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MSE Blog: Do you know the difference between pensions guidance and advice?
"If you’re retiring this year and planning on taking your pension post-April when the new pension freedoms come into force (or even if you’re not), it’s crucial that you understand the difference between guidance and advice..." Read MSE Amy's full blog: When talking pensions, do you know the difference between guidance and…
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Should I combine small pensions?
I am 54 and currently have a stakeholder pension with L&G. Standard rate tax payer and I contribute £25/mth. I also have a paid up personal (section 226) pension with Phoenix which I haven't paid into since 1992. That is currently at £13k. Obviously not gonna give much of retirement income and it does not have any GAR but…
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New pension reforms not so good for small pots?
After reading article in Daily Mail it advised that if you wanted to cash in your pension in April start the process now as they will be overloaded. Spoke to Aviva this morning and because my pension pot is under 30k after the lump sum no drawdown is offered. Does anyone know if I could transfer this to any other company…
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pension drawdon from sipp from APril 15
I am wondering after April, if already in drawdown, and you want to increase the amount, is it just a case of contacting your SIPP provider and telling them?
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increasing drawdown amount
I am planning to increase the amount I already have in drawdown after April. Does anyone actually know - do you simply have to contact your sipp provider to inform them or is there more to it than that. I have seen on here that if you are already in drawdown the advice requirement is not relevant. I understand the tax…
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Help me understand pension please
Can anyone please help with this queery, having searched for a long time on the net I do not have any answer. Myself and my wife are on guaranteed Pension Credit and next month I am 65 and go onto state pension which is fine. The question is this, does my wife still receive Pension Credit as she is not of retirement age or…
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over 50 plans
Hi All Just to let you know How to get £75 for an £8 investment ( £67 profit) from an over 50 plan. Simply if you are over 50. Sunlife over 50 plan offers you a welcome gift of £75 for new policy applications. The gift is given to you after they receive the second payment ( minimum £4 per Month ) then simply cancel the…
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Been offered a job in Civil Service - new to public sector - pension question
hi there, I've recently been offered a Civil Service job. Coming from the Private sector, I am trying to understand what this package may mean for me and specifically the pension options currently available through the Civil Service. I do not know whether this job will be a long term career for me so weighing up whether to…
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Confused
Need some advice please guys? A bit of background. I’m 34 and am self-employed with a Ltd company. I’ve never had a pension of any description and I’m now thinking it may be time to look into my options. I’m reasonably financially stable with £25k of savings, a mortgage of £185k on a house worth approx. £280k. Although…
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Pensions Versus OP mortgage
Hi, I've reached the age (33) now when I realise I should have done something about pensions a few years ago. But we've recently been Auto enrolled at work, so I figure I need to step to it. We have been overpaying the mortgage since we took it out nearly 4 years ago at a rate of £500 per month bar a period of 6 months and…
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Stakeholder for child
I set stakeholders up for both kids and the eldest is shortly about to turn 21. I then plan to stop my contributions. She will then (hopefully) go on to have her own pension with future employer. Given that the stakeholder will now sit with no further contributions for around 35 years I want to ensure it is sitting in the…
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Mum can't get her full pension pot even though she hasn't taken anything
Hi, my mum has just been told off her employer Barclays that she can have a lump sum tax free payment from her pension and then a small yearly payment for life. I told her to ask what her pension fund value is but they say that there isn't a figure because it is not an average type of pension. They say the reason for this…
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Reassure & Pension
Hi everyone I've just come off the phone to reassure, and found they cancelled my direct debit for some reason. It happens every few months, they deny knowledge and put the blame on me. Now, they are talking about wavers(?) to re-establish my pension with them. I (was) paying £140 a month, and my pension currently stands…
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Maximum Pension in a S32 Policy ?
I have been on to my insurer about why my Section32 Policy not only has a GMP (good) but also a Maximum amount payable written in to the Policy wording. It states how it is calculated, and that it is the most that the policy will ever pay out, and that if the Policy returns are actually higher than this Maximum, then the…
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Confused as to right way forward. Thoughts appreciated
Does anyone know if you can get a transfer out value from the Pension protection fund. Trying to get my head around the best options for myself. I am currently 57 this year and want to retire at 60. I have 3 pension funds One in the PPF One deferred (Final Salary) And one I am currently paying into (Stakeholder) The reason…
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pension credit and private pension
Can anybody work this out for me. I am 64 years old and receive pension credit. The amount is £100 because I receive a pension and my wife has her own business. The question is I have a private pension which is valued at 30k and with the new regs in April I can draw it out. What should I do. Draw it out in full? or can I…
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Cash now or in the pension pot?
Hi All Would appreciate others opinions on this pension / earnings quandry... My company pension (DC) has a variety of options associated with it; it has the normal basic deduction + company contribution elements - the maximum company contribution is 11% which is achieved via making a 6% deduction. This is a no brainer for…
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Pension Contribution Amount
Hi, I've been looking recently into how much to put into a pension scheme. I have read that your meant to put in half of what your age is as a percentage but it is a little unclear. For example, I am 37, so I should be putting in 18.5% of my wages into a pension... but does that mean:- My contributions have to equal 18.5%…
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Was I mis sold my pension?
I worked for the NHS from 1985 to 1992 full time and paid into superannuation. After I left the NHS I enquired about taking out a private pension, and was encouraged to do this, also transferring my superannuation funds into this. I have been working for the NHS again since 2001, part time. I'm aware now that I would have…
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New pension provider for old pensions?
I have 3 old pensions (amounting to 50k) that aren't performing well and want to move them, either into another existing pension (virgin money) or elsewhere. IFA has suggested Royal London but it's 4% fee to transfer into it, although it looks as though the better performance would make it worthwhile. Anyone any views…
