life. In my case as a power of attorney i had to sell their house use their pension to pay for care home whilst most of the other residents had it paid by local authority.
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Post by flea79 on Jun 8, 2021 12:09:29 GMT
Pointless having one my old man and old dear worked all there lives dad down pit mum on potbank.. As soon as they began to get ill health they had to pay for everything walk in showers stair lifts etc.. No help of the authorities what so ever if they had been unemployed all there lives would of got it all done for nothing and would of got a lot more help with benefits.. Cause they worked all there lives and saved some money they got hardly no benefits.. We don't look after all the old ones who have worked for this country all this government does is take it of them agreed with this one my old nan worked very hard all her life and had a council house that she purchased in the end, raised two young children on her own with the help of her two elder ones aafter my grandad was knocked off his bike by a truck and killed in the late 50's (remember this its important) she did well until her 90's when she had a fall and dementia set in and my mum and her sister tried to care for her but it was too much so into a home she went, this was of course means tested and we knew that the house would be an issue what we didnt realise was she had a significant compensation payout from her husbands death that she had never touched and had gained huge interest in the proceeding 50 years.... the old goat had been living like a pauper all her life and she was bloody wedged! not really sure how this ties in but it seemed a good tale! in fairness if she hadnt had the money put away she would still have lost the house that she had worked so hard for all her life, she carried on cleaning into her 70's it doesnt seem fair at all, my great aunty was a bit of a good time girl who always rented and spent all she had and just had a good time in life (often with the foreman from Crewe works, his wife never caught them) when her time came to go into a home everything was paid!
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Pensions
Jun 8, 2021 12:09:47 GMT
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Post by questionable on Jun 8, 2021 12:09:47 GMT
Prudential a good company to deal with then??
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Pensions
Jun 8, 2021 12:15:27 GMT
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Post by Deleted on Jun 8, 2021 12:15:27 GMT
Pointless having one my old man and old dear worked all there lives dad down pit mum on potbank.. As soon as they began to get ill health they had to pay for everything walk in showers stair lifts etc.. No help of the authorities what so ever if they had been unemployed all there lives would of got it all done for nothing and would of got a lot more help with benefits.. Cause they worked all there lives and saved some money they got hardly no benefits.. We don't look after all the old ones who have worked for this country all this government does is take it of them That's all well and good, but have you seen the State Pension income? What is it, £670 per month? Who the hell can live comfortably on that, even factoring you'll have no mortgage by that stage? It's paltry.
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Pensions
Jun 8, 2021 12:22:33 GMT
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Post by chuffedstokie on Jun 8, 2021 12:22:33 GMT
Prudential a good company to deal with then?? In my experience, yes. But then again I haven't had real in depth dealings with others. I had all options explained clearly in terms I could understand and all decisions moving forward are mine. I could have jumped ship at any time but no need to.
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Pensions
Jun 8, 2021 16:41:09 GMT
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Post by wilcopotter on Jun 8, 2021 16:41:09 GMT
Pointless having one my old man and old dear worked all there lives dad down pit mum on potbank.. As soon as they began to get ill health they had to pay for everything walk in showers stair lifts etc.. No help of the authorities what so ever if they had been unemployed all there lives would of got it all done for nothing and would of got a lot more help with benefits.. Cause they worked all there lives and saved some money they got hardly no benefits.. We don't look after all the old ones who have worked for this country all this government does is take it of them Sorry to hear about your experience but i also one of my parents had a small pension in their case lost them entitlement to benefits others got but that is the system and works for many. Having that extra pension can also give you more options in life. In my case as a power of attorney i had to sell their house use their pension to pay for care home whilst most of the other residents had it paid by local authority. My Dad recently passed away and I/we had exactly the same experience.
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Pensions
Jun 8, 2021 17:01:23 GMT
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Post by iancransonsknees on Jun 8, 2021 17:01:23 GMT
Regarding the benefits mentioned it's probably changed I great deal since I worked with people to access DFGs or loans etc but the best advice I can give is if you're entitled, even to 50p a week take it. Once you've got it then doors that are otherwise shut start to open for you.
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Pensions
Jun 8, 2021 17:43:12 GMT
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Post by dexta on Jun 8, 2021 17:43:12 GMT
Pointless having one my old man and old dear worked all there lives dad down pit mum on potbank.. As soon as they began to get ill health they had to pay for everything walk in showers stair lifts etc.. No help of the authorities what so ever if they had been unemployed all there lives would of got it all done for nothing and would of got a lot more help with benefits.. Cause they worked all there lives and saved some money they got hardly no benefits.. We don't look after all the old ones who have worked for this country all this government does is take it of them That's all well and good, but have you seen the State Pension income? What is it, £670 per month? Who the hell can live comfortably on that, even factoring you'll have no mortgage by that stage? It's paltry. youhave completely lost me fella
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Post by dexta on Jun 8, 2021 17:46:55 GMT
When my old dear passed away she had made a will etc.. But it had to go to probate which cost a few thousand to sort out its all bollocks work all your life and the bastards want your money when you have passed away wankers
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Pensions
Jun 8, 2021 17:47:19 GMT
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Post by questionable on Jun 8, 2021 17:47:19 GMT
Pointless having one my old man and old dear worked all there lives dad down pit mum on potbank.. As soon as they began to get ill health they had to pay for everything walk in showers stair lifts etc.. No help of the authorities what so ever if they had been unemployed all there lives would of got it all done for nothing and would of got a lot more help with benefits.. Cause they worked all there lives and saved some money they got hardly no benefits.. We don't look after all the old ones who have worked for this country all this government does is take it of them That's all well and good, but have you seen the State Pension income? What is it, £670 per month? Who the hell can live comfortably on that, even factoring you'll have no mortgage by that stage? It's paltry. State pension is £179.60 per week mate
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Pensions
Jun 8, 2021 20:41:23 GMT
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Post by Deleted on Jun 8, 2021 20:41:23 GMT
That's all well and good, but have you seen the State Pension income? What is it, £670 per month? Who the hell can live comfortably on that, even factoring you'll have no mortgage by that stage? It's paltry. State pension is £179.60 per week mate So £778 per month. You can't live on it either way.
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Pensions
Jun 8, 2021 20:42:59 GMT
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Post by Deleted on Jun 8, 2021 20:42:59 GMT
That's all well and good, but have you seen the State Pension income? What is it, £670 per month? Who the hell can live comfortably on that, even factoring you'll have no mortgage by that stage? It's paltry. youhave completely lost me fella You said it was pointless having a pension. I'm pointing out that not making a separate provision means you risk living in poverty in your old age.
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Pensions
Jun 8, 2021 20:49:49 GMT
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Post by questionable on Jun 8, 2021 20:49:49 GMT
youhave completely lost me fella You said it was pointless having a pension. I'm pointing out that not making a separate provision means you risk living in poverty in your old age. Pisses me off as they keep increasing the pension age.
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Pensions
Jun 8, 2021 20:52:36 GMT
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Post by Deleted on Jun 8, 2021 20:52:36 GMT
You said it was pointless having a pension. I'm pointing out that not making a separate provision means you risk living in poverty in your old age. Pisses me off as they keep increasing the pension age. Yeah. 68 I think for me. The job I do, I just can't see myself doing it at 68, which is a concern. So, considering options that mean I won't have to think about it!
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Post by phileetin on Jun 9, 2021 8:21:41 GMT
theres always things like attendance allowance which a lot of folks could qualify for which can be used to supplement the pension. the basic amount is about £60 a week the hogher amount is about 90 a week. not a lot but every little helps.
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Post by neworleanstokie on Aug 3, 2023 15:41:45 GMT
Has anyone bought national insurance years to qualify for the the 10 years minimum? I checked on-line and was shocked to see I had 5 "full" qualifying years even though I left the UK in 1989 when I was only 23. As I'm allowed to "buy" 5 full years I maybe able to hit the minimum qualification of 10 years and collect a reduced UK pension at 66. Seems almost too good to be true as the "top up" would be <£5,000. Putting in a call to the Future Pensions Dept tomorrow.
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Pensions
Aug 3, 2023 16:11:39 GMT
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Post by swampmongrel on Aug 3, 2023 16:11:39 GMT
Has anyone bought national insurance years to qualify for the the 10 years minimum? I checked on-line and was shocked to see I had 5 "full" qualifying years even though I left the UK in 1989 when I was only 23. As I'm allowed to "buy" 5 full years I maybe able to hit the minimum qualification of 10 years and collect a reduced UK pension at 66. Seems almost too good to be true as the "top up" would be <£5,000. Putting in a call to the Future Pensions Dept tomorrow. Yes. I did this. It’s an unbelievable benefit really and surprised it hasn’t been closed. NICS 2, I think, are the ones that apply if you’re overseas. Depending on your age and whether you might move back to the UK etc I think it’s worth buying as many years as possible up to the 35 required to qualify for full state pension. If I recall correctly there was some change in the rules recently on how many years back you could go. You’ll be able to buy another 11 years (given your age) on top of those already accrued and anything that you can buy in arrears, so to speak. You’ll have started accruing from the age of 16 whilst you were in full time education.
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Post by neworleanstokie on Aug 3, 2023 16:38:26 GMT
Has anyone bought national insurance years to qualify for the the 10 years minimum? I checked on-line and was shocked to see I had 5 "full" qualifying years even though I left the UK in 1989 when I was only 23. As I'm allowed to "buy" 5 full years I maybe able to hit the minimum qualification of 10 years and collect a reduced UK pension at 66. Seems almost too good to be true as the "top up" would be <£5,000. Putting in a call to the Future Pensions Dept tomorrow. Yes. I did this. It’s an unbelievable benefit really and surprised it hasn’t been closed. NICS 2, I think, are the ones that apply if you’re overseas. Depending on your age and whether you might move back to the UK etc I think it’s worth buying as many years as possible up to the 35 required to qualify for full state pension. If I recall correctly there was some change in the rules recently on how many years back you could go. You’ll be able to buy another 11 years (given your age) on top of those already accrued and anything that you can buy in arrears, so to speak. You’ll have started accruing from the age of 16 whilst you were in full time education. Really appreciate the advice, totally agree, I'll buy the 5 years then continue to contribute every year until I retire if permitted.
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Pensions
Aug 3, 2023 16:45:57 GMT
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Post by musik on Aug 3, 2023 16:45:57 GMT
When my old dear passed away she had made a will etc.. But it had to go to probate which cost a few thousand to sort out its all bollocks work all your life and the bastards want your money when you have passed away wankers I did the probate together with my mother 20 years ago after my father passed away, and now last year I did the probate after my mother died, all by myself, so the probate itself didn't cost me and my brothers anything, apart from some copying costs and present cards to the witnesses. In Sweden, if there are debts and at the same time money or something of a value left, they'll take it. Worst have been all the different companies and authorities involved you need to contact. The year she died she paid a couple of thousand SEK in taxes (£170). When me and my brothers cancel the bank account in a week from now it's going to take the bank more than 6 months to distribute the 2200 (£170) among the three of us. In March 2024. Glad she didn't have a business. If so you have to deal w our Tax authority for 4 years afterwards. I read about funeral costs. In Finland a standard funeral often costs about 150.000 SEK (£11500). My God! In Sweden apparently 80000 SEK (£6000). But we had a nice funeral in church with flowers, music and all for about 25000 SEK (£1900). We made and printed our own funeral cards, brought the flowers ourselves et cetera.
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Post by lawrieleslie on Aug 3, 2023 19:05:18 GMT
About 5 years ago my Mrs did a state pension forecast and found she was about ten years short of full NI contributions. She phoned HMRC with the intention of determining how to buy back the missing years. A really helpful young girl took her details and casually asked if she had any dependent children or grandchildren. My Mrs said no to the children but she stated that she had been looking after our grand kids when they were very young and also before and after school and taking them and collecting them. She had been doing this continually since 2005 first with my grand daughter then grandson to enable my daughter to continue her teaching career and my son in law to run his fruit & veg farm business. Long story short, after much form filling by her and my daughter she was able to claim back the missing NI contributions and is now in receipt of full state pension considerably more than her forecast those years ago. The girl to whom my wife spoke to said to tell friends about this little known NI catch up scheme because few people take advantage of it and are sold short when due state pension.
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Pensions
Aug 3, 2023 19:19:43 GMT
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Post by musik on Aug 3, 2023 19:19:43 GMT
State pension is £179.60 per week mate So £778 per month. You can't live on it either way. Is this for a married person? It was less is Sweden, married or not, when this was posted in this thread in 2021. Still a little little bit less in Sweden. And we have a bit higher living costs. But no matter what, it's tough in both countries. Called "poor pensioners" here, and we have more than a million of them now. 10% of the population.
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Post by salopstick on Aug 3, 2023 19:23:40 GMT
Me and my mrs got 22 year military pensions. I’ve also got 7 years additional military pension at 65.
It nearlly cost us our marriage but we are glad we did what it takes to complete the full career.
I’d recommend it to any young person with no focus in life
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Post by lawrieleslie on Aug 3, 2023 19:41:19 GMT
When my old dear passed away she had made a will etc.. But it had to go to probate which cost a few thousand to sort out its all bollocks work all your life and the bastards want your money when you have passed away wankers I did the probate together with my mother 20 years ago after my father passed away, and now last year I did the probate after my mother died, all by myself, so the probate itself didn't cost me and my brothers anything, apart from some copying costs and present cards to the witnesses. In Sweden, if there are debts and at the same time money or something of a value left, they'll take it. Worst have been all the different companies and authorities involved you need to contact. The year she died she paid a couple of thousand SEK in taxes (£170). When me and my brothers cancel the bank account in a week from now it's going to take the bank more than 6 months to distribute the 2200 (£170) among the three of us. In March 2024. Glad she didn't have a business. If so you have to deal w our Tax authority for 4 years afterwards. I read about funeral costs. In Finland a standard funeral often costs about 150.000 SEK (£11500). My God! In Sweden apparently 80000 SEK (£6000). But we had a nice funeral in church with flowers, music and all for about 25000 SEK (£1900). We made and printed our own funeral cards, brought the flowers ourselves et cetera. When Dad passed me and my sister did everything. Applying for probate was easy and cost around £170. We had to close. his bank accounts and set up an executors account at the bank and collect all the money in from his accounts and investments etc, before applying for probate. Got sworn in as executors at an oaths solicitor once probate was granted we cleared a few debts and that was it really quite easy. I would think that if properties are involved it’s more complicated.
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Post by lawrieleslie on Aug 3, 2023 19:44:54 GMT
Me and my mrs got 22 year military pensions. I’ve also got 7 years additional military pension at 65. It nearlly cost us our marriage but we are glad we did what it takes to complete the full career. I’d recommend it to any young person with no focus in life This for definite Al. I did 34 years and get full AFPS75 pension. You must be on AFPS2005 to have a deferred additional pension.
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