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Are Pensions Now An Attractive Option To Savings For Higher Rate Tax Payers?
Being a few years short of retirement I am looking at the changes to the current DC pension drawdown rules. In particular whilst I currently pay a fair percentage into my pension, I am considering upping my monthly salary contributions using additional monies that would otherwise be subject to 40% tax. From what I can see,…
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Activity
Boy has this forum got a lot of new activity this week lol. Usually, not quite so busy.
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Steakholder increase payments?
Now that the chancellor has announced changes for pensions it has got me thinking about my pension arrangements. I currently have a preserved pension from a previous company plus a current final salary civil service pension. Combined they would appear to be able to provide me with an adequate income upon reaching 60 (7…
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SIPP/Tax question
I need to start by saying that I know virtually nothing about pensions. I've never needed to. I joined a company Final Salary scheme at the age of 18 & I'm still there 30 odd years later. Luckily it's one of the few that's left. If I were to start a SIPP with the intention of withdrawing the funds as a lump sum, could this…
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Are annuities really such a bad deal?
I was just about to buy an annuity but the budget has made me crunch the numbers again and I have come to the conclusion that annuities aren't quite as terrible as everyone says, though I'm in favour of the budget proposals. Am I missing something? A little background - which you can probably skip; I'm only 56, cannot work…
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How much is in my pension pot?
I know this is an obvious question, but given the govt's recent announcement that pots can be withdrawn to cash, I thought i'd check. But none of my annual pension documentation tells me the size of my pot/fund. They only tell me what to expect by way of an annuity when I retire. So, Ive paid into a local govt…
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Freedom and Choice in Pensions Consultation
file:///C:/Users/user1/Downloads/Budget2014HMTFreedomchoicepensions.pdf 7.3 Responses to this consultation should be received by Wednesday 11 June 2014. The government aims to respond to this consultation before the summer recess of Parliament. 7.4 Responses to this consultation should be sent to: Freedom and Choice in…
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SIPP 40% Tax Relief Question
Hi Would be grateful if someone could clarify that my understanding and approach below is correct. I want to invest into a SIPP, and it's most tax efficient if I invest an amount equivalent to all of my income in the 40% tax bracket. 1. This tax year my taxable income is about £47,000 Less 40% tax threshold (13/14) £41,451…
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AVCs
Grateful for some advice please. While I was in the Civil Service I started paying into AVCs with Scottish Widows. I left the CS in 1987 and joined the NHS. I transferred my CS main pension into the NHS but the AVCs were frozen and mature this year when I will be 60. (my current retirement age in the NHS is now 65). The…
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Pension Advice - Mid 30s
Hi and thanks for reading. My husband and I are both mid 30s. We recently set up a limited company from which I draw a monthly salary of £565, whilst my husband does not draw a wage so that we can build up some money in the business to build it up further. Now I'm wondering: 1. Are we required to set up a Pension Scheme?…
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State pension question
I received a SP forecast a year or so back. 26 qualifying years for full basic SP, worth £93 a week + £17 additional SP. I’m 45, and know that the number of qualifying years for full pension is now 35, and retirement age is 68. Does anyone know what I can expect to get? I think it’s £144 a week in today’s money, all in,…
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pension and what to do
good morning I am a 52 year old woman and my partner is 46. I have a tiny pension from my days with the probation service which was accumulated over a 3 year period and matures when i am 63ish it currently realises a cash sum of around 3K and a pension of around £80 pcm. neither of us has ever done anything tangible about…
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New Labour supporting pension changes..
As per title. But i'm sure they were very anti the new proposals immediately following the budget ? Maybe they have seen the polling ?
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Maximum DC pension contribution allowable?
Due to a combination of life events, some planning and some good fortune out of bad events, we are in the situation that when we retire our joint income will be about £8k more (before tax) than it is now and we currently live a comfortable life (OH and I are early 50s). After a few years work break and a complete change of…
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Already in capped drawdown
I am in capped drawdown and have already taken my 25% lump sum. My next review was due in May 2016 Question is will I be able to take whatever I wish from my remaining capital in the pension ( albeit taxed at marginal rates) from April next year having already taken the tax free 25%, or would it still be restricted?
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Retirement Planning Advice Please
My uncle (Mother Brother) worked most of his life in South Africa and Portugal. He moved to Scotland 15 years ago and is working in council for last 15 years. Now that he is 60 he wants to retire from the council end of the year. He was told by the council that he would get £15000 lump sum and then £300 every month. Coz he…
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where do I buy a small pension from to take up Mr Osborne's recent generosity?
I am an early retiree with a deferred DB pension. I have no debt of any sort and own the house outright. At the moment I have no income as I saved to get out early because I was getting to hate the management structure at work. Current plan until this week was to run down the savings, while moving 11k of them to my S&S ISA…
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Pension for a 19 year old with a mortgage
In the process of sorting out my affairs for retirement and it's got me thinking about my oldest son. He is 19 and bought a flat at the end of 2013. He doesn't earn much...£7 phr and once we have finished renovating his flat he wants to move in. We have done a budget based on his friend lodging and paying £80 pwk and on…
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Post-Budget - Personal Pension or Savings?
HI guys I wonder if you could help me come to a decision? I am 41 years old, and earn approximately £18,500 pa. I started a personal pension last year, and have been paying the minimum allowable amount of £100 per month. I am a fervent saver, and have approximately £20,000 in savings (ISAs & savings accounts), and I'm able…
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Which Pensions/Monies Can One Access Under New Rules?
I am trying to read as much as I can about the changes with regards to accessing DC pension pots, drawing down at 20% (up to annual income 40% tax limit) and I realised that I was not sure if the changes only affected "DC" pensions or if they affect all pension "monies"? To explain my situation I have pension monies with…
