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Pensions, annuities & retirement planning

Archives for September 2017

Over 50's, how did you accumulate your wealth?
How did you accumulate your wealth? I don't need specifics but more general themes. I'm interested to learn if there are patterns or different circumstances, paths people take. Thanks,
Final salary + standard Life 30k
I have never really thought about retirement etc, however a few at work are starting to bow out and I'm now 48 and think I want to be done at 55 if poss. I have 30k in standard Life managed fund, not really sure how but I remember opting out of something in my early 20s, should I be doing something with this, ie transfer…
Adding to USS pension - or save elsewhere?
Hi all I posted about pensions a little while ago, and you were all incredibly helpful, so thank you. :) Now I want to put a little extra aside, and was poised to pay 1% more into the USS Investment Builder when I received an email telling me that USS are seeking further contributions (again) either from employees or…
Police pension or SIPP
Hello, I was wondering if you could clarify whether it would be better to invest in a SIPP or to make additional contributions to my police pension. I intend to continue my police pension, but I have about £200 spare each month that I could utilise. I am 37 years old and have been in the police 13 years, with a minimum of…
Max into SIPP with Drawdown
Age 61, retire when 65, full time employment, salary sacrifice £18K (plus £3.6K employer). Can I put the gross maximum of £40K per year into pension fund via increasing my salary sacrifice. At the same time drawdown from my personal SIPP approx £20K per year. For the next 4 years? Thanks.
Getting it back out....
Although I was aware, one issue has caught me as I did not face up to it. Since retiring early, I had been taking out money from my SIPP under the capped drawdown rules. Partly to avoid unnecessary tax, and partly just in case I wanted to use the old contribution rules in the future. It is now clear to me that I would not…
Pension Contribution Confusion.
Hi Chaps,just hoping to pick the brains of a few of the experts on here. I read somewhere that I can use previous years contribution allowances (up to 3 years)if i haven't contributed anything in those years. The confusion for me is I've been told i can only do this if I have used up all of this years allowance...Ok i get…
Equitable Life Pension
I'm trying to help my brother-in-law who now lives in Spain. He has found an Equitable Life Annual Statement from 2014 showing pot of about £20k in Unit Linked Retirement Investments. There appears to be nothing in the With Profits. I've offered to try and track this down for him but before I call Equitable, wondering if…
should i combine final salary lgps with current lgps?
Hi, I have a final salary pension with lgps from pre 2014. I started a new lgps job in 2016 (which is now based on the care scheme) I've received a letter asking if I want to combine the deferred benefit from 2014 which will 'retain its final salary link so will be based on your current salary'. As my pay has gone from…
Opting out of pension
Hi, I am 21 and work for a local council. I pay in to my pension £105.67 per month as part of the LGPS scheme and my employer pays in £315 per month. I know the scheme is very good as my employer pays in 3x what I pay in, but I won't be retiring for 50 years and I could well be dead by then - I could really use the extra…
Inheritance Tax
My mother recently passed leaving an amount of cash in the bank of around £160,000 and a property which should realise around £200-225,000. She left a will with some small amounts to grandchildren of around £40,000 and the rest to me. I'm not quite sure about the inheritance tax liabilty. As far as I can see, despite the…
My penison for University fees??
I'm 50 this year , have 2 young kids, one 13 one 9 , very likely they'll end up going to University, everyone I talk to family and beyond tells that if they "borrow" on what ever scheme is running then, the full university fees etc as students would normally do, I will still need to top up around £5k per year for each…
Ifa costs
Very new to this subject so help required. My husband is a member of the BSPS and now has to make a decision what to do next as there is an option to go into a different Tata scheme or go into the PPF or transfer out. The transfer value is nearly £813k so advice is needed. Can anyone give us an idea how much you would…
State Pension - contracted out
I am trying to get a definite answer to a common question from HMRC but can't. I have 2 years lacking on my NI contributions to get a full state pension (having been contracted out all of my working life_ I am just 2 years short of the required 35 years NI contributions to receive maximum payments - with a average cost of…
NHS pension not transferred to my LGPS
I wonder if anyone has been in he same situation I am in or can offer advice. I worked in the NHS for 22 years and currently employed by a local council. I was unaware that my NHS pension had not been transferred across. I find myself in a situation where I need to retire on ill health grounds due to incurable cancer and…
Pension contributions and tax years
Quick one - if I contribute late in the tax year, say March 2018 for the 17/18 tax year but the actual tax uplift isn't paid by HMRC until say May 2018, does my gross contribution for the 2017/18 tax year include the tax relief or not? Thanks in anticipation.
Benefits in kind and pensionable earnings; lower earners
Hi, I've just had a partly unsuccessful phone call with HMRC and then they referred me to the pensions advisory service, but I'm still a bit in the dark. My scenario: Some SE earnings (c.£500-1000/p.a) Some zero-hours earnings at the nursery my son attends. The nursery work entitles me to free childcare during my shift, as…
Motivation for early retirement
I'm in my 40s so just starting my retirement planning journey, but reading this forum has got me thinking. The reasons people are planning for or taking early retirement are quite varied. Some I see, possibly wrongly, as negative, pushing them into ER, such as escaping a stressful job or due to external factors the…
Pension help
I have just turned 55 and have a couple of very small pensions as a result of opting out of SERPS in my 20s. I stopped paying into these some years ago and as they are such small amounts I don't know whether to leave them where they are or to withdraw both amounts and maybe put them elsewhere. Anyone in the same…
Is the LTA leading to a shortage of GPs?
https://www.theguardian.com/society/2017/sep/27/gps-surgeries-shutting-brighton-family-doctors LTA not mentioned in article, but I understand a lot of GPs are retiring early because their pensions are hitting the LTA?

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MSE News

Ofgem proposes new 'no standing charge' Price Cap – but Martin Lewis warns vulnerable customers need to be opted in or it won't work
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Lloyds, Halifax and Bank of Scotland to cut overdraft rates for millions but hike them for others – here's what's happening and full help
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Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
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Martin Lewis: At last a chance to fix Council Tax flaws impacting millions – debt collection, difficulty challenging your band, discounts and more
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Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Base rate held at 4.25% – here's what it means and when it might be cut next
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Applied for South West Trains 'boundary fares' compensation? Act now to claim it
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Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
All State Pensioners in England and Wales will receive a Winter Fuel Payment this winter, though those who earn over £35,000 will see it clawed back through the tax system. It means nine million pensioners will get the £200 or £300 top-up. Here MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis, and we include answers to your key questions.

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