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Pension Credits Deceased Grandparent
Hi allApologies if this is in the wrong section. My grandmother died on Wednesday and my mother is the executor of her will. My grandfather passed away in 2012, and everything of his went to my grandmother. My grandmother has a state pension, pension credits, private pension of £16 a month, and that's it. In her bank…
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Tax bonus on pension contribution or just a mirage ?
I am hoping someone with experience of making personal pension contributions will be able to advise me what is going on here but .... I made a large pension contribution of £50000 in Feb. The pension company added the 20% to make it £62500. I claimed back through a tax return my expected sum relating to the additional 20%…
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Tax on small pension pot
My wife is taking a small pension pot on her 60th birthday in a few weeks time. Part of this will, of course, be taxed. As she earns no taxable income how can she best reclaim the tax applied? Thanks in advance.
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Investing in AVCs prior to retiring in December?
I am retiring in December aged 56. I have 35+ years service - up to 2009 in a final salary scheme. I have £40k invested in the stock market. I have been advised to cash in my investments and sink the lot into AVCs - modelling this gives me an additional £2k a year pension and an additional £12k on my tax free lump sum -…
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Buying added pension
I am thinking of buying 1000 added pension. For an extra 1000 per year (raises in line with CPI), lump sum of 3000 and my spouse paid half this if I die it looks like it will cost 18,500 lump sum or 223 per mth for @the next 8 years. This is the gross cost and I would get tax relief on it - at lower tax bracket Is this a…
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possible overpayment of Pension
Would anyone know how long the company to ask (and be entitled to) any monies back if error was on their part? Thanks Rebecca
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Rise in retirement age to 57 in 2028
Hello. I've read about this change, but can't work out precisely what it means. I will be 55 in January 2028, and Mr Rinkydinkpanther will be 55 in February 2028. We were both planning to retire at 55, but now the minimum age for pensions is rising to 57 in 2028. But when in 2028? Is it certain that we will be affected? Or…
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Help me understand my pension statement
Thank you for looking, I have found the info needed now
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AVC/Pension contributions and PAYE
Can anyone explain by what method AVCs receive tax relief? On my pay slip my regular Company Pension contribution is shown just under my gross pay as a - (minus) figure, i.e it is deducted from gross monthly earnings and that "new" gross figure is then taxed. My AVC deduction on the other hand shows as a standard deduction…
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Semi retire but continue paying into pension
I'm wondering if you can help me clarify a point contained within the governments finalised pension reforms. My understanding is as follows; I wish to semi retire at 60 in 2016, take my 25% TFLS along with a flexible drawdown arrangement. Can I still contribute to my pension from my reduced earnings but with a limit of…
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LGPS extra pension
I'm considering buying extra pension in the LGPS. I'm not sure if this is a good idea and just wondered if anyone had any experience of this or thoughts? I've found out that I can buy £5K additional annual pension (which I hope and believe increases each year with CPI). If I buy this in 1 year it will cost approx 2.5K per…
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Friend not paying income tax in retirement
As far as I know a friend has not paid any income tax on his pension. He has a state and private pension that he tells me is worth more than £10k but he hasn't paid any tax for about 20 years! This is slightly worrying, although I don't know exact figures or details. I suppose the first step would be to get the exact…
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Saving tax now to pay it later
Disclaimer: I know next to nothing about pensions. I'm one of two equal partners in a ltd company. We're thinking of starting paying into a pension which I believe would be best done directly from the company, thus saving the company from paying corporation tax on the contributions. However, as I understand it, should my…
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New pension rules
I have a small private pension, which is currently worth around 42K. Hopefully, it'll be worth more by the time I have access to it. I'm 50 and and currently undecided whether to withdraw money from it under the new rules when I reach 55. As I understand it, i can withdraw 25% of it as a tax free lump sum and then pay tax…
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Pension - I need something to pay into every month
Hi Guys I am 31 and do not earn a lot and my company do not offer a pension. Is there a pension type scheme where I can add say £20 a month or something or am I better off just opening a savings account for my pension? Thanks Emma
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AVCs with a DB scheme
Hi Now that more information on the reforms has been announced, can anyone confirm whether it is possible to contribute towards AVCs in a company scheme, and start withdrawing these in cash from aged 55 to fill the gap, before taking the actual DB pension at NRD at aged 63? Or do the 2 stay linked together so that you have…
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How much do I need to save?
... to produce an income of £40,000 p.a.? Without depleting the capital relative to inflation. How much would my pension/investment fund need to be? How would you calculate it?
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New restriction on contributions to pensions: "£10,000 rule"
The H&L advise sheet, states that "If you take any income from your pension ... after April 2015, you may still be able to make pension contributions, but only with a reduced allowance of £10,000 a year." This is obviously £10,000 rather than £40,000. H&L then quotes the exception, "If your pension is worth less than…
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How is this strategy?
So I do my own savings & investments and SIPP and have been reading about withdrawal rates and the impact of a market crash or entering a bear market just after retirement. My investments will fund half my income when I retire so I can accept some risk with going for growth in my investments. So my long-term preference is…
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Cashing in a pension? yes or no?
Im a complete blonde with regards to money and as for pensions, OMG!:o I have two workplace pensions from previous jobs. One is a civil service pension and the other is from John Lewis. I would appreciate someone guiding me in the right direction for advice on whether or not its worth cashing them in? :o Ive got the chance…
