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L&G Global Equity 70:30 Index Fund value dropping
Firstly I have to say that I am crap with how pensions work so you will have to bare with me. I had a stakeholder pension with the company I work for, originally managed by Invesco. The company stopped doing that stakeholder and started a new one up. Everyone who had the Invesco stakeholder had their pension moved to Legal…
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HR tax Relief - Code Adjustment?
Can someone clarify what a HR taxpayer's code should be adjusted by per £1000 p/a of personal pension contributions please so that I can check a recent coding notice? Thanks.
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Age at which you can access tax free lump Sum
My brother was born in Feb 1973 and has private pension he has been paying into. He cant seem to find a definitive explanation about the minimum age - apart from 2028 being a date when it will rise to age 57. He is right on the cut-off date if this is the case as would be 55 in 2028 (current access age is 55 years old).…
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Tax on pension when living abroad
I have the option of receiving my company pension early. It is uk based but I am currently living abroad. (Eurozone). My question is will I still be eligible for the tax free lump sum and where will I pay tax on the monthly income - in the UK or my country or residence. Many thanks.
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Deceased Pension Retrieval
Hello, I hope you can help. My father passed away in January and the DWP Debt Management service has contacted me to retrieve payments made. I completely understand that any payments to my dad after his death are due back but they are claiming for three weeks worth of payments before his death. I would thought he would be…
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Pension COD question
Hi, Please excuse a beginners question. I am fast approaching 65 and have received 2 letters one from the DWP and the other from HMRC re my pension. The DWP letter has a COD of £52.33 and the HMRC letter has a COD of £32.43! I am struggling to understand the difference can anyone help? Many thanks
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Pension Muppet
Hello all, I've always considered myself reasonably financially aware but as my 52 birthday dawns I've become acutely aware my retirement planning is at best an embarrassment, and at worst non-existent. My employment history is a bit flaky so I haven't made contributions all my working life and I made none at all after I…
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Basic State Pension
A relative reached pension age about 8 years ago and the number of qualifying years was then 39 for a women and 44 for a man. Although she claimed a certain number of years for bringing up children she was still just short of the full basic state pension. With annual increases this means the gap between what she gets and…
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Lump sum or monthly pension?
My husband has recently retired aged 55 with a final salary pension. We run a small village pub and have done for a few years, and the income from that isn't enough for us to live as we did when he had a well paid job AND the pub. So he's written to his pension company for a quotation. We can have a monthly pension of…
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transferring wife's tax allowance whilst drawing down from sipp
When I hit 57 I plan to drawdown on my SIPP in three stages to get me to the point where I draw my public service pension un-reduced at age 60. My plan was to take the max personal allowance currently £10600 and 25% tax free with each drawdown. Now a chap a work who's wife doesn't work has just told me about the transfer…
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Smart pay - pensions question
My employer runs a DB scheme and Smart Pay. As I understand Smart Pay, it is a salary sacrifice scheme designed to reduce NI contributions. It does this by the company paying ALL the pensions contributions and reducing salary to match (effectively running a non-contributory pensions scheme based on a reduced salary). The…
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Pension won't be enough - realistic alternatives?
Having recently done a pension calculator, I was horrified to see that it showed I would need to put nearly £500 a month into a pension for the next 42 years in order to have more or less the same standard of lifestyle as I do now and retire at 68. I take home between £1300 and £1400 a month depending on overtime, and I've…
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Company pension transfer value query
I have an old company pension (Fujitsu). I worked for them in two short stints under two subsidiaries. Contributions from Jan 1985 to June 1988 were transferred into the main fund when I rejoined in Jan 1989. I left in Aug 1994 having contributed just another £4425 . My final pensionable pay was £16351. I've never…
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Pensions and Budget 2016 Q+A
Hey! I know we all have lots of questions on retirement and just noticed Scottish Widows are having a live Twitter Q&A on Tuesday. Looks like you can post any questions now @scottishwidows
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Best provider for drawdown?
I currently have pension funds with HL, Friends Life and Best Invest. Am 55 in August (:eek:) and think I want to access at least some asap - even if just to stick in S&S ISA. I'm struggling to find a Best Buy or similar table - any suggestions for best providers? Rough plan is to go into drawdown from at least 1/2 of my…
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Pensions document wording Re: employer contribution
Hey all, My company recently transferred my pension to Blackrock, and will all the bumf they sent me about it was the terms of the defined contribution scheme I'm on. The contributions are clearly stated as being based on 'length of service', with established employees with up to 5 years service contributing 5%, matched by…
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SIPP. Been given bad advice? Annual allowance charge
1. Opened first Pension/Sipp on 24/3/2015. Put in £40k gross. Closed PIP. 2. Opened new PIP and put in £30k gross on 26/3/2015. 3. Claimed tax relief on £70k in tax return. My earnings were around £130k to 31/3/2015 and same for 31/3/2016. I just spoke to HMRC and they said I might have to pay an annual allowance charge as…
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does weekly state pension vary?
I was asked to keep an eye on the bank statement of an elderly parent. I have a look online every few months. I noticed the pension is £50 less for 1 week and £25 less on a another week, both in February. All other weekly amounts always the same amount, from year dot....so do not understand. The lower amount of days in Feb…
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Pensions advice before transferring in
Hi All! Firstly, my first post - please be gentle. Second, I want to transfer in a pension that is of a rather low value (<2K) into my current scheme. The reason for this is essentially I will get a token amount of cash (Around 1/4) if I don't transfer it . [I didn't meet the qualifying criteria at the time]. However, my…
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Cash SIPP
Simple one for you clever folks, My intention is to transfer a small FL policy (£45K) into a cash form of a SIPP and drawdown as tax allowances allow.With the LS I have calculated this will supplement my savings and last 3 years until I factor in a DB pension. My questions are - a) Will I recover all the capital…
