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Civil Service Added Pension - Alpha or Premium
Hello, I currently buy Added Pension in the Premium PCSPS. This is a final salary scheme. From 1 April I will be on the new Alpha scheme, which also allows Added Pension to be purchased. However, this is career average AND has a later retirement age. I will retain the benefits of PCSPS I have accrued until now. According…
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Pension Pot Transfer Process
I am considering transferring my pension pot from my current provider, who won't be offering UFPLS on April 6th, to a provider who will. My question is about the transfer process and the impact this might have the value of the pot. My principal concern is about the volatility of funds, for example, if there were a…
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Early retirement help appreciated
I anticipate being made redundant shortly and my aim is to take the payment on offer (I think my minimum statutory figure is just under £9,000 but I am hoping for a more generous settlement) and then take early retirement as I will be 62 in October. The last time I consulted my IFA (sourced by my employer), approximately 9…
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Which SIPP scheme accepting NHS pension transfer in?
Hi, I am trying to transfer my NHS pension to SIPP but finding it hard to find a provider who is willing to accept it. HL, James Hay, A J Bell and many others won't touch it. I believe I know what I am loosing. As a deferred member survival benefit is without enhanced protection, rise is CPI only, no flexibility of moving…
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no financial advice - no application. is this normal?
Hi I was hoping to take out an aviva stakeholder pension for my 2 year old but as I have not received any financial advice Aviva say that they can not proceed with the application. Is this normal? My father-in-law has given me financial advice about selecting the risk/investment areas etc as he is savvy with the financial…
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MSE News: 'Second line of defence' for pension savers to be introduced
"Additional protection for those accessing their pension pot from April is to be introduced, the FCA has announced..." Read the full story: 'Second line of defence' for pension savers to be introduced Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read…
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State pensions amounts
I live with my partner, we own our own home. At present I am working past retirement age and get a State Pension of £588 per month, plus two occupational pensions per month and a regular wage from my employment. I am retiring in July / August of this year. My partner at present gets a occupational pension from her previous…
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Mis-sold a pension - can I claim?
Hi, Back when I was 16 I took out what I thought was a pension, it wasn't! It's a Personal Wealth Plan, though I'm not sure exactly what that is! Some time ago, maybe 10-15 years ago, I wrote advising that I wanted my money back (£1000) as it had been mis-sold to me but the answer was "take it to the financial ombudsman"…
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No inheritance tax: regular gifts into savings account?
Is this new? There's no Inheritance Tax on gifts made as "regular payments into a savings account"? From HMRC: "There’s no Inheritance Tax on gifts from the deceased’s income (after they paid tax) as long as the deceased had enough money to maintain their normal lifestyle. The gifts include: * Christmas, birthday and…
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Inheritance tax & Gifts
Hello My understanding of inheritance tax & gifts is that it's possible to be gifted a home from your parents and as long as they live for at least 7 years after the home has been gifted, it avoids inheritance tax - is this correct? If so, my second question is could my parents continue to live in this house and pay a…
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Claiming state pension
I know that I need to claim the state pension before it will be credited. I also know that I can claim at my convenience. But I am not sure if I need to give some notice before it will be paid by a certain date. For example, If I am eligible in, say, early March, do I need to claim by a certain date to ensure that payments…
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Laymans terms please
I have a pension with aegon that has a pot of about 85,000 at the moment and went up last year at about 9%. The problem comes when I am looking at the estimate as to what my pension will be worth when I retire. low estimate 109,000 mid range 191,000 high 332,000 the mid rate they use is 1.70 the high and low rates are 3%…
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Simple help
Hi, I am 28 years old, I am saving for an extension, paying off debt, saving an emergency fund and I am currently pay into an NHS pension. I don't understand pensions or investments at all despite attempting to learn. Does anyone have a simple explanation or know where to find one. I am looking to put £200-£300 a month and…
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Moving to a SIPP
Apologies if this is a stupid question, but if I move my pension to a SIPP, using say Best Invest, how is my money protected? With banks I know I am okay up to £85k, but what are the protections for my pension funds? Their terms and conditions only mention protection up to £50k? But if my money is in funds, am I right in…
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General Accident staff pension
I worked for General Accident Fire and Life from 1982 to 1988 and they had a non-contribuitry staff pension. Since they merged with Norwich Union and then became Aviva I have no idea how to go about finding out if I have a pension or not. Does anyone know who I contact or had the same problem?
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AVC Fund Charges Query
My wife is investing in the AVC offered by Standard Life alongside the LGPS scheme. Underlying fund is: SL Global Equity 50:50 Pension Fund Latest information pack states this: "The most recent applied monthly reduction for this plan is -0.379% The current approximate effective fund management charge is 0.621% pa" I am…
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Buying additional years
;) Hi, we got a pension statement for my wife, she has 23years of NI contributions in total on it and won't reach retirement age for another 8 years. My question: is it worth buying another 6 years (all you can go back) and then potentially keep buying until she gets to 35years. I estimate that it will cost £4368 to buy…
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NHS Pensions - Address Needed
Good afternoon everyone. I've moved to France and need to contact NHS Pensions with my new address and bank details. I can't find this info anywhere - do I write to NHS Pensions at Fleetwood or to Paymaster General, in which case, do you have the address please? Many thanks for your help
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Unsecured pension
Hi everyone. My partner has an unsecured pension with LV. It matures in April. The fund is worth approx. £80000 His IFA has advised he move the funds to Brewin Dolphin. We aim to drawdown £50000 over the next 3 tax years to pay off mortgage. Does anyone have experience of Brewin Dolphin, or other advice please. Thanks…
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Dumb question - SIPP limit and tax relief
OK, my limited understanding of annual SIPP contribution limits (ignoring carried-over unused previous years, and assuming this is the only pension contribution) are: Unemployed/no income - limited to £3,600 per year, including tax relief (from MSE: non-workers can pay in £2,880 per tax year, to which the taxman will add…
