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Pension & Lifetime ISA?
I have read a a few threads since the budget, discussing the lifetime ISA vs Pensions. it seems that for a lower rate tax payer they offer a good alternative, but would you say there is any benefit for a higher rate tax payer? I understand that the pension offers higher gains in tax savings over the 25% government bonus,…
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Fair compensation?
I have explained in previous thread about a Sec 32 buyout that I took out with Pearl which was taken over by Phoenix. It was important to clarify the value in terms of Lifetime Allowance which I sought do last April/May. The first response from Phoenix just gave the current value of the fund and its %ge of the LTA. I knew…
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Suggestions for early retirement planning
My husband is considering taking retirement earlier than planned. Our plan always was for him to go in October 2018 round his 60th birthday but due to his company asking him to work longer and longer hours and more weekends we are now looking for him to go this October instead so 2 years early. It looks like his pension…
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SIPP Portfolio guidance??
Hello ladies and gents, I'm after some simple advice or guidance. I'm self-employed, 42 and in the process of transferring two pensions, a Pru Stakeholder and a Teachers Pension, into a Bestinvest SIPP. Fund value about £30k. I'm a newb at this, so I'll say right now that I'm thinking "Woodford". Don't slate me! I'm sure…
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Pension Direction
Hi All, Sorry if this was asked already, I cant seem to find the info anywhere. Basically my wife an I have no pension, we are almost 40 and decided its maybe time to start putting money aside. My query is, are we better off paying a bit more into our workplace pension (currently 1% is being paid our employers and…
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Claiming State Pension
You can claim your State Pension 4 months and 4 days before your SP date. I have all the information I need, I have my State Pension online activation code, I'm 4 months away from being 65, so should I wait for the letter to arrive inviting me to claim, or should I just go for it online? I guess online is more secure and…
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Can an employer get out of paying in to workplace pension?
I know 'legally speaking' they can't, but not everyone does everything legal. We've all been enrolled. We started i think the payment month was November of last year, or it might've been October. It was one of them. Now, my workplace is the type of place to begrudge giving you a thank you, never mind actually paying in to…
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defered pension for sole trader
Hi, I am a sole trader (self employed and run a guest house) and my birthday is 28/12/1952 so I reached state retirement in September 2015 and have not claimed my state pension yet. My question is how long should I defer it? I am in good health though creaking at the knees! Might be able to continue working for another 5…
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Saving in pension fund or ISA
Hi Guys, Not sure if this subject has been discussed before but I already contribute 5% of my salary into my workplace fund my employer also matches that. I want to increase by another 5% but my employer will only contribute the 5 % do you guys think I would be better off adding to my pension or putting difference in ISA…
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Pension savings vs Lifetime ISA
Hi all, Just reading Martin's overview of this and he says that it's best to save into a Workplace pension if possible because the benefits are the same (he says you get £1 tax relief on every £4 if you're a lower rate tax payer at 20%). Surely that is 25% though and is that because of having to pay National Insurance too?…
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state pension confusion ???
hello could some on please guide me through the pension forecast maze in simplistic terms thank you . received forecast under new rules from 6 april 2016 it said... my estimate will be £152.19 when i reach pension age 2028. @38 years up to tax year 2014/15 cope amount £29.44 + £152.19 = £181.63. do i deduct cope amount…
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Managed SIPP fees
Hello, Looking for advice on whether the fees charged by my IFA are reasonable. I have 21k I'm transferring to a managed SIPP (Aegon). The SIPP annual management charge is 0.82%pa, and the service charge 0.48%pa. On top of this my IFA is charging an initial fee of 3% and an ongoing fund management fee of 1%pa. This means…
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The end of Class 2
OK, so Class 2 is going away by April 2017. My wife currently earns just under the LEL but also has some small self employed income and voluntarily pays Class 2 to ensure she gets QYs. My reading of the new changes is that she will be able to pay Class 3, but that seems to be "all or nothing" on a weekly basis. Any week…
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Savings Tax Allowance
Having had Martin’s weekly email for as long as I can remember and having been retired for ten years now, the new £1000 tax free interest change in 2016/17 is the first tax change that has got me slightly flummoxed. My situation is this. For whatever reason my income drawdown company have told me they will not handle my…
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Query re sacrificing part of redundancy payment into pension
Hi, I am being made redundant and have accepted an offer of £18k severance pay. I filled in a form requesting that £8k of this is paid into my company pension. The form said the company would pay an additional 13.8% into the policy as pension uplift. Two weeks later my company are saying they can't put any of this into my…
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Lump Sum Taxation
My Wife has a closed pension with a fund of £31000. I understand that she can take 25% Tax Free and then draw down the rest with each additional lump sum being taxed at her nominal rate of tax 20%. However she is going to retire early and will only have an annual income of £3542. My question is if she has not reached her…
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What to do when unemployed?
Hi there. Today's budget announcement of the 'Lifelong ISA' has got me thinking about what I need to be doing in terms of my pension, and I was wondering if anyone could give me some advice? My background is that I am now 32, and from the age 18-30 I paid into a Local Government Pension, although my salary wasn't huge. I…
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Wrong NI number
I was just going through some of my other half's pension paperwork when I noticed that the NI number on the documentation for one of his pensions is different to all the rest. The one he took out online is wrong by one digit. A simple inputting error. Is it likely to be a huge schlepp to get it corrected?
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Immediate Care Annuity
Hello My father has recently had to go into a care home. My Solicitor advised me that these may be an option to limit how much will need to be paid to secure his care. They work by paying up front a lump sum, this will then be used to fund his care for the rest of his life. I cannot approach a provider directly (I have…
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Budget: self employed class 2 NI payments to end April 2018
Impact of this?
