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SIPP/ SSAS setup/administration
Hi, I'm just looking to setup a SIPP/ SSAS for myself and my wife as part of our limited company. I've already saught an IFA, but after consultation I have some reservations/ queries. Please be kind if my questions seem very basic! I was advised SSAS are cheaper to setup - but that doesn't necessarily seem the case. I've…
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Is it too late?
They say it’s never too late. I’m not sure about that. Next summer will be my 65th birthday and if I don’t retire then, it’ll most likely be in 2019. As an employee for many years, my salary wasn’t all that great. I contracted out at some point and as a result, I have a small pension pot of £48,000 which was obviously…
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Lifetime ISA vs. Pension for Director
Hi I'm a director of a small company. I pay myself a salary up to the Personal Allowance and use my dividend allowance. The company operates a defined contribution scheme for directors, which reduces its corporation tax liability and from my personal perspective is "gross" as I've paid no personal tax prior to…
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Temping and Pension scheme problems
Hi, I been working through a temp agency, but being paid by an umbrella company. The reason I opted for the umbrella company was because they would roll up holiday pay into my weekly wages, and since it was initially a three month contract during which I wasn't intending to take any leave, I decided this would be the most…
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Fixed term annuity
Hi all Wondered if anyone had any thoughts. Thinking about how to manage two db pensions so I can retire early at 55. Both have similar values at 65 and one of these together with sp is sufficient for me post 65. I may have to make a few years voluntary payments for ni or do some part time work to get the credits and…
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Question regarding pension contributions and tax relief
Hi, Apologies if the answers to this question lie elsewhere in the forum, however I would much appreciate some advise. Info: At present I pay into a civil service pension scheme, which is set at c5.45% of my gross salary (I earn just over £50k). Age 37. This works out at an annual pension contribution of £2,741.57 towards…
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Pension income drawdown facility
Hi - my husband has a couple of pensions and now he is over 55 can take upto 25% of his pensions. One company has given us a yearly statement, showing all the breakdowns, incl the money we would receive for the 25% early payment. When we requested taking this money, we kept being sent the same quotation paperwork on how…
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Pension contributions not adding up
Earn £33k a year (£2,750pm) Pension contributions are 0.8% of qualifying income (which my employer defines as <£43k I think my pension contributions should be £22pm. My actual contributions are £22.60pm. I've only been in the scheme two months. It's not the 60p I'm worried about, more that somewhere in my spreadsheet I've…
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How is a DC pension in payment protected?
Simple enough question: I have a DC pension 'guaranteed' for the next 20 years (in exchange for a reduction in rate) - i.e. if I die tomorrow it carries on being paid to the spouse /nominated beneficiary for the balance of the 20 years. In the hopefully unlikely event that the company can't pay, how, if at all, is it…
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Aviva takeover of freinds life. Should I do anything
I have a small private pension pot with Friends life. I am intending to cash it in next March, and in preparation for that I transferred the entire fund to cash earlier this year as I don't want to see it's value fall off a cliff if the market crashes before next March. In March I will be looking for options to cash in all…
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IFA Fees for Pension Advice
Hi My pension is currently with National Mutual and is giving me a fairly average return. My IFA has proposed a new pension provider which he thinks will give me a better growth of 7-8% per year, which is great. This will cost me around 1.24 % per year whch is paid to the pension company and the also gets payment from, He…
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I have 3 pensions 2 with friends life 1 with aviva
I have 3 pensions 2 with friends life 1 with aviva as they are both merging is it worth me merging them into 1 or should I leave as is as I will probably face charges on 2 when they pay out. help v much appreciated.
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Carry Forward
I will try to articulates this question correctly. In tax year 2016/17, I pay £43,000 into my pension and look back at the three preceding tax years and there is a huge amount available for carry forward so the £3,000 over the £40,000 is well covered. Now let's say that in 2017/18, I want to contribute £60,000. I look back…
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Teachers AVC
My wife is in the teachers pension scheme. For the last 4 years she has being paying £100/month AVC's which is with the Pru. I don't know how this works but every year she gets a statement and this year the £1200 she has paid in has grown by £25, and this is no different than other years where the performance is poor. I'm…
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ex military pension
hi, I spent a year in the military around 14 years ago, during this ime I paid into a pension fund, is there a way that I could find out what has happened to it??I have been paying into a local government pension for the last 13 years and was wondering if what I paid into military could be paid into my government one?? any…
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Bother joining pension or not?
I've just joined my new company and there's pension on offer. However, I've needed every single penny so I can pay my bills and have not been able to pay into a pension for years now. I'm 50. I have about 78k mortgage to pay off (so will likely be working until I'm 90!!), no other investments. I do have critical illness…
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SIPP nominee if no surviving spouse
A SIPP nominee form only allows me to name one person, or a number of people to receive stated % shares of my SIPP. It does not, as happens with a will, let me say what happens if my nominee is no longer alive. Am I right is understanding that if either my wife or I die, our SIPP nominee would be the surviving one of us…
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Use mortgage to max out wifes SIPP?
I am not earning but have c£850k between my SIPP and DB schemes at 49. My wife earns and pays into her SIPP to bring her salary below the 40% threshold. Her total pensions savings are c£250k. She is 47. Is it mad to withdraw equity from our mortgage (we have a current account mortgage at base plus 1%) to max out the wifes…
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Claiming Pension for my Dad
Afternoon all, I spend a few hours with my dad trying to claim his state pension. When claiming, it asks whether he has registered Government Gateway - which he is The final question is "Do you have an activation code for "State Pension online" - how on earth do I (and by I... I mean my dad....) get this activation code?…
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Leaving Final Salary Scheme - Can you challenge CETV?
I am trying to retire early ( 55) with a final salary pension scheme that has a normal retirement age of 65 I have some health issues that mean my life expectancy is much shorter than the average, but am not expected to die in the next couple of years. Hence the reason for wanting to retire as early as possible. I am…
