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Simple (?) question about a pension
Hi fellow forum folks, I'm trying to get my head around pensions as I feel the clock is ticking and we have no decent pension plan for the OH who is a higher rate tax payer. There are a couple of questions that I'm trying to understand..... 1) So, say we accumulate a pension pot worth of X, which then provides one an…
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I need a good FA - how do I go about finding one?
Hi All I need to review both my and my husband's pensions and our wills in respect of inheritance tax. How can I find a good FA in my part of the country (Warwickshire). I don't just want to pick one off the internet or out of the Yellow book so would prefer one that is recommended. Can anyone suggest how I go about…
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State Pension Question
Hi, Another question in my learning and financial/retirement planning journey. This one related how "Contracting Out" will affect my state pension. I have been working since 1988 for the same company. I worked for 14 months for another company in 1986/87 and paid NI during that time. I got a statement from the DWP a few…
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Pension money
Hi all, Need a bit of advice from the experts.... Have recently changed job and the pension scheme is awful. Basically the company pays only 1% into the pot topped at £50 (nothing really). BR payer, 42 planning to retire at 67. My question is: I am 100% offsetting my mortgage (using savings) and want to find out whether it…
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Where can I contact to make sure my contributions are up to date?
I opted out of pension some years back then opted back in again Where can I contact to make sure my contributions are up to date?
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Just left work, any point in registering for employment
I have just left work age 63, I do not intend to work any more, I have in excess of 30 years NI contributions, is there any point in me registering for employment?
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Transfer or opt back in? - Contracted out pension
Hi there, After a short period (under 12 months) of employment with a company - I accrued approximately £4K worth of pension contributions in a contracted out scheme. The scheme of my new employer will not accept transfers from a contracted out scheme - and my old employer will not allow me to keep my contributions in…
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Who polices the 25% tax free pension lump sum
I am wondering about the mechanics of ensuring that we can't take more than 25% of our pension pots tax free. So lets say I have the following - 1. DB company pension yearly income of £25,000 plus a £100,000 lump sum. Total pot value of £600,000 (yearly income x 20 plus lump sum). 2. DC SIPP of £200,000 TOTAL Pension Value…
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pension questions
hi out there.i am a ex service man living in germany and shall be recieving my preserved pension at the age of 60yrs can any one tell me the reasen why i am intitield to a lump sum of money when i reache the age of 60 yrs. i am not conplainig but i would like to know why
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Final Salary Pension - is it worth paying into AVCs?
Hi, Looking for some advice, having read something interesting in another thread... I am 25, and have been paying into a large public sector final salary scheme for the last 5 years or so. Over the past couple of years, I have also paid some of my salary into AVCs. I am not a higher-band tax payer (although possibly will…
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Advice for mother about to retire
Many thanks for any help given here, Situation: Mother in mid 60's who is shortly to retire No mortgage, very active and in good health Current Income : £20,000 State pension future estimate, - aprox £7000 pa Savings: £15,000 Income from lodger: £4200 pa No private pension She has been deferring the state pension for 4…
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Should I transfer my Zurich pension plan?
Hello. I am a newby and could with some advice on what to do with my current pension. I am 58 years old, a Type 1 insulin dependent diabetic and my selected retirement age in the pension plan is 60 years (June 2016). My knowledge of pensions is poor, hence this post. I took out a pension with Allied Dunbar (now Zurich)…
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Lump Sum Pension Investment and Recycling
I have been reading some of my company pension documentation relating to AVCs. My scheme allows salary sacrifice and lump sum investments. Given that this tax year is nearly done and that I have contribution allowances carried over from the previous few years, I was considering a lump sum to catchup. Maybe £30K+ish.…
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To transfer or not to transfer ?
Hi all, Looking for some advice with regards to a 'dormant' pension pot and what to do with it. Years ago I contracted out of SERPS (I know...) and as a result I've accrued a fund of £25,425.82 in a ReAssure pension. I know this will no longer be added to due to changes in payments etc. According to my annual statement…
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Is It Worth Taking a Pension For 16 Months?
I am 63, 16 months from the state retirement age of 65, and would be grateful for your advice on taking out a pension, probably a stakeholder pension or SIPP, to take advantage of the tax relief on current tax year earnings. The pension would be held in low risk funds or cash, and 25% would be taken tax free at 65, plus…
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Pension arrears and bad advice from employer
Hi All. I work for a British organisation but am based abroad and therefore am not paying income tax (only social security contributions). Upon joining the organisation in 2012 I initally signed up to their pension provider L&General and paid a month of contributions, but was soon told by my British employer that I was not…
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Introduction to different pensions?
Hi Everyone, I have a new job and am employed by a US company with a satellite operation here in the UK. The satellite UK operation legally employs me here in the UK. There is very little expertise on HR issues (including pensions) here in the UK where we have less than 10 staff. Most other staff are based in the US. As a…
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SIPP question?
Trying to understand some basics on SIPPs If I start a SIPP (age 50) and buy some funds with a provider (HL/Best Invest or whoever). At age 55, can I draw down 25% of my deposit as lump sum without incurring any tax? Does the SIPP provider have a say on which funds I sell to get the 25% cash lump sum at age 55 without…
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Transferring a Pension
I have an old group pension plan with my last employer. I have made no contributions to it since I stopped working for them 13 years ago. It isn't worth much, around £14K. Is it always possible to transfer a pension? There is nothing in the provider's FAQ sections about how to transfer. But it does give a figure called…
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3.5 years to go - Pile into AVC's?
I have three and half years to go until 60 and drawing a DB pension with no actuarial reduction. I have six years seven months of mortgage repayments to go. Staff mortgage - only £30 per month interest. Considering working beyond 60. A year or two of drawing pension and salary is tempting. Feels like I should now be…