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New Tax Year - any benefit in waiting
I have a small stakeholder pension with Legal & General (about £7500). I am no longer working and am a non taxpayer. Under the new rules announced in the Budget I think I can cash this small pension in full and with no tax liability. My last annual benefit statement dated May 2013 showed the plan value at 5 April 2013, so…
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Investing in my wife's pension?
Can anyone fault my logic here: I would retire in about 4 years aged 60 but I want to carry on investing in my SIPP at the rate of £28k (topping up from my DB pension up to the £40k max pension tax relief cap). My wife however doesn't invest that much in her pension (she is also a 40% tax payer), she is 44 so could access…
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Even more confused what to do now!
Bit of a late starter here with pensions etc - since I last posted for advice there seems to be a lot of changes made re. pensions so am just looking for up to date advice please. I will be 43 this year and have no pension as such. (well one that will pay me £100 per year when I retire with Scottish Life, so not worth…
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Budget pension changes not good for me
I know that everyone is getting excited about the pension budget changes but for my personal circumstances, I think I’m now in a worse position. I plan to retire within the next 2 to 4 years and have built up pension and ISA savings. My intention on retirement was to buy an annuity with a portion of my pension fund to…
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Please cast an eye over my calculations
Morning all, If you wouldn't mind can some one check I have this right in principle please. Taking my Teaching pension at aged 55 which I turn on May20 of this year. Salary 35k Service 9 years. 35000x9/80 = Annual Pension of £3937.50 x 3 Gives a lump of 11.812K I can take at an additional 25 % of my pot to increase the…
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Unlimited access to Pension Funds
On TV all the pension 'experts' seems to be suggesting that people over qualifying age (55 or 57) will have unfettered access to all their accumulated pension funds. For those with amounts above £30k I understand that there's still a prerequisite of having £12,000 of 'secure' income - though no-one has highlighted this.…
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Redundancy payment and pension
I am being made redundant on March 31st 2014 but the redundancy will not be paid until after the 5th April 2014. Even after the tax free £30000 there is still over £50000 tax to pay @ 40%. Next tax year I will have very little income to claim pension tax relief against. Do I cash in all my ISAs, borrow from parents, borrow…
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Cashing in pension whilst in IVA
First may i appologise if this is not relevant on this board. My husband is currently 2 years into a 5 year IVA.We survive on my state pension ,his miniscule private pensions (£27 per month and yearly £200 pension) and pension credit. Next year he is due a pension which has been in a freedom bond for many years.The pot…
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cash in AVC?
I have Scottish Widows AVC via Civil Service Pension with a value if £13k. Following Budget 2014 can I draw down and invest it elsewhere? My last statement indicated a pittance at age 60! Us the money better under the matress?
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Investment Plan with Windsor Life/ Reassure
I bought an investment plan with this company in 1993 and have been paying £90.31 every month since then. I have never missed a payment and money goes out of my account via direct debit. Now that the plan is nearing maturity, they are telling me that it is worth nothing. The policy included life cover as well, initially…
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can you tell me please what this means in simple words?
hello can you tell me please what this means in simple words? http://uk.finance.yahoo.com/news/budget-2014--the-biggest-shake-up-of-british-pensions-since-1921-180900360.html thanks!
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NEST vs company stakeholder
Hi everyone My company will start auto-enrolment in the next few months. They already had an existing stakeholder scheme which I didn't join but they have now converted that to an auto-enrolment qualifying scheme. I did look into stakeholders a couple of years ago when I was self-employed but the annual fees seemed quite…
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Increase in pension age from 55 to 57
Hi, Does any one know the date on which the pension age will increase from 55 to 57 for personal pensions, or if it will gradually phase in? Supposing the cutover date is 05/04/2028 and I turn 55 on 02/04/2028, does that mean I'd have a 3 day window to retire? If I decided not to start drawing my pension within those 3…
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Transferring a frozen pension to a Private Pension scheme?? (buy to let property)
Hi I'm new to the forum but would love some advice or help on my a frozen pension I have. I currently have an amount of money that is frozen with Mercer/Marlowe Holdings. I'm looking to withdraw the funds in there and put it into a buy to let property and use that property as an investment. Would I be able to class this as…
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Plan for Tomorrow, Live for Today : the 80 Plan
So George Osborne is going to trust us with our own pension money, great. I just wondered which camp most people are in. 1. Carefully and proactively manage your cashed in pension pot using NISA's, Bonds, High Interest Savings Accounts (remember those?) etc. Checking the financial pages every week and worrying about it…
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Prudential pension - new rules questions
Hi, My brother has a personal pension with prudential. He is 55 in a few months time. The pot has around 36k in it. Before yesterday, we knew the max he could take out was 25% tax free. However we are now unsure on what to do now. He wants to have access to all the cash as he is looking to use it towards buying a property.…
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Local government super annuation pension
Hey everyone, I'm wondering if anyone out there can help. We've had some very unfortunate news about a member of my family and they have asked some advice. I'm not too clued up on financial legalities and know this forum has provided good advice in the past. My family member has been diagnosed with a terminal disease and…
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Cash back on Pension
Somebody please help me as I am realy thick on Pensions I realy don't understand the Budget on Pensions. I have a small Pension worth £47 per month, 4 years ago itook a lump sum of £4,500 of which the company offered me. this year I am retired at 65 can I get cash for my pension with this new rule from the Budget ?.I realy…
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Aegon Pension - help with Charges
I have been paying into an Aegon Pension scheme for the last 10 years set up by an IFA that I went to when I started work. I am no longer in contact with them. 100% of my contributions are being paid into Aegon's Universal Lifestyle Collection Pension Scheme which charges a 1% annual charge. I noticed recently when I…
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please help me with pension
I have schizophrenia and was medically retired two years ago I am 44 I have about £10000 in my pension at the moment I get £361 a year in one payment. Could you please tell me if I am able to take this as a cash lump sum I spoke to Sun life of Canada today and they said I wouldn't be able too. Can anyone please give me…
