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DB scheme and AA
Hi, Checking for a friend - I think my understanding is correct but wanted to double-check. He is a member of a DB scheme - contributions for the year ended 31 March 2016 were: Employer - £4,490 Employee - £3,925 Annual allowance used for 2015/16: £20,998 Assuming the figures are similar for 2016/17 and he wants to pay…
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Drawdown - one chance to take the TFLS?
At or relatively near to point of retirement mid this year I'd like to shift a fair chunk of my SIPP into ISAs but tax-efficiently, and without having to expose that money to either no growth as cash, or susceptible to tax outside an ISA. Reason for the move would be for future tax free withdrawals from that ISA to manage…
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Options for what to do about pension.
My wife has left her job after a mutual agreement at 58 years of age. She had to change pensions from a county council pension (which is now deferred) to a new company pension 6 months ago for reasons too long to go into here. Anyway, she has now finished work and has 6 months payments into the new pension, around £700.…
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State Pension top-ups post 2018
Hi there, I am a woman who will reach SP age in October 2021. I have many years contracted out and my state pension foundation amount was based on the 'old' system, valued at approx. £114 in 2016. I presently pay (voluntary) Class 2s as I am self-employed, and will do so until these are phased out at the end of the…
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Vouchedfor free advice
Hi there, please can anyone who's used the Vouchedfor service offer any insights to the questions below, they're written directed to Vouchedfor so won't read 'naturally': 1. Please can you outline the difference between Free 1 Hr Initial Consultation/Free General Financial Review/Financial plan, or give examples of what…
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Trying to understand my COPE estimate, is it this simple?
Hi there, Currently my state pension estimate is £108.50. I had been contracted out for many years and have a COPE estimate of £19. Does this mean that my state pension estimate would have been £19 extra if I had not contracted out in the past. So my current estimate would have been £127.50? I also remember reading…
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Protecting personal allowance & our plan
Hi My total taxable benefits will soon increase to be £124k pa (£110k salary, plus car allowance, and other P11d benefits). I want to avoid the 60% marginal tax trap so intend to put roughly £24k in my pension. Company contribution is 15% of £110k so it would mean I would be putting in the full £40k annual allowance. With…
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Query on tax code for pension
Hi I'm a teacher who has just taken phased retirement. My salary until September + my monthly pension payment will put my gross earnings at £47k (will be below £43k from September). I'm still paying 10.2% pension contributions. My tax code for my pension is D0 ie I'm paying 40% on all of it. It's 1100L on my main job. Does…
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Pensions explained for beginners - help please!
I don't have a pension at all at the moment, and having read the guides wanted some help/clarification. My info: I'm make, 38, income of around £40,000 a year. I would anticipate retiring around 70, and would like an income of around £20,000 a year. After what I would expect to get from the state pension, how much would I…
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George Osborne takes adviser role at Blackrock
Financial Reporter: George Osborne takes adviser role at Blackrock This from the person who, as chancellor over the past six years, cut the pensions lifetime allowance by more than 50% in real terms, and the annual allowance by more than 80%. Just jaw-dropping hypocrisy. Blackrock's judgement here seems suspect, as well.…
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What happens to a pension when someone dies?
Hello all. Just after some advice regarding a private pension my late dad had for some years. I'm not entirely sure if the pension stops when the person dies or not? Does anyone know? Thanks Lewis.
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40% tax payer only getting 20% tax relief
My friends has just been looking at her pension details and it looks like she should have been claiming additional tax relief. She is in the 40% tax bracket and she thought this was all done automatically and it is not. How many years can she get back? What is the simplest way to get this sorted? Thanks
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Confusing Advice, when are contributions deemed to be paid
Having asked the Pension advisory service, HR, Pension advisor (through work) and an independent financial advisor I have a disagreement between them (2-2!). In short; I pay into my works pension scheme by way of salary sacrifice on the 25th of each month (pay day). Both that contribution and the employer contribution…
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Fund thoughts
One of my friends was talking over the weekend about his pension and asked me what my thoughts were on his funds. Apparently he's had then invested for a good few years like this. Based on what he was telling me he said he hopes to retire in around 20 years. I didn't really have an idea so thought I'd ask the good folks…
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New to pensions - Stick with Nest or go elsewhere + other questions
Hi everyone, I'm new here and have joined seeking advice about pensions. I have an old pension from 2013 at a previous employer, which was only paid into for around 6 months before the place closed down. So there isn't much in that around £500. This was with HSBC before it got moved over to ReAssure. This pension hasn't…
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Lta & ufpls
I took a small UFPLS from my SIPP a few months ago. Now I'm about to start receiving an occupational pension and they want to know what proportion of my LTA is represented by the UFPLS. Am I right in thinking it's just the pre-tax amount over £1m? Supplementary question: the UFPLS is of course uncrystallised but the…
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CETV high? Worth cashing in?
I have my main DB company pension which I can take at age 60 in May 2018 I have 2 other deferred DB pensions, HSBC and GlaxoSmithKline NRD for both is 65 - 2023. My wife has a deferred Lloyds Bank DB pension NRD 60 - Jan 2023 I hear CETVs are high at the moment. The figure of 47-1 being mentioned for my company scheme. Is…
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Winter fuel payment when deferring state pension
I am 65 year old man and am deferring my state pension (old scheme) and I read an article that stated : because I am not claiming a benefit (ie. deferring my state pension) I would lose my winter fuel payment. I assumed that, because of my age and having successfully claimed the winter fuel payment, future payments would…
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N.I contributions, state pension
My wife was born in 1958 (shhh don't tell anybody) she has 27 years paid up N.I cons,including those added for raising our child. How many years do you now need for a full pension, is it 35? Don't say ring the Future Pension Centre as I just hung on the phone forever. Also she currently can buy/ makeup 4 missing years, do…
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Drawdown or Final salary?
I am new too and need to decide which way to go with my pension. the transfer value is very very good and i could also take my final salary pension now with very good benefits, however the transfer value is much more than I thought and it makes the 25% tax free lump sum quite a substantial amout more than what i will get…
