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Lifetime allowance fixed protection - how does it work?
I will be applying for LTA fixed protection when I can to preserve a £1.5M Lifetime pension allowance, vice the new reduced £1.25M limit from April 14. My question is, is it appropriate and permitted in my situation? The HMRC technical notes don't spell it out in language and detail I understand. I have two pensions; one…
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Analysing cost benefit of a pension
Hi, I'm currently thinking about a private pension vs just investing money yourself. Positive You get a tax break upfront when paying into a pension. No capital gains tax to pay while your money is growing. Pension law may change Negative You can only draw out 25% lump sum at 55% not all of it You may die before the…
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Withdrawing pension at age 55
Have been offered a pension I forgot about now I am 55 they have offered 25% tax free and a small monthly sum can I take all money from this fund even if I have to pay tax
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annuity problem
Hi my wife has a pension that she has not paid into for years and is now able to buy an annuity as she is 55 she can also take a tax free sum ,our problem is this the whole of the pension is worth less than 20k and it is with phoenix:eek: with who we are meant to have gauranteed rates, as she still has at least another 5…
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30 year old with no pension help advise please
Hi I am 30 years old and due to changing jobs/no financial awareness/ raising a young family. I have not been adding to a pension. My current situation is I am working part time do not pay any tax, I am due to start a new job in a few weeks but will not be able to join a company scheme until next year (very small company).…
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Defined Pension Scheme Rules
Does anyone know if there are rules in place that Defined Pension schemes have to follow rules as to how and when % lump sums are paid out from the scheme when the retiree has reached pension age or does each scheme do their own thing ? I am due to be paid mine this week although I've heard nothing since I spoke with the…
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Buy annuity with tax-free lump sum!
Given a defined-contribution personal pension fund, which offers a 25% tax-free lump sum, and wishing to buy annuity income in retirement, there are presumably two extremes: * Take no lump sum, converting the entire capital to a compulsory-purchase annuity * Take the maximum lump sum at 25% of the fund, then use this to…
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Start a pension fund at 25 before moving to Vietnam?
Hi all, I am just coming to the end of my PhD and have just accepted a 13 month post as a Lecturer at a university in Vietnam. I am currently 25 and don't have any pensions set up, but I do have savings in a Cash ISA and direct access savings accounts. The university I will be moving to does not have any options for…
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state pension and teacher's pension
I understand that my state pension will be paid (weekly, by choice) without tax deduction and that the tax will come off my teacher's pension. My question is will this settle down to a regular figure or will it fluctuate to reflect state pension payments received each month?
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Hargreaves Lansdown SIPP drawdown - how does it work?
In the next 2 years I plan to start drawing down on my SIPP with Hargreaves Lansdown. I was curious to know how the mechanics of the drawdown process worked, as I would like to make ad hoc sales of funds based on monitoring of fund performance. For example, on any given day I may check the value of my SIPP holdings and if…
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Auto enrolment and part time workers not paying tax
The company I work for have told us that we will all be autoenrolled very soon. The majority of the staff in our store work 20 hours per week on nmw and don't earn enough to pay tax. This includes myself. It was my understanding after reading the flyers that this auto enrollment only applied to those earning over ~£7.5k.…
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Boost my wife's pension
I an 53 and have been paying in to various pension since leaving school at 16, and have accumulated a pension pot of £80-£90K. My wife is 46 and has always had lower paid employment and has a pension pot of £3-£5K. My question is can I at 55 withdraw 25% of my pension and pay it in to a pension for my wife? This would mean…
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pension ideas
i have £8000 to invest in some form of pension fund/scheme ,would appreciate any advise
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Pensionlite
Anyone have advise on a company called Pensionlite. Independent financial advise for free on pensions. Would like to use them as a second opinion ref my own pension.
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Pot size query
My pension statements only ever show projections and transaction records. Is it important to know the pot size? I've 8 years until I retire at 65.
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Pensions buying guides?
Money saving expert has excellent guides for selecting a savings account. I was wondering are there any similar guides for selecting a pension. There's so many Pension products, I am not sure how to begin going about selecting the right one and would appreciate some advice! My circumstances are bit unusual. I've just…
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Custody of Pension Assets following MGN
Lots of threads here re pension options. Few about the safe custody of pension pots. Many may recall the loss of assets from the Mirror Group Newspapers pension fund in the early 1990's. We are better protected now via subsequent acts of parliament and occupational pension 'pots' being held independently of employers. Is…
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Pension at 54???
I currently work in the public sector and have paid pension contributions for almost 35years.When I was employed at the tender age of 19 I had no choice but to join what they then called Supperannuation(I think).Today at the tender age of 54 I have been placed on a 90 day consultation period prior to redundancy.I will not…
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Employer messes up contributions
Hi Some advice please Recieved a letter from my PAYE employer NHS to say that the payroll provider has not deducted enough pension contributions for past 3 years and I am liable for nearly £3000 in back payments, this is due to my employers error and also the payroll provider they have admitted liability in the letter. Do…
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State pension - start date
Hi, Read in another thread that the date on which they start your pension payment period can be a week after your actual birth date. Seems its not only paid in arrears its started in arrears as well. Looks like you have to collect the extra weeks money from the grave ! Got my details recently but for my birth date of the…
