-
New pensions for existing pensioners
Hi, My other half and I have taken early retirement and are drawing our final salary pensions. We are under state retirement age and we are both paying a slight amount of tax on both these pensions.:( In light of the budget announcement regarding accessing pension pots, would it be possible/advantageous for us to start new…
-
Question regarding higher rate tax relief on pension contributions
Hi, I just wondered whether you can claim higher rate tax relief for tax paid in the previous year. I stopped paying in to my private pension 10 years ago and it is now considered paid up and cannot accept any further payments (current value around 50K). This year I will be paying higher rate tax and am thinking that it…
-
PCSPS - Added Years advice.
PCSPS - Classic joined 1988 In 1994 I entered into a contract to buy two and a bit years pension by making payments to direct purchase added years, the cost of this extra pension was calculated into monthly instalments from 1994 through to my then Normal retirement age of 60 (2026). My classic pension will be frozen from…
-
panic at no pension
Am 43, hubby 50 with no pensions set up. We have both always worked with no gaps . My company will give 3% match up, i earn £15k. Can afford to put in more. Please sensible advice. What sensible to add in, i can live cheaply but deffo not on £110, if State Pensions even exists then!!
-
Even more confused what to do now!
Bit of a late starter here with pensions etc - since I last posted for advice there seems to be a lot of changes made re. pensions so am just looking for up to date advice please. I will be 43 this year and have no pension as such. (well one that will pay me £100 per year when I retire with Scottish Life, so not worth…
-
can anyone answer this please.
If someone has a pension pot of just under 30k from a previous employer is he allowed to take this as cash. Age 57. Thanks for any help.
-
can you tell me please what this means in simple words?
hello can you tell me please what this means in simple words? http://uk.finance.yahoo.com/news/budget-2014--the-biggest-shake-up-of-british-pensions-since-1921-180900360.html thanks!
-
What now for Final Salary, Defined Benefit and Public Sector pensions?
Yesterdays changes were just for Defined Contribution pensions but they have opened up a whole new can of worms for Final Salary, Defined Benefit and Public Sector pensions. Why shouldn't people in funded Final Salary or Defined benefit schemes have the same opportunities as people in Defined Contribution schemes? The real…
-
Probably not possible but....
just wondered if anyone thinks there is any chance that the Prudential will allow me to take a full and final settlement of my AVCs even though I have been in receipt of them for two and a half years. I paid into AVCs when I was teaching but not for very long. When I retired I got a lump sum of around £1200 from them but…
-
Flexible Drawdown - Death Benefits
I currently have a stakeholder pension plan and want to move it to a SIPP and put it into Flexible Drawdown. The bit I can't get my head around is death benefits. Just say, for the sake of an example, that I have 100K pot and I tick all the boxes to satisfy the Flexible Drawdown criteria. Just say, for the sake of an…
-
Annuity Help Please
I have a small annuity worth 20k and have literally sent off the paperwork this week to take the 5k cash and the rest in a small annuity. But because of the new budget, does this now mean I could now take the whole 20k? If so, would it be too late to ask for this? It would be a welcome amount to pay off some of the…
-
Redundancy & new pension rules
I am being made redundant & expect a final amount of approx 70k. Hopefully I will find work after this & therefore potentially a tax bill of 40% of 70-30=40k. I am 53 years of age. Over the years I have accumulated 3 pension pots. An old private contracted out plan, a DB plan from a previous employer & my current employers…
-
Prudential pension - new rules questions
Hi, My brother has a personal pension with prudential. He is 55 in a few months time. The pot has around 36k in it. Before yesterday, we knew the max he could take out was 25% tax free. However we are now unsure on what to do now. He wants to have access to all the cash as he is looking to use it towards buying a property.…
-
NI Conts
Are these payable on a company pension if the recipient is under state pensionable age? OH is retiring shortly and is under 60 yrs old.
-
pension drawdown decision
So many people posting questions following the budget, I suppose I shouldn't be disappointed that I didn't get an answer to mine. Maybe I made the question too complicated. Anway, I have made a decision so I am removing the question. In summary I decided - a bird in the hand is better than something that may happen next…
-
Need to start something asap
So I'm 34 and have no pension and know I need to get cracking on something. Must admit I'm geting depressed about the whole thing and scared I've left it too long. Say I'm on £40k a year which equates to £3,333 per month before tax and NI. If I pay in 5% and my company pays in 5% am I correct that my 5% (166.66) is taken…
-
Increase in pension age from 55 to 57
Hi, Does any one know the date on which the pension age will increase from 55 to 57 for personal pensions, or if it will gradually phase in? Supposing the cutover date is 05/04/2028 and I turn 55 on 02/04/2028, does that mean I'd have a 3 day window to retire? If I decided not to start drawing my pension within those 3…
-
cash in AVC?
I have Scottish Widows AVC via Civil Service Pension with a value if £13k. Following Budget 2014 can I draw down and invest it elsewhere? My last statement indicated a pittance at age 60! Us the money better under the matress?
-
Investing in my wife's pension?
Can anyone fault my logic here: I would retire in about 4 years aged 60 but I want to carry on investing in my SIPP at the rate of £28k (topping up from my DB pension up to the £40k max pension tax relief cap). My wife however doesn't invest that much in her pension (she is also a 40% tax payer), she is 44 so could access…
-
Cashing in pension whilst in IVA
First may i appologise if this is not relevant on this board. My husband is currently 2 years into a 5 year IVA.We survive on my state pension ,his miniscule private pensions (£27 per month and yearly £200 pension) and pension credit. Next year he is due a pension which has been in a freedom bond for many years.The pot…