-
Aspire to retire
Today ive recieved a email from my company saying that they have appointed Aspire to retire to provide a pre and at retirement service for active members aged 50 and over of the DC scheme and that basically we will recieve an email direct from them and we should give our details etc. What im concerned about firstly is why…
-
tax free lump sum advice please
Hi I have turned 60 and am able to claim my nhs 1995 pension. I will get a tax free lump sum ( approx £17.000 ) plus monthly pension I took out a private pension with the now Royal London while self employed some years ago which was frozen when joining nhs This I can also take this year with an option of a tax free lump…
-
AVC soon to mature
I have an AVC that i pay into soon maturing when i am 60 in a few months time, need some advice on the best thing to do with the money. Not looking to retire for a few years yet maybe around 62ish, don't need the money now for anything special could leave where it is if possible. Thanks Gerry :D
-
Points to consider when deciding whether to take lump sum or not
I have a FSS which is offering a pension, or a lump sum with reduced pension (25% lump sum). I've calculated that if I just take the pension I will have 'won' if I survive 20 years (which I hope to, I'm 57) i.e. my total income will overtake that if I took the lump sum and lower pension - didn't include growth of lump sum…
-
Extra small pension pot
I have taken early retirement at 50 due to ill health and have an occupational pension. The amount is within my tax free limit, although at present I pay a small amount of tax as I receive some ESA (reduced due to my pension). When I reach state pension age my occupational pension plus my state pension is enough for day to…
-
AVC's? Non taxpayer at present
Hi Any advice is welcome. I find the whole pension area very confusing to say the least! I pay 5.5% of my salary into a local gov scheme. I'm 57 years old, female and married and will probably work until I'm about 64 ish. At present I'm just on the threshold of not paying any tax as I'm part time. However I've just started…
-
Approaching 55 and need some guidance
Hello, Need some guidance please, I'll be 55 in October, I have a pension with Standard Life through work which at current value stands at £91,700, I contribute £100 a month and my company match that so total monthly investment is £218, at the moment I have £17K worth of debt and I'm struggling to pay this off and its a…
-
State pension
Friend has been quoted state pension of £226 per week. he is 65 has never contracted out and has worked since he was 15. He spent 10 years working in Spain. How is he getting that much ?
-
Can I take small Pension pot early?
Afternoon all Hope someone can help, I have small personal pension with Standard Life taken out while working for company 15 years ago only paid in for 4 months then left, the pension has been kept rolling along by itself and now has £4,400 in it. I also have another personal pension taken out in 1988 which is still being…
-
Help Understanding DB Transfer Value - Reduced ?
I've just received a CETV Statement for my DB pension but there is 2 values and I'm not sure which one is available to me. Here is the basics What is this reduced amount ? I know there is a shortfall in the scheme Which amount is available to me to Transfer ? I'm 39, Single, No Children - Just for some info on my situation…
-
Lump Sum Contribution - this or next tax year?
Hi All, I have a significant lump some I received recently and I have thus far used it to clear the last of my mortgage, and the 1 loan I had. I am looking to make around a 30k contribution to my pension as well as I am higher rate tax payer this would give me a furtehr 7.5K into pension from basic tax and £7.5k to reclaim…
-
Dads fund review
After some checking for Dad: Has a Sipp (AXA Elevate) with £125k in, he has seen a new IFA who has recomended: Rathbone - Inc Inst Acc = 11% Fidelity - Emrg Mts W Acc = 11% Old Mu - UK Mid Cap R Acc GBP = 10% Schroder - Asian Alpha plus Z acc = 10% JOHCM - UK Dynamic = 10% Hender - Strategic Bond I Acc = 10% HSBC -…
-
Tax-free lump sum - taxed
I received a £16k tax free lump sum along with my very meagre NHS pension last financial year. Completing my tax return shows I have to pay £3.5k tax on it. Presumably this is because of my state pension and income from a rental property. Am I missing the point as surely most people will be taxed on lump sums by the time…
-
Retirement/State Pension/Taxation please
Good evening to all. State Pension questions please. I reach my 65th in April and would welcome advise as to my situation regarding taxation and starting to take my State Pension. To keep tax matters tidy for the future and to avoid shooting myself in the foot, should I time my official finishing date to fall before or…
-
more than one pension....help!!!
:question: My wife worked for a couple of years for a national newspaper back in the nineties and was ''headhunted'' by another paper and worked there for a couple of years. In both places she contributed to a company pension. Shes had correspondence from both and is now eligible to claim from both. Shes looking at around…
-
Form of the advice received from IFA on transfer of DB pension
I wish to transfer a DB pension into a separate SIPP. The CETV of the DB pension is over £30k, so I am aware that I need advice from a suitably qualified IFA. I am aware of the risks of moving the DB pension but as it does not make a material contribution to my needs in retirement I would (among other reasons) prefer to…
-
claiming deferred state pension
Just looking for other people's experiences with claiming their state pension.Hubby has deferred now for over a year and we wish to claim it in the new tax year,.around the second week of April. How much notice is it advisable to give,and what have people found the best and easiest way to claim,online or by phone? Thanks…
-
Pension savings
Hi- I'm 20 and I've just started a pension with my employer. This may sound stupid, but would it be financially more beneficial for me to save as little in my employer pension a small possible and put the extra cash I would have saved into a stocks and shares ISA, so that by the time I come to retire I have much more…
-
Confused by COPE
Just checked my state pension forecast. It says: - Based on NI contributions up to Apr 2016: £154.09 per week - If I contribute another year: £155.65 per week - Full contribution years: 36 - COPE estimate: £29.92 a week 2016/17 will be another qualifying year (not included in the above). I’ve read the guides and understand…
-
Starting a private pension - when is 'too late'..?
This may be a crazy question but does reaching pensionable age actually debar one from starting paying into a private pension plan? Looking around at returns available on deposits, it seems to me that the government tax break on pension contributions makes it quite an attractive option to do this... providing it's allowed…