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Exceeded LTA
I would welcome any opinions on what strategy to follow.... I have accumulated various pension pots which already just exceed the LTA. There is c£1m in SIPP and c£100k in a pot derived from contracting out of SERPS which has decent guaranteed annuity rates. I am 55, semi retired, with sufficient sustainable income from…
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Need advice on late mother's pension
Hi all, My partners mother passed away in 2010. After some dealing with her pension company, trustees have decided that her pension will be split equally between him and his sister. His estranged father was a potential beneficiary but there were special circumstances in that his mother and father separated in 2007.…
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Still got Pensions Dilemma....
I have posted before about IFA/Pension advice and I took the advice of forum members and shopped around after it appeared that the first IFA we saw would levy charges that were deemed excessive. We really liked the chap though and trusted him to look after our interests, with a reservation that I will explain later.…
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Are children's pensions a good idea?
Thinking about starting a pension for my kids, but not sure if it's a good idea or not. Would be interested to hear other's thoughts/experiences please. I like the idea of free money from the government and compounding over many decades, but who knows when they'll be able to access it in the future. And if I did open one…
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Offered 100% tax free lump sum.
I have been quoted 9k with 70k lump sum or 12k with 30 k lump sum on my defined contribution council pension . When i asked if i could take no lump sum and get more of a annual pension they said i must take at least the 30k . Is that correct . AND My wife has asked for a quote from her final salary private company pension…
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Pension for my sons
Hi Money savers I'd like to start a pension for both of my twin sons. I want to pay approx £20/£25 into each pension until I retire in about 5 or 6 years. Once I retire I would like to give the pensions to my sons for them to continue paying the payment/contributions until they retire. Can anyone recommend a pension…
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equity release
If this is in the wrong section please move .. I would like to clear all my debts ect , unfortunately they will run for several years after I retire ..The only fallback I have is my property which has quite good equity so I am therefore considering equity release..can anyone suggets a reputable company/bank , or is it…
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deferred abbey life pension
I have an Abbey Life personal pension, from the years when I was self employed, which is deferred. As its fulfilment date is approaching, around ten days ago I wrote to them deferring it for another year. This crossed with a letter telling me if I did not issue them with instructions to defer it, I would be given an…
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Turning off the tap
A question for all you early retirees and wannabe early retirees: The more I get into all this, the more I find that the psychological aspects are more interesting than the financial ones. There is one particular aspect that I would love to hear people's views on. Most discussions we have on here tend to centre on making…
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Transfering DB to SIPP
I know this subject has been done to death and the consensus view is "DONT DO IT" but I am seriously considering it anyway. I am 55 and semi retired. The policy concerned was worth a fairly poultry £5000/anum when I left the employment back in 2002 but is now worth £11000 and when I get to 65 will start giving me an income…
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Vanguard retirement 2050 or LS80?
Hello everyone, I’m considering opening a SIPP with Cavendish with a single fund. I only have a small pot currently of 10k and picked Cavendish for the low platform fee. I’m 32 and on the bench with choosing 2050 target retirement fund or use LS80 and lower the equatity every decade. I plan to put in around £300 a month.…
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Over 55 cashing in my penison help
Hello. I have a private pension pot of £32000, I have been told off the pension provider that I need to get a financial advisor to advise me of my option's, the quotes are £2000 of them , pensionwise did not mention this, I am confused, I will have adequate pensions on retirement and just want to make use of the pot now,…
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LGPS Latest also need advice.
In my previous posts I had applied for flexible retirement these were the figures I was given. Looking unlikely as employer (my department) does not want to pick up the capital cost , I have asked to be given an update today. Option B Flexible Retirement figures Pension £4811 ( includes a reduction of 13.89% for early…
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Are pension fund charges part of drawdown ?
Just wondering if the monthly charges taken from a personal pension by the pension company (Aviva) are considered part of the flexi drawdown for taxation purposes ? If they meet the charges by selling some of the investment, for example if there is not enough cash in the cash account, then would tax be payable on the cash…
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Clarity on pensions tax relief for non-taxpayer
Having read many forums and websites I am not clear on the following 2 points so any help appreciated 1. Non tax payer earning 8000 can put 6400 into sipp pension and get 20% relief to get a 8000 pension pot i.e free money. Some places say this is legit and others say its max 2880 allowed so max 720 free money. Seems like…
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Pension contribution net pay vs salary sacrifice
Hi - trying to understand better how much take home pay i'd have if I switch how I pay my current pension contributions to salary sacrifice. Current setup is this: Basic Pay £2608.33 (monthly) Pension £62.60 (think it’s 3%) Other deductions £671.40 Net Pay £1874.33 I've been told that I'll save on national insurance and…
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New Company - best way for a pension
Hi all, Just a quick question. I have changed jobs and I'm now in my works auto enrollment pension, to which they are contributing 3% of my annual salary. I currently put about 9% into an S & S ISA each month which I am using as a pension but should I be putting this into my pension fund instead? I know we get 20% tax…
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Which sips allow db transfer in
On a positive recommendation ? Apologies as I know this has been discussed before but I can't find all the answers in one place. I think I saw ajbell as one but what about fidelity and h-l ? Cheers all
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Pensions freedoms inquiry
MoneySavingExpert Official Insert: Thank you JoeCrystal for posting this! Parliament planned to post this but you beat them to it. If you don't mind we'd like to add its questions in here to help feed into the debate. Parliament may be posting on your thread to help answer questions. What are you doing with your pension…
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Is NEST still bad?
My employer gives me an auto-enrolment NEST pension with the mandatory 2% going in (until 2018 when it rises to 5%). I found this thread of people being very critical of NEST: https://forums.moneysavingexpert.com/discussion/4642433 One of the main criticisms was that you can't ever get to the money, it's locked in there…
