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Personal Pension Relief
This tax year I have been in the fortunate position of working away quite bit and have earnt substantially more than I would normally do. I contribute to both a workplace pension (smart adjust) and a SIPP. The numbers: Taxable Salary - £46,000 Smart - £1424.03 SIPP - £3400 I have phoned HMRC and claimed my Personal Pension…
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Updating the spreadsheets
I have a query for those who, like me, have been busily using spreadsheets to plan their retirement numbers. In common, I believe, with most people all my forecasts are prepared in today's money terms and using after inflation rates of return. I'm now faced with updating spreadsheets prepared last year and therefore in…
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31, no pension and concerned
I started proper work late due to Uni etc., and now find myself at 31 with no pension and am starting to get a little worried about it. I'm a low earner on 24k so will struggle to put much away, maybe £100-200 a month. Is it even worth it? Where should I start? On the positive side, my outgoings are quite low (no…
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Can't find a thread
There was a thread recently about the income people need to live on in retirement. I can't find it now so could someone out the link up please? Thanks!
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Small final salary pension
I am 60 this year and a company I worked for years ago has informed me that I am due to receive a very small final salary pension. They have given me the option of receiving a lump son and monthly payment or monthly payment on its own. Can I defer this and if so would it continue to be invested by them to potentially grow?
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Contribution Limits...
Hello All, Apologies if this has been answered before somewhere.... I am 55 in early Feb & have largish money purchase pension fund from which I may like to take the 25% tax free lump sum. If I take this either before or after 6 April 2015 do I still keep my £40,000 contribution limit as long as I do not drawdown? Are…
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How does the pension lifetime limit work?
I'm mid 30s at the moment and have nowhere near the lifetime limit in my pension right now. However, given that it's come down from £1.8m a few years ago to £1.25m now and I can see it either coming down further, or at the very least not keeping up with inflation, it's something that could concern me in 30 years if I…
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Lump sum and tax
Evening everyone, I'm starting to plan for retirement, I'm 60 and intend to retire at 63. I am working on a retirement plan of 2/3 my present nett salary which will give me circa £26K nett per Year. I have a deferred final salary pension of (£15K) plus a lump sum (£100k) which I don't intend to release until I'm 65. So, I…
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Defer pension till April 2016??
Hello all, I'm sorry if this has been answered before.... My Mum is due to receive her state pension this year (april in think). She was born Jan 1953. She has been advised she will be getting £113, she will not be able to get pension credit - I believe - as she is still working as an adult placement carer (so the lady…
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Mid 20s, want to put 100k in private pension. Best option?
I fortunately earned 100k this year and 100k last year and just became aware of the tax relief on pension contributions - huge savings, seems like free money! I want to put 100k worth in a pension, so I can withdraw it at 55. 1. How much will I need to put into the pension, so it is topped up to £100k by the government?…
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new pension law
Hi, i will be 55 in october and would like to know if under the new law i would be entitled to it even at a reduced amount,i left my job last year so it is deferred benefits. many thanks andrew
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Aegon - GMP Problems
I have a section 32 buyout policy with Aegon (formerly Scottish Equitable) with a GMP based on a 8.5% revaluation rate Aegon now state that the revaluation rate shoud be 5% however they also state that they were notified of this in 2002 but failed to inform me I understand that Aegon were fined by teh FSA in 2010 for…
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Switching pension savings
I would of someone can help with the following question. I am seriously considering moving my personal pension fund from AXA to a SIPP with iWeb. At the same time I will be rebalancing my portfolio, so removing 5 funds and adding 4 new ones. So should I make these changes whilst still with AXA or change the ffunds once. I…
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SIPP and Teachers Pension Query
I am 57 and a part-time teacher who has taken actuarially reduced pension from the Teachers' Pension Scheme. I have elected to continue paying into the scheme so that I can take more pension when I eventually stop teaching completely. My P/T salary together with my actuarially reduced pension brings me into the 40% tax…
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Help with Reviewing Pension Calculations
I was wondering if someone could take a look at how I am doing my retirement calculations. The option I have used for this calculation is for both my wife and I to retire at 52. I am assuming that I need £60K per year net. My calculations end at 80 years but I can change this when I am sure my modeling and maths is…
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Private Pension cash in
I have been receiving a private index linked pension from a large international company pension fund for just over 3 years but the pension is small at just over £3000/annum. In November 2011 I elected to take a tax free lump sum of circa £20000 which resulted in the above annual pension. Could anyone help in terms of the…
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Compulsory pension
Coukd someone explain the rules over compulsory pension provision in words of great simplicity please? I am going to retire this year. I'm over state pension age. I will have an occupational pension (USS), either in full or flexible retirement. I will be taking a part time job either salaried or freelance. If I go for…
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Lump sum Question
Is the lump sum i receive from a pension classed as earnings? i know it sounds strange, but as my daughter is at uni the amount I earn reflects in the grant she receives.
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Thoughts on this plan- Using SIPP instead of ISA
I'm mulling over some thoughts on SIPPs. I am 45, and have been paying into a BT (Section C) pension since 1999. I have about £85K in funds, equities and cash, mainly in ISAs. I currently contribute 7% of my wage into my pension (I believe that the employer contribution is another 9%). I also invest the max (£450 per…
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Help with our plans for retirement
Hi everyone, I'm generally a lurker on these forums. My wife and I are about to move home and have been talking about our pensions / retirement, well more me doing the talking. I also understand that we are in a more fortunate position than some, but I would welcome comments as it will be easier for us to correct things…
