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Tax Relief on AVC payments
Bit of a daft question. If I pay in a lump sum into my DB workplace pension as a lump sum by cheque, when does the 20% tax relief get added? Ta in advance.
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\tax on multiple small pensions
My wife reaches her 60th birthday in a couple of months. She has not been working for a few years - living off savings. Her savings income has been paid gross as it gets no where near her personal allowance. For the 2015/16 tax year her savings income plus the 3 small pensions that will become due in August will not quite…
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Pension advice please
Hi all New to this forum so please be gentle. I am a little way off retirement but am trying to get my head around what I have in my pension kitty and would appreciate some advice. I have a frozen Defined Benefits Scheme with Vodafone from a previous employment. Would I be right in saying that a guaranteed transfer value…
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Pensions newbie - advice
Hello, My husband and I are 33, and, through a combination of naivety and need, to this point we haven't been able to start saving towards our pensions. We have a small BTL that achieves a rental of approx £500 pcm which we would like to hold onto for retirement, but we are now looking at starting a penion pot with a lump…
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Contracted out years joke
I have been speaking to a specialist at the DWP and discovered the following which may be of interest to some. Someone with 35 years 'contracted in' NI only will receive the full new flat rate pension Someone with 35 years 'contracted in' plus extra years 'not contracted in' will received a reduced amount This seems…
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Abbey Life Early Exit Charges!
Hi, I have a smallish personal pension pot with Abbey Life of around £27k. They do not offer flexible access, so the only options are withdraw the whole amount, transfer the pension to a company who do offer flexible access, or leave it where it is. They have given me quotes, and if I transfer it I can only transfer £25k.…
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My Pension - Badly Advised? Advice Please.
Good morning all, I took a small transfer of £2837.54 from an employer's pension scheme to a personal pension in Jan 2000. I acknowledge this was some time ago but is it still possible to have this reviewed to see if I received the right advice? Regards.
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Telephone interview for Pension Credit ?
I live on a State pension, £133.03 per week. A few weeks ago I got a letter from the Pension Service saying they needed to update the information they held on me and that they would be doing this by telephone interview on a given date. I stayed home to take the call, when it came through, the pensions person apologized and…
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Defer final salary pension
Hi,I have 40 years in a final salary company pension.I don't have to pay any contributions for the next 3 years till I am 60.pension will increase with my salary.company has offered a deal to defer my pension now and they will contribute 15% of my salary for the next 3 years into a new DC scheme .I can contribute nothing…
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Residual AVC transfers into drawdown
I took early retirement 3 years ago from BT and am in receipt of a pension from them. I also had a FSAVC fund through them and was able to take the bulk in cash, although £15k remained and I left it in the vain hope that annuity rates would rise (Im female). I was then told I could put it into a SIPP, although they are now…
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Take the money?
When I emigrated from Blighty I kept my house and rented it out. Like a lot of expats the house was going to be part of retirement planning. Now since April non-residents are liable for CGT on property gains since April. Gains prior to April are not taxed. Based on a RICS valuation I got I have £250,000 of tax-free gains…
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Wealth or life interest trust
I have had initial meeting with an IFA to sort out what to do with my pensions. Now underway. In discussing finances a different issue came up, when trying to be tax efficient, about some sort of Bond or Trust (don't recall which) in which £ is invested (in a Bond/Trust), I can take an income, plus also after 7 years, £…
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some help with Pension
Hi Guys and Girls, Few days ago I was talking to my mother and she has been told she could get at least 25% from her Pension early if she wanted she asked me to find out what to do next, what I have read online you need to be 55 or over to get this? if this is right she is 59 and still works at her job would she still be…
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FT: Study finds few Britons are "financially savvy"
Only one Briton in 100 is truly financially savvy, according to research by the Office for National Statistics (ONS) into people’s ability to manage their money. The ONS asked adults taking part in its Wealth and Assets Survey about how well they made ends meet, planned ahead, knew how much they spent from day to day,…
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"Risk" in private sector defined benefit schemes
I have a small legacy pension scheme that I can draw in a dozen years or so at 65 and I would like to risk assess it. The pension is worth £7.5k pa indexed. The scheme like nearly all DB schemes has recently closed to new entrants, the business itself is overseas owned, in a cyclical industry with oversupply and dependent…
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Is it possible to defer State Pension a second time?
I've been reading so much lately that it's becoming a blur - but I'm fairly certain I read that SP can be deferred once by just not claiming it when first due, then claimed for a while, then deferred again one more time. Spoke to DWP who categorically state this is not the case, and if I put off claiming then that counts…
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tax on pension
I am 60 and have £30k in a private pension. What is the best / most efficient way of getting access to my pension with the least amount of tax being paid on it. For instance will I pay the same amount of tax if I take it as a lump sum now with 25% tax free then pay the rest as my normal tax code blah blah blah or is it…
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IFA raising charges - unfairly?
Hello, I've finally decided to post after several years lurking and learning. Three years ago I decided to take investment advice from a reputable national IFA firm. In that time, apart from the charge for initial advice, I've been charged 0.5% pa. There were no additional fees for annually switching OEICs to take…
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Is my gf stuck with the Pension provider her employer chooses?
Hi all, My girlfriend has been a qualified Architect for a couple of years now and has recently been enrolled on her company's pension scheme. She brought the info pack home last night and asked me to read through the small print. This detailed AMCs (annual management charges) of around 0.7-0.8% I, as a self-employed guy…
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Advice re pension
A friend of mine asked me for some advice regarding her pension. She is 50 and runs her own business but doesn't earn enough to pay tax. She is paying NICs. She is married but wants to keep the pension independent. She has four with-profits pensions: Zurich- value £1500 Norwich Union- value £15000 Royal London- value…
