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Sipp and residency
Hi I recently moved back to the uk after having been resident for many years in France. Being only 6 years away from 55 I would like to start a Sipp and from my limited company pay the maximum 40k a year into it. can i pay 40k in for 16/17 and the same for the 3 previous years or does the fact that i was not resident rule…
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Another overpay mortgage or pension question
Hi all, in an ideal world I would like to retire at 50 in 14 years’ time with an income of 40k per year while we have a mortgage, this would then drop to £25k per year once it has been paid off. We currently have 155k in my SIPP and 100k in the wife’s pension. Outside of the pensions we have 170k in investments. We have…
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Guaranteed Pension?
I am retiring in June and I phoned my pension company to find out what my options where, I said I fancied a Draw Down product but apparently they don't do that, the adviser then said that I had a "Guaranteed Pension" which would have to be taken first. I didn't understand what she meant, can anyone explain.
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Pension contribution, higher rate tax but basic rate NI.
Hi I have a query; just want to check that I’ve got my maths (and understanding!) right. I have started work on a contract basis and the company offer a basic pension scheme. Any contributions are treated as ‘employer’s contributions’, which means that apparently they save both tax and NI. This seems effectively the same…
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Sipp investment formula
Dear All, I am looking to consolidate 3 pensions into an offshore or UK SIPP scheme on the understanding I will have full control of my investment decisions and actions. However, I am constantly hitting brick walls and being told that my intentions are against the rules. :( Initially I wanted to consolidate the 3 plans,…
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LGPS transfer in quote-any good?
Hi the quote is for about £25k to get £2686 per annum. The transfer value is around that figure as it been ages since I sent it and they wouldnt tell me over the phone what I put down. So when retired I get £2686 (todays money) plus annual inflation? This seems good to me because £25k would not get income of £2686, however…
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Pay more into pension to pay off Morgage?
I wonder if anyone can give me some advice please. I am 50 and my partner is almost 53. I will be in receipt of a fairly good LGPS pension plus AVC's when I retire - probably around 65. My partner does not have such a good pension scheme. He has a very small deferred DB, a stakeholder pension with around £50,000 in it…
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Section 32 options
I've had a letter about my old pension plan giving me options about taking an annuity now - which might be better than waiting for the GMP. (No dependants). I'll be talking to my adviser (or his replacement). I'm 61 and the state pension age would be 66. The GMP is £3,023.88 in 2021 Offer is £2,182.08 increasing 8.5%…
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The Fourteen Year rule
Is it only me who hadn't heard about this? Sorry for posting here (if incorrect) but this is inheritance tax related and I couldn't determine a better section. My Mother and Father have always endeavoured to make their estate arrangements as tax-efficient as possible. They have discussed it at length with my younger…
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Pension personal allowance calculator
I am in the fortunate position of earning in excess of £100k although this is resulting in the loss of personal allowance for the current tax year. Is there a calculator available, which I can use to determine how much i need to fund my SIPP, so that I can claim back the whole personal allowance (reducing my income to…
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Tax efficient way of drawing Trivial Commutation pension
My wife has a small pension fund (approx value £22000) and wants to take this as cash. She reached retirement age in late 2014 but currently still works and pays higher rate IT. She intends to retire in the middle of the 2018-19 tax year. We understand that she can take 25% of the fund tax free but she wants to defer…
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Lifetime Allowance
A friend was moaning to me that his pension is over the Lifetime Allowance, and he doesn't fancy the tax charge. (Yes, I know, we should all have such problems.) His proposed solution is to divorce his wife, hand over half his pension as a pension share, so they are both under the LA. Then get remarried to her, as they…
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MSE News: Pensions Minister: 'no straws to clutch to' for WASPI campaigners
Pensions Minister Richard Harrington has warned it would cost too much to arrange a compromise with WASPI...Read the full story: 'Pensions Minister: 'no straws to clutch to' for Waspi campaigners' Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our…
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Changing to Sipp pension
Hi, So I'm not totally up with the technical words. But essentially, I would like to do my own pension. At the moment, I have a company pension that I pay into every month with Standard Life. I have 1 old one with Aviva from my last work place from 3 years ago. What I would like to know is: 1. Can I and if so how can I,…
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Confused over restriction on "Trivial Commutation Lump Sum"
Hi everyone I have a small pension due in October from a previous employer. There are three options, the third being to withdraw the lot. However, that is only an option "if the total value across all arrangements does not exceed £ ,,,". I have another small pension from a different previous employer which has come into…
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Defer my DB pension?
I am trying to minimise my tax situation regarding my pensions and one option I considered was to defer my DB pension. I contacted my pension provider to try and find out if this was possible and worthwhile and received the following response - "Although it is permitted for you to defer taking your pension beyond age 62…
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Pension Fund Strength
What would you do? Been offered transfer value £780k which I can take in less than four months when I'm 55. I have been running various scenarios from the Tideway calculators to try and gauge what income to take between £20k p.a. To £35k p.a., how much if any tax free withdrawal, growth of 2, 3, 4, 5% and how long…
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SIPP or LISA? any difference for me?
Hi All, Im hoping you can help as Im trying to discern the difference between a SIPP or a LISA for my husband and I. Ive looked around and most threads/news articles are an either/or question, not as something to bridge between until our proper pensions kick in. Most of our pension will start at 68, neither of us want to…
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pension advice sought
My final salary pension scheme closed in april 2015, I have preserved just under 23 years, which I can draw at 60 without penalty, this will also include a lump sum of 3 times my final salary We got switched to alpha pension, which is an average career earning pension, but I cannot take this without penalty until i reach…
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Pensions transfer conundrum
Hi all I join the forum today with a conundrum I am I hoping you kind people can help me with... I am trying to decide whether to transfer a £5k pension pot I currently have in a DC Friends Life pension scheme from my old employer into my current employer’s scheme. The rational being that it would be easier to keep track…
