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My Pension looks rubbish
I'm 28 Years old, and my wage is £21,500 a year. I'm paying in 10% and my employer is paying in 5%. My Retirement age is set at 65. I've calculated that without any interest, me and my employer will contribute £119,325 in this time. However, My pension statment has given me an estimate of £107,000 at retirement, giving me…
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macduff45
Hi just received a payslip from my former employers. Tax period 1, tax code BR. Last month I had a tax code of 941L. This now means I have paid an extra £170 tax this month. Retired Fire Fighter receiving a private pension of:- £1212.42/month. Pay CSA £90/month No other income WHY? Can anyone point me in the right…
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Commencement lump sum pension
My sister is about to receive £7300 from her private pension. She has no savings, but is in receipt of ESA. She needs to spend money on her home. I know she is allowed to have £6000 in savings. Can she use the other £1300 on carpets etc or will this automatically be deducted from her benefits?
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Help with Pension
Hello and firstly thank you in advance for you help. I work at a Private School and they are putting into place their chosen pension provider, Scottish Widows. I don't know a great deal on pensions but I have been reading up on the whole Government backed schemes but my options are very limited, Scottish Widow or People's…
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illustrations are they true ?
I retire in June this year (hooray) and have rec'd a annuity illustration of the options open to me on the great day,one of which is a straight annuity one which shows a tax free lump sum plus an annuity ,this after over a decade of being told that no lump sum would be payable because of my GMP(its a section 32 policy with…
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Effect of charges on a transfer
I have recently enrolled in my company's Workplace Pension Plan with Legal & General. Previously I was paying into my company scheme also with L&G and have a pot of £100K. If I transfer my pot into the new Workplace Plan, the management charges will be lower (0.17% from 0.3%). However, the estimated effect of deductions is…
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Leaving a job
Hi all, Wasn't sure where to put this so hoping you guys might be able to point me in the right direction. Today I am handing in my notice. An exciting day and a new start are always good. My contract states that I should have a pension but through the years I have not seen a statement even when requested. (One of the…
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Best short term pension
Hi, I'm wondering if anyone can advise which personal pension provider would be best for me to sign up to for a relatively short time period? I have recently started a new job in a company that match pension contributions (up to 8%), but do not currently have a company pension so they pay contributions into employee's…
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pension tax relief
I have always been confused as to how this works in certain circumstances. I wonder if anyone can enlighten me. If someone earns say £60k and puts £12k into their pension I understand they get 40%tax relief on the 12k. But if that person where to put say £45k into their pension would they still get 40% tax relief on the…
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local government pension scheme: employer contribution
i joined Lincolnshire polices' pension scheme, which is part of the local government pension scheme. how much does the employer contribute? I read on a forum that it could be as much as 18.5! Is there a website where i can find this information. I have checked the lgps website.
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Tax Code for State Pension
I hope someone familiar with the recovery of tax on a state pension can throw some light on this for me. I am already in receipt of a Local Government pension. My state pension started on the 17th April 2014 and I have been awarded £122.74 per week. My first payment due on 30th April will be for 2 weeks = £245.48 followed…
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Pension question
Hi I have an deferred Akzo Nobel final salary pension with approx. 50k in the pot... I am 55 in jan 2016 and have been offered 25 per cent lump sum but I would like the whole amount how do I go about releasing it... I intend to work until my state pension age which is 66... any advice is appreciated...
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Tax on nhs pension
From the outset, I will admit to being completely clueless about pensions. My dad has been paying into what I assume is an nhs pension for the last 20 odd years. He is 65 in September and due to reive a lump sun of £32,000, bit has been told he has to pay 50% tax on this. Is this right? It sounds very high to me. But, cos…
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Early retirement planning under the proposed new pension rules
Hidden in the condoc is the suggestion that the access age could be set at five years below State pension age, not ten. For every extra year you have to wait, there's a triple effect - not only do you pay more in (assuming that you must now continue to work in the meantime because you have nothing to retire on), but the…
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Trust-based or contract-based pension?
http://lawcommission.justice.gov.uk/consultations/fiduciary_duties.htm In another thread I was told that Scottish Widows - my income drawdown pension provider - has trustees [the SW Board ?] so is my pension therefore a trust-based pension and subject to full fiduciary duties as set out in the Law Commission report ? "S.15…
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Cashing an unwanted pension
Hi I'm new to this but would love some advise I took out a private pension some years ago (25) I didn't pay into it for long as I got a job with a company that has an excellent pension I forgot about this pension I have recently found the paper work and have asked a financial adviser if I can transfer the funds but because…
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SIPP above Lifetime allowance
We have heard an IFAs comments on what to do about this situation but would like the opinion of others The SIPP belongs to a retired person who has protected his lifetime allowance and is making no contributions The SIPP is partly crystallised and a small amount (about 12%) of the TFLS taken. THe SIPP has breached the LTA…
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Higher rate tax help
I am trying to work out how much Mr D pays in the higher tax bracket, as we are thinking of starting a personal pension for his, so he avoids the 40% rate. His payslip is confusing though, with base salary, total pay, etc. I assume the relevant figure will be the one that is his taxable year to date?
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state pension statement with overseas working
Just some oddities if anyone can help. My wife is spanish and has worked in Spain contributing to the spanish state pension for 27years 9 months 18 days terminating 2003. Her state pension statement here in the UK on 25 April read: So far you have 4 qualifying years, worth £15.08 a week. Does this mean that her state…
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Whatever became of final salary pensions?
http://www.dailymail.co.uk/news/article-2613609/Revealed-Labours-stealth-raid-took-118BILLION-pensions-paving-way-end-final-salary-schemes-suddenly-unaffordable.html Add that to increases in life expectancy, compulsory deferred pensions, compulsory widows' pensions and compulsory index-linking, and you have a real witches'…
