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Pensions, annuities & retirement planning

Archives for March 2016

Releasing cash from pension
I have 2 small pension funds, one with Aviva and one with Scottish Widows. I am not paying into either. Think it's about 4 or 5k in one and 7.5k in the other. I'm 57. As we are looking into moving house I'd like to get the cash out if we move. I do know one at least one of them allows this once over 55, as I asked when I…
Continuing working whilst collecting pensions
I shortly reach 65 yo, I have set up to receive 2 small pensions from the Co-op which amount to £300.00 pm and I'll collect £624.00 pm from my Gov pension statement. I'll also receive approx £16K tax free from my Co-op pension I currently earn £60k + py and I intent to carry on working for approx a further 2 years. I'm in…
Aviva/Norwich Union Section 32 Buyout policy holders?
Do you have a section 32 buy out policy from Aviva (Norwich Union) that should have paid you a pension by now? Have Aviva told you there are "insufficient funds" citing condition 7 (in my case) to secure a pension before GMP date? Are Aviva using it as an "interpretation" to opt out of paying these pensions from the…
Length of Time Between Starting Job and Contributing to Pension
I'll soon be starting my first job and looking for advice on what's "normal". I accepted a job at a fairly small company (~20 employees) and I've got my contract through, but under the section on pensions, it states* I can only join the employer's pension scheme after 6 months continuous employment * The employer may (at…
Old State Pension
Hi! This is the discussion thread for the Old State Pension guide. Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide. Thanks folks,
New State Pension Guide
Hi! This is the discussion thread for the New State Pension guide. Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide. Thanks folks,
State pension
When I come to claim my state pension in a few months time . Hubby not reached pension age but has paid enough , do we get single or a couples allowance. Looked on Internet so thought I would ask on here
CGT and Eldery Care
Dear All My father is set to go into a care home.He will be self-funded.To pay for this we will need to sell his shares. If he makes a Chargeable gain will he be required to pay CG Tax or will this be exempt as he is using this to fund his own care? Thank you.
AVC Transfer to release cash
I've got a small £5k AVC as part of my company scheme. I'm now taking my pension but looking at the numbers I'd be better off taking the whole AVC as cash (25%tax free 75% taxed) rather than what the scheme is offering me which is £1,281 tax free lump sum and £192 pension per annum (taxed so only £153 in real terms). I…
NEST or others?
A question for those who have had some experience with auto-enrolment master trusts: I've read a few posts on here (dunstonh, mania112 and jamesd all spring to mind) that have been a little disparaging of NEST. I'm aware that transfers out of NEST are restricted until April 2017, which isn't great, but other than that I'm…
Two worthless pensions.
When the government introduced the pensions that companys had to do i didnt opt out. Then about a year later our company was taken over. So it was frozen and had new companys pension. now 10 months later that company has stopped so that one has been frozen. Prob both worth nothing! Now on getting a new job i will prob have…
Confused about how the NHS Pension 2015 Works
I'm really struggling to understand how the NHS Pensions Scheme 2015 works in practice. In case anyone needs background on the scheme details can be found here: http://www.nhsbsa.nhs.uk/Documents/Pensions/2015_Members_Guide_(V4)_03.2016_-_digital.pdf It's a CARE scheme, and whilst I understand how the pension creates a pot…
Director of firm looking to start pension
Long story short... 2013 - April 2016 self-employed, not paying into a pension. 2014 - 2015 also got a job paying into the Pension People pot (around £800 in there) April 2016+ My company is going LTD on the 1st April 2016, so I need to sort out a pension... I have no clue where to start. I've tried reading the guide but…
How SIPP affects taxable income
Confused over working out tax code. I'm retired drawing a final salary pension and contribute to a SIPP to max of £2880 for unearned income. Since the SIPP has tax relief added to the fund to take the total to £3600 this presumably means the SIPP amounts do not affect tax code? Do they affect calculation of gross income?…
Avc payment by employer
Hi , Just a quick question on a couple payments. My employer has not paid our avc payments on a four weekly pay cycle. It is 1 week till we are paid again. Is there a time limit on when they should pay this . I pay £102 weekly so it is not trivial amounts. Still trying to find if they have made normal pension contributions…
SIPP for me or my wife
Hello, I'm terrible at this pension game but have some money from a year's earnings and have an idea of what to do with it but not sure of the best option. I'm 50 and my wife is 53. I have about £40,000 of savings in a current account (don't ask). This year I am a higher rate tax payer. Next year I am likely to be a low…
Government to inflation proof GMP of public sector ...
Duplicate postingI thought you could delete postings?
SIPP for non-taxpayer
I've read here about a SIPP for a non-taxpayer. If I understand correctly, someone with low earnings (only £100s pa) and receiving a small pension (less than £3,000 pa), aged 63, can contribute £2,880 to a SIPP which will get £720 added by HMRC. The £3,600 can then be withdrawn and the process repeated in the next tax year…
Government to inflation proof GMP of public sector ...
The news about the treasury inflation proofing the GMP of "public sector" workers who reach SPa between 6/4/2016 and 5/12/2018 has been around for some time now - https://www.gov.uk/government/news/government-one-step-closer-to-introducing-new-state-pension-this-year. This is until the equalisation of SPa for male and…
Pensioners Tax Return
My 83 year old father has recently returned to the UK from Spain where every year he has completed a tax return. He has no income other than a state pension and a work pension but is insistent that he must complete a return here in the UK. I thought his pension was taxed before being paid to him so doesn't need to complete…

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