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State pension
In 2012 my wife got a pension forecast which stated she had 30 qualifying yrs up to April 2011, due to the new state pension she got a new forecast in 2015 this stated she had 31 qualifying years. We now gather there is a minimum amount you must earn before qualifying for pension credits. The booklet for 2014/15 states a…
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DB Pension Query and GMP
One of my deferred DB pensions which is set to pay £6400 per annum in 2022 is significantly affected by GMP element such that I cannot take it early or take a 25% PCLS. Could members of the board assist in a discussion of the potential benefits of transferring to a SIPP? What level of CETV , I required for this to be…
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Pension question for my mum
Hi guys I wondered if you could give me a few pointers so that I can guide my mum please? She is 65 and (I believe) reached state pension age last year, when she deffered it. She is still working and earns about £12k/yr She has two private pension pots £6k and £7k in. She owns her own home and doesn't have a mortgage. I…
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Changing tax code
My partner has been notified by his pension provider that HMRC have amended his tax code. However, this is not correct, so he went on the HMRC website (personal tax account) and was able to amend his tax code. It would appear that they had the wrong pension amount. Does any one know if the revised code will be sent to his…
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Civil Service Widow Benefit/Divorce query
I am hoping one to be able to garner some advice for a friend, please. Retired from Civil Service in 1990 (aged early 52) and received a lump sum due to no dependants (we think) Married in 1996, and was advised he had to repay £8k so there was a death benefit available to his widow, should the worse happen. This was being…
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Civil Service Added Years
Hello Has anybody any thoughts on this. I'm 51 and thinking of buying an added year worth £1,000 (lump sum x 3) to take at 60. According to the calculator it would cost approx £18,500. Also, how does the tax relief work. Would I get back 20% by applying to HMRC and then they just refund this. Sorry, no idea about this sort…
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Shall I Transfer Old Work Pension to Current Work One
Hi All, When I use to work for M&S when I was 16-23 I did the work pension and loaded as much as I could afford into it. I have now changed jobs and am wondering do I transfer this pension into my new work one? The issue is, I have no paperwork or statement for the old pension so not sure where to even begin. Also is it…
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State Pension and Contracting Out
My apologies if this is covered elsewhere but I searched the forum and could not find it. My wife has received a forecast of her future state pension (in about 3 years) and it is significantly less than the £155 basic flat rate currently slated . She is forecast to receive £122 because her teachers pension scheme was…
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Moving a Pension
Hi, I'm new to the forum, so please forgive if this is elsewhere. I have a pension in a previous job. Tried to transfer it into my last job as just started a new role. I was told I can't because of the way pension was invested like into stocks or something like that and can only change it into like wise pension. Really…
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Benefits and pension advice please
I feel trapped in this situation that I will find it difficult to get a job when I am ~55 having been a full time carer and I also won't have any pension other than the small amount I built up in my 20's.
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Am I mad
Hi everyone ,I have a Defined Benefits Pot with Aviva which stands at £16969 .I have not paid into this policy for many years. Contacted Aviva today as I know it has a GMP attached to this policy wanting to know the GMP value on maturity in 2024? Boom £349.87 per year. Whats the best way to get as much out of this pot now…
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How to find out who pension is with.
Hi A few months ago I applied for a State Pension forecast. The reply was as I had expected except that it also showed the existence of a tiny additional pension. In my younger days (when jobs were ten a penny) I flitted from post to post but, as far I was aware, I had never paid into a private pension - but it would…
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I think ive made a big mistake
In brief Ive taken voluntary redundancy at 57years old. My pension pot is 190K (Standard Life) I also have a house I rent out at £400 per month and is worth 100K with no mortgage or on my current house. I have a small NHS pension due at 60 years worth 10K lump sum and £300 per month. I went to an established IFA to see if…
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Any point waiting for my birthday?
I'm 75 in a few months and have one small pension (a short-lived SERP With-Profit set up when I worked for a firm with no scheme, then set one up a few months later). A "retirement benefit illustration" shows estimated value of less than £800 which I intend to take as cash. No bonuses have been added for some years but…
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Payment time for lump sum deferred state pension
I have deferred the state pension and elected for the lump sum. I have completed the forms for payment now to be made. I know this will be subject to tax, so a calculation has to be made. How long does processing take and when is payment likely to be made? I returned the paperwork over a month ago and was hoping for early…
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Transfer Aegeon and Aviva to Friends Life
I have £8K in a Friends Life pension plan. I want to consolidate my pensions into one pot to make it more manageable. I currently have the following pension plans: 1) Aegeon - about £3K 2) Aviva (previously Norwich Union) - about £2K 3) SHPS - about three months 4) Local Government Pension Scheme (about two years) I…
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Unit Linked Funds from Phoenix Life
I have invested in these with phoenix life, but when I did this I was much younger and admittedly thought I was just doing the right thing. I'm much older now (no where near retirement though) and have absolutely no idea how or where my money is going with this? I'm self employed and pay Class 2 National Insurance…
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Referendum Puzzler
I recently transferred around £80,000 from an old FSAVC with Aviva with no guarantees into a sipp with them in order to take the 25% TFLS and at some stage invest the rest for flexi drawdown over the next 20 years. I'm 61 and took voluntary redundancy at the end of last year with the hope of delaying my DB pension until I…
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38 Years of full contributions
Having registered on the gov.uk website I can see that I have 38 years of full NI contributions and there are 11 years to contribute before 2026 (SP age). My record upto 5th April 2015 shows I will get £144.71 and If I contribute 4 more years before 2026 I will get £155.65 I have read on here that once you reach 35 years…
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Help - confused!
I have 2 non contributory schemes from old employers. Both have an NRD of 60 and no widow's provision. I am in my current employers final salary scheme and have a few years to go to 65. I am thinking of taking the 2x lump sum options and reduced pensions at 60 and investing proceeds. Existing scheme is closed to transfers.…
