Pensions, annuities & retirement planning

Archives for February 2010

Just retired at 60 years old
I would like to ask: 1. Just retired in October 09 2. I am still working around 38/hrs a week under a P/T contract(20/hrs contract). 3. I have been with the same company for the last 4 years in which I have been promoted with no additional contract but can be seen on the wageslips (increase salary). 4. I have been…
IVPP - Immediate Vesting Personal Pension
What do people think of IVPPs? Basically, after tax relief and tax free lump sum you pay £1833 to receive an taxable income of £148 per annum for life? For a basic rate tax payer this would be about £120 per annum. I anticipate answers along the lines of, 'its not index linked', 'the lump sum has gone' and so on. Cheers fj
Phoenix Personal Pension Query
Please could someone check these figures out they don't make any sense to me. A few weeks ago I received a letter stating the value of the plan would be £14491.71 (subject to change on the 18/022. I opted for the whole amount to be paid to me. I worked it out 14491.71 3622.92 minus 25% tax free lump sum = 10868.79 2173.75…
AVCs and tax benefits
I have taken advantage of a phased retirement for teachers and pay AVCs from my first salary. This gives me tax relief at 20%. However with my pension income, this pushes me into the higher tax bracket with the 2 combined. If I increased my AVC payments could I now expect this to give me a 40% tax benefit?
Pensionable Earnings
I realise this will be elementary to most, but could anyone please advise why the pensionable earnings figure is lower than my annual salary. I have been doing variation, such as subtracting bonuses and overtime, and still I cannot get the figure to match up to anything.:(
new personal pension at sixty
Hi I've just turned sixty I have a small personal pension which I am recieving a small income now, I am still at work self employed with an income , Thinking about taking a personal pension out now until I'm 65, Is this correct on the payments into the persion I recieve tax relief at 20%, At 65 I can claim 25% tax free…
Moving company pension into personal plan?
I had a company pension for 2 years, which was contributed to equally by the company. I think I only paid around £1,200 into it and matched that would be £2,400 but the fund now stands at around 3 times that amount. I am currently self employed so I would either like to extract the money and use it or put it into a…
OAP & Still Working with Pensions Query
Hi everybody, I've just got off the phone from my Mum who is spitting mad as she has just received a letter from the Tax Office saying her tax code is now going to be D0 and that she will have to pay 40% tax on all of her earnings as a Practice Nurse. She is 77 years old and works part time. Her part time earnings before…
Retirment Plan
I wonder if somone can help me here.... The employer I worked for before being made redundant at the end of the year set up a 'retirment ''savings'' plan'. with Fidelity. The terms indicate that funds cannot be taken from this account untill I am 50 yrs old (couple of years to go) However due to being unemployed at the…
Defered pension
Hi, could anyone tell me if there's any advantage to defering the state pension? Husband is 65 in April, but we don't know how it works, or how much extra he would get on the basic state pension if he defered it for say a year. Also, I'm 60 now, no pension in my own right, so will he get pension for a married couple? Hope…
Would an impaired life Annuity be applicable?
Theoretical question.......... Husband has a SHP and is about to vest his pension Husband's health is fine/perfect Wife's health is poor, number of significant conditions If a joint life annuity was appropriate could the couple qualify for an impaired life annuity? Is it something that exists and could be based on the…
RITAs
Am about to retire and checking out various annuities, someone mentioned a RITA, does anybody know whether these are a good idea and what the downsides are.
Is Salary exchange a good thing???
I am 36 years of age and have an annual income of £21000. My work have recently announced that they are introducing the 'salary exchange programme'. Is this a good thing for someone my age to do??? Thankyou in advance.
Single -£300000 in pension pot, what happens in death
A friend has a £300000 pension pot, 64 and about to do something with it. he plans to take 25% lump sum What happens to this when he dies to the rest ? he is single and has no dependencies, does the pension pot die with him or can he pass it on ?
Payflex
Hello, I've just had an e-mail at work to say that our Pensions office are introducing Payflex. No details or anything. In case its something that only I haven't heard of can anyone enlighten me before I e-mail them ? Thanks Robson
Savings Credit
I wonder if someone could please explain to me just exactly what this means...............I have rung the pension credit phone line but could not understand what they were talking about it sounded so confusing. Thankyou in advance.
Pension Contributions Tax Relief Limits
I am a basic rate tax payer nearing retirement paying regular contributions into the Legal & General Group Personal Pension Plan and I wish to put in a lump sum to take full advantage of tax relief before the end of the 2009/2010 tax year. Contributions are paid net, and L&G claim back from HMRC to gross them up. I thought…
Pension Coding notice and self employed
My husband reaches 65 just before the end of March and already has an annuity for which he has a tax code and he does not intend to work after April. I am thinking that it might be best to defer the government pension for a few months so that his tax is settled. We will do the self assessment as soon as it is available for…
Pension shortfall
I have full pension contributions, but for a couple of years (through no decision that I made) I was opted out of the N.I. scheme into a private pension. When I changed employment I was reinstated into the government scheme and my private pension frozen. Now that I have retired the difference between my private pension and…
Seeking similar cases for potential justice pension campaign
Any pension experts out there............. basically my mother received a pension forecast to advise she will be receiving only 19pence per week when she retires! THIS IS LUDICROUS! She was born in 1952 and worked continuously since the age of 15 to the present day. She married my father in 1971, She had 4 children and…

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