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Widow's entitlement to part of husband's state pension
I deferred my state pension for four years, but I have just reinstated it. I have received a statement from the DWP giving me the option of either a lump sum payment or an extra state pension. I understand that I have 3 months in which to make a decision. I am now 69 years old, and my original plan was to take the extra…
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pension problem
I am currently residing in the USA. I have an old UK pension coming to maturity soon. I would prefer the cash to remain in the UK to be used to pay maintenance for children from previous marriage. Is this likely to be possible to arrange? The amount in question would be under the current triviality limit. Not sure if I can…
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Another SERPS question about contracted out FS pension
Can anyone outline what I ought to expect from the state pension or how to find out for the situation outlined below? A number of years ago I was contracted out within a final salary scheme and then changed employers. I got a rebate of my contributions to help with a house deposit [but have been contracted out for the rest…
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Defined benefit commutation
Can someone please check my reasoning for calculating the maximum Pension Commencement Lump Sum (tax free cash) for a defined benefits scheme (needed for spreadsheet). Pension before commutation is P pounds. Commutation rate is R pounds tax free lump sum for each £1 of pension given up (in my case R = 10). Maximum tax free…
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pension from Japan
OK sure I know the answer to this but as now retired I have claimed my Japanese Seamans Union Pension a non contributary pension paid as a lump sum, it is in US dollars that was how the company paid in. After 12 years it has earned about 65 USD interest (don't know where they had it invested) and the total is going to be…
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Pension Lump Sum & Tax CONFUSED
Confused. – I am due to receive my civil service pension at age 60 from April 2016. (Classic Scheme) Projection is £14,574 per annum with a lump sum of £43,724. Alternatively I can have a lump sum of £ 71,750 with an annual pension of £12,240. In addition, I can re claim widower contributions of around £10,000. The guide…
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NHS Choice 2 - Stay in 1995 Scheme?
This morning my wife has received a letter offering her a final chance to convert her NHS 1995 scheme into the 2008 equivalent prior to the CARE Scheme taking over next year. We understand that from next year her pension will be accrued in the new CARE Scheme regardless of where she puts her current accrued benefits.…
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Save how much, to retire at 55?
First off, this thread is not about Defined Benefit pensions - where say a 12k pension equates to around a 400k pension pot or more. It's about, how much a person without DB pension plans to save in order to retire. This will depend on personal circumstances (location, kids, age) but also on choice of lifestyle (frugal, or…
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Tax-free lump sums
I think I understand the rules on recycling TFLS from a pension, but what if my windfall is a soon-to-mature life insurance policy (worth about £80,000) which I took out in Germany 30 years ago when I was working there? It's free of tax in Germany. Is that also the case here in the UK? If I were so inclined, could I stick…
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New Pension Rules- Opportunity for tax avoidance for better of savers
Just listened to Paul Lewis interviewing David Cameron via the BBCi player. He pointed out to Cameron that the new rules would result in many wealthier individuals exploiting the new rules by simply drawing down tax free income each year and then investing similar amounts again to get the tax benefit. I could not really…
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Imaginative Alternatives to Equity Release.
We're both in our early 60's and own our house outright. We have no children and no real desire to leave an inheritance to anyone else - except maybe some token charity bequests. We are both in good health and plan to stay fit and live to a ripe age (hopefully!). We enjoy a great lifestyle and have sufficient pensions and…
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Moving civil service pension from Nuvos to Partnership
I have been permanently employed in an organisation with the civil service pension scheme for just over a year (after spending several years contracting with them) and I am 33 years old and currently earn 27k (although I am currently applying for higher band roles - so I would eventually expect to be earning 35-45k). I…
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AVC's or put the money into a bank or credit union??
Hi Guys, I'm looking for a bit of advice re my pension. I intend to retire in six years which will be after 19 years of service with my current employer. I also transferred former pensions into this company's scheme. This has given me around 14 years extra into the pot. I'm now in the financial position where I can afford…
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Increase pension for tax relief
Dear MSExperts, I have just subscribed to this wonderful forum which so far helped me to understand how to save/leverage investments/and generally manage our money using MSE techniques. So thank you already for this! Just a quick overview on our household. My wife and I moved to London 2 years ago, we both have a…
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Pension Advice Please
Hi, I currently work for a small business with around 12 members of staff. The company are not registered for work place pensions and probably wont have plans to until it becomes mandatory in 2018 I believe? I am currently 27 and need to start paying into a pension pot. I began reading through the MSE 15 Pension Need to…
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Dad put his retirement pot in to Mum's name and now she is being means tested
First of all apologies if I am posting this on the wrong board. Secondly, thank you in advance for your feedback.. My father retired 25 years ago and for some reason (suspect it could be tax reasons however that's speculation) he put the money in to investments under my mother's name. My mother has never worked and…
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Edf pension/ barber factor
Hi I have a deferred pension with edf. I can take my pension on my 60th birthday next year but it will have a13% reduction due to the barber factor. If I was to leave it till i'm 63 there would no reduction. If I took it next year I would get £9689 lump sum and £1453 per year. I'm currently working so not desperate for the…
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Just retired
Hi all , More of a gripe than a question , i retired last week after 20 years loyal service to my company . The lads had a whip-round for me , but i recieved nothing from the company not even a card.:( I am furious after the times i have done a lot to help out in the past. Really mean i thought ..... there just thought i…
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Cyprus anyone!?
After a few holidays in Cyprus, I have decided I want to relocate within two to three years (Well tomorrow actually...but there's the Wife...) Tax threshold £19500, then incremental amounts similar to the UK They mostly speak English (similar to UK then LOL) Drive on the Left! PENSIONS TAXED AT 5% AFTER THE FIRST £3700…
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Employer's pension - foreigner
Hi, I've lived most of life in Brazil, but also have a Portuguese citizenship and I'm for the last 4 years living and working in UK. My employee is rolling out their pension scheme next year and I'm not sure what is the best option for me. There are good chances that I'm not going to be living in UK when reaching…
