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12 Mar 19, 11:41 AM |
#1
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VIP Dibber
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pension lump sum update post 30
a few years back I worked for a company that had a pension . I was getting updates every year. This year I turn 55. I got a letter askeding if I like to take the lump sum know or wait until I am 65 . I don’t know what my futher holds so might just take the lump sum and blow it all on wine women and song
ONLY KIDDING ABOUT THE SONG
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other places we been ALL sorts trip 2017 2019 trip report the 3 and a half day All my trip reports I joy Edited at 09:37 AM. |
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12 Mar 19, 07:51 PM |
#2
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Imagineer
Join Date: Feb 08
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Can you remember how much you paid in? Ask for a quote on how much both the lump sum and annual pension will be? Remember too that there may be tax implications. I think you need to get some qualified advice, look on the government website gov.uk/pensions-advisory-service or moneyadviceservice.u...and-retirement
I have an old pension pot worth around £40k which only gives me a pension of about £2k a year, I will be taking it as a lump sum as who knows what £50 a week will buy in 10-12 years time but I'm NOT qualified, this is MY decision! Good luck and enjoy the wine, women and song
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12 Mar 19, 07:59 PM |
#3
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Imagineer
Join Date: Oct 09
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A bird in the hand is worth two in the bush.
Disney332
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12 Mar 19, 08:03 PM |
#4
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Imagineer
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I think you can take 25% of your pension pot from age 55, but if you don't I think you get take it anytime after that age you don't then have to wait till 65 to take it. Someone will probably be along to advise you,TP Spill is usually well up on these things.
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12 Mar 19, 08:08 PM |
#5
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Imagineer
Join Date: Feb 08
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If it is under a certain amount you can take the whole lot, the 25% is the max tax free bit.
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12 Mar 19, 08:09 PM |
#6
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Imagineer
Join Date: Jul 10
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12 Mar 19, 08:44 PM |
#7
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Imagineer
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12 Mar 19, 08:55 PM |
#8
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Imagineer
Join Date: Oct 09
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Small pot rule
Up to 3 pensions...no more than 10k each Disney332 Otherwise..triviality... a much more difficult concept to explain
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Edited at 08:58 PM. |
12 Mar 19, 09:02 PM |
#9
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Imagineer
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DH has a small one of around £15k. Will pay out £550 a year.
He's 55 next year and we're hoping we can cash the whole thing in and get a kitchen. Not sure what we'll use but a kitchens worth more to me now than £500 a year in 10 years time.
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12 Mar 19, 09:10 PM |
#10
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Imagineer
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