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Pensions, annuities & retirement planning

Archives for September 2008

Maximising Scottish Widows Money Purchase Pension
Hi Just a quick ask. I have been offered a Scottish Widows money purchase pension, through my company. The firm will put in 3% of my annual salary and I have to put in 3%, too. Seems a good way to get a guaranteed 3% to stash away. They have arranged a financial advisor to handle all the admin side of things. Before I meet…
Looking for beginers pension advice
:hello: Hi guys, As the title says, i am looking for some pension advice. I'm just stating to look into it so go easy on me please;) . I am 28 and I own my home with my partner and can pay mortgate and bills no problems and have no other debt(credit cards, car loans etc). Recently i set up a stading order from my current…
NHS Pension.Buying additional years.
I managed to register my intent to buy extra years before the april 08 deadline. I understand that I need to start the 'contract' on my next birthday. How far prior to my birthday should I be contacting them? Also, how do I know if its worth me buying them? I've currently got 7 years worth of contributions and say, another…
Pension rule of thumb: the percentage of gross or net salary?
Hello, I have read with interest the Pensions page of MSE, and I have a small - but somewhat important - question about the pension rule of thumb that follows: Take the age you start your pension and halve it. Put this percentage of your salary aside each year until you retire. What salary is it all about? Gross salary…
Tax Payer Or Not?
Hi All On filling out various applications for bank investments one of the first questions is "Are you a tax payer or not". The reason I ask, my wife works full time and I am on incapacity benefit for which I receive no payment only NI credits. I also have £80,000 in savings in my own account. My question once again is do…
Adult Dependency Increase
My husband reaches retirement age in September 2009. After being made redundant last year he is now self-employed, and is hoping to continue working after then. He may be able to get an increase in his state pension for me as his dependent. Am I right in thinking that with the new pension reforms, if he were to defer his…
Waiver of Contribution, waste of time?
Waiver of Contribution, should i take this out with a pension, or is other insurance better? Thanks
What if Hargreaves Lansdown went bust?
First - I don't expect they will! But it's a question that has occurred to me as I want to start adding more money to my SIPP with them - basically, should I be at all concerned about too many eggs in one basket? HL hold my main pension money in a SIPP, where I can buy and sell funds and monitor it online. But what would…
Now that's an employer pension contribution...!!
Bank of England pension fund... Annual contributions from the Bank to the Court Pension Scheme had been running at approximately 70% of salaries to support pension accrual of active members. Now closed to new employees...so don't apply for a job.
Civil service pension and short term contract
I've just started working for the Civil Service on a one-year contract. I've been sent all the pension literature and I'm not sure about the best options for me in these circumstances. Because it's a short-term contract, I have to go for the Partnership option (rather than Nuvos), but I don't know what to do about which…
Can I transfer a Stakeholder Pension?
Hi, I currently contribute 5% of my salary into a Stakeholder Pension and my employer contributes another 5%. The pension is run by Norwich Union. I've been in the scheme for 4 years. I am about to change job :j and the new company has a Stakeholder pension scheme run by Zurich. I have a couple of questions: 1. Can I…
Teacher pension - confused
This is probably a silly question.... I thought the teachers pension scheme was a final salary scheme. My understanding of final salary schemes is that you get a percentage of your last years work salary. (ie, its better as you are likely to finish at the top of your earnings power.) But.... On the TPS website it says that…
Reverting from married to 2 single pensions?
does anyone know if it is possible to claim a married couples pension and then revert to two single pensions once the other person has also eached retirement age thanks in advance...
SIPP Or Company Pension Plan
Can anyone explain to why you would go down the Sipp route if you have a company pension which allows you to invest in a large number of funds? The reason why I ask is I normally contribute about 16K each year to my own pension through the company scheme This means I do not have to fill in a tax return and it also means…
I don't know what pension fund to switch into
i have an occupational pension and have been 100% in european equity for the past year, today i received my statement and although i have along with my employer contributed £1500 my plan has only increased by £300 (therefore losing £1200 in a year). Should i switch into an alternative fund, and if so what do you suggest?
Pension Companies and Safety
I’ve done a search on this website and looked at the individual company’s website, but can’t find much information, so my question is - With the current financial turmoil in mind, and disregarding individual funds, how safe are pension investments, AVC’s, in the likes of Prudential and L&G? Are these types of investments…
Is it possible to retire with 300k?
could i retire with only three hundred thousand pounds, just say i put it into a savings account with a interest rate of 6%, i would get 18 thousand a year in interest earned (after tax its 14k). Also assume that i already own a house and that i would only spend 12k a year on living costs and i would put the extra 2k…
Should I Take Out A SIPP
I worked in the NHS for 7 years and contributed to the pension scheme. I have now worked in local government for 5 years (in Jan 09) and pay into the pension scheme. I am 38 years old. Should I take out a SIPP to supliment my pensions and if so how much should I contribute per month.
NU won't take an annuity transfer from FP without an IFA?
Hi everyone - newbie here. Got 2 modest private pensions containing Protected/non Protected rights with both - 1 with NU and 1 with Friends Provident. Got my annuity quote from NU and its pretty much bang on with all the comparison tables - all fine. Got my FP quote and its about 30% down on the comparable NU one. Made…
Is my pension safe?
I am currently receiving a pension from Barclays Bank which I took at age 50. If Barclays Bank collapses (heaven forbid!) would my pension be safe and still paid? It is not a large amount but it enables me to work part time which is a bit of a luxury after working full time for 40 years.

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MSE News

Ofgem proposes new 'no standing charge' Price Cap – but Martin Lewis warns vulnerable customers need to be opted in or it won't work
Ofgem has today launched detailed proposals for a major shake up to its Energy Price Cap that dictates the price over 80% of homes in England, Scotland and Wales pay for their energy bills.
Lloyds, Halifax and Bank of Scotland to cut overdraft rates for millions but hike them for others – here's what's happening and full help
If you're a Lloyds, Halifax or Bank of Scotland current account holder, the interest rate you're charged for using your overdraft could change soon as part of a fees shake-up. The Lloyds Banking Group, which owns all three brands, says millions of its customers will pay less after the changes – but a "few" will pay more.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more low-income households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Martin Lewis: At last a chance to fix Council Tax flaws impacting millions – debt collection, difficulty challenging your band, discounts and more
Major flaws in the Council Tax system in England could finally be fixed in future, as the Government has launched a wide-ranging consultation to review hideous debt collection practices, the difficulty of challenging your band, the overly complex and horribly-named Severe Mental Impairment discount and more. MoneySavingExpert.com founder Martin Lewis, who has long campaigned on these issues, shares his response and analysis.
Energy complaints to be dealt with more quickly and Energy Ombudsman to get new powers under Government plans
If you have a complaint about your energy firm, it may be resolved more quickly in future, as the Government has announced a raft of proposals to strengthen consumer protections in the energy market. The planned changes include giving the Energy Ombudsman new powers to force firms to comply with its decisions – but it's still very early days. Here's what we know so far.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Base rate held at 4.25% – here's what it means and when it might be cut next
The Bank of England has held the base rate at 4.25%. Below we explain why, when it might be cut, plus what it means for your mortgage and savings.
Applied for South West Trains 'boundary fares' compensation? Act now to claim it
If you applied for compensation from South West Trains before the deadline in January 2025, you now need to provide your bank details to the claim administrator so it can be paid to you. Here's what you need to know.
Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
All State Pensioners in England and Wales will receive a Winter Fuel Payment this winter, though those who earn over £35,000 will see it clawed back through the tax system. It means nine million pensioners will get the £200 or £300 top-up. Here MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis, and we include answers to your key questions.

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Pensions, annuities & retirement planning

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