-
Final Salary Pension
I am 53 years old and having just been made redundant with 31 years pension subscriptions into a 40 year final salary scheme is it wise to cash in my pension now. I have been told I can take 3 options 1. cash of approx £93k + £14k per year. 2. pension only of £18.5k 3. bridging pension lump sum of £93k plus £17k up to…
-
what are the penalties for taking early retirement?
I will like to ask the following question: Is there really a penalty when someone retires early? I know that the pension payments are reduced to take care of the fact that one is taking the pension for a longer time. What I am not sure about is if there is a punishment for taking the pension early which is different from…
-
Pension Transfer Report
Hi, need a little help pls, I currently have three different pensions 1st is with Aviva and has around 10k 2nd is a Scottish Widdows Stakeholder with 31.5k 3rd is Aviva company pension with 16k I'm 42 and currently pay about £120p/m into the S/W stakeholder and £330p/m Into the Aviva inc company's contribution. I was…
-
Private pension?
Hi, hope I'm posting on the right board. I left my job in April to take short-term employment which ends in September. I had a pension with my last job, I tihnk it's up to about £1200 with employer contributions. They pension company is asking what I'd like to do with the cash - if I don't let them know soon they'll refund…
-
Incorrect pension payments
Hi. I'm wondering if anyone might be ablet to advise me on whether I have any comeback against the Service Personnel & Veterans Agency regarding an Armed Forces Pension Scheme as I can't afford to take legal advice at this stage. Background is I was awarded a third of my ex husband's pension as part of a divorce settlement…
-
Personal Allowance
My partner is 65 and she receives £61 per week Gov pension. Now she as an offer of taking on a small cleaning firm (self-employed). It's only a small list of properties and won't earn that much, but what is she allowed to earn before she will pay tax??? Thanks.
-
Maybe a pipe dream
I am looking for some advice. Hope you guys can help. Im 42 years old in full time employment. I have never shown any interest in savings, and pensions etc. Id like to retire in Turkey someday with my wife, but am concerned about how much pension we would receive. My company say they are changing pension companies in…
-
State Pension
Hi, i'm trying to find out whether my mum & dad can afford to retire or not as they both have health issue's. My dad is 62 & my mum is 60, they own they're own home (mortgage finishes next year) but have no savings. They both seem to think they will need to carry on working indefinitely, my mum is actually looking for…
-
Power of Attorney vs. Identity Fraud prevention
Following my advice a few years ago, my father added a note to his credit reference file to require his thumbprint on any application for financial products or services. This is an identity fraud prevention measure (suggested by a Mr. Jamie Jamieson I believe). It says: "I Mr. X of Y do hereby declare that when my…
-
Can my Partnership pay into a personal pension?
Hello, I am employed full time, I also am in a partnership. We generate a little profit, and will be completing a tax return shortly. My question is, can our partnership pay into a personal pension on our behalf? If so what the is benefit of this and are there any tax implications for doing this?
-
LGPS - amendments re combining
Hi there, my wife has been sent a letter regarding changes to her pension scheme the jist of which seems to be the date for combining any previous LGPS to current membership (must be done by end of Sept). Problem is we/I don't know what advantages/disadvantages there are to this - to be honest i thought it was all in one…
-
Should I persue pension as part of the divorce?
Hello, my husband and I have separated, and as part of the separation agreement stated we would not take a share of each others' pension. My husband has now filed for divorce as the separation is 2 years old. He earns twice as much as me therefore has a bigger pension pot. He had already paid me my half of the equity in…
-
Self Investment for a career change??
Hi guys, I'm looking for some advice on my public sector pension. I have been working for the Fire Service now for 10 years in which time I have been paying 11% contributions into the FPS 1992 pension scheme (employer contributing over 20%). Due to uncertainty about the future of this pension scheme and my interest in a…
-
Pension, Debt, Savings or Mortgage?
I've just heard that the government are introducing and Auto opt in for pension contributions. I'm currently not in the pension scheme, I have a small amount of debt, no savings (as paying off debt first) and don't have a mortgage. If I join the pension scheme I will have to pay £92 a month (don't know what my employer…
-
Silly SIPP mistake
Hi I had two small pensions worth around £30000 which when you did the maths were performing pretty terrible so I started looking round at other options with no plan in mind and if I am honest no idea.After a few internet searches and maybe leaving details here and there I was contacted by telephone from somebody (a…
-
Early Pension: Take £2740 pa now at age 61y 5m or £2907 pa at age 65?
I would imagine that this is a problem which many people have to deal with. I have a small frozen final salary scheme pension from a previous employer for whom I worked for 6 years. I need to choose between pension options (A) and (B): (A) on 1/9/12 (at age 61y 5m) take either: (A1) Full early pension of £2740 pa, or (A2)…
-
Alternative to care home
My father is 72 and still quite active but we are trying to draw up a long term plan for him as he ages. He is adamant he doesn't want to go into a care home so we are either looking for some kind of managed sheltered accommodation he could move to while he is still fit and well or alternatively he could buy a second flat…
-
Transferring pension
hi, I work in I.T so not usually working in the same place for very long! My last employment was 2.5 years during which the employer paid 6% and i paid 4%. I recently changed jobs and have received a letter asking what i want to do with it. My question is, if my new employer will allow me to transfer it, would that be…
-
LGPS Changes...Thinking of Leaving...Advice Please...
Hi, Please don't criticise too much but i'd like some help with regards to my pension, as I am thinking about leaving it. Facts: I am nearly 28, female, no children, have no debt (except student loan) and have been in the LGPS since 2009. I have been on low wages during this time. (16,095 up to 19,770 now) I live alone and…
-
Benefits of Deferring a State Pension
I'm a few years off getting my state pension but I'm curious about the benefits of deferring it and receiving either a Lump Sum or an Extra State Pension. Firstly the Lump sum - do I understand correctly that this equates to all of the payments you would have received had you not deferred, plus interest? Secondly, I…
