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10year to go
Hi all, As the title suggests aged 57, so ten years left to retirement age, background Old company DB pension at last statement 13,000per year or 48,000 tax free to then 6,400 per year, at 65 Company DC pension I pay 3%company pays 7% estimated at around 48,000 at 65. Can pay more in to company if I want , company will not…
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Sipp
Hi, I am being made redundant very shortly. At 53 I'm not sure what my prospects will be for getting another job. I think if I use my pensions correctly it should ease any financial worries considerable. Here's my situation; I have a final salary scheme pension. My intention is to leave this alone entirely until I'm 65.…
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COPE and contracted out question
Hope someone can help me get my head around this... Briefly: Someone reaching State Pension age in this tax year, i.e. under the new scheme, but with 40+ years under old scheme, including some Additional State Pension entitlement. Old scheme amount is larger than new scheme amount, so stated to receive this. However two…
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Redundancy & pension payment
Hi, in March (tax year 16/17) I was made redundant and received a taxable £115k payment in my final pay packet (actually received £145k but the first £30k is not taxable). Via PAYE I have paid 40% tax on this figure. After advice from my company, my pension provider and speaking to the tax office twice about my plans - In…
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Over paying pension payments
Good morning folks :) I am self employed and currently pay £680 per month into a SIPP Pension that I have set up through my limited company. I pay this amount as I pay myself a base salary of £8600 per year and the rest per dividends. I would like to increase my pension payments to around £1000 per month but from what I…
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WASPI - Early day motion EDM
The GRASPI's are enraged. They've had their EDM amended, and it now includes this. This is NO use to them whatsoever, as they know they'll never be able to get that with the estimated 77bn of tax payers money that will be needed to fund their demands. They've been showing their 'true colours' over on twitter.…
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Retire at 60, how?
Hi, I'm 30 and I would like to put enough into my pension so that I can comfortably retire at 60. I has been working for 12 years and for 10 of those have putting into a pension (with generous contributions from my employer) there is now almost £25k in my pension pot. I put in £195 pcm and my employer £113 (which is the…
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Children's pensions
We are thinking of setting up a children's pension for our child. Can you share your insights on the following: - Is it a good idea to pay into a children's pension? - Which one is better: children's stakeholder pension or SIPP? - Which provider is most cost efficient, in terms of setting up fees and annual fees, etc.? -…
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Personal pension v company AVC
Can anyone please tell me the pros and cons against paying into my personal pension which has been growing at around about the 7% mark in recent years . This compared to paying into an AVC with my company pension . There is no company contribution to the AVC , thanks .
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Personal pension growth rates ?
Over the last 4 years my personal pension which I haven't been paying into for some years has been growing at around about 7% per year . Can anyone please tell me whether this a reasonable return , thanks .
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LGPS pension transfer
Hi everyone, i would be really grateful for some help, my situation is that in 2013 due to the recession we did an assisted voluntary sale of our home and the business crashed we did not go bankrupt but our credit report is basically shot, we now live in rented property our financial situation has improved back to what it…
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Do I need to Tell HMRC about SIPP contributions?
I am a higher rate tax payer and have previously advised HMRC of how much I will be contributing to my SIPP in order to get the additional relief through my code. Is this absolutely necessary or will they pick up contributions and adjust my coding eventually anyway? I am just thinking of making a couple of ad hoc payments…
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Can employer pay into life time ISA
hello, iv got a limited company that only employs myself, does any one now if i can set up a life time ISA in my name (as an employee) and have the company match my contributions as a pension pot or would it have to be a proper pension scheme? thanks in advance
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Taking FSAVC whilst still paying into DB scheme
Afternoon Can someone tell me if its possible for me, now I'm 55, to take the benefits from a FSAVC whilst continuing to pay into my final salary scheme which I don't want to take for some time. (the two are not connected in any way) or do I have to take both together? Thanks in anticipation
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Pension for a student
Student has a small excess each month and I'm thinking of getting her to start to pay into a pension. On the basis that soonest you start the less you need to save later. Stakeholder or sipp best? Can anyone recommend a low fee easy to set up and manage pension please. I do have an IFA but not sure the amount invested,…
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UK Pension Service underhand tactic
I help my aunt with her pension stuff and noticed a couple of years ago her state pension was valued at £33 per week and she was awarded £121 pension credit! On her latest pension statement it now shows a state pension of £145 and with her deceased husbands pension she is no longer entitled to pension credit which means…
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Having a child and saving for retirement. Advice from parents & non parents alike?
As you can probably tell, I've been having the discussion with my wife about the idea of a child. I'll stress early in this post that if we have one it'll be only one (unless it's twins or something from the start). I know 'they all say that' but let's go with there being one for the purpose of this. I also know there's no…
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AVC: Can they reduce tax on other income ?
Does this sound correct? The tax benefit from AVCs contributions direct from monthly salary is 40% for the aspect of a salary that is within the upper pay band. The benefit would be 20% for any salary reductions / investments that are within the normal tax band. If I take out a (Prudential) AVC direct from my monthly…
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Pension plan
Like so many people I've only started to be interested in pensions in my 50s. Long story short, I've never been able to save until now, and I'm 55 in a few months! Ok, here's my situation. Married, earn £36K a year. Have a LGPS pension with 32 years service so far. Wife is 56 and works part time in same place, but has just…
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Pension planning
As a general rule of thumb is it wise to take a pension at 55 or as I believe it is more sensible to wait until 62 years of age, or the later you wait, even +1 from there on in? I know that everyone's circumstances are different so an independent financial professional should be consulted before one does anything I am…
