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State pension query
hi...I will be receiving St. pension next May. I am in the higher rate tax band. I presume that pension will be taxed before I get it....will that be at 40% rate....or will it be 20%.....left to me to contact HMRC to inform? thanks.
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Company Pension and still work?
Our company is currently changing pension providers ( I will post a thread looking for advice on this later when we have more details) Anyway, the question is, is it possible to access our company pension from the current provider when we reach 55. Then can we continue to work and contribute to the new providers pension?…
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GMP calculation for Barclays Pension
Help please from any mathematicians out there! I have just received a revaluation on my Guaranteed Minimum Pension from Barclays who I left in 1985. Unfortunately they have just given me a formula to work it out rather than an actual illustration and I wondered if anyone who is great at working this out can check it. They…
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AVCs and scheme move from final salary to career average
Hi everyone, I finally reached a point where I could put money into AVCs with my final salary scheme. I could do 15 percent of my income, and for 4 years put in 8 percent, then just recently added the 7 percent. I have now learned that it is very likely my employer will change our scheme from final salary to career…
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Deferring Pension
I have 2 final salary pensions from former employers payable in about 4 months. My pension from my current job is also final salary but payable in 2020, or earlier with deductions, and I plan to continue working for a couple more years. Combined the 2 payable from 2015 are about £4,500, so I will pay about £900 tax. Is it…
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Transferring from European Civil Service pension scheme
Dear All, I worked for the European Commission for several years. I saved into the civil service pension scheme. I was forced to transfer the actuarial equivalent to a private pension scheme when I left the service because I had less than 10 years service. The Commission insists that the PPS 'obeys' 4 conditions: i. the…
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Enhanced Contribution to DC Scheme - Any Advice Please
Hi, I've posted previously about my company being acquired by another and the likelihood of my DB scheme coming to an end. This was confirmed to me in writing on Friday. I've been lucky enough to be in a DB scheme for approximately 26 years. The accrual rate in my current scheme is 1.75% of pensionable earnings. My…
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LGPS ill health retirement
Hi I am 32 and was fairly recently diagnosed with incurable cancer. My actual life expectancy is unclear as it depends on current treatment - a few years if this is working but very unlikely to be more than that. I worked in local government for 7 years and have a deferred LGPS pension (first 18 months or so pre-2008, then…
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Stakeholder pension versus SIPP
Sorry if obvious but what's the difference between a Stakeholder pension and a Self Invested personal pension ?
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Pension tax advice
I have a LGPS which I am planning to leave until I am 67, but I would like to retire at 60. Is there any point getting another Pension, for example a SIPP, or would it be better to put any additional money into an S&S ISA? My thinking is that currently I would be taxed on my pension income if it is over £10,000 but in an…
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Pension vs ISa
Long story short is that we are both 30 and have 10years NHS pension each currently. We are hoping not to stay at work until SPA so started a stocks and shares isa last year paying £200 a month in. The plan being that we use this isa to bridge the gap between retiring early and state pension. Would we be better off saving…
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Pension advice. Keeping DB or move to AVC
Hi, Can any of the finance guys confirm what seems clear cut to me? Have been in a employers career average scheme for the last 5 years, making contributions every month. In addition when I joined the scheme I bought with me a separate pot from an old pension (circa 5k) which was added as an AVC. I have now come out of…
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Pension Input Amount
As explained in my other post my wife is a member of the LGPS along with an associated AVC that she contributes to and we are going to open a "stand alone / self managed" SIPP or PP to maximise the higher rate tax benefits. The input limit was £50k p/a until it reduced to £40k p/a in April 2014 I understand. The things I…
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Advice for Pension Options.
Hello all, I have 4 options for pensions provided by BT. I am having trouble understanding them, especially the maths behind non increasing pensions. Here are my options: 1. Annual increasing pension: £5156.58 Annual non increasing pension: - Initial Pension: £5156.58 Lump Sum: £15469.74 2. Annual increasing pension:…
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Flexible Drawdown
Hi all, I looking for some opinions/information regarding SIPP provider platforms and converting to flexible draw-down sometime in the next tax year. Currently I have a SIPP and ISA with HL and have been happy with their service and ease of using their website:). However their charges are one of the most expensive of the…
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Aviva deferred anuity pension
Hello I have a deferred anuity personal pension with Aviva, which would pay me a guaranteed annuity at age 70. However, I wish to start taking my pension at 65, just after the new pension rules apply in April. I have decided that I would like an income drawndown arrangement and was told by Aviva that this cannot be done…
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Retirement - Pensions - ISAs??
These queries cross boards in some ways but for ease I am putting them all in one post – apologies for the size!. To give a bit of context our current situation is: I am 55 and my wife will be 55 early next year. We both work for local authorities and are members of the LGPS with a Normal Retirement Age of 66. We have 3…
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Fund not moved when requested 10yrs ago...
When I was 18 I had the foresight to know I was probably going to be self employed for most my working life so took out a personal pension with a company called NPI. All went well over the years, I kept paying in and the fund was growing nicely when suddenly when I hit my 30's, the company were bought out by another…
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Drawdown after April 2015
Does anyone know what the procedure will be for drawing down post April 2015? I'm thinking that it will need to be administered, rather than making your own declarations via a tax return, if so, does anyone have an idea of what sort of fees are likely to be incurred?
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Funds in pension
I've been paying into my pension for a few years now and have about £300k invested. I use a local IFA and have about 15 years to go until I retire. I completed a risk analysis with the IFA and that came out quite high, that is, I'm prepared to take a relatively high risk for a high reward. I've only started to learn about…
