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Personal tax allowance split
I recently began drawing a pension and receive monthly payments in addition to my part time job salary. Could anyone advise on the best way of paying my income tax liability, is it better to have the whole amount taken out of my salary, my pension or to split the tax obligation between the two?
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Royal Mail pension
Can anyone help me? My husband has been receiving his pension from Royal Mail since he was medically retired. He is 65 next month and had a letter today from Royal Mail pensions saying he would have money deducted from his monthly pension because he was now 65 and getting his state pension. Is Royal Mail allowed to do this?
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Abysmal Pension Fund Investment Return
A statement arrived today for one of OH's pension funds. It states that the return on a pot of £38,922 is just £234. :eek: Last year's return was £3,952. The Scheme's trustees changed the investment provider from Prudential to Zurich in February 2013. Any thoughts on why the return is so low would be appreciated. OH has…
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Protecting House from fees/tax
I am worried about losing my house to possible care fees/tax later in life and want to explore options to protect it. I have heard of one method where I set up a company which buys my house for a nominal amount with myself and wife and offspring as directors. The house would belong to the company and therefore "safe". This…
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Forced to get an Financial Advisor
I am trying to transfer an old pension to my existing pension pot. I have sent off all the forms but have just had a call to say I cannot do this as an individual without authority from a Financial Advisor. Why do I have to have one and does it cost me money. If it's free which it cant be , how does a Financial Advisor get…
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Scottish NHS pension; additional contribution vs savings account
Hi, This is probably a daft question sorry...I have around 10K of savings and would like to retire early from NHS in the next couple of years. There is an option of putting 5K per year extra into NHS pension as additional contribution and Im wondering if I should try to use that as much as possible rather than keep the…
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Civil Service Pension Choices
I work for an organisation that ties its pension arrangements to the main civil service pension scheme. At the moment I'm in the Classic scheme and have nearly 34 years of service. According to a recent union magazine, I'm one of those people in an age band subject to transitional arrangements where I'm going to have to…
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AVC returns?
Is it possible to calculate what a reasonable return on £1,200.00 would be on an AVC left from 1993 until 2014? The amount in hand was a trifle over £3,000.00. Historically would it have done any better elwhere?
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miss
Hi I am due to get my husbands pension 96.5% of it anyway in our divorce settlement. I have no pension of my own only a state pension and I really don't know where to start once the pension has been passed over to me. Not sure which pension provider would be best, should i get the advice of a financial adviser, which i…
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Advice re very small pension
I already am in receipt state pension and several small private pensions - I have a very small pension pot with Standard Life which is due end of Sept this year when I will be 65. I plan to take as a lump sum (less than £2500). If I take end Sept I will have to pay tax on it after first 25%. Are there any advantages if I…
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pension tax implications?
Does anyone know what the tax implications are from April 2015 for taking pension pots? I already draw a final salary pension and Instead of an annuity I plan to take my pot next year at 57 yrs old and use it to fund my retirement until 65 when I draw another final salary pension then at 66 my state. I don't want to…
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LGPS: rule of 85/CRA/actuarial reductions
Hello all you LGPS experts out there. I have to decide whether to take voluntary redundancy. The payout would be 42 weeks. I am 52 with 18 years local government service and an AVC pot of approx £120k. Current salary: £67k. No mortage, children or other commitments. I have two other final salary pensions that will come…
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Help needed with Pension options please
Hi All My hubby has a small income from self-employment which is just under the tax threshold therefore currently does not pay Income Tax. He will be 65 in October and will be entitled to the standard State Retirement Pension. There is also a Standard Life (Serps Opt out) pension due then with a current value £34,376.36,…
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LGPS - should I buy additional Pension?
I joined the LGPS 4 years ago. Looks like I'm getting made redundant nxt year (58 yo). I could scrape together £4k now and wondered does it make sense to purchase some additional LGPS pension now - is it a good deal? The LGPS calculator shows I would get £311 pa from age 65 for a £4k one off payment now. I am fit and…
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Possible tax relief
Does any one have any idea on the proposed amount one partner can transfer to the other at the end of this tax year for tax relief ? I understand it is just in the pipeline but I am trying to do some financial planning ahead regarding combinations of both pension and earnings !! Possible figures anyone ?
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Salary Sacrifice - how does it affect 'take-home' pay
Question as title please. For example, if I elect to salary sacrifice £400/month does that mean my wage at the end of a month would be £400 less? Or some other amount? 40% taxpayer if that helps Thanks in advance
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Pension scheme winding up
Hi, I'm just looking for a bit of advice or guidance in relation to my pension please. The pension scheme I was in at a previous employer is winding up and I have had a letter confirming what my options are, these are: 1. transfer to a default buy-out policy 2. transfer the fund to the pension I have with my current…
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USS proposed pension changes.
As some of you may know, there are draft proposals for changes to USS (the defined benefit scheme for academics). One of the proposals is the following: "The final salary section of the USS will be closed to existing members. The final salary benefits that existing USS members build up before the date the changes are…
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Retirement planning endangered by taking any pension
It's just started to sink in, what this new pension-fund-drawdown liberalization means. In particular, the regulations just announced that taking any income from any pension will reduce one's annual allowance from £40,000 to £10,000. Those who're planning to make huge pension contribs in their final work years need to…
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III change SIPP charges.
Edit: Didnt look very hard http://forums.moneysavingexpert.com/showpost.php?p=66108808&postcount=355 Didnt see this posted anywhere. Received a PM from II saying they are changing their SIPP charges.
