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Moving from S&S ISAs to pensions (retirement plan)?
This is something i was wondering about today & thought i'd come here for a bit of advice or maybe different ways to look at the situation. I've stopped paying in to a S&S ISA & my retirement money now goes in to a Cavendish SIPP. My wife & my siblings however still pay in to a S&S ISA, though they want to go the pension…
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Is it worth claiming state pension while working
I turned 65 in August and decided to carry on working in my current job. I am therefore deferring collecting my state pension (probably for a year) and expect a slightly better weekly pay out when I do collect. My conundrum is, do I take my state pension while continuing to work ? This would mean I'll pay tax on it at 40%,…
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Transferring property
My nan is currently living in her own property. For different reasons we are thinking of signing the deeds of the property over to myself and my sister, and my nan to continue living in it until such time this is not possible - not in the near future I hope! However, my sister receives Housing benefit - will this effect…
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Early Pension Access
I have been reading about the Pension Liberation Scams and wondered if there were any options for releasing pension early. If I planned on retiring early, at say 50, then my pension would be tied up for 5 years with me not being able to access it. Is this correct? Is there any way of drawing down on the monies? I know…
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LTA and Pension Sharing Order
I am in the NHS 1995 Pension Scheme. In 2012 my "pension pot" was calculated as having a Cash Equivalent Transfer Value of £321679 and was subject to a reduction of 40%- £128751, leaving £193007. Given I have a life time allowance- currently £1m, do I calculate what I can put towards that allowance the original £321k or…
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How to calculate what to contribute in to a pension?
I'm working my way through Tim Hale's book & finding it really good so far. I just got to the section where he says (as a very rough guide i guess) to put about 15%-20% of your wage in to your retirement plan. I'm just wondering how you calculate that, especially for someone like me who has a variable wage. My last P60…
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Are these charges reasonable for a discretionary investment service?
My son has just started work and his employer has set up a SIPP through Parmenion. This is a discretionary managed service and I could only find one thread on this on MSE. The charges seem high to me - they will deduct 3% of his monthly contributions as an initial fee, charge 1% annually on the value of the fund as an…
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Money Purchase Scheme or Auto Enrolment?
I have a small pension pot with my current employer which is a Money Purchase Scheme I joined approx 2 years ago, when auto enrolment first came about. Being young, I don't tend to think about my pension much but something recently has made me think and wondering if I could ask some advice. I joined the MPS as the…
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Cannot make decision on pension
I have a pot of £70,000 that I want to get in 30 years. The options I've decided on are: 1. Prufund growth fund. This seems a very good with profits fund but has a charge of 1.1%. 2. Sipp. Go with a sipp and put it in some general funds like Vanguard LS60, Vanguard 2050, L&G multi index etc, total 0.6%. On all chart tools,…
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Small pension pot
My husband has a small personal pension valued at just under £3000, and he's decided to take the money as a lump sum under the 'small pension pot' rules. They've given him a quotation, showing the 25% tax free amount, and a tax deduction of 20% on the rest of the sum. This is what I was expecting. They've mentioned that…
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Lifetime allowance v Tax Free Lump Sum
I'm sure this is a simple question but I can't find the answer anyway. Currently the maximum LTA is £1m before you have to pay 25% on anything you draw over £1m (my simple view anyway). And you can take a 25% lump sum when you first draw down. Which takes precedence? e.g. hypothetically, if I had £2m in the pot, can I get…
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Advice on where to put my 25% lump sum
Hi All. My first ever question regarding pensions so please be kind. I have been reading the forum for a few weeks and have gained some knowledge thanks to all the members. I am very likely to be out of a job in the next two years. My situation is I have a DB company pension which I have been paying into for 29 yrs. I am…
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Lost my RBS Pension
I left RBS in 2010 after less than 2 years of contributing into the retirement savings plan (even though I had been an employee for about 3 years. I had signed up to the scheme a bit late) I was told that I was to expect a letter that would allow me to transfer the money but as I moved flat just after leaving RBS, I didn't…
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LGPS Refund
Hi All, Fairly straight forward question - I joined the LGPS last year in May 2016 with an 8.5% contribution from me and my employer putting in a sizeable contribution too. I work for a college and this has been one of the big perks of doing the job. However (yes it's foolish I know), I have been exploring leaving the LGPS…
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Contracted Out of SERPS and LTA
Does a pension pot which is purely derived from Contracted Out of SERPS contributions still count towards your LTA?
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Taxable or not?
I'm confused.... I have a DB scheme and a small amount of AVCs which I can now access. I understand that if I take the AVCs in cash now, then I get 25% tax-free and pay tax on the other 75%. This will push me over my personal allowance so I'll not be able to claim it all back. This scheme doesn't have an option to take…
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Contrcated out of SERPS
Hi, I took out a private pension with Allied Dunbar (or it could have been Prudential, who were then taken over by Allied Dunbar) in 1991 and was advised to contract out of SERPS. I was badly advised on both counts as I believe I should have been advised to join the local government pension scheme at that point as well,…
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Section 32 with Pru
Hi. I currently have a section 32 with the Pru that will pay out a guaranteed minimum pension of £6800 at age 65 (9 years away). I am well aware I will not get the pension until I reach the age of 65. At present the pot value is around £112000 in total but - a good chunk of this is made up from a redress value I received…
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AVC Cash in
I have £14K in AVC's and am part of a LGPS. I plan to continue in current LA employment although on reduced hours. Because of the poor annuity rates was hoping to cash in AVC asap but advised that can only do this when full LGPS starts Is this true?? PS I am 64 and can claim Government Pension on from my 65th birthday…
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Do people still leave their money to their children?
I help a 91 year old chap; and he is always rather negative about his 2 living children, they don't help him out very much. With the state taking over the care of older people, I can understand why the state wants peoples money when they die. Do people leave their wealth to their offspring, rich and poor? The rich don't…
