-
SIPP and Existing Pension
Hi everyone. Hopefully, someone may be able to offer me some advice. I’m now aged 57 and approximately 20 years ago I was medically retired from the Civil Service with a pension due to ill health. I went back to work (not Civil Service) a few years later and worked full time until December 2016. At that time I decided to…
-
Retirement Planning advice
Hi I am looking for some help and advice on retirement planning and was wondering if any of you can help. I am 60 years old and employed as a heating engineer, however the days of repairing and lifting boilers off and back on walls for 10-12 hours a day (including travel to/from customers) is taking it's toll and I am…
-
St James Place has lost my original certificates, what can I do?
Hi My husband recently did a drawdown on a small pension pot that he had with St James Place. As part of the procedure he had to send his original birth certificate and our marriage certificate. This he did and in due course received his due payment and a P45. What he didn't get back was the original certificates. Over the…
-
Pension transfer value
In the 80s I paid in to a bank pension for a few years, this year I am 60 and can take this pension from July. I was given a forcast of £253 per month or draw down £8900 and a monthly amount of £205. What I wanted to do was withdraw all of the funds and pay off my mortgage. I was told that I couldn't do this and the only…
-
HELP required ref to taking my pension
Morning all, this is my first time posting so please bare that in mind if I don't explain myself properly. I NEED help in relation to taking my pension at 55 I am currently 54. I am off work with depression, work related, at the moment I have no intention of going back to my current employer. (I will resign in the next few…
-
Higher Tax Code. Investing lump sum into a SIPP?
Whilst working in the public sector last year, I bought some extra added years pension which I had to pay gross (without tax relief). HMRC raised my tax code to something like 30,000L, so I didn't pay any income tax on my monthly salary to claim back the overpaid tax, rather than sending my a cheque. That job finished and…
-
Calculate Deferred State Pension
How do I accurately calculate my deferred state pension before I claim it? The DWP only provide an estimate with the disclaimer that it is only an estimate, deliberately conservative and the true figure can only be given when the pension is claimed. What I do know is that basically it increases by 10.4% per annum (1% every…
-
What net payment do I need to make into SIPP
I have completely confused myself with this and just need to sense check what to do. My total pay for this tax year 16/17 will be £113,000. What is the cash payment I need to make into my SIPP to fully avoid losing my personal allowance? I think the gross contribution needs to be £13k (at least I hope that's right…
-
Found IFA to Do Transfer - Does This Sound Reasonable
Hi all, Thanks to those who have responded to my posts recently and sorry if I have bombarded the board somewhat. I am a complete novice trying to find his way through the terminology etc. Do they do an idiot's guide! I have decided to go for the transfer out (£780k from the last quote) and to have £195k tax free and flexi…
-
Minimising Tax on my pensions
I'm 60 and due to receive my DB pension of ~£15K pa in Q3 2018. I also have a DC pension with Clerical Medical worth about £60K. I'm currently self-employed working 1 day a week for ~£6K pa and have rental income of ~£2.5K pa. My wife is retired and receiving state pension. After what I've learned through reading the…
-
Makes BHS pension fund look good
"Illinois General Assembly Retirement System Only 13.52% Funded" The next sizeable market downturn is going to wreak carnage on State and municipal DB pension schemes in the US. I suppose that will amplify the downturn. I don't suppose an amplified downturn is going to do any favours to our own DB schemes. Does this post…
-
Adiitional payment into DC pension scheme
I have recently converted a DB to a DC pension. My marginal tax rate is 40%. I am thinking of making a substantial additional contribution in this tax year. I am aware of the limiting rules and carry forward rules. Employee and employer contributions made through payroll are paid gross into the pension, however. If wish to…
-
Whose paying for my GMP?
reached 59, and asked for figures on my company pension, been paying in for 37 years, and at one point, we were bought out in the late 1970's and given a "special transfer credit" (STC)to invest in a choice of investments, and worded as " to provide an extra annuity depending on investments" Fast forwards to 2017, my…
-
How to find IFA who will do pension transfer paperwork?
I understand that I'm legally obliged to get a financial adviser to sign paperwork to say that they have advised about transferring a final salary pension out of it's employer scheme, and made initial enquiry with a friend of a friend who's an IFA. He said that it can be very difficult to justify these transfers, and while…
-
Moving Pension from Reassure to Royal London
First off, I appreciate that no-one can give me financial advise on this but interested to hear people's thoughts as my knowledge on this is very limited... I had a company pension with HSBC, which Reassure bought up a couple of years ago. The feeling at my work seems to be that Reassure have no interest in trying to…
-
New Pension Rules.
I own a sandwich bar, I have four members of staff, 2 full time and 2 part time. The profit is not massive, but I make a living and pay the girls the minimum wage. However, the new Pension rules are a real worry, I just can't afford to contribute to it, but I have read that I have to offer it to at least the full time…
-
Small pension - options
My wife has a small, old pension with standard life (value c. 20,000). The pension start date is now only one year away (when she is 55) and we need to think about options. We don't need the money (either the lump sum or the pension) and want to make sure we take the tax efficient route. Is the best thing to simply defer…
-
43 years NI contributions but still not entitled to full State Pension!
Hi I have 43 years of NI contributions, am 60 years of age & qualify for my state pension in 6 years time. I finished my working life in 2014 and at that time my pension forecast said I qualified for the full state pension. Since then & the new rules which came in in 2016 my state pension is listed as £154.23 per week…
-
National Insurance - money back?
Hi All, For non-UK citizen [who is working temporarily in UK], is it possible to get the National Insurance money back when He/She leaves UK ? Please advise. Thanks in Advance
-
Where to put my pension
Hi Everyone I am approaching 60 and have a couple of small pensions maturing soon. I still work (self employed) and don't plan to retire just yet. I feel I've got 5 to 10 years left working Question is what do I do with those two maturing pensions? I don't want to tap into them just yet and want to leave them for a rainy…
