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Confused.....
Please be gentle with me, I seem to be getting mixed messages about the April changes to personal pensions. After the programme last night I decided to contact my insurance company about the current value of my plan and information as to how and when I could start the process of withdrawing my pot (how much notice do they…
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State Pension question
I'm afraid I've never been that good at understanding Pensions, but the proposed new legislation has confused me even more in relation to what I can expect to get in State Pension when I reach 65. I'd be grateful if somebody could reply based on my following information: Born Nov 1952. I have 40 years NI contributions up…
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Pension LS recycling calculation
This one is doing my head in. I am 55 and intend to keep contributing to my DC pension until I retire (ideally at 60). However I would like to take a tax free LS of part of my DC plan this year, so with that in mind I have transferred some of my DC plan funds into a SIPP so it can be made into capped drawdown (zero income)…
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Withdraw, drawdown, sisp? confused
Due to reach retirement age in May this year and am rather confused as to what to do. My situation is as follows Been out of work for the past 10yrs living off of savings, not getting or had any benefits. Current savings £200k 2 small index linked final salary’s totalling £4k per year. Pension forecast of £113 + £88 serps…
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State pension + lump sum drawdown
Hi, I've read through numerous posts but don't quite understand my own particular position. 1. re. the my State Pension entitlement. My forecast as at today shows 40 qualifying years, basic entitlement 113.10pw plus additional 33.55pw. My state retirement date is end Jan 2017 (age 65). For approx. 3 years at ages 17 to 20…
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Income Protection Policy
Has anyone had dealings with Unum? I had had an income protection policy for over 10 years. This year I have had to retire due to ill health - this is supported by my GP, a consultant and my employer. Indeed I have been awarded total incapacity due to my illness. I am unable to perform my job. Unum disagrees against all…
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32 buy out bond
Can i cash in the bond,as i retire on 17th April 2015, and just what for myself
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deflation
Hi Having just read about the impact deflation may have on the economy it got me thinking about pensions. I have a deferred pension that gets an annual uplift based on government figures I think last year it went up by 2.7%. If there is deflation will this mean that the pension amount payable on retirement will go down? My…
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What options are available to me?
Good day folks, I am currently 57 and planning on tittering at 60. I will be in receipt of 3 pensions and I have a question that I hope can be answered without too much difficulty. What options are available to me in (1) The event that I die before I receive my pension (2) If I die whilst receiving a pension I want to…
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Balancing a portfolio
The last time I used an IFA, the asset allocation for a Balanced investor which I followed was as follows. Portfolio value £150000. Proposed 2010 Actual 2014 Fixed Interest 27%. 25% Property 24% 17% European equity 5% 3% UK equity 25% 25% US equity 16%. 19% Far East equity 3%. 4% Other holdings. 7% I intend to move in to…
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Civil Service Pension - Classic Scheme
I am in the PCSPSClassic Scheme and would be grateful if anyone who is au fait with this Scheme could answer the following query (I could try asking MyCSP but I know how useful that can be!) I understand that my finalpensionable pay will be taken to be the best 12 consecutive months pay earned in the 3years prior to the…
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Start Drawdown or not with PP?
Having seen a few references to the upcoming changes in April this year and in particular the point made by Linton in another thread: "Capped income drawdown. Available now, allows the 25% tax free lump sum then up to the GAD limit income each year, currently in the 6-8% a year range at common retirement ages. Being…
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Should I get a private pension?
Hi Just recently I've been contemplating getting a private pension but I'm unsure A: of where to start since my Google Fu has let me down on trying to find out and B: if I should even be thinking about a private pension. For a bit of back ground I'm 28, on 27K salary though should soon be going up to 30K (and with a bit of…
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Pension help for a new widow please
I've been recently widowed and was receiving about £75 SRP, a week, as I paid Married Women's Reduced Rate stamp. I've been told this will "substantially increase", based on my late husband's contributions, but I can't find this info on any web site. He was almost 76, and was contracted out, so not paying SERPS, and I'm…
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It is Single Tier, not "flat rate"
Ok, Lots of ranting today about not understanding the new State Pension. The press and government have not exactly covered themselves in glory over this. The new system is a "Single Tier" it is not "flat rate". So why are people on this formum who should and do know better still refer to it incorrectly as "flat rate".
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Understanding relevant earnings
I have looked at HMRC's definition of relevant earnings and have hunted the web but can't seem to get a clear answer on this. If my wife earns a salary of £10k are her relevant earnings £10k or are they net of the personal tax allowance ie. £0. I thought I had read somewhere on this forum that one of the more informed…
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State Pension in 5 years time and NI
Hello I wonder if you can help I am 61 with 34 years NI contributions. I left work about 4 years ago and haven't worked since, living off a small pension and my savings I was contracted out of SERPS for about 30 years of that time into company final salary schemes. I have just been trying to work out my entitlement to…
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deferred pension
Hi I reach retirement age ( 65) March this year. At the moment I receive working tax credit. If I defer my state pension will I still be able to claim working tax credit ? Thanks
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Pension Reform Question
A fairly straight-forward question I think... I am 55. I intend to cash in my entire pension in April 2015. Given their value, my financial situation and the taxes that would be due I seem to be in the fortunate position of not being hit with an exorbitant amount of income tax payable. Would I be able to take the 25%…
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Can ANYONE aged 55+ cash in Pension?
Hi, I'm new to the site and this is my first post. I have a pension from a previous employer to buy an annuity at retirement. I have recently turned 55 & the current retirement date for the policy is 65. I have read what I can on annuities, but am confused. Somewhere I read that only people who 'retire' at 55+ can draw…
