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Early retirement - pension reduction
Hi everyone. I'm new around here, so pardon my financial illiteracy (which is of a fairly high degree!). I'm hoping to retire at 55, in a couple of years. I've got an NHS pension which I can take at that age, and I understand about "actuarial reduction" which will reduce it to about 2/3 of the value it would have if I keep…
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Consolidating pension pots
I consolidated 7 (2 + 5) years of standard company pensions into one when I worked for my previous company and recently returned to the UK from Sweden and I am now starting to pay into another standard company pension scheme. As these are not final salary it seems to make - at least logistical - sense to have my 3 company…
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Pension Justice.
So I get asked about have I got a private pension etc etc. Got told about some new theory about if I'm getting charged more in administrative fees than earning interest on my pension pot there might be some (want for a better word compensation). Or maybe could get better advice on investing said pot to pay less in admin…
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Pension question
Hi, hope someone can help DH has a small pension that he took out when he joined a new company 2 years ago. He is being advised to stop work due to ill health. Can he cash the pension in or will it need to be frozen till get reaches 66 in 5 years time. Many thanks
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Retirement and annuities
I am just about to retire in one month :wave:with two pensions from Standard Life. One has approx £54,000 in it and the other has £24,000. They both offer different terms for example one offers 10 year guarantee the other 5 year guarantee. My question is does anyone know of an online search facility which accesses all the…
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state pension..defer?
Hi I read on another thread it takes 10 years for each year you defer to benefit. I am 62 and would get state pension in September, I am female work full time with a works pension estimated at 65 {chosen age to retire} of approx £85,000. my plan was to defer for 3 years then take state pension and works pension at…
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this year or next year.
I have a pension plan with a recent value of £46000 (i currently receive two very small pensions each month) and will receive my state pension november this year, not sure how the new rules work but do not want or need an annuity so would like to recieve as much as possible tax free cash, I've read this would be 25% but…
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Pensions Allowance
I am a contractor operating via Ltd company. I have an old public sector pension ticking away in the background. My Q is:- Can I use my yearly pension allowance as an AVC into this public sector pension?
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USS lump sum and commutation factor question
Newly signed up (but very long time lurker), so please be nice! OH recently turned 60 recently and, due to buying added years in USS, has over 41 year service accrued. Recent quotation from USS offers a standard lump sum of £95k with pension of £31.7k, no lump sum with max pension of £36.6k or max lump sum of £181k with…
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To Transfer or Not To Transfer, that is the question.
I've been with a new employer nearly 5 years now. I have saved in the pension scheme from the beginning, now through promotions etc I pay in 5% and the company pay in 13% = 18% total. It is a Defined Contribution Scheme I have an old Defined Benefit one from a previous employer, with total member contributions = £5544…
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Earnings too small to pay NI
I have worked part time for 17 years. My earnings are not enough to pay NI contributions. I am 59 and am unwell. I do not reach pensionable age until I am 66. I have been looking into finishing work on ill health grounds. As I have savings, I would not be entitled to any benefit, by all accounts. I was under the impression…
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Deferred Pension advice
I really could do with some pointers, I will try to give all the information I can. I had a final salary pension since leaving school and was made redundant in 2007 (1985-2007). My pension is now Deferred (on 30/09/2007) with a benefit of £14,829.50 a year, as at 30/09/2007. I have just been given online access that have…
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Paying peanuts into a pension fund. Is there really any point?
I work for a small private company and back in 2001 we were all told we should be taking stakeholder pensions out. At the time I was fairly young and not really that interested but I did it anyway and set it up to take out the minimum I could pay into it (£5 a week). Fast forward 13 years (I'm now 38) and I'm still…
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Pension cold call scam
Pension scam call I just got a call from a not-very- sophisticated scam [I assume] asking to speak to me under my married name and saying they had news about my 'frozen pension' with a previous employer. As it happens I have recently changed employer but had transferred the pension- when I asked what name this pension was…
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75 in August & want £35k lump sum
I am 75 in August with pension pot of £35k. Provider terms require scheme to terminate and I may get 25% Tax Free and rest must be used to purchase an annuity. I would like lump sum. As total is over £30,000 I cannot take lump sum and provider will not hold money until next year when lump sum would be possible. Where and…
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SIPP - cheaper with clean funds?
Started a SIPP last year by transferring various pensions and bought into a dozen funds, mainly equity based, which have performed well. Chose to do nothing at end of last year when I received stuff on RDR review as quick phone call with Fidelity(where I hold S and S ISAs) suggested this might be cost neutral. However in…
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A 23 year old who wants to retire young.
Hello, I'm 23 years old and I'm looking at saving up for retirement, because I'd like to retire young. I came up with schedule, with a few different options for amounts I'd need to spend in retirement (I think 30K is most realistic), all the numbers are in 2014 dollars so when you see 5% return, that's real return, not…
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Retirement Age (Choice) Question
Hello there! I'm opening up a new personal pension fund, and my question is: Let’s say I put my retirement age as 55 – at 55, can I choose to keep contributing into my pension, until I choose to retire (e.g: Most Likely 65-68), at the same rates/terms as previously - but thus, choosing a lower retirement age to give me…
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Govt plan to merge income tax and NI
I was mortified to read about this as pensioners don't pay NI, and to balance the loss of NI @ 12% pensioners would have to pay more tax, presumably 32% . Can't believe there's not more publicity from pensioners about it though I can imagine with the pensioners contribution it would be rounded down to 30% to soften the…
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Novia SIPP
Hi. I have a Scottish Widows pension which I have had since 1980 which my national insurance contributions paid for. I have been looking at moving this into a SIPP. I have been told that Novia SIPP plans are the way to go. Any advice on SIPP pensions would be appreciated. Thanks. Killerski
