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Final Salary Pension query - hopefully simple one!
Hello all, just joined as I'm sure this is the best place to get simple answers from people who know what they're talking about :D I am currently in a local government final salary pensions scheme. I have just accepted a new job, also local government, on a little bit less money (about £2K lower), but have reduced a 2 hour…
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NHS Pension and Final Salary 1995
HI All. Just wanted to check something my oh will be retiring from the NHS in June next year 2015. He is in the 1995 Section so will have his Pension worked out by his Final Salary. In April of this year he will be changing his shifts to include nights and weekends. This will make a difference to his salary. Will these…
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Incorrect Pension Contributions & Lost Growth
When I joined my current employer, I asked to make 6% contributions into my pension, so as to gain the matched employer contribution of 6%. I have been paying into the pension for just under 2 years and discovered last November that the payments have been wrong since day 1 :eek: The amounts involved aren't massive (low…
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Financial advisor charges help PLEASE....
Hello. This is my first post so please be patient with me. Ive had a independant review from a financial advisor and they have told me my Prudential 'with Profits' pension which I have had since the age of 18 (I am now 47) is not performing well and she has advised me to move to Scottish Widows Retirement Account as she…
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Cavendish Stakeholder (Firendslife or Aviva)? or SIPP with HL?
Hello, I have a limited company which I started saving through it 6 years ago. I currently have a stakeholder pension with Friendslife (directly). I'm thinking of transferring my pension to one of the more cost effective brokers(?), i.e. Cavendish or HL. With Cavendish I would then need to choose whether I want to invest…
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SIPP as well as LGPS
My wife has a small pension through LGPS which might be worth £1800 pa when she retires from her p/time job in 5 years time, aged 60. She has looked at AVC but this would involve taking it all when the LGPS is payable which is not perfect. So the question is this, if she takes out a SIPP and pays in £3600, will she still…
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Drawdown and inheritance
I have a final salary scheme pension paying me in 40% tax territory. I am paying into a personal pension - I am aiming for a pot of more than £250K by 60 - 62yrs old around which time I will take tax free lump sum and then go into drawdown. I am avoiding crystallising before I have to as there are clear death benefits in…
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24, self-employed, pension?
I really don't know much about pensions but I know I should be saving something. I'm 24, married and self-employed. My husband is in the RAF so I believe he is automatically contributing towards his pension from his wages. We're saving for a house and have a baby on the way (but very little left to 'buy' (all the big…
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Finish at 57yr old ? A bit to invest-What to do
Hi Basically im 47 years old and work as a window cleaner and I would love to finish around the age of 57.I only want a modest pot for an annuity of around £200'000.And I doubt im going to get this.I had to take a break for a few years as I started self employed but recently under advice on here I have started saving £50 a…
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pension wind-up
Hello Can someone make sense of this for me as I'm not good with this sort of thing. Many years ago I took out a pension with my 1st employer. I've had notice that this scheme is to be wound-up. I left the company over 5 years ago and my pension was frozen at that time. I've still got statements etc and the value of the…
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Just a quickie! Age 22, pension, yes or no?
I start my grad job in Sept, and from what I can gather, the pension is like most in retail ie. chuck 5% in per month and they chuck the same in on top. Aged 22, at the very start of a grad career (saving for house deposit but no debt bar student loan), would you go along with it too? OH started paying for one last year,…
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Leaving pension fund with Equitable Life
I am approaching 60 in July this year and have a pension fund with Equitable Life. I was thinking of taking the 25% cash free lump sum and perhaps leaving the balance with Equitable Life for another 5 years before buying an annuity. Would it best to move the fund to a different pension provider? Canada Life maybe who are…
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40% Tax relief on a Pension when earnings are being taxed with a ‘K’ code
Hi, Could anyone clarify this? I’m 65 and semi-retired. During tax years 2011/12 and 2012/3 I didn’t pay enough tax, so thisyear HMRC are collecting the shortfall (£2173) using a ‘K’ PAYE code. This year I expect to earn £42000. Normally the tax due on this would be about£6644. My understanding is that HMRCare using the…
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I'm 31, do a really need a pension?
I'm 31, self employed. Bought a house a few years ago and am currently paying off the mortgage with my wife. Only about 20 years to go! I do quite a bit of investing (currently have about £60K in ISA stocks and shares) and plan to maximise my allowance every year and keep on investing in low cost equity funds. Gradually…
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Teacher pension - avcs versus additional contributions
I want to maximise my pension. Thinking of investing an extra £500 per month so that I can retire early. Would I be better of with AVCs or Additional Contributions as I am reading all sorts of bad things about AVCs and want minimum risks. I want to pay at source to make it more tax efficient. Please, can anybody help?…
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State Pension + Pension Savings Credit+ Personal Injury Compensation
Does anyone know here what the situation is if those who receive the State Pension and a small amount of Pension Saving Credit at approx. £5 weekly and have no bank savings, what can be expected when they receive personal injury compensation in the region of £2,000 to £3,000? Would they receive less Housing Benefit even…
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Aviva Cash Plus
I took this policy out in the early 80s. They haven't declared any additional bonuses since about 2002. The regular bonus from previous years is £47k and the with profits benefit is £14.5k, so it will be worth £61.5k (add the two) at maturity. They have now stopped quoting these figures on the annual statement and are only…
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Implications of 'yes' vote on Scottish Widows annuity?
I have an AVC with Scottish Widows. A broker has searched the market for me, and the best annuity is with Scottish Widows, with LV= being a close second, (£33 a year lower). I was going to fill in the forms to take the annuity with Scottish Widows, then wondered what would happen if there is a 'yes' vote in the Scottish…
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Civil Service Pensions
I am in the 'Classic' scheme, and as I'm knocking on a bit I get to stay in it until 1 Aug 2020. Reading the literature, I believe that if I leave the pension scheme entirely at that point, then when I do retire my pension will be based on my pay at 1 Aug 2020, but uprated by CPI each year, so when I do retire (in 2023) my…
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Reality bites...
Hi there all. Firstly, a huge thanks to the wealth of knowledge and advice I've gained from reading this forum, in particular from some extremely thoughtful and knowledgeable posters (not naming names as I'm bound to leave someone out). I started reading this forum intermittently a couple of years ago feeling that although…
