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Pensions, annuities & retirement planning

Archives for June 2015

Pension into trust? - newbee question
Might be newbee question :o Is my work pension pot automatically in a trust, so when I die, it will pass on to spouse / children according to who I put on the beneficiary form. Or I need to get a will to put the pension into a trust? so It can be exempted from inheritance tax ? I seem to get mixed answers from people.…
Lgps
My apologies but I have no real understanding of pensions. I am hoping someone can answer my question. I work for the local authority and am paying in to a lgps. I am 55. Can I take a lump sum payment? I would like to use it as a deposit on a home. I live in Wales if that matters. Thank in advance.
Convert old workplace pension?? Now self-employed
I've got 2 pensions from old jobs - £21k & £8k and now work very part-time, self-employed around the kids. I'm 40 and I'm trying to work out what to do with them. How do I tell if they're good value or not?? I can see the funds info online... but it doesn't tell me if they're doing ok... I'm pretty sure fees were capped at…
Business Pension Auto Enrolement
I am on the hamster wheel of the new employee pensions supply scheme with the Pensions regulator, and basically the FSB offer a £400 quid setup and procedure with the Scottish Widows as their preferred pensions supplier. Not wishing to re invent the wheel, has anyone been down this route viz. Its worth it? Value for money…
parents going into care - house and savings
Not sure if this is the right forum, but..... my parents both have alzheimers and my mum in particular isn't really safe at home any more. We are going to have to tackle the situation sooner rather than later....... which I am dreading :( ok, so they own a house, and have savings and shares - probably about 500k in all.…
State Pension: NI Credits for Children up to 12
Just after clarification about NI credits for years claiming Child Benefit. As I understand it you can claim NI credits up until the child is 12 if you claim Child Benefit. What about this scenario? Say I worked full-time until my child was 12 (claiming Child Benefit for these years and paying NI) and then was unemployed…
Ihr & lgps
Hello again, After over a year my application to take my pension under ill-health has been accepted. I'm now a little confused with my options. I started paying into the pension in 1998 (roughly) and left my job in 2010. I am under 55 and have been given only two options, to take a lump sum and have my pension paid weekly,…
Aegon closing my pension fund
Had letter from Aegon to say that my Scottish Equitable Premier Balanced Pension Broker Fund is closing. I have had this pension fund for years and have not paid anything into it for a long time, as I have been at home caring for my disabled son. I can't make head or tails of what I am supposed to do next. Could anyone…
Lifestyle options pension
When I started with my current employer eight years ago I decided to go with a Prudential Stakeholder pension and I have been very fortunate with that decision until recently. However, since 16 April this year my investment has gone down by over 6% despite an additional 1200 quid being contributed during the same period. I…
Should I set up a SIPP?
Hi I recently left a job where I was receiving an employer contribution of 1.5x my contribution up to 8% employee salary sacrifice amount (I.e. total 20%). I now work for a company where the pension on offer is much worse, with high charges, no employer contributions and no salary sacrifice. I'm thinking of ignoring the…
SIIP contribution without tax relief?
I understand that the max contribution you can make to a SIIP out of unearned income is £3600 with £720 of tax relief. After googling I can't find an answer to whether you can top up any more (obviously well below the 40k limit) without getting tax relief?
Shock news! Folk with no retirement plan don't worry
From a review of Richard Thaler's latest (behavioural finance) book, "Misbehaving": http://www.advisorperspectives.com/newsletters15/26-richard-thalers-misbehaving-and-implications-for-investors-and-advisors-3.php
legal and general with profits
Im 55yrs old in Jan 2016 and have two with profits pension policies called "personal pension plan no 1" with L and G. My questions are how and when do I see the final bonus added or terminal bonus and what is my normal retirement date? It says on a 2012 doc my selected retirement age is 65 yrs does that mean if I take a…
Pension tax relief per year
How much tax relief does someone get per year, if they are on 20% tax rate. Some websites seem to be saying £3,600 and some £40,000! I'm pretty sure i'm mis-interpreting something between the two figures so would appreciate if someone could clarify. I would like to put a lump sum into a private personal stakeholder pension…
Prudential With Profits Pension - Stick or Twist?
I have a Prudential (formerly Scot Am) Ex With Profits 2 pension plan from the days when I was contracted out of SERPS. The last statement showed a fund value of £66762 & final bonus of £22545, transfer value was £89307. The plan has a 4% guaranteed bonus rate attached to it but as far as I'm aware there is no guaranteed…
this pensions thing is soooo confusing!
Hi. I wonder if any of you kind people can give me some advice. Recently received my "wakeup" pack from my pension provider (Pheonix) and have £47,000 in the pot. I am only 56 and would like to take my 25% tax free lump sum and then buy an annuity with the remainder. I would also like to delay taking this pension for at…
deferred pensions
Hi I have been doing the rounds and this site looks best to get advice. My wife has 2 deferred pensions and like a lot of us we just sit round waiting for someone to sort it out for us. My wife is currently working for the nhs and has been there for 10 years approx. last week she decided to phone up both her deferred…
Am I missing anything or making a mistake?
My father in law has just been made redundant but fortunately he is only 4 months from turning 65 anyway. He's asked for a little bit of advice but I didn't want to steer him in the wrong direction so asking for a second opinion. He will qualify for full state pension and his wife who is already retires is in reciept of…
Employer pension contributions 'holiday'
How complicated would it be, for the Employer to stop paying into the company pension scheme, for a few months? The annual form has just arrived, with the usual list of 'expected payments' from the company. The company is considering stopping pension contributions for 3-4 months to save costs. There is only one person in…
Taking Council Pension at 55 instead of 60 - how much can I expect?
I intend to retire at 55 next year. My husband will be 65 so I'd like to spend some time with him. I used to work for the local authority & have a deferred council pension which isn't payable until I am 60. I am now in a low paid job & only work part time. Current statement shows annual pension at 2021 would be £9300, &…

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