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SIPP questions
Wow its confusing any help much appreciated. So I just turned 60. Self employed. Net profit this year around £30k. If I put say £20k in before 5 April, when can I start taking it out again ? I would like to take out bits of it in say 2 or 3 years if/when I stop working, but maybe next year is that possible. All depends if…
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36 and no pension
Hi Guys, I’m in serious need of some advice on Pensions. I’m 36 year old, married with 3 kids and have no pension at all. With only 30 years’ish left to save I’m at the point where I must start something now! I’ve been doing some research so my knowledge is growing but I’m far off understanding this enough to make good,…
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Annual Pension Statements - minimum information given
Hi Can someone kindly detail what information is legally required to be provided in an annual statement for NHS DB pension accrued in 2008 scheme and 2015 scheme and some purchases of NHS Additional Pension made within both schemes. NHS have a website called Total Rewards Statements (TRS) which is very good but it doesn't…
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Company pension employee contribution
Hi My partner works for a small company who pay 5% into her pension regardless of anything she pays. She is not currently contributing but is there any gain in her contributing to this pension scheme if the company will not increase their contributions. Would she be better off saving into a monthly ISA and that could be…
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Post 88 GMP - A bit of light relief
Got the letter telling me of the post 88 GMP increase on my pension this morning - works out at ~ £2.50 pm nett! Told the wife (but not the amount!) .....she got the holiday brochures out:rotfl:
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Aegon
I have just received notice that the annuity I purchased with Scottish Equitable plc (now Aegon) is going to be sold onto a company called Rothesay Life plc. I have looked at Rothesay's web site and accounts and I am not relaxed about what I see. They are certainly someone I would not buy an annuity from if I was currently…
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How much tax will the pension provider deduct ?
If i have no other taxable income and I take out my full annual maximum tax free allowance from my flexi drawdown pension (£11500) immediately after 5th April, how much tax will be deducted ? I've already taken the 25% tfls so the pot is now crystallised. Will the pension provider be obliged to deduct tax as if this is the…
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Increase AVCs to Reduce Child Benefit Tax
I've been reading about increasing my company pension AVCs to eliminate paying child benefit tax and wondered if someone could check my calcs please and advise if this is a good use of savings? I earn £70k I get £5.7 car allowance I also have a healthcare taxable benefit of £1.7k So I think my adjusted net income is £77.4k…
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Teachers pension and early retirement
Sorry if this question is a little dumb but I just need to get my head around this and my options. I am nearly 55 so could take early retirement from this summer, I am possibly going to stop working in teaching and therefore paying into the teachers scheme however I don't nessesarily need to draw the pension right away,…
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Recovering Tapered Annual Allowance
According to the Pensions Advisory Service: ww.pensionsadvisoryservice.org.uk/content/spotlights-files/uploads/End_of_Tax_Year_Planning_SPOT024_V1.2.pdf I'm struggling to understand this and would welcome any answers to some questions. First: where does the £110,000 figure come from (why not £150,000)? Second: taking some…
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an I transfer Wife's NI Contributions.
I'm a few years light on my NI contributions, so my weekly pension is cut down to £97 per week. My wife has an excess which would cover my deficit, if it were allowed, and receives her full State pension. Is it possible to transfer her excess to my deficit I wonder? Please don't suggest Pension Credit, we're well out of…
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Intelligent Pensions
As the title suggests, has anyone anything to say - good or bad - about Intelligent Pensions, retirement specialists based in Glasgow.
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Pension and ISA to SIPP
Hi everyone, I am 68 years old and still in employment, I am drawing a DB pension with my employer of 23 years, and have been since age 65. I took a Flexible Retirement option at 65, which allowed me to draw my pension, stay on at work with reduced hours, and continue contributing to the scheme. If I retired this year, I…
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NHS 2015 scheme: spouse's pension/tier 2 ill health pension queries
Hi, Thanks in advance for any help. At a recent meeting our IFA advised we seriously consider upping OH's life insurance. I felt that the NHS spouse's pension and lump sum would be sufficient and therefore this was unnecessary, however as I read and try to understand the NHS literature I am flummoxed. Background: OH has 14…
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Personal Pension Growth
I have a personal pension (with profits) that I took at nearly 20 years ago when I contracted out briefly and have never paid into I have been looking at the figures and doing a few calculations Over the last 11 years it has grown by an average of 6.25% (obviously some years better than others) Would the more experienced…
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Should I have transfered?
Okay, about 20+ years ago I worked at a company where we were offered the option to opt-out of SERPS and this was with United Friendly/Royal London. I think I contracted back in at some point, but I kinda forgot about it and for years I just got the annual statement and paid little attention to it. Cut to this year and my…
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Close to retirement
Hi, Hope some kind soul can help please? Due to retire at 65 in Sept this year. Recently received a 'pack' from ReAssure showing my pension pot as £94k up to this month. I was originally on a Guardian scheme which I believe has been taken over by ReAssure. I requested an up to date statement from Guardian exactly 2 years…
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Should I stop paying into my company pension?
The last year or so have been good to my pensions and they are currently worth about £770k. I have about 7.5 years before I turn 55 so with 4% per year growth I will be over the £1m where I have to pay 50% on any withdrawals. I'm wondering if it's time to stop contributing as my company will pay 8% to me in cash (less tax…
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State Pension Boost
Hello According to the calculator I would have to pay in £22250 to boost my pension by £25 Per Week. That means it would take over 17 years to recoup that money (forgetting about inflation etc & the additional tax I'd have to pay on my private pension) & take me to the age of 82. That doesn't seem to be a very good deal to…
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IFA Managed SIPP
First post, looking for feedback/any red flags on pension investment & fees proposed by IFA. Pot is £800k+ so happier to go down route of management by IFA than DIY. Looking to stop work at 55 (in 4 years) - although IFA did say why not stop earlier, with the value of funds in play? Not decided when to start drawdown or…
