-
Hypothetical question?
Assume someone is 55, a non tax payer and this occurs after the new pension rules come in next year. Could you open a personal pension of some description, pay in £2880 and obtain the government tax relief to bring it up to £3600, wait until the end of the tax year/start of the next tax year, then draw it all out and do it…
-
SIPP tax relief
When I contribute to my SIPP, the tax relief shows in the SIPP cash account as uncleared. Many weeks (months?) later it will clear. What takes it so long? Does this vary from provider to provider, or is this just an immutable HMRC delay? How long does your provider take? Is it possible to transfer a SIPP to another…
-
Implementation of 2015 Pension Rules
Taking uncrystallised funds pension lump sum from stakeholder pot Has anyone seen examples (from established pension providers) of the process pension providers will operate for the new rules on Direct Contribution (Stakeholder) schemes in April 2015. My own provider said they'd have details by Mid-?October, but there's…
-
Pension - Messup
Hi. I need some advice on my pension. Heres the current situation. When I first started working I joined a private scheme with GAN who changed to Windsor Life I was with them approx 6-7 years. I then joined the NHS and cancelled GAN and joined them for 10 years. I left the NHS and went to work for a private company and…
-
phased retirement plan ?
Anyone else considering a "phased" retirement plan? - while I realise that planning decades ahead is an inexact science at best, I would appreciate comments on the following outline plan background - I'm 43, self employed, basic rate tax payer, and have vague plans to start to slow down in my mid 50's and fully retire at…
-
How much to offset pay to account for higher charges in private pension?
Hi For the purposes of considering a job offer, what is a quick rule of thumb for discounting higher pay for the absence of an investment-based (not final salary) company pension scheme? Specifically, for higher charges that I am likely to pay in a private scheme? In my current job I am in a company pension scheme that…
-
Pension advice for self-employed
Good evening :) . This is my first post on MSE but I've been a lurker for a while! Until July of this year I had two jobs: 1 part-time for the local council and 1 working freelance. I paid into the council pension scheme and also paid National Insurance contributions for my freelance side. I have now gone totally freelance…
-
teachers pension and also a sipp
my wife wants to start contributing to a sip to run alongside her teachers pension. I know someone on here will know the answers to my questions as they always do. she has been told by the teachers pension people that her pension growth allowances are the following for these years : 2013/14: £7980 2012/13: £2017.43…
-
Accessing pension pot as a non-resident
I'm hopefully going to become a non-resident in next few months. In Aug 16 I'll be 55 and need to decide what to do with SIPP. I could leave it as I won't need immediately but I'm a tad paranoid about possible future changes reversing the freedom which is coming, e.g. if come next April there are lots of tales of people…
-
Pension transfer post divorce
I am currently contributing to a personal pension which is a company pension scheme and is run by Aegon. I make monthly contributions of 2.5% and my employer 5% of my salary. I only returned to work after the children were grown up so there is not a lot of money in this pension. I have very recently become divorced and…
-
Workplace or personal pension?
Hi, I have 2 pensions, one is a personal with HSBC and the other a workplace with NEST. I work part-time so the current contributions to the workplace pension are minimal - 25p/w (including employer contributions). I put £22/m into my personal pension. Is it worth me having both of these? Which should I close (if either?)…
-
Class 2 NICs Direct Debit
HI there. I have gaps in my National Insurance contributions and I want to pay them, but I don't know the exact amount that I owe to HMRC, it is about 400ish pounds or something. I requested NICs statement from HMRC, but received an email that it could take several weeks to receive it and I need it now. My plan was to…
-
Self employed, higher rate... Pension advice. Thanks
I think (I have tried really hard to do my research) that if hubby starts saving into a pension it will help him save tax. Possibly even bring him under the threshold? I think he pays the higher rate at around 6-7k per annum. Am I right? How do I go about choosing a pension plan for him? Do you have any suggestions?…
-
Part time to full time working Police Pension
Am a complete numpty when it comes to Pensions (despite reading everything I can). I currently work part time as an Officer and am in the 2006 scheme. If I increase my hours dramatically as I am nearing pension age (55) would this mean that my final year at more hours would be what the pension is based on? Basically if I…
-
NI confusion
I work part time and also am self employed, paying NI contributions from both incomes. I would like to know if my state pension will be based on my employed contributions or self-employed or both?
-
Teachers' Pension Scheme
A friend of mine has already done more than 40 years teaching and contributed to the scheme. She continues to work and is still paying contributions even though she could have taken her full pension two years ago. I didn't think you could pay in more than 40 years contributions but she definitely still pays them thinking…
-
Auto enrolment in NEST?
Hi, I retired from my NHS post in August, taking my lump sum, pension £16,910 per year. I obtained another job in NHS salary £27.000 for 18 months taking me to state pension age. I'm not sure if I will retire full time at that point. I have received a booklet telling me I have been auto enrolled in NEST Is this a good…
-
Can I transfer the money from pension scheme of my current employer?
I have about 20000 pounds in a pension scheme (AEGON). I sacrifice some of my salary and in return my employer makes a monthly contribution. I now want to move the money to another provider (Fidelity) but keep the existing scheme open so employer contributions can continue to be made. Does anybody know if this is possible…
-
Capped drawdown to flexi-access drawdown April 2015
According to HMRC/Treasury briefings anyone already in capped drawdown will convert that fund to flexi access drawdown simply by arranging a payment in excess of the max drawdown/150% GAD - regardless of the contract you're in/regardless of provider - is that feasible? If I stay within 150% GAD/remain in capped drawdown…
-
Flexi-access drawdown and PAYE
Read somewhere that PAYE on "unpredicted" drawdown will likely be "overtaxed" and it will be up to individuals to sort it out with HMRC /get a refund at the end of the tax year - is there any way to tell HMRC in advance of your intentions in order to avoid that - will new real time PAYE system respond to rapid change?
