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Total tax free lump sum from two pensions
I am taking early retirement later this year at age 57. I have two pensions, the first is a final salary scheme which was closed to contributions a few years ago, to be replaced by a DC scheme. The pot for the latter will be about £50k. I want to take a tax free lump sump of £50k. The statement for my final salary scheme…
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Ifa
Hi, I've just transferred my pension from Scottish widows to Aviva which is a draw down scheme, I sought financial advice from an independent financial advisor who oversaw the transfer, although I was happy with his service and advise it did cost me £1145, what I would like to know is if I want to withdraw 25% tax free…
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GMP query.
I'm due to retire at the end of October 2017 and therefore come under the new flat rate scheme. I've had a forecast and they say I have 40 qualifying years and that my starting pension will be £132-16 per week - I was contracted out for 6 years and 100 days between 1977 and 1983 when I worked for the then Gas Board (now…
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Transferring Pension
I would really appreciate some advice on the following: I paid into a company defined benefit scheme for 20 years which was closed 18 months ago. I now pay into the Group Personal Pension Plan via Salary sacrifice ( my contribution is 7.5%, Co contribution is 7.5%). I also have a Scottish Widows Retirement account which I…
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SIPP's & CGT
I understand that gains in pension funds are not subject to Capital Gains Tax (although tax on Company dividends cannot be claimed back). If I buy a property with my SIPP and then sell it making a capital gain, is it subject to inflation tax oops I mean CGT!! It is also allowed to borrow half the value of the SIPP, I…
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III charges etc...
Hi, I've just been enquiring about crystallising my SIPP with III in order to get it done before the end of the tax year while the LTA is £1.25m 1. As my birthday is close to the end of March they would be unable to process it in time. Normally 10 working days!!! I have offered to go to their office or get things couriered…
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Lasting Power of Attorney
I'm in the process of setting a Financial Lasting power of Attorney up for my Mother. For anyone that has done this or knows a process well I have a few queries. 1 - In our case we want to set up the LPA but not activate it yet, it will only be activated if/when my Mother loses her mental capacity. What is the process for…
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New auto-enrolment pension - Legal & General fund options?
Hi all I'm a little confused (first pension), and hoping for some advice please. My company is enrolling us in a work place pension, to which they will contribute. All well so far. However, the pension has to be with Legal & General, though we can choose a specific fund. (I'm not sure if there are limitations on available…
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Purchase Life Annuity
I am considering a PLA for an elderly relative who has come into a lump sum but how do I obtain any figures? The providers I have contacted so far will not even speak to me about it and are insisting I go through an IFA and the calculators do not cover her circumstances. At this stage I only want some ball park figures so…
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Full pension withdrawal avoiding 40% rate
Hi. I have a pension with Royal London with a pot of around £62,000. The pension has a Guaranteed Annuity Rate. I have been to see an IFA with regard to taking 25% tax free then shifting the rest into a drawdown plan. The IFA has been unable to suggest a decent plan as he says the GAR is really good. However, the annuity…
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Pension protection fund
I've got this worry that if something big happens they just won't have the money to bail out schemes. I have looked at the transfer value of one of my DB pensions and I would prefer it to be in my hands than at risk of the markets and a black swan event. I don't believe any IFA would take this into account when…
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SP deferral question
Sorry if posted before somewhere. I have deferred my SP and thinking of drawing it either this tax year. Question, if I draw lump sum this tax year ( after 14 months deferred ) and my income from other non work sources this tax year is £200 short of the 40% threshold. Will I only being liable to 20% tax on the lump sum…
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Annuity shock
I am 65 and trying to sort out a few affairs. Ten years ago I drew down 25% of my pension pot. Approx 27k. I have since been paid about 400 pound in pension but this forms part of my P60 and gets taxed accordingly. Naively, or perhaps misinformedly, I was under the impression that this money was being given paid on the…
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Increase pension contributions or overpay mortgage
Hi just after people's thoughts on weather it's best to increase my dc pension contributions by £70 a month or overpay my mortgage by £50 a month? Read somewhere that because mortgage interest rates are low at the moment (mine being 2.24% with just over 10 years to run) it would be more benifical to stick it on my pension.…
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Are pension charges fair?
I have a couple of private pensions with well-known providers (Standard Life and Aviva) and they use fairly usual charging structures based on the total value of my pension pot. When I analyse the growth in value of my funds the vast majority comes from the contributions I add myself rather than any investment growth…
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State Pension query
Could someone please explain to me how the government plans to give everyone a fixed (£155) state pension from April 2016 - yet are still advising us to make up missing NI contributions in order to achieve a maximum income at retirement ?
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Company Pension
Hi I was wondering how I find out if I was part of a Company Pension scheme. I worked for what was called Phoenix Assurance who whilst I worked for then were taken over by Sun Alliance. I was very young at the time and have moved sevaral times now living abroad. I wanted to know if I had any pension from these companies…
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Do you really need an IFA? This would seem to say No!
Do you really need an IFA who will tell you how to save for your future. All they do is confuse you with jargon, plans, possible outcomes, and of course a nice hefty fee with no actual guarantee or evidence their suggestions may actually work. This person worked it all out for himsself on an index card and it took all of…
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Company Pension fund value
I have been in a company pension scheme for 32 years, and have another 10 years to go. The scheme has changed a number of times. (DC with GMP, final salary part, back to DC). The projected value has dropped from £14k to just below £10k in recent years. I know interest rates have been low, and people are living longer, but…
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Should I Pay backdated NI Contributions ?
Hi , Can anyone please advise me . Requested a pension forecast which shows that I have 7 years qualifing NI contribution upto april 2015 . According to PART A of the letter I received I am able to pay the backdated Class 3 Contributions 2006 - 2013 ( comes to around £4500 ) but not too sure what to do . It also says in…
