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Higher rate tax relief on pension contributions.
Excuse the 'noddy' post but can someone please explain how to work out the amount of tax relief at the higher and basic rates on pension contributions. Example: (this is how I thought it worked) Contribution: £1000 Basic tax relief at 22% = £1000 divided by 0.78= £1282 tax relief if therefore £282? Higher rate relief at…
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Intermittent/variable pension contributions
I am 34 and have one pension which I contributed £250pm into when I first took it out 10 years ago. When I got married and bought a house 7 years ago I reduced this to £30pm. Life (house renovations, children etc) got in the way and I never got round to increasing my contributions due to insufficient free money. I am now…
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Pensions Catch 22
I'm nearly 32 and am only just at a point where I can afford to set some money aside for a pension. As we all know pensions are complicated things so using the site I searched for my nearest IFA. I rang round a few of them to find out what the fees would be to have a consultation to sort me out a pension and the cheapest…
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Pension transfer - Clear steps and charges please
Hi I have the legacy of a couple of company pensions schemes. I am now a contractor. I have contacted IFA and looking through the assessments it looks as though I could be charged thousands for advice based on putting my penison into another scheme. I am at a loss. I want the following 1.) Setup of new pension (best option…
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Two Private Pensions ?
If this sounds confused it is because I am. My husband has 2 pensions with a well known company. Apparently one was frozen during a period there was no spare money and then another started when it was affordable. Same company. I think the FA has been a bit naughty with this (before my time) but that is bye the bye.…
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Police Pension
Retirement from the Police is now only 10 years away and if goes like the last 20 then if I blink I'll miss it. I will only be 48 and up to now the only wise financial move I have made was to buy my own home at 18 meaning my mortgage will be minimal at retirement (combination of endowment/repayment). Apart from a car loan…
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Pension for 8yr old daughter..where to start
I would like to start thinking about this but not sure whether this can be done and if so what options are there? Any help would be appreciated.
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IFA pension advice, what do you think.
I have posted a few times in the past few months discussing my pension options with respect to paying off my mortgage early and optimising my retirement income at 55 (I am 42 now). I decided on taking professional IFA advice (for the first time) due to the enormity of the financial commitment I have made and the…
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Pensions: the trust has gone
From IFAOnline
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Transferring pension
Hi! Wondered if I could have any opinions please?!?! OH is ex-Armed forces, served Sept 1998 to April 2002, he has a preserved pension from this time. He has recently joined the Police and is therefore contributing to his employer's final salary scheme. In order to get his full pension he wil need to serve 35 years with…
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nhs pension advice needed!
Hi everyone I'm hoping to improve my retirement fund, and have recieved some figures about purchasing additional years on my nhs pension At present , if i retire at 65, i will get £10849pa, and a lump sum of £32549 If i buy 1 years additional service, costing £31.63 p.m.(24.67 after tax relief)this will give me an…
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State pension
I am at present on Incapacity benifit and have been for a number of years but I will be 60 soon and wondered what will happen. Will I be better going on my State pension or deffering it and staying on Incapacity benifit?
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Company pension help needed
I am 55 and a civil servant earning £25k pa. From a previous employment I also have a company pension with an investment bank which will pay out £240k lump sum and £35k pa when I am 60. I could do with some money now, to buy a property abroad, and have got quotes for early drawdown of the pension. I have been quoted £183k…
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Pensions how to get money out?
I currently have a stake holder pension and wish to take out the value of the pension. however i am not a retirement age. Can i move this to another type of pension were i can take out the money or will i just have to leave it where it is? can anyone help
