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Tax on pension
Newly retired and completely ignorant of pension/tax, I have been informed by my ex employer that they will tax my pension, which is OK with me, but it makes me wonder how they are going to know about what I receive in State pension or is that not taxable and I will only have to pay tax on my company's scheme? Cannot be…
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S38 buyout pension
My partner has a section 38 buyout pension and would like to take advantage of the new pension changes. However, the fund is underfunded she is told and therefore a cash lump sum is not available. When approaching Scottish widows they say that they cannot do anything unless they have confirmation that she has sought…
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Questions about claiming from an old assurance policy
I'm not sure which is the best board to post this, the probate board or the pensions board, I'm going for pensions because it might need more in depth knowledge in this area. I'm working on my parents probate, both have died in the last few years. I have a few questions regarding an assurance policy in my parents joint…
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Thinking about moving away from Lifestyling
Currently, my pension is invested in a life styling option so, as I move closer to retirement, the investments weighting automatically changes from a higher percent of equities and more towards a higher percent of core bonds and gilts. At retirement, 37 percent is supposed to be invested in core bonds and 37 percent in…
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Try to help Mother raise finance. Help Please.
Hi I want to help my step mother to release some kind of finance for her. She is 84 She owns a bungalow valued about 200k. Has no mortgage and no debt. I have heard she may be able to get interest only loans. She is only looking at about 5k Can anybody advise how she should go about this. Many thanks in advance for any…
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Help, I'm confused
I have had quotes for 3 pension pots, which in total are under 30k. One is quoted at 15k, one at 4k and the other 3k. I thought I could take all 3 out, but have been told that the 15k counts as 2 of the 3, therefore I can't take all 3. Is this correct. I am unemployed and have not got a tax code for this tax year, and am…
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Inverse Commutation
Hi, I’ve been considering taking my pension 2 years early and in order to reduce the effect of actuarial reduction (around 11%) I have been toying with the idea of inverse commutation on the entire lump sum to bring the pension back to roughly what it would have been had I left it to NRA. Having the pension paid out early…
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Pension Numpty!
I went to see an IFA yesterday re various issues which have come up due to an unexpected, but now imminent, six figure settlement payment. I am a complete numpty in this area and will need a lot of coaching and help from him but I have been mulling stuff over all night and wondered if anyone could help. He asked me to…
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pension pot - savings?
My husband has a state pension and a monthly pension from work. He also has a pension pot. I am not working and we have a 14 year old child. Based on his work pension and state pension income we qualify for child tax credit. My question is if we do drawdown on my husband's pension pot i.e. leave it and draw it out as…
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transfer charges stakeholder pension
I have a ten year old stakeholder pension with L&G. As someone else has alluded to, I feel the management charges are high - within the accepted level at 1% pa BUT for example last year I put in around £900, charges were £120, and by the end of the year the fund had grown by just over.....£900. So it seems to me that it…
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Is annuity the best option.....
My other half will be 60 in a couple of months and has 3 deferred pensions payable from that date. We both retired in our mid 50's and have been living off savings and have reasonable cash reserves. The priority with pensions is income - we do not need to turn any pensions into cash lump sums. My pensions are due in about…
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Unexplained Pension Forecast
I am due to get start getting my state pension next year, a couple of months after the new system comes into force. I have just received my forecast, but it has so little information that I don't know if I can take any action about it. The estimate is for £119.22 a week based on NI contributions up to 2014/2015 which shows…
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Keep the final salary or venture forth?
I know there have been a million and one "should I cash my final salary pension" threads - and I know the stats show it's generally a bad idea, but I can't help thinking that there is now another dimension to this. OK -so I'm 53 - currently building a DC pot with about 70K in my current job - probably aiming for 62 as a…
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Wills
Not quite sure where do put this so. Do I need to leave will if I have no children and want to leave everything to my wife? Please assist. Thank you
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Civil Service Voluntary Early Release (VER) ... tax position
Hi I'm a 58 year old Civil Servant (in the Premium scheme) who's just won the lottery, sorry that should read "... who's just been told his application for VER has been approved" :D The terms of that include a compensation payment and I'm trying to work out how much of that I actually get, but I need to understand how the…
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Serps
I have just found a site that says people could be entitled to refunds after being mis-informed about contracting out of SERPS. I've never heard about this before. Does anyone know anything about it? TIA
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Choice of pension provider
So I am preparing to potentially change employer and am fairly certain they will allow me to pretty much do whatever I want with my pension. I have 5 other pension pots. One tiny final salary one, 2 with Scottish widows, (a small one that was closed with approx £4k in it then a GPP replaced it which has circa £50k in it…
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Civil Service Retirement before NRA
My partners a career Civil Servant. Her NRA is mid December this year, but she has decided to go Mid September & after 37 years why not! My question is should she use savings between September & December or take the actuarial reduced Pension in September? Any advice appreciated
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Delays in NHS response to retrospective care claim
Hello I'm not sure which forum I should ask this question so I will just outline it here and hopefully someone can re-direct me if I'm in the wrong place! I lodged a claim for NHS Retrospective Care on 6th October 2012. That first claim was rejected but after an appeal a review was carried out and the result was positive,…
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Civil Service Alpha or Partnership?
Hi I start a new job with HMRC next week (new employee). My natural instinct, having spent most of my life in the Local Government Pension Scheme, is to opt for the security/certainty of a DB pension (Alpha) rather than DC (Partnership). However, after much thought, I'm thinking I'd be better off in the Partnership Scheme.…
