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Pension changes
I have 3 good pensions . Can you drawdown on all of them or is it just one . Can I take 25% on all three
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Can I have a Lamborghini please?
A question. Now that the Chancellor has indicated everyone will be able to drawdown their personal pension as income, how much of this is now allowed and how much is consultation? If it is allowed by law, will the pension providers be allowed to prevent you doing this or levy charges that control behaviours? For example,…
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Annuity Help Please
I have a small annuity worth 20k and have literally sent off the paperwork this week to take the 5k cash and the rest in a small annuity. But because of the new budget, does this now mean I could now take the whole 20k? If so, would it be too late to ask for this? It would be a welcome amount to pay off some of the…
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Confused with all the different opinions here
Right then, if a person has a FS pension pot AND one or two SMALL (under 10k each) DC pension pots AND is 55 years old - or will be in 2015 - can the DC pots be taken as cash?
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healthcare if retiring to france or spain
if I retire before state pension age but have paid 35 years national insurance payments am I entitled to keep national health service benefits or access benefits in the EU as a reciprocal agreement? also when I do get to state pension age would my wife qualify for benefits through marriage? this seems like a minefield and…
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More than one pension transfer???
Hi, I am nearing my end at a company I work for. When I joined them they had a simple pension where what I put in they matched it. Then, when pensions became a requirement, they changed it slightly and moved to a different provider. When they were making the change the said they would be doing a bulk transfer from the old…
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Pension and yesterday's budget.
When does the rule come in where pension cash can be withdrawn in full. Just as an aside, if someone takes all their pension out of the pot, then blows the whole lot, what happens then. Presumably they will have their state pension but its not going to be a lot to live on. Surely under those circumstances they cant claim…
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Ltd company - new pension rules
Don't know if this would work but if you work through a limited company and can control your salary and are of a certain age could you pay into a pension scheme, take the 25% tax free lump sum and the rest taxed at your marginal rate rather than salary. Means you get the 25% tax free and no NI? Would presumably still need…
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panic at no pension
Am 43, hubby 50 with no pensions set up. We have both always worked with no gaps . My company will give 3% match up, i earn £15k. Can afford to put in more. Please sensible advice. What sensible to add in, i can live cheaply but deffo not on £110, if State Pensions even exists then!!
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bought Annuity last year - can I cash this in with new budget rules?
I see that yesterday's budget mentioned that pensioners will no longer be forced to buy an annuity. I bought mine last year, how does this new feature impact me? Can i cash this back in and choose to manage my own pension pot?
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A couple of questions about these pension changes
If anyone could advise I'd be grateful:o I have a LGPS final salary pension and a separate SIPP. I assume even though I have a final salary pension I can still take advantage of these changes ie accessing my SIPP? I'm saving hard in ISA's to retire early aged 55-6. I'll use the ISA's for income for a few years until I can…
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new rules for pension draw down
I am currently a 40% tax payer, when I retire in 2 years time, I expect my income to drop substantially and I will only pay tax at 20%. Under the new rules I can withdraw all my pension pot but obviously most of that would be taxed at 40%. If I wait a year to withdraw the 75% of my pension pot that will be left, will this…
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Private pension, understanding the charges and value.
I stated an Aviva private pension exactly one year ago. £40 a month net £50 gross, and have made 12 monthly payment totalling £600. I looked on the website, growth last year was 9%. Putting those figures into a regular saver calculator it should be worth £625.38p. It is worth £609. AMG is 1%. Why the difference, can anyone…
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Playing DC vs DB games
Now that the drawdown rules are becoming far more flexible does it make sense to draw income from the DC before invoking the DB. Suppose my DB offers £13,333 at age 65 and (25% less) £10,000 at age 60, ignoring inflation and interest, by taking my DB at age 60 I would accumulate £50,000 in cash by the age of 65. That could…
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Mis sold Pension redress calculations
Hi. I believe I have been mis-advised to switch a pension in 2007. I am now 65 and having recently taken an annuity out, I then found out about GAR's in my previous policy. The financial advisor involved is no longer trading and never told me about the GAR's at the time. Can anyone give me some idea how the FSCS might…
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Can I draw from my pension?
I have a pension that says it will pay no less than £7500 per annum when I am 65 in 15 years time! It does say I may be able to draw from the pension at the age of 55. This pension started in 1984. Does anyone have an idea how much the fund would be worth when I'm 65? Would I be able to take a lump sum out earlier as in…
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From the coalface....
Well, what an interesting morning for someone who works for a Pension provider. :) Not just that, but I specifically spend my day settling retirements, doing retirement quotations, among other things. Senior Management at our company (and I'm sure all other pension providers) are currently meeting to decide how to approach…
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What now for Final Salary, Defined Benefit and Public Sector pensions?
Yesterdays changes were just for Defined Contribution pensions but they have opened up a whole new can of worms for Final Salary, Defined Benefit and Public Sector pensions. Why shouldn't people in funded Final Salary or Defined benefit schemes have the same opportunities as people in Defined Contribution schemes? The real…
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transfer db to dc
under the current rules is it possible to transfer a db pension to a dc pension, the reason i ask is that i have a deferred db pension that i am elligible for at 65 as well as my current pension (which is a closed scheme) that i am eligible for at 55. I would like to access the funds i have accrued in the db fund and self…
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early retirement options & new rules
Planning early retirement in Sept this year at age 60. Have secure DB income as main pension, but will have also about £70k in DC pot. Can I take my tax free lump sum of £70K/4 this year, and leave the rest untouched until next year, when I'll review finances and make my "best" decision then under new rules announced in…
