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Hmm, this pension thingy...
Good morning all, I've been reviewing all of my finances recently, having a bit of a financial 'spring clean'. I briefly worked for a company in '99/'00 as a teenager and started paying into a Standard Life pension scheme. It only lasted a few months before I moved jobs. Now, I'm self employed, and haven't made any…
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self-employed pension
Can anyone help please! My 20 year old son is self-employed and wants to start saving for his pension and doesn't know where to start. He is saving the max in a right to buy isa already but since the budget and the New life time isa he doesn't know whether that is the best option for him instead of a private pension?
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Move Standard Life Pension & Costs.
I have a frozen pension pot of 62,000 with Standard life. I currently receive a small local authority pension and work 3 days a week. So will be ok when I get to pension age 66 enough to pay the bills. It has been suggested that I could remove %25 tax free if moved to a more modern pension and then keep the other 75% in…
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Benefit Crystallisation Events at 75 - how to calculate the tax
Hi I would appreciate if Forum members could check my understanding of how the BCE test at 75 works. If I crystallise my SIPP each year with just the amount that I draw down will the Benefit Crystallisation Event (BCE) test at 75 first check to see if the amount remaining in my SIPP exceeds any remaining LTA allowance.…
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final salary pension scheme
I have a final salary pension that I no longer contribute to. I am 55 and would like to cash in. I have been to 4 IFA,s and they all say they will not touch it with a barge pole. the scheme administration are happy for me to have the full CETV . Any ideas, other than becoming terminally I'll, as to where I can go to ? I…
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IFA charges - are they paid from taxed income
Hi, I am looking to invest in a SIPP, probably via AJ Bell, and would like to know if I have to pay any investment related charges out of taxed income. I understand that charges for platforms and funds charges are taken from within the SIPP and are therefore not taken from taxed income. What is the position for IFA…
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State Pension and NI contributions
My son-in-law, in his mid-30s and disabled, has been self-employed for a few years. Although he paid Class 4 contributions (which I understand don't count towards pension benefits), for a couple or so full years up to 2014/5 he was exempt from paying Class 2. If he was exempt, would that mean in that period he would or…
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Boost my wife's pension situation?
My wife who is aged 50 works 15 hours a week part time at a local school & pays into the local government pension scheme (now CARE) at the rate of 5.5%. Her pension forecast is not that great so we are thinking how to boost her pension position so she maximises her income & use of tax free allowance when she retires. We…
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NEST and tax relief for self-employed
Hello I have just set up a NEST account as a self-employed person on advice from someone. I figured at 34, it was about time to start a pension!! :-\ I have a personal bank account which I use as a business account too for simplicity (I am a sole trader) and will be making regular contributions from this account into my…
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Consolidating pensions?
I am not currently paying into a pension but I have got 2 old company pensions that I am not sure what I should do with. One is a Group Personal Pension plan currently worth around £18,800 and it has a "With Profits Guarantee" The other is a Buy Out Plan currently worth around £30,000 I am 42 and at home with kids at the…
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Help understanding SIPP
I have been researching about SIPPS for the last couple of months. Unfortunately, although I've learnt lots I've also ended up quite confused - think I've read too much. I want to start a SIPP this tax year so obviously need to get sorted. I am currently a non-taxpayer so can only pay in £3600 (inc tax relief). My initial…
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Got an inheritance - what to do?
Hello I'm new here, but have lurked for years - please be gentle! I've recently been left a large sum of money, and in in several minds how to wisely invest for my retirement, so a few pointers and ideas would help. So: Single, no family. The cash I have inherited is around 200k. I have a mortgage on a house worth 230K,…
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Keep money in 2015 NHS pension scheme or transfer it out?
After less than a year of working in the NHS I am leaving for a private sector job. I am on the 2015 NHS pension scheme. What are the pros and cons for: - keeping my money in the NHS pension scheme or -transferring it to my new employers defined contribution pension scheme or SIPP? I don't know if I will return to the NHS…
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how to save for retirement if you can't save enough in a pension
Hi all I was finally divorced in 2015 (having been separated in 2012). My ex husband (I feel) deliberately downgraded his job before the divorce just as I happened to get a large promotion. This meant that when our finances were looked over by the lawyers the settlement was massively in his favour. Cutting a long story…
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suspicious will activity
I hope I have posted in the correct area of forum. any advice at all on this would be grateful. I will try to keep it short, I hope I dont abrupt. my grandfather passed away end of October 2015. his 3 children are main beneficeries, his son is executor. his son and one sister are close, and have lots of contact. my mother…
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New (2016) State Pension - BEWARE!!!
Like many people I was under the impression that if I had 35 qualifying years I would get the 'new' State Pension rate of £155.65. Like many, we were encouraged to Opt-Out back in the 70's/80's, and I was in an Opted-Out Pension scheme for 8 years, before being made redundant and 'luckily' transferring my Pension to a…
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Care funding advice
Hi, I think I'm in the wrong place but am looking for some advice about funding nursing care provision - please could someone point me in the right direction as I find these forums really helpful but can't see a category about this particular issue and am getting really confused looking online. Thanks for any help
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Sacrificing today for a bit more tomorrow ......
There are so many threads that have at the heart of them a need to make sense of the rather wide and blurred and almost impossible to answer question of "is it worthwhile for me to give up this pleasure today in order to have the uncertainty of this uncertain benefit in the future?". It is behind so many simple questions…
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Take part Pension & Increase other pension and AVC
I am a 53 year old employed by Royal Mail for the past 28 years. I earn approx. 40k per year and have £120k outstanding mortgage and 25k loans. Really struggling with current role. I have a pension I am due to take at 60 and another one at 65. Both of these can be taken from 55 onwards. I also currently pay £500 per month…
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Can i cash in my Private Pensions
I have two private pensions with Abbey Life that i didnt continue investing payments into for very long after taking them out years ago. Eighteen months ago when i was 60 i started getting two small monthly payments from them as a pension. I never got the opportunity to take a lump sum. One of the pensions pays me around…
