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Transfer of DB to SIPP
I have a small DB pension (under £1800/yr if no lump sum taken) that becomes payable soon and I'm wondering whether I could transfer it into my SIPP. I looked into this a while back and it quickly became clear that (a) it was almost certainly a bad idea, and (b) if I went ahead I'd probably be forced to pay a substantial…
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Self employed - totally clueless re. pensions - please help
Hi, I've been self employed since around 2011 I think and was employed before this. I used to be a civil servant for about 5 years and know I had money being paid "somewhere" towards a pension - thing is, when I left I received no info/paperwork regarding it. Should I have done? Or is this money that I was paying now lost?…
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Can this be right?
I've been looking into my UK state pension figures, (currently living in Aus.) I have received this; Excuse me being a bit dense, but are they really telling me that if I pay them £733.20 by 5 April 2023, I will get an extra £35.50* per week when I retire? Or an extra £1850.16 pa? Sounds like a bargain! * £133.27 - £97.69…
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Determining pension scheme type?
Hi, Is there a reasonably sure way to determine the type of pension scheme one has? I opened a HL SIPP today and initiated a transfer from an old Defined Contribution class type of pension. The transfer online form from HL was asking about the type of pension scheme, but I couldn't be sure which one it was so I specified…
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Impact of Brexit on DB transfer values
Hi The transfer value on my DB deferred pension has increased from £750k to £900k in less than 12 months. I am reviewing my options regarding transferring to a SIPP. What is the view regarding DB transfer values and the impact of Brexit. Are the DB transfer values likely to increase or decrease over the next 6 months?…
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LGPS Transfer Advice
Hello All, I have requested to transfer my last work place pension into my new employers pension scheme which is the Local Government Pension Scheme. My previous pension provider has given a transfer value of £555.61 and the LGPS has said this would buy me an additional £121.94 per year in my retirement or £37.34 per year…
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HL pension tax relief landed in my sipp - what do I do now?
Hi Can anyone who uses HL for their SIPP let me know on the following. I've searched through their help section without success. My first lot of tax relief has landed in my Cash account. To invest this tax relief into my chosen fund, do I have to manually do this each month? Is there a way of setting things up so this…
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When does work pension auto-enrolment become compulsory?
My employer (I won't give the company name, but it's one of the 'big 4' supermarkets) has offered a good workplace pension for several years, and I joined it voluntarily when it was first set up. My colleague, who is much younger and hadn't been with the company very long at that time, decided not to join, but says she…
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Ill health retirement twice?
Hello 20 years ago the NHS retired me on the grounds of ill health and I've been receiving my small pension ever since. I was only 32 at the time! Five years later, I recovered enough to start working again and I joined the final salary pension scheme in my new job. Now, after working for them for 15 years, I have been…
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Pension carry forward
I have had a company pension for the past 4 years and have unused allowance in all years. I understand that to use carry forward I must first use my full allowance for this year 2016/17 So, current salary of £25k, this year I pay in £20k, and government adds £5k Then I pay in £20k from unused allowance from 2013/14, and…
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Am I saving enough?
Hello everyone I am looking to see if I am saving enough in my DC pension. I'm 34 years old and contributing 200 a month and my employer is contributing 300 a month. There is currently £50k in the pot. Hoping to retire at 60 and don't know if I need to increase my contributions from 7% currently Any help would be…
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New flat rate pension
Hi, I will receive my pension when I am 66 (am 60 now) and my forecast is £119 a week (reduction due to my teachers pension!!) I have 41 NI qualifying years and 3 incomplete years. Can I buy those 3 years back? And if I want to buy extra years do I have a time limit in which I need to do it. Can anyone help?
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Married couple state pension allowance
If claiming married couple state pension, should the tax allowance still be classed as a single persons allowance?
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How do I get my pension in cash
I have two private pension plans worth about £120,000 together. I'm 64 years old and already retired. I get my income from property investments - something like £15000 p.a. before tax. I don't have any debts or major expenses, so I can live comfortably on what I have already. I was thinking about taking my pension out in…
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Final Salary Pensions
I have two small pensions and was recently told I may be able to take the smaller one as a trivial commutation as it is under £30k (£27k minus tax), however because the total of the two would take me over this limit it made me ineligible to receive it. Is there any way I can get round this? As I have the two it makes sense…
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Stupidly small amount in pension fund from short term employment -can I access
I was employed for only a few months several years ago by a previous employer before being made redundant, during which time I built up a pension pot of only £200. As it is such a small amount is there anything I can do to access it now (paying tax of course) rather than wait til retirement age? I'm 40 by the way. I have…
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So, when you're retired, whats your income?
Reason behind the cryptic comment is, I was just wondering about how different institutions determine your income. Various forms, applications (bank accounts, saver accounts etc) and such like require you to state your income. But whats your income if you are on drawdown when your income is pretty much whatever you want it…
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Auto Enrolment question
Hi, My employer has to join a pension scheme from April and has chosen NEST. Currently my employer pays into my BestInvest SIPP. My employer has given us the option of opting out of NEST, and either joining a different scheme of our choice, or returning to our current schemes. My instinct is to opt out and return to paying…
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Pension Options
My OH is not part of a pension scheme through his workplace. He's part of a small firm with <5 employees and was never signed up to a scheme. He's now nearly 30 and starting to consider the fact that he has no pension contributions built up so far. I'm a bit confused at options as I was auto-enrolled through my employers.…
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Help
Hi Hope someone can help me. My mum was born in 1949 And when she reached pensionable age (2009), we rang the pension service to see if she would get any pension. Shes never worked as shes been a housewife looking after the family (5 kids). So for this reason we were told she could not claim a pension because she doesnt…
