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Fill NI gap years while having more than 35 years contributions?
I am trying to understand whether I can fill gaps in my National Insurance history in order to boost my pension. I come under the 'new' state pension system. I retired a few years ago, don't intend to work again, and my NI record shows 37 years of contributions (contracted out, of course) with an online forecast of about…
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Loan versus pension contribution - is this correct?
So, at age 54 (almost), I've managed to pay off my mortgage and have some funds set aside which I wanted to use to upgrade our cars and do up the house etc. However, my financial advisor has advised me to max my pension contribution for this year to make use of tax efficiencies (I'm a 40% tax payer). So what I was thinking…
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pension data loss
I'm not sure if this is the right forum but my wife has not had a pension projection since we moved house 18 months ago. She contacted the pension provider (local government) and was told that they had sent it to our old address. She has contacted the provider previously about the change of address and has had…
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Defined Benefit Transfer Values
Hi to all, as a newbie poster I would appreciate some thoughts/advice on what to do with my deferred Defined Benefit pension. Apologies if this has been discussed before. A little background: I took voluntary redundancy from Barclays in 1999 after 13 years and deferred my 1964 DB pension scheme. I then jobbed around for…
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Sipp into a UCIS fund
I would be classified as a "sophisticated Investor" and wish to move my SIPP into a fund that is catagorised as an UCIS. I'm finding this very difficult to achieve and would appreciate any advice or pointers as I am determined to do this. The fund is new but has a track record of several years in another guise. Same…
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Pizz Poor Pension Fund Retuns?
Hi, My wife has two small pensions funds from previous employment. AEGON from 2006 has returned circa 1.5% compound. Clerical & Medical from 2005 has actually lost circa 50% in value.
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NHS Preserved Pension
I was down banded in 2010 as part of a department restructuring, I am still working in the same NHS job now but at the lower band. At the time of my down banding I asked for my pension to be preserved which I believe saved my pension at the higher pay scale. As I am approaching my retirement age can anyone explain to me…
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Class 3A NICs when already in a care home
To pick up on a couple of threads about Class 3A contributions. My mother is already in a care home and is self-funding. She gets less than the maximum SP by £20-ish. It would cost her approx £8,000 to bring her SP up to the maximum. Would using her money this way be seen as Deprivation of Capital when she eventually…
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Mortgage Pay Down Scheme
Hi, Our Company Pension Scheme is changing, and the options available are; 1/. Employee contributes upto 6% into pension and Employer contributes 12% into pension. 2/. Employee contributes 3% into pension 3% into mortgage and Employer contributes 6% into pension 6% into mortgage. You do not receive tax relief on payments.…
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Can I increase my state pension?
I'm looking for some advice on the possibility of increasing my state pension. I received a pension quote in March last year which said that for the 2014/15 tax year, I had 36 qualifying years and that my state pension at my normal retirement date of 2024 would be £115.95 per week. It went on to say that because I was…
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Lifetime allowance Q.
When measuring the DB part for LA, do you take it as 20x the income that would be available at the measurement date or the future defined benefit at the stated retirement age? ( I assume the former?). I am a deferred member of a scheme I left in 2000. The benefit was modest at the time, £5,800 pa, but uprates at 5% or RPI…
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Saving into a SIPP when pot exceeds £1M equals ISA?
Hi, I did some sums that show, investment returns being equal, post tax returns are equal between an ISA and a SIPP, after the LTA charge. This implies the effective limit is for tax efficient ISA-like savings is 'pension contribution' limit plus 'ISA limit'. Is this the correct conclusion? ie it makes sense to save funds…
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Standalone Pension?
I am 45, and have been paying into a pension for 22 years. having had my latest statement, I would have been better putting it under the mattress as the projections are showing figures projecting a yearly pension worth 1.5x what I`m paying in each year at present. I have confirmed that I can stop paying and become "paid…
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Forced to use a financial adviser?
I am not a fan of financial salesman and having worked in the industry for several decades I know the true value of their service, so it concerns me that some financial service companies are forcing people to use IFAs and pay for a service they do not need. I recently contacted Scottish Widows about transferring one of my…
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Starting a pension later in life
Hi, So I think I have left it too late really for a pension (47), I have had a forecast done by a company called Aegon which if I pay in (index linked) £5120 per year is showing a low return of £2240 medium o f £4480 and high of £8560 but they charge £87.50 pcm to manage the account which will take at least 15k out of my…
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My wife's national insurance record
Hi, according to the state pension website my wife has 41 years of full contribution but still requires 6 to achieve her full state pension She does have a small works pension that is in the pension protection fund,but it really is nothing. She has no idea if she was contracted out from any of her other jobs, Is there a…
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Is husband's pension correct?
My husband recently retired from work on ill health grounds and gets an occupational pension. Shortly afterwards, his State Pension became payable on top of the occupational pension. He has worked full time, never missing a day, since leaving school at 15 and is now 66. He gets £133 a week SP, but everyone of his age that…
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Quick question...
Is anyone please able to help me answer a quick question on my transfer form? This is pretty basic (if you know what you're doing). I am transferring my Aegon Retiready (currently invested in BlackRock funds) over to a a Halifax SIPP. The transfer will be cash as the BlackRock fund will be sold prior to transfer. So when…
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Need advice with small NHS pension return to work
Hi I wonder if someone could advise me about my pension options ? I'm completely baffeled with it ! I'm aged 55 . I joined the pension in 2003 . I worked full time for around 3 yrs, and part time since then. I intend to return to work and also take a much reduced pension. I'll never have enough NHS pension to retire and…
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Workplace pension talk
Hi all, looking for advice/ opinions if you will. Bit of background I used to stay on top of the pension situation, however before I started my studies I purposefully transferred all my sipp to tracker ( vanguard 80) as I knew I wouldnt have time to spend on pensions as well as studying. So with this in mind I have stayed…
