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Pension advice
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How to retire on £30k at 60?
My wife is 55 and is a teacher and as the workload is ridicules I would like for her to be able to retire at 60 before the job kills her. I’m 54 and MIGHT want to retire at the same time. We need an income of approx £30k / year. My wife will get a pension of about £12k / year and a lump sum of around £35k. I have DC…
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Enhanced transfer value query
Good morning all. On Saturday morning I received a letter, out of the blue, from a former employer. I worked for them for four years in the 80's. The letter told me the company is offering an enhanced transfer value of nearly £90,000 on a pension I didn't even know I had! Part of the offer is that I get advice from an IF…
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Bonus sacrifice
Hi, I am 30 years old and just got my first bonus after starting to work two years ago. Shall I sacrifice it towards my pension (Aviva) and save close to £500 in tax or cash it in? I should also mention I am not british, meaning I will eventually go back to Europe in a couple of years. I would appreciate some pointers…
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NHS Pension - Reducing Income
Hi All, I'm currently paying 7.1% into my NHS Pension at salary of £18146, which I have done for many years. I will soon be changing to a new Trust & job role so I can spend more time with my family on a lower band and a salary of £15527, which comes under the 5.6% pensionable pay. But I have spoken to my colleague who…
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my father's flexible drawdown pension fund post his death
My father (who is 76 years old and in very poor health) has a pension pot invested in a flexible drawdown product with OMW. He has taken the full 25% tax free cash in the past so any further drawdowns are potentially taxable (and indeed are taxed due to his other taxable income). He is in very poor health and has asked…
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Contributions to the workplace pension
Can anyone tell me how I can find out when contributions to my workplace pension will begin? The company auto-enrolled me into a NEST scheme on 1 May 2017 but still no contributions have been made. When I ask my boss all he says is 'they will start soon'.
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Lifetime Allowance
I have both DC and DB pensions. If I work till 59 I will breach the £1 million limit. However I hope to retire at 55 when my pot(DB pension * 20 + lump sum + DC pot) is about £760K. I have avoided paying any more into my DC pension since the LTA was introduced but I am wondering if it is safe to add some more and still…
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Transferring a DB Final Salary to a personal pension
Hi. I am 52 and have a deferred DB scheme. I have forecast scheme pensions of C. £19K & £20K from ages 55 and 56 if I don't take the tax free lump sum. I have had an updated CETV of £850K which is up c.£200K from the last CETV from approx 18 months ago. I understand that this is due to movement in 15 year Gilt rates. I am…
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Employer contribution and annual allowance
Can an employer pay 40k into my pension, if I do it by salary sacrifice, and the sacrifice means my salary is less than 40k, after the sacrifice? I think the answer is yes, but I am not sure. Thanks
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Financial freedom
Im 35 and own a maisonette worth 225k with a mortgage of 50k. I work full time and earn about 30k a year. Im single with no plans for wife or kids. Whats my best route to financial freedom? Id like to one day have an income coming in without working full time and be able to travel etc. Thanks for any advice.
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Mycsp
I placed this in the benefits forum but it was suggested I move it here. I had read several bad stories about Mycsp all of them seemed to be in the past. They administer my deferred civil service pension. This is my experience with them. Now all I wanted was a pensions forecast. Royal Mail, I have a small occupational…
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pension tax
my partner of 19 years paid into a works pension for 2 years bk in 1997 and left in 99 hes 59 now he hasnt worked since 2011 due to having strokes copd diabetes and short term memory loss he wont have a tax code so his letter from the pension company has said the tax will be taken from br code my question is if he hasnt…
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Pension freedom at 55years old
I've got 3 pensions from previous employment and would like to draw 25% as cash next year when I turn 55. Question i have is how to do this? Am I entitled to draw the 25% from one of these 3 pensions or does it need to be spread across all three evenly? Finally would it be advisable to involve an IFA to assist me with this…
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What to do with old private pension plans
People may be interested in a post of this title by Mark Meldon on the monevator blog. http://monevator.com/old-private-pension-plans/
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Growing Daughter's Pension
My daughter is 23 and not long into her working life and paying £140 a month into her workplace pension, which is being matched. Call it £300 a month times by 12 that's roughly £3.5k a year going in. After ten years that's £35k, £70k after 20 years so just over £100k in thirty years time. Doesn't sound a lot does it.…
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More regulation?
I have seen a few articles recently about individuals drawing money out of SIPPS without taking advice, and there seems to be a level of concern, no idea if it is justified. I am concerned in the future there may be additional regulations enforcing Pension DIYers to take financial advice before pension funds can be…
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Loan against Pension?
Hi, I have a Corporate Pension held with a Pension Company in Reading. I've been told I can cash it out when I turn 50 which is about 9 months away. I worked in tech so I was always changing company and there's not much sitting in there but I could use it now rather than waiting some months until I'm 50. I know from the…
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Pension contributions at 60% marginal rate of tax
I'm 41 and with my current pension pot and future contributions I am on a trajectory to have a fund value around the LTA at age 57 when I can currently take my pension. For tax year 17/18 and future I am likely to have a small amount in the 60% rate and can't decide whether I should take net of tax and invest in an ISA, or…
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Civil Service Pension help required
Hi all, I would like some assistance with my pension, as follows... I am 40yrs old and earn £52000 per annum in the Civil Service. I moved between the military-NHS-Civil Service and managed to accumulate/carry over 23yrs of equivalent pension (that's how it was calculated when I joined Civil Service Nuvos) in 2011. I have…
