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Author Topic: Pension Changes  (Read 85181 times)

OvaSees

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Re: Pension Changes
« Reply #250 on: 25-10-17, 11:08AM »
« Last Edit: 25-10-17, 11:11AM by OvaSees »

GreenGrocer

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Re: Pension Changes
« Reply #251 on: 25-10-17, 02:13PM »
 :thumbup:

AlexM

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Re: Pension Changes
« Reply #252 on: 01-11-17, 08:32PM »

Duff McKagan

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Re: Pension Changes
« Reply #253 on: 23-02-18, 08:13PM »

notsofunny

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Re: Pension Changes
« Reply #254 on: 23-02-18, 08:36PM »
If and when you leave you will get a letter to say what you can do with you pension pot, which would be the amount you put in and the amount put in by Tesco ,  From what I remember you will get the choice of keeping it with the Pension company ,or transferring it out to another company , (If you have the old ones then be very carful about moving them out) and remember that your fund will be charged for moving out ,, get in contact with the Pension company , the contact details are on the Yearly statement

ZyDer

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Re: Pension Changes
« Reply #255 on: 24-02-18, 09:48PM »
You can transfer your pot to another provider at any time. ( I have checked this)
You also retain the right to be be in the Tesco scheme. (and this)
So, if you don't like the new Tesco scheme - pay the 7.5% in, let Tesco match it, then transfer the pot to a scheme which you do like, every now and then.
Repeat process till you retire or leave.

notsofunny

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Re: Pension Changes
« Reply #256 on: 25-02-18, 12:37AM »
Sorry Zyder can you explain what you mean by( pay the 7.5% in, let Tesco match it, then transfer the pot to a scheme which you do like, every now and then.
Repeat process till you retire or leave.  ??? , and who told you to do this ?

ZyDer

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Re: Pension Changes
« Reply #257 on: 25-02-18, 11:39AM »
You can choose to pay any amount of your wages into the new Tesco L&G pension scheme.
Tesco will match the first 7.5% you pay in - effectively doubling your money.
If you don't like the new Tesco L&G pension scheme, transfer to a scheme you do like.
Nobody told me to do this, it's just a suggestion for maximising your pension pot in a scheme you like.

Duracell

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Re: Pension Changes
« Reply #258 on: 17-10-18, 11:19AM »
Zyder can you tell me when you do these periodic transfers out is there a charge or cost for doing so?
My Opinion is exactly that, Mine.  Based on my view of what I know , see and what I would do.
"Being a rep doesn't make a person right anymore than not being a rep makes a person wrong " 

Duracell.

sunshineman

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Re: Pension Changes
« Reply #259 on: 17-03-19, 01:49PM »

lucgeo

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Re: Pension Changes
« Reply #260 on: 18-03-19, 07:54AM »
When the pension changed I took the whole of the DB pension out and closed it. It was an offer from the pensions, as a "maybe" at that time...after taking advice from another poster on here, I weighed up the options and decided to take the lot out.

Yes I paid a lot of tax for the remaining 25%, but as a part timer, I did get about a 5th back as a rebate at the end of the financial year. It enabled me to upsize my property, whilst remaining mortgage free. It's value has steadily increased, 10% in the last year alone. That's just my story........

Whilst I know it's not an option for everyone, I would bear in mind that on the pittance forecasts for the pension it is insulting, you will pay tax on the pension and it could take you just over the limit for any possible government allowances, when you retire.

I would encourage anyone to take a redundancy protection insurance out, on their mortgage, regardless how secure they think their job is.
Live for today. Learn from yesterday.

sunshineman

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Re: Pension Changes
« Reply #261 on: 17-04-19, 06:24PM »
Hi, not sure if this is off topic or not. I have C O P D, and I took part of my legal and general pension a few years ago as a lump sum. I would like to retire early due to my illness, I have five years until I officially retire and would like to know if I can take the rest of the money from my pension, and if I am allowed to take money from the new pension after the last one closed down.


Expressdude2016

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Re: Pension Changes
« Reply #262 on: 17-04-19, 11:23PM »
As long as you are 55 you can take early retirement with the old pension. The new pension though I think is 60 or 62 as new pensions have to follow government rules. Unlike when the old pension was in the go there is no longer the option of company retiring you early on health grounds and getting pension.

Malridge

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Re: Pension Changes
« Reply #263 on: 18-04-19, 01:25AM »
You can take the new pension at 55, I did it last year.

sunshineman

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Re: Pension Changes
« Reply #264 on: 18-04-19, 11:59AM »

Charlie Harper

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Re: Pension Changes
« Reply #265 on: 18-04-19, 01:23PM »
I can't say I'm 100% sure about the old pension, but the new one you most certainly can. Pensions are very flexible these days. Once you're past the age at which you can access your money, then you're pretty much free to do with it as you wish. Do be reminded however that after you've taken your 25% tax free amount, that the remainder is liable to tax. (If it takes you over your yearly tax free allowance of course).

sunshineman

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Re: Pension Changes
« Reply #266 on: 25-04-19, 01:34AM »
The old pension before they closed it, I took 25% out tax free. Now, today I was reading online that you can dip into your pension pot three times, is this true and if I take another 25% do I have to pay tax on it.

sunshineman

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Re: Pension Changes
« Reply #267 on: 25-04-19, 01:56PM »

Baker1961

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Re: Pension Changes
« Reply #268 on: 25-04-19, 04:37PM »
Here is what I have done this year, I asked for a transfer value of all my pensions, if the amount on each pension is over a set amount you have to seek financial advice.

My old tesco pension is a set amount for life with death and spouse benefits, as I am in good health and have ten years to retirement it makes sense to leave it where it is.  If my health deteriorates and my e c expected life shortens I would transfer out in to a d c scheme.

I did transfer an old pension in to the new tesco scheme and it made in a year in interest 1800, I also changed from the default scheme to a draw down scheme on the legal and general account and I also upped my 7% and tesco match it on salary sacrifice.  I also had a interview with pension wise and checked to see if me and my wife get full state pension you need 35 years of nics, you can also get a free pension check with a financial adviser who will only charge if you take their advice, also check the .gov site for any old pensions you might have lost/forgotten, I found one that turned out to be worth a lot of money.

Shoestring

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Re: Pension Changes
« Reply #269 on: 19-10-19, 08:11PM »

Denbis

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Re: Pension Changes
« Reply #270 on: 19-10-19, 10:22PM »
If a colleague cant afford to pay into plan i totally get it as unless you are high up in management or well off it is hard for most especially part timers. That said we have colleagues in their mid to late 50s in our department that have opted out as they say they will be retiring in a few years anyway. I dont understand this as Tesco match your contribution up to 7.5% so even if you were only in scheme for 1 year surely its still worth it??.

Siwel123

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Re: Pension Changes
« Reply #271 on: 19-10-19, 10:30PM »
I'm curious how much every person is putting into their pension? Ie percentage.

The rule is half your age plus 1 for the percent, but as I'm only 19 then that means only putting in 10% in total, which seems low to me?

Hammer10

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Re: Pension Changes
« Reply #272 on: 20-10-19, 02:30AM »

Denbis

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Re: Pension Changes
« Reply #273 on: 20-10-19, 04:55AM »

wizard

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Re: Pension Changes
« Reply #274 on: 20-10-19, 07:17AM »