-
Redundancy & pension question
I'm taking voluntary redundancy, (which will look like compulsory for business purposes) in june. I will receive a few thousand pounds over the 30k tax free limit. I will be 54 in august. What I'm thinking is this; I invest the excess into my employer defined pension fund thereby saving the tax and also gaining tax…
-
Annuity Rate payback time.
I was wondering if there is a calculator to work out how many years you annuity must run before you have had your money back from the annuity provider. Having had my small annuity running for 6 years, I would be more than happy to get the rest of the cash back and pay Osbourne (and his pal 'Call Me Dave') the tax on the…
-
LGPS -AVC's -Budget implications.
Will AVC's that run alongside the LGPS now be able to be taken as lump sums?
-
What are my options?
I have a deferred pension ( which I accrued for about 10 years) in a defined pension scheme that I am not elligible for until i am 65. I also have my current pension, (which is a closed scheme)(which I will be eligible for when i am 55). I did not and cannot transfer my deferred pension into it. I understand that at 55 I…
-
How Easy is it for employer to wind up a closed DB scheme?
Just wondering how easy it would be for an employer who is still in business to walk away from funding a very large deficit on a closed DB Scheme? 2012 showed funding levels of just under 50% . Deficit reduction plans are in place for another 12 years. What is to stop the employer from simply winding up this scheme (…
-
Probate, debt, death registration
Not quite pensions annuities retirement, but the closest board there is, so... anyone with experience? A died owing B a sum of money (£1K ish). A's Executers promise to pay, but apologie because A's bank accounts etc are frozen pending Probate expected within 3-4 months. 4 months passes. B politely reminds A who responds…
-
My situation - what should i do?
Hi, My wife has used this forum for years and been given some great advice so i have decided to follow in her footsteps. My situation is that I have worked since I was 16 and want to be financially able to stop working by the time I am 60. I am about to turn 45. I have two pensions. First pension is a final salary one that…
-
Means tested public pension
Anyone know whether this above is happening or will happen? You could pay NI for all the required time but still not receive a state pension. Fine maybe if you are well over the threshold but if you are just over this just doesn't seem fair.
-
New Pension drawdown. Can I use my wife's taxcode?
I have a personal pension and under the new rules can draw it out from 2015 onwards. I want to draw sufficient to use up any of my unused tax free allowance. But my wife doesn't use any of her tax allowance (£10500). Can I draw more from the pension tax free by using her tax free allowance. Although the pension is in my…
-
What are the full options for a DC Pension Pot?
The headlines seems to be that we no longer need to buy an annuity and can withdraw what and when we like. But as always I'm finding it difficult to grasp the details particularly with respect to minimising tax. Is the 25% tax free lump sum a once only option or can I withdraw 25% each year tax free? Take for example a…
-
Pension Transfer bond matures 2015...
A number of MSE'ers advised me on this subject last year but after budget, have things changed? I have a pension transfer bond with Canada Life. Current Value about 23K. Matures on my 55th birthday April 2015. Thought I would have to buy an annuity but now I may be able to take the lot out in cash (still subject to tax).…
-
Budget pension changes and final salary schemes
Quick query: What is the impact of the budget pension reforms on final salary schemes?? thanks all in anticipation
-
Annuities
Why is it possible to cash in a pension and not an annuity, can someone explain please
-
Small Pensions - is it really this simple
My wife has does not work and we want to maximise the use of her personal allowance. My wife has two small pension pots , currently worth £3,600 and £6,000. (She has other investments). Could she pay in her annual £2,880 allowance, claim the tax relief of £720 each tax year and then before they each reach £10K in value…
-
Cash in existing annuities
Hi chaps, I have three small annuities (one taken only last month)! does anyone know if it's possible to cash-in existing annuities under the new rules ? I was fortunate enough to have 'guarantees' with them (ie I got good rates compared with current open market offers) so the income is generous (I don't really like to use…
-
Why on earth did the Chancellor not allow an NSI bond to be NISAd?
I like the idea of the new Pension Bond from NSI @ 4% but I wonder why he didn't complete the neat trick by allowing the puchase to be NISAd to give 4% tax free? I can only see advanages and cannot see any disadantages.
-
Mother took out an annuity a few weeks before George Osborne revealed the new changes
Hi my mother took out an annuity with her pension a few weeks ago as she wanted access to the small lump some of money they offer when you do this and felt she didn't really have any other options and therefore the rest of the money is now tied up. We then saw the news today about George Osborne allowing pensioners to draw…
-
Using frozen pension to invest overseas?
Does anyone have any advice regarding my husband using 2 frozen pensions to invest in property overseas? It's through John Charles Investments
-
Should I defer pension until 2015 ?
I am due to retire in a few weeks time aged 65. I Have had quotes and was just about to decide on an annuity, but in the light of todays budget, should I defer until I am able to take the 100k all at once? We have enough income to live on without my private pension as my wife works, but she is 12 yrs younger. FA has done…
-
Is it possible to cash in lump sum before retirement ?
I have nearly 27 years on the Teachers' Pension scheme, full-time and without any breaks. My current salary is £39000 pa, but, despite this, I have built up £18000 of debt. Is it possible to cash in the lump sum aspect of my pension now, several years before even early retirement ? I have no longer term plans or concerns,…
