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Pension changes and dates
Hi, I'm a new poster just signed up today. I have quite a simple first question but I cannot seem to find the answer anywhere on the WWW. I'm soon to be a pensioner with the full entitlement of £113.00 per week + the old Graduated Pension which from memory added £0.06d for every £7.10s you paid in I was in that scheme from…
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Wills
My partner and I are tennants in common on the house we own. I have 70% and he 30%. We have a trust deed stating our percentage in event of split but it states we can will it as we wish. He wants to leave his part to his children but is happy to stay in house till I die. I am in my 60's so would not be able to buy his…
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Qualifying year if employed only one month
I read the State Pension guide someone linked in another thread and it says: My understanding so far has been that if you're employed you have to earn a certain amount every month, for every of the 12 months of a tax year. Reading the paragraph above, it sounds like it's also a qualifying year if you were employed for only…
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Transfer of DC pension into SIPP?
Hi all, After doing a load of research over the years I'm finally taking the plunge and opening a share trading account. I currently contribute to my employer's group SIPP and a regular monthly savings regimen. I also have a discontinued DC pension with @£2500 languishing in it which, as terrible as it sounds I've…
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Is this wise? DB scheme to DC Scheme
In January 2014 our DB scheme was closed to future accrual. So i now have a deferred pension. In its place We were enrolled into a Standard life DC scheme we pay 5% in to the pot, the company pays 15%. So although it is not as good as the DB scheme it is quite generous. However i have 40 years service, i am 61 and at…
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NUVOS Pension Deductions
Bit of an odd one this but I am sure I am being deducted 7% rather than the 5% I should be. I've queried it with HR and they've said my deductions are correct but that's simply not true. It says 5 in the rate of deduction box but the amount calculated to be deducted is 7. Has anyone else had this issue? I'm concerned that…
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currently claiming pension credit but about to reach 65
Hi everyone, I will turn 65 this year. I currently claim pension credit. What do I need to do to claim my state pension? Is it automatic in that I don't have to do anything or do I need to call or fill a form? How will it affect my current payment amount? Any info would be appreciated. Thank you.
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getting my pension
hi all, i have asked a few questions about my pension but not this one i dont think, whats the best way to draw down my pension from a tax point of view, i undeerstand after april i can take the lot (£20000) im a basic rate taxpayer if that makes a difference thanks Bill
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Father took 1 year of Private pension
Hi All, I am helping my mum sort my late fathers pension and probate. And was hoping for some advice please. My Father was a good man and he had a final salary pension with joint benefits to look after my mum after he passed away. at 50% He only took just over 1 year of his pension before he unfortunately passed away. So…
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Teachers Pension/Savings Part-timer Advice
I have been a part-time teacher for 3 years and opted-in to the teachers pension scheme at the time without fully understanding, but believing that it was a "good deal". I still believe it is a good deal, and I still don't full understand it - so I'm looking for some help/advice. I'm 25 and earn only around £5k/year…
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Savings and investments
’m looking for some ideas to mull over and to consider what options I may have, as for the first time in my working life I will not have a mortgage to pay, however old age looms and I want to make further provision for this. I do have a pension plan as I’ll explain my current situation below. Any comments or thoughts would…
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Pension / taxable salary question
Hi, Think I'm right I'm what I'm saying, but I just wanted to check. I earn £43k a year roughly through my full time job at tesco, and pay 5% into my pension which is the standard amount. I'm thinking about buying a buy-to let property, which would return me approximately £1000/month (after non-taxable reductions) . As my…
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Pension help
Has anyone been in this position before? Left my job a few months ago and as a result was taken out of the pension scheme. Was intending to transfer the pot into my new job's pension scheme but now find myself unemployed. So my options are to accept a refund of my contributions minus tax (and lose all of the contributions…
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Pension payment from redundancy
Hi I hope one of the experts on here can clarify something for me. My husband is a higher rate taxpayer who is about to be made redundant. We anticipate his redundancy payment to be around £45k and plan to put £15k into a pension to avoid paying tax on it. Will this automatically be increased by the normal 20%, and what…
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What would you do - Cash for Car or Pension
Hi, my husband and I currently have £16k saved towards buying a new car this year. I have recently been looking instead at car finance deals which on the whole don't seem as expensive as I thought (have always had company cars previously) and its got me thinking about contributing to a pension instead. My husband is a HR…
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Pension advice IFA
Hi there, Info learnt to date. We have around £200k split roughly 70:30 between us, comprising two DC pensions and stocks and share It is my intention to take paid financial advice,before making any decision about lump sum, draw down, fund changes, I would appreciate any pointers to reading material which would help. I…
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Clarification on crystalising pension/s
Hi all, This is my understanding. Can someone please tell me if I'm correct or point out where I am wrong. If you ONLY take your TFLS from your pension/s then they remain un-cystalised and you can continue to contribute up to 40K per year and gain the benefits. If you take out any more than your TFLS from any one of your…
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Move Stakeholder to Final Salary Pension?
Hi there, I’m after some advice regarding pensions. I recently got made redundant from a company after working for them for 6 years, and have a stakeholder pension with them. According to my latest statement I have £28K today. I recently joined a new company – a government agency and I am fortunate to have been able to…
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Self-employed, want to start a pension
Hi there, I was just wondering if anyone could give me any advice for a good pension to start with? I don't know anything about them and feel daunted that my choice is going to affect my financial situation in my retirement years. I have been self-employed for seven years and am 30 (I know I should have started a pension…
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final salary pension question
I have 2 final salary pensions that i can take now, both have a lump sum payment (one 22000 and other 17500) will I be taxed on these when I take them or will they be tax free?
