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Do I make my 3 pensions into just 1???
I have had a letter from my pension provider today reguarding my pension/s. I thought I only had one but it seems i have 3, although they are all with the same pension fund. I didn't know this was the case and thought because they were all with the same pension fund they would have just continued when i changed employment.…
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LTA and BCEs
HI, Hopefully someone can help explain LTA to me please? I'm trying to understand more about how LTA would affect me if I decided to transfer out of my DB scheme. I believe I will have 3 pensions that will qualify as BCE events. Potentially as follows: A) Final salary transfer to SIPP (later this year) approx £950k B) DC…
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Pensions for self employed
Hello I have about a year of pension in a pot from a previous employment . The provider was called Friends Life. I'm now self employed and wondering what to do. Shall I continue paying in to this pension as an employee contributor? Shall I leave it and start a new one? Who with? I contacted Friends life and they said I can…
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State pension calculation
My wife and I are a bit confused about the state pension calculation shown on the new HMRC Tax Account page https://www.tax.service.gov.uk/check-your-state-pension/account Our accounts show that we both have over 35 years of full NI contributions. My COPE is £53.49 a week. My wife's COPE is 64.71 per week Yet my estimated…
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Best providers for small pot SIPP, to avoid MPAA?
Some threads on here include discussion of being able to withdraw up to 3 small pot (< £10k) pensions, without triggering MPAA. It seems this would be a strategic move for anyone approaching retirement who does not have any trivial pots, i.e., to create some insurance against MPAA. It would make sense to open three…
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Tracing old pensions
Hi all, I am going through the process of trying to track down various old workplace (DC) pensions. I have used the Government Pension finding service online and had managed to get addresses to write to. One has come back with old benefits details which was great, but of the other 3, 2 have not responded (wrote to them…
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Phoenix Life (Pension) website
Hi, You experts have probably been wise enough to steer clear of Phoenix Life but if any of you are still saddled with them, are you having the same problems with their web site as I am? Chrome warns me that their "Secure On Line Access" is not secure but even if I ignore its warnings I still can't get onto the site. IE…
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Paying APC's into LGPS pension
Hi, I'm looking into paying an extra £100pm into my LGPS for the next 17 years. I've been looking at the online calculator on the LGPS website but I'm not clear on what this would add to my pension- it mentions an extra £88.86 of pension added to the account each year of agreement, based of an extra regular cost of £6.62…
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Scottish Widows Pension Options
I have a closed DC pension fund with a value of £80k. Our employer has selected Scottish Widows as the new provider and chosen SW Pens Portfolio 2 as the default fund for employers. I am contributing 5% which my employer matched and contributing a further 10% through AVCs. I am able to switch funds and would like to select…
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Concerns about transfer of Virgin personal pension
Hi everyone, I am self-employed and in my early fifties. I am thinking of starting a Virgin personal pension as it just seems simple with just a handful of funds and I feel so daunted about SIPPs and having to choose out of so many funds etc. (I also need to be able to stop and start my contributions depending on income.)…
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Witholding Bonus
Hello again everyone. I have also added this in the cutting tax thread as I am not sure whether that is more suitable. You were all very helpful previously when I had some queries re income/tax/pension payments and things have moved on a little since then. I am due to be paid my bonus at the end of this month which will be…
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Triviality rules query
My wife is approaching retirement has a small private company money purchase pension, very small. She will be eligible under the triviality rules as I was always the pension supplier for us as a couple and her arrangements are well under the totals that would prevent either form of triviality. Given we are only talking…
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Cut in pension tax relief or annual allowance?
Reading the Sunday times today the consensus seems to be that teh backtrack on self employed NI increase would be clawed back through pensions. Most probable option seemed to be reduction in annual allowance but flat rate relief was also mooted, will be interesting to see what comes to pass. Reduction in annual allowance…
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Why do I need to tell one Pension provider about other pensions?
Hi, Approaching my 60th birthday, my Post Office pension is due for payment. Had some paperwork from PO asking for details of my other pensions, needed by law apparently. Cannot find anything pertaining to this law on the net and want to know why they need to know - can anyone help please? Many thanks Linda :)
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Small Lump Sum Payments and Uncrystallised Pension Lump Sum
Apparently you are only allowed a maximum of three small lump sum payments and if you want to take out more you have to do so as an uncrystallised pension lump sum. What different would that make? Would I still get the cash quickly? (subject to HMRC withholding some of the money). I have a total of 4 small pensions…
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Lump sum taxable?
Hi all, My mum has deferred her state pension for 3 years (in July). We want to know the tax liability based on a new financial year, for both scenarios: 1) financial year with no income 2) fresh financial year with £9,250 income (from part time work) The state pension pamphlet is just directing us in circles and we're…
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Retirement benefits statement? whats best??
Firstly, many thanks to those who "Educated "me on the GMP, very much appreciated! Ive received my three options for taking my pension from the JLT .I'LL list the three options. Option 1 is Combined tax free lump sum £83k and reduced annual pension of £12k which includes a pension savings from an AVC account. Option 2 is…
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TFLS recycling rules.
Hello again. I'm back looking for some more advice. I am 54 and on the verge of early retirement. I am selling my shares in a small business and want to take one last opportunity to funnel some of the proceeds into a SIPP in order to take advantage of some 40% Tax relief. I have got plenty of carry forward allowance, and…
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Pension Statements - Part-Time Worker
Hi, Should Pensionable Earnings for someone who works part-time be their actual annual salary or should it be the salary they woild earn if they were full-time? Simple e.g. If the full- time salary = £30,000 and part-time salary (50% hours worked) = £15,000, which one is applicable for Pensionable Earnings on a Pension…
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Savings to SIPP
Hello.....My wife is 55 and earns £8000 a year,has no pension but has approx £30000 in savings gathering poor returns.I gather from this forum it would be wise to invest £6000 in a SIPP every year to benefit from the £2000 tax relief, maybe for 3 or 4 years when we plan to retire.My question is....Is a SIPP suitable for a…
