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State Pension NI qualifying years
When calculating entitlement to the state pension (2016 and onwards) I understand that one will need to have paid NO for 35 qualifying years to obtain full state pension. How are years where only 10 months or less of NI have been paid treated? I retired on a comapany pension on 31 December 2012 so for the 2012-2013…
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Old employer money purchase scheme - what is considered a decent appreciation rate
Evening people I took part in a money purchase scheme with a previous employer. I'm a cautious kind of guy so I opted for my money to go into the most secure & safest of the 3 options that were available. I've found a statement of account dated at the very end of 2012 which states that my total account value was just under…
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Taking deferred pension early
I have a deferred SAUL pension. The normal pensionable age with it is 65 but the rules say "Benefits built up before 1 July 2012, (which mine are) are reduced by 3% for each year before age 60 that you retire." http://www.saul.org.uk/3fsdeferred/retiring.html#early So why wouldn't I take the pension early rather than…
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H&L SIPP v IFA managed
Hi, For many years I have had a SIPP with Hargreaves Lansdown. The funds have performed well and my investment has grown quite well. Last year I had cause to consult an IFA regarding another matter and she has recently contacted me for an annual review. Her company is keen to get hold of my SIPP and manage it themselves. I…
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Can pension companies go bust?
Once I buy an annuity, is it protected against the pension company going bust, like banks having deposits guaranteed to £85k? If not, should I split my pension pot and buy annuities from several pension companies?
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Employer Contribution
My head is swimming with all the information I am trying to cram into it about pensions, haha. My employer has said that he will contribute towards a pension if I find a private pension for myself. Even this seems complicated. I've been advised to find myself a financial adviser, but I just want a simple pension where I'll…
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Pensions - Where to Start
Good Afternoon, Apologies if this thread asks some basic questions, but I'm not sure where to start when it comes to pensions. Here's a little bit of background: I am 25 years old, worked in the public sector for 4 years and was enrolled in the Nuvos pension scheme for all 4 years. I left the public sector in July 2013 and…
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Civil Servant for 23+ years yet no pension?
Hi, I wonder if anyone can help me as i don't know where else to turn. I worked as an AA then an AO for the DWP from October 1985 until September 2008 when i resigned. I began working full time changing to various part time patterns as i had each of my three children. It was always my belief that in addition to my wages, i…
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Pension Sharing Order - incorrect info approved by court
I'm going around in circles & hope somebody can help me with a problem. Long story short, my ex & I divorced & he set up a pension sharing order on my behalf. It appears that on the Pension Sharing Annex his solicitors stated a % of his CETV to be transferred to me, but additionally stated a £figure based on the CETV they…
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Telegraph - 25% Under threat.
Probably old news but according to an article on the Telegraph website Pension savers are resigned to losing the 25% lump sum. If that were to happen then I like many would feel robbed, in my case I would probably stop paying into a pension completely and divert my contributions into S&S Isa's. I do wish the parties would…
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Lump Sum, 25% of Pension Pot or 25% of Pension?
I currently have a good company pension and when I retire would like to take a lump sum for a large purchase. If I set up a SIPP, can I use this to take a lump sum equal to 25% of my total pension pot, i.e. Company + SIPP, thus leaving the favourable company pension untouched, or am I restricted to taking the 25% lump sum…
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When can I cash in my pensions?
I have 3 pension pots which I do not pay anything in to (think they are called paid-up?) One is a private personal pension with currently about £8k. Other 2 were taken out with previous employers. 1 is £1900 and other about £2-3k. Could someone please advise when can I get the money out and how much of it can I get? I will…
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Combining pensions
Hello, Apologies if there is another thread on this. I have a question: I have a personal pension with Standard Life, into which i pay £88 per month. I am also enrolled in the pension scheme at my work. This pension also happens to be with Standard Life. With this scheme I pay in 3% of my salary and my employer pays in 5%…
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Employer makes overpayment to personal pension: can it be corrected equitably?
An acquaintance's employer is implementing salary sacrifice for contributions to the group personal pension. It appears that by mistake, the employer has made an extra credit of employer contributions (Recorded as a "single payment" by the pension provider), in addition to the normal. monthly regular contributions (which…
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large lump sum into pension, tax and any pitfalls to be aware of
My OH was awarded quite a hefty bonus yesterday, he was over the moon till I pointed out a huge chunk is going to the tax man and I need to get the figures just right if he does not want this to happen. I was trying to get his pay just below £100K with a contribution to his pension before the bonus as he earns £112K. Pay,…
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Can anyone who knows about Superannuation in Australia help me out?
Hello Money Saving Expert. I'm currently on a working holiday visa in Australia. Today, in order to make a joint big purchase with some friends, they deposited some money into my account, but by mistake I gave them the account details of my ANZ superannuation fund, and having checked online, I realise that the money has…
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Am I putting enough into my pension pot?
This may be a question that is asked a lot, but I just can't work it out. I know that depending on circumstances that the outcome of pensions change, but is there a way of knowing roughly how much I would get when I retire? I am financially in a good place where I have no debt, I am trying to save my socks off, but I want…
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State pension deferment - lump sum calculation
Good evening, I would be grateful if someone could help with the following. My dad has deferred his state pension for 2 years (and 1 week). He contacted the pension service for his quote for a lump sum payment, however the figure is lower than expected. The figure quoted was based on his state pension at the time he turned…
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Have I done the right thing...
Hello all, I'm helping my relative with her finances and want to make sure I'm on the right track. The facts.... She's 63, single, and has a pension pot of £170k in a 50/50 split of bonds/shares with an IFA. Her risk profile is moderate. She also has State pension of £5720 per year. After a house sale, her life savings are…
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Tax percentage on drawdown?
Hi all, Ive heard you can get a percentage of your pension in one tax-free lump sum, and then the remainder can be got at as taxable income. What percentage would this be taxed at? 20%? Thanks
