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What to do with a years worth of contributions.
Hello I am new to the world of pensions! From September 2013 to September 2014 I worked full time while studying and contributed to a pension.... I then went back to studying until October last year when I started my first graduate job. People in the office have mentioned that i should do something with the money left from…
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Teacher pension v's AVC
Hi, I wonder if anyone can help me.... I would like to top up my pension but I don't know whether it is best to 'buy in' more pension or buy AVCs...Teacher pension people will not give advice, only answer questions and prudential AVC are obviously trying to sell their AVCs, so don't feel I am getting a balanced view. I…
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State pension forecast of £165, but not aware of any protected payments.
I have 36 qualifying years, and my predicted state pension will be £165 when I reach retirement age - where did the extra £9.35 a week come from ? I'm not aware of any 'protected payments', and the helpline were unable to explain it either.
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MSE News: Pension exit fees could be capped at 1% from next March
The amount charged to people who want to withdraw or transfer money from their pension early may be capped at 1%...Read the full story: 'Pension exit fees could be capped at 1% from next March' 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…
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How do they work out "Pension black holes"?
Just been on the news that the Steel workers have a Pension black hole of £500M I was once told that this "pension black hole" doesn't really exist as it would mean if all people in the scheme took their pension right now, which of course they aren't going to do. Is this true, if not, how do they find the "£500m" figure…
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Tata pension - change from RPI to CPI and maybe more
This is not going to end well.... http://www.bbc.co.uk/news/business-36384508
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Technical question on the "basic" £3600 tax relief limit
Someone asked me this question recently and I've ploughed through the HMRC pension tax manual but am still unclear as to the answer. Someone retires part way through the tax year. They were in a public sector DB scheme contributing 10% of their earnings using the normal "net pay" arrangement (ie not sal sac). They had…
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Tax Query - Retiring Mid-Tax Year
A query for any tax experts out there. We currently put the whole of my wife's earnings into a personal pension and therefore get tax relief on all of it even though it wasn't all taxed. I don't feel too guilty about this as I think of the contributions as coming from money I've already paid HRT on. If we were to retire…
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Secondary Annuity Market
This starts from April 2017 and enables withdrawal of a lump sum by those who are already receiving an annuity. Does anyone know roughly what proportion of the original lump sum will be available after 10 years of annuity receipts?
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Consumer Wealth Limited
I have been approached by a company called Consumer Wealth Limited who want to review my pension and potentially save me money. It was pretty hard sell over the phone and I'm distrustful especially since I can't find any reviews or mention of them beyond their own website. Has anyone else had contact from them and are they…
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What Happened to my husband's State Pension?
I lost my husband a year ago last May. I received a bereavement allowance for 52 weeks and was informed as I was not of pensionable age (now 60) I was not entitled to my husband's pension. I made an enquired with Money Wise and this is the response I received: " I forwarded your question on to the Pensions Advisory…
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Early retirement...
Hi Guys, I'm looking to go soon, if I can. I'm 53 and had enough of work... I can get my pension of either £17k p/a and a £60k lump sum, or I can get Pension of £13094.10 a year plus a maximum lump sum of £81619.47. My question is: I understand that I will have to pay income tax on the pension, but in order to reduce the…
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Should I transfer my SIPP into a regular pension?
Hi, I have a SIPP pension but with the recent stock market volitility it has effectively not increased in value this year. Over the last few years it has hardly increased in value at all. I wanted to know if it's possible to switch from a SIPP back into a standard pension account and should I do so (or should I keep faith…
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Director with one employee - do i need to AE ?
I've tried to find the answer to my query by searching through old posts, as I'm sure someone will have already asked, but I just can't quite find the answer. I am the sole director of my Ltd company and pay myself £8040 per annum as a salary. I also take dividends from the business. I have one employee who earns circa…
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Pension pots - Is there a Cyprus Plan?
Hi I have read some of the threads here about UK non residents extracting pension pots as I am in a similar situation. I live and work in Cyprus and HMRC have agreed I'm non resident hence they have generated an NT code for my UK employer, I then declare this UK sourced income to Cyprus and pay their taxation. That seems…
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State Pension data for Self-Assessment
HMRC tell us that you can get details needed to fill in a self-assessment return by asking The Pension Service "for a BR735 'Statement of Pension' form for the period 6 April 2015 to 5 April 2016." I've done this, and received a one-sheet reply: About your State Pension ____________________ Dear Mr Polymaff Please find…
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Deferred Pension Figures Table
Does anyone know if Gov have published an updated publication that reflects the interest payable on state pensions after 6/4/16 ? , been using this one when estimating wife who deffered 2 yrs ago . https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/372517/dwp024-102014.pdf Mine eligible Jan 2017 and…
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NHS pension + SIPP
Hi everyone, I'm a postgraduate medical student and already have an NHS pension. Recent interest in the profession's salaries and pensions have caused me to closely consider my financial situation. I shall be looking into this further over the next few weeks, but would appreciate any advice to help get me started. I…
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Cold Callers
I have received quite a few calls recently from companies offering advice on my personal pension(s). The patter is always the same, the first thing they ask is for me to confirm some personal details. They start by asking me to confirm my name, address, postcode, email address and telephone number. I refuse to give any…
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Found old company pension details - can I withdraw
Hi MSE people - over the weekend I came across details of an old company pension that was set up for me. dates back to nearly 10 years ago. There's only c£2,700 in there and I have never contributed. Also was with the company for less than a year. It is a "unitised with profit personal pension plan". Anyway my question is…
