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Investing a lump sum to generate retirement income - do I need to use an IFA?
Am taking early retirement in a few months time. I have 2 DB pensions which will kick in at the end of 2015. I also have capital now of 250k, and no debts (mortgage paid off last year). The pensions will leave a shortfall in income which I intend to plug with my savings until the state pension kicks in (not for another…
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Pension Entitlement for non-worker
Hi My partner has not worked for the past 4 years due to personal reasons and has not made any pension arrangement. She has an NHS pension into which she stopped paying whenever she left the NHS. From reading various threads on here it seems that a SIPP or Stakeholder pension (hope i got the terminology right/correct), is…
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Added years vs more income
I know civil service stopped ability to buy years and now can buy added income. But not sure why did they do this and which is better?
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MSE News: Deferring your pension set to be worth less from 2016
If you delay claiming your state pension, you'll gain less if you do it after April 2016 under new Government proposals... Read the full story: Deferring your pension set to be worth less from 2016 Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our…
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What is a defined contributions pension scheme?
Can anyone describe what is a defined contributions pension scheme? I have small pension pots in three frozen "zombie" schemes I acquired during my working life: one is from when I was self employed, one when I was an employee in a company and one as the director of my own company. Do the new rules apply to all of these? I…
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CIS Personal Pension - With Profits?
I have an old CIS Personal Pension which basically contains £5200 of opted out SERPS contributions. I took it out when I got my first real job after leaving college over 23 years ago. I transferred the actual contributions to a DB scheme over a decade a go. Up until recently I was unable to touch the SERPS contributions. I…
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Retired - newly diagnosed with cancer
A relative of mine has just been diagnosed with aggressive prostate cancer, and prognosis is not good. He only retired last year, and I was wondering if there is anything he could do to financially improve what time he has left. His income comes from: State pension - circa £7k pa Defined Benefit scheme - circa £8k pa Sipp…
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pension rule changes
I have just been reading an article in the daily mail today regarding the new pension rules which confuses me. It says for people on DC schemes from 2028 the minimum age to access their pension pot will be 57 which seems clear enough but then there is a quote from someone saying that anyone born after 5 March 1961 will…
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Pensions
Are there any type of accounts where I Put money in every month and get interest. When I retire I would get that money plus interest back?
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occupational pension and PHI
HI all Hoping someone can help me with my problem I have here ? I was working and paying into my works pension with the pension came a PHI scheme if I was sick are became disabled I would receive My PHI of 75% of my salary. Now I was told that I would not go back to my normal duties so I was placed on permanent health…
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midlands coop pension
hi, today i received a letter stating that i am eligible to have the option of receiving a one off cash sum in exchange for giving up my future pension payments. this pension is with the coop society. we received a letter stating if we wanted to take the option of the lump sum to fill out the enclosed form, which includes…
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Employer Contribution v Salary Sacrifice
I'm a contractor who currently uses their own LTD company. I spoke to an Umbrella company recently about the possibility of using their service instead for my next contract ... which means their company receive my gross income from the agency, make the necessary deductions etc and pay me the remainder as net salary. On the…
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Zurich or Aviva
Hi, my work pension provider has moved around over the last few years a lot. Consequently, I have funds with Aviva, Mercer and the current one Zurich. I have to keep the zurich account open since that is the current provider that my works pension gets paid into. I really would like to have it all in one pot so I can manage…
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Procedures for auto enrolment
Just a quick question. Our employer has e mailed everyone regarding auto enrolment. They have stated that they will be deducting monies from this months salary. They have given 1 weeks notice. None of us have seen any details regarding the pension scheme. Are they allowed to deduct monies before giving us any infomation…
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When can you take a private pension?
I'm asking this on behalf of a friend who's sister turns 55 in July 2015. She had planned on retiring & taking her personnel pension at this time. Considering her state pension age is 66 does this mean she now can't take her personnel pension until 56 under the new rule just announced? Thanks in advance.
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pension auto enroll
to whom it may concern I have had the experience of the government scheme which employers are required to provide a option for a personal pension plan ,however as the particular plan was based on a percentage of total weekly or monthly wages payment the more you earned the more you paid in .however my particular did not…
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Invest or pay off mortgage
I moved house just under 4 years ago and borrowed an extra £100k to move up the ladder. I've just paid off the extra borrowing 6 years early. That leaves me with the original mortgage that I ported to the new house, which is just over £80k with a little over 6 years left on an old Nationwide 2.5% SVR. My pension is now…
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NI contributions: Do I have to pay them?
Having been in continuous employment since 1974 and therfore enough 'qualifying' years in for a future state pension (unless next government increase retirement age again!!): Do I still have to pay NI contributions from my wage? And if not, how do I get my employer to not deduct them? Regards
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Four working days to go before early retirement! How did you feel at this stage?
Hello everyone. On Friday 25 July I will leave my post of 36 years. It was an amazing journey. I am elated about my decision, but a bit emotional too. I handed in notice early in June for the early retirement package. Hand on heart I have not had any misgivings. It's right for me. But I have had messages, and emails, and…
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Sipp
I am on final salary with the university and due to retire soon. My financial advisor recommends a SIPP. The pot of money from my pension scheme is £330000 and to set this up is £13000 a cost of 4 per cent Is this excessively high or the average cost?
