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retirement grant & benefits
I am currently on ESA income based and housing and council tax benefits. I have just received notification of a retirement pension and retirement grant that is due to me from Sept 2012. what will happen to the lump sum as regards my benefits etc. will i lose all the lump sum or am i allowed to have so much savings ie the…
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Employer Forcing Pension Reference Wage Freeze
I hope soemone can advise on this. My employer is forcing a change to the pension scheme that I have been paying into for 23 years so that instead of referencing the average on the best two years of the last ten in employment at retirement it will now references my salary on April 2013. This effectively reduces my pension…
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In cash since October/November
Hi Back in October I transferred a couple of personal pensions and a stocks & shares ISA to the Aviva platform on the advice of my new IFA. I was surprised to find when I checked online recently that all of the funds were invested in cash and had been since they were transferred over during October and November. When I…
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Leaving a company & pension scheme - options?
Hi, I'm 27, I've been in my role for 4.5 years, and have been paying into the company pension for about 4 years. My own contribution has been 5% with the company contributing 10%. I'm due to move from my voluntary sector post, to a new NHS role (which is being tuped across to another provider after April), my understanding…
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maximizing tax relief on pension / redundancy
I've looked for posts on 'maximizing tax relief on pension & redundancy' but cannot see this elsewhere, also note this is all new to me. In a nutshell: I'm being made redundant (paid before Apr), am over 55yrs, retire in 2019 and of my lump sum, approx £40k will be taxed at 40%. Since I've no debt I was wondering if I…
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25% lump sum or not
Hello I have searched to see any similar threads, cannot find so would appreciate any thoughts anyone has. I am being made reduntant age 59 in May (stat redundancy pay) but can draw a final salary pension of £12000 at the end of June. Alternatively I could take a pension of £8500 with a cash lump sum of £56500. We have no…
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Pension Forecast - revisited
Hello there, In recent threads about the new 'flat-rate' pension scheme I was advised to obtain a pension forecast before anyone could help me to predict what my pension might be. I've obtained this now. I am female, born October 1955, and will reach SP age in October 2021. My Statement says I have, so far, 35 qualifying…
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Is this feasible/legal
I'm virtually into the 40% tax band, and I currently have £84K in one of my deferred pensions, which I want to get at my 25% lump sum. (I'm nearly 60). So I am considering transferring it into a Sipp. (I've checked regarding transfer, and though it's currently in an S32 buyout plan, but there is no GMP nor GAR associated…
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P2 Clarification Required
I have recently received a P2 (New) with my tax code for 2013/2014. Having allowed my state pension of £6812 against my occupational pensions I have a tax code of 262L. I understand I do not qualify for the age related allowance of £10500 and have been given the personal allowance of £9440. So far so good. On the reverse…
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Buying AVCs in a DB scheme-does this sound good?
Hi all. I am a member of a FS/DB scheme. I have recently had a ball park quote to buy AVCs /added years. Its a 40/60ths scheme. The ball park quote is to pay £65.45 per month for each added year which will see a benefit of £493 worth of pension. Clearly i also need to think about retirement and how much i will be taxed…
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Old company pensions
I have a couple of work pensions left from previous employments, with probably just a few thousand pounds in each. What are my options for them? Should I... 1) just leave them to do whatever they will until I retire; 2) consolidate them into my current company pension; or 3) transfer them into a sipp and take control of…
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How to calculate your deferred pension?
Dear All, Wonder whether anyone has a formula for calculating the value of deferred pensions.I appreciate any calculation will be "rough" because we don't know what level of inflation there will be when I retire in 2023. I have asked a similar question previously,but at that time i was hopeful of returning to…
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previously contracted out of serps
I am 57, I have a CIS Personal Pension Policy with a value of £11,972 I have not contributed to this policy since 1991 and have since then built up a decent pension through the Local Government scheme. Up until 2012 I was not allowed to cash the CIS pension in. I have now received notification from CIS that my policy is…
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H & l sipp
Totally new to the pension world but in a position to begin one (each) for my wife and I. We've been running our own business for a while and income has finally gone above what we _need_ so time to begin. Consider myself to be quite astute and have a mathematical background. Research points me towards the H & L SIPP as…
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Taking SIPP lump sum as income
It has been suggested that my friend takes the lump sum ( he has no need of the cash at present) as income for the next 7-8 years. Please can the experts tell us the advantages and disadvantages of this? We understand that as far as inheritence is concerned it crystallises the fund in small sections so in the case of death…
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Scottish Widows revaluation payout
Two years ago I transferred a Scottish widows pension into my SIPP. I have just had a letter from SW apologising for past valuation errors, and saying they will be sending me a cheque, representing the under-valuation. Apparently this will be to me personally, not to the SIPP provider, so in effect I will have cashed in…
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can anyone explain this to me?
Hi all, hubby has a company pension with his empolyer, today he recieved a letter from his union, part of which was about his pension, below is the paragraph While ( company) has recieved reassurances on the current pension deficit( i.e. the value of the pension scheme invesments compared with the values of its…
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Insurance against £75000 Care charges?
I'm an almost 70 year old widow. I have less than £6k in savings now, but do own the bungalow which OH and I bought in 2008 - currently valued at £275,000. Currently I'm in excellent health - but having seen my dear OH's health suddenly break down, I'm aware that things can change quickly. My 4 children don't live near me…
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Salary Sacrifice Pension Contributions
Hi, Last year I join my company's group personal pension scheme, via Salary Sacrifice. My employer matches my own contributions up to 5%. Checking my pension statement online, I can see each month my "Employee's Payment" and my "Employer's Payment". However, it also shows I am getting an extra 20% tax relief on my…
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two pensions, how am I taxed?
I am retiring on 5th April and taking my Local Government pension and state pension from then on. My work pension is much smaller than my state pension but big enough for the tax to come out of it that will be payable once the two pensions are added together. Its complicated by the fact that I have extra state pension due…
