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Pensions, annuities & retirement planning

Archives for October 2017

Help _ Final salary pension to Drawdown
Hi, could do with some advice. My husband is looking to move his final salary pensions into a drawdown. We have analysed our options and feel that this is best for our situation. We have found a company to place the funds with for investment that we are happy with, however we need to confirm we have had independent…
Carry Forward Query
I am baffled by the pension carry forward system. I have paid the following in to a DC pension (using salary sacrifice) and now wish to pay a lump sum in before I retire at the end of the year. I have entered these values (actual values from P60s and pension statements) into the HMRC carry forward calculator and this gives…
Should I get a SIPP at age 56?
I'm 56, getting £400 per month from the Local Government Pension Scheme, self-employed, unlikely to earn enough from that to pay tax this year. No kids, single, own my own place outright. Have about £180K of which £120K is invested in Vanguard LifeStrategy and Nutmeg/Moneyfarm. Remainder of the £180K is in cash. Should I…
Joint Annuity
Hi have had a joint annuity and if I die before my wife she gets 50% but we have been told she has terminal cancer so will not survive me so what happens to her 50% entitlement.
Pension lump sum payment to offset 40% tax
Hi, I'm 55 and looking to build up my private prudential pension, its a draw down type. My aim is to transfer savings into my pension each year by an amount which offsets the 40% tax payments I make in my current employment. My gross earnings allowing for benefits in kind etc = £62,746 What size lump sum payment will I…
Enhanced transfer value
I'm trying to work out what I should do about an enhanced transfer value offer I have had from a pension scheme I belong to. I left employment years ago, and I'm a deferred pensioner due to reach pension age in December 2017. The pension I am entitled to is £6,363 pa, with a 50% widow's pension. Pension increases are RPI,…
Tax free lump sum,s
Can anybody tell me how many TFLS you are allowed to take?or is there a financial cap on totals/ The reason i ask is i have taken one tfls last year but have a small money purchase pension,less than 8 k that is sitting there and not growing,would like to take 25% tax free and the rest later again tax free as i am a non tax…
Two Pensions: Old v New Employer
I left Company 1 and had a minimal pension fund with them. I opted to keep this pension separate from my new employer pension scheme (Company 2). I adopted an Adventurous Investment strategy with Company 1 pension while my Company 2 pension is in a low-risk scheme. As a result, I have seen some significant growth from £14k…
LV total regular bonuses
My wife has a with profits pension with Liverpool Victoria which she still pays into . Her statement says that on retirement she would get a guaranteed annuity plus the total regular bonuses added to date . Our question is where the amount of guaranteed annuity is clear are the figures for the total regular bonuses the…
Pension advice 30years old
Hi all I currently have a work based pension, I contribute 1% and my employer matches this. I have the option to increase it by as much as I like however my employer only matches to 3%. The pension company that handles this is standard life. My question is: Is this pension scheme safe or do I risk losing my money if the…
Aegon - Transfer & Modernising Pension
Received a letter today from Aegon saying that they are transferring my Personal Pension to a SIPP in 14 days time unless I instruct them not to. (This doesn't seem to be much time to think about it and get advice?). The main difference to my inexperienced eye are the charges in that they keep 0.25% of the current fund and…
Is this feasible???
Is this feasible – I’m 54 y/o and my wife is 55 y/o. My DC is currently worth £240k and I contribute £18k/yr. From previous employments my wife will receive at 60 y/o DB pensions totalling £17k / yr and a TFLS of about £45k. State pension - I will receive a full SP at 67 and my wife will receive about £6k as she has been…
Cheapest way to open SIPP with a provider that does not accept direct applications
I am interested in establishing a SIPP with a provider that only accepts applications via an IFA. I would like to open such a SIPP as the administration fees are quite reasonable and it offers the choice of investments I want. However I don't particularly need or want any advice. Are there any low cost IFAs that will…
COPE how do you know if you will get this when you retire
Hi , my wife officially retires from work at the end of February 2018 . She has had her Government pension forecast with is just below the maximum ,even though she has fully paid up for 44 years , this is about £2 per week down from the full pension.. They say she is entitled to COPE from her NHS pension scheme to make up…
Royal London Pension Funds
I have a Royal London pension with my employer and am looking through their list of available funds for something that is multi-asset (other than the multi-asset credit fund). I'm having a devil of a time sifting through what is there to find one. Am I missing them or are there just none there? Alternatively, Royal London…
Fair payment for pension advice
I have a close friend with an abundance of pension and financial knowledge. We have asked her to review our pension situation and give us some advice. We have provided all our documents which she has reviewed. She has made a few recommendations about transferring some older pensions into more current ones, provided…
Claiming last 5 years' tax relief on pension contributions
My husband has paid into a personal pension since he was 18 - with steadily increasing payments. He's 51 now. We've just realised that for the last 5 years, he's been a higher rate tax payer, but that nothing has been done about the payments into his pension - they're still just attracting 20% relief. I imagine it will…
Pension contribution, maternity pay & childcare vouchers
Hi all A friend of my recently queried her pension contribution whilst on maternity leave - she believes she may be paying too much. Her employer pays her basic pay as normal, but then deducts the same amount to offset the payment (since she's not currently at work). She's entitled to, and is in receipt of, her employer's…
Budget Autumn 2017 Pension Tax Relief
I've read a number of pundits entertaining the possibility that the Chancellor may "rebalance" the tax regime in favour of the young. Some go further in suggesting that pension tax relief especially for those of us with a few grey hairs may be in the cross hairs. Following the debacle with NICS last time round, personally…
Future Planning Advice
Hello, Thought I would start a thread to ask advice / confirmation on my financial situation / planning. Currently just turned 28 and in an OK paying job. Aim is to put as much money away as possible for a lavish retirement. Ambitious goal is to put enough money away, that in 10-15 years I could take early retirement or…

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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
Ofgem has today launched detailed proposals for a major shake up to its Energy Price Cap that dictates the price over 80% of homes in England, Scotland and Wales pay for their energy bills.
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
If you're a Lloyds, Halifax or Bank of Scotland current account holder, the interest rate you're charged for using your overdraft could change soon as part of a fees shake-up. The Lloyds Banking Group, which owns all three brands, says millions of its customers will pay less after the changes – but a "few" will pay more.
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 low-income 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.
Martin Lewis: At last a chance to fix Council Tax flaws impacting millions – debt collection, difficulty challenging your band, discounts and more
Major flaws in the Council Tax system in England could finally be fixed in future, as the Government has launched a wide-ranging consultation to review hideous debt collection practices, the difficulty of challenging your band, the overly complex and horribly-named Severe Mental Impairment discount and more. MoneySavingExpert.com founder Martin Lewis, who has long campaigned on these issues, shares his response and analysis.
Energy complaints to be dealt with more quickly and Energy Ombudsman to get new powers under Government plans
If you have a complaint about your energy firm, it may be resolved more quickly in future, as the Government has announced a raft of proposals to strengthen consumer protections in the energy market. The planned changes include giving the Energy Ombudsman new powers to force firms to comply with its decisions – but it's still very early days. Here's what we know so far.
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
The Bank of England has held the base rate at 4.25%. Below we explain why, when it might be cut, plus what it means for your mortgage and savings.
Applied for South West Trains 'boundary fares' compensation? Act now to claim it
If you applied for compensation from South West Trains before the deadline in January 2025, you now need to provide your bank details to the claim administrator so it can be paid to you. Here's what you need to know.
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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Pensions, annuities & retirement planning

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