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Can I retire at 55
Hi here's the situation. I'm 50 and work for a big automotive company who have just closed there db pension scheme. My CETV is £630,000 if I reinvested this could I realistically retire at 55. I'm married with 2 grown up daughters who should be self sufficient by then.i will be paying into a dc scheme now until I retire.we…
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Personal pension for someone close to tax free personal allowance
Asking around for a relative who's trying to do some planning - is a personal pension worthwhile for a self employed person whose net earnings are only a little above the tax allowance? (around £13500)? Will the 20% tax allowance on the pension be added to the pot regardless of whether the person pays much tax in a year or…
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Being made redundant
Hope this is the right forum for this advice request, please advise if not. I'm a member of the LGPS and am being made redundant nearly 4 years before my NRA. This leaves me approx 5K short of my projected final pension of £30K, quite a wack. I'm prepared to carry on working but locality is such that I feel its unlikely…
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pension
Hello I am 38 year self employed.I have started NEST pension year ago. investing 200 per month. I was wondering if any one can direct me to a better pension scheme. how do I start imvesting in better scheme any help appreciated Thanks
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Adjusted Income calculation with Defined Benefit Pension Scheme
Hi All I would be grateful if someone could explain how Adjusted Income, Threshold Income and ultimately Tapered Allowance are calculated when one is lucky enough to still be part of a Defined Benefit Pension Scheme. I have read extensively on the matter on various websites (HMRC, financial institutions etc...) without…
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Cold Calling Pension Companies
Hi, I received a call today from a pension company called "Pension Audit Centre" who have alerted me to a possibility that my pension has possibly been miss managed etc. etc. as someone who has been paying into a private pension for over 20 years, and have approx another 12 years to pay into it, I thought it would probably…
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Do we have enough to retire now?
We're thinking of retiring early - when I turn 55 next year and my husband is 51. Here's the situation. If you think the numbers don't add up please say! We're currently self employed with a software business and book sales that will keep money trickling in for years to come without us doing any work. Additionally, my…
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Using up Pension Plan carry forward when self-employed
I would like to use carry forward to maximise my contributions to my Personal Pension Plan for the past three tax years. However, I have run into an obstacle. My provider tells me that I need to use up all my allowance for this tax year before I can use carry forward. My self-employed profits are much lower than the 32K…
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What every reader here should know.
http://www.bmj.com/content/358/bmj.j4208
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People in their 30's - future financial plans?
Having read a couple of interesting threads this morning ('over 50's how did you accumulate wealth' and 'a couple of questions for those retired') it made me want to get opinions of people in a similar situation to myself. Obviously, we face different financial challenges (worse pensions, less chance of profiting so much…
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100 days to go?
I would be interested to hear other's thoughts on a checklist or key things to do in the last 100 days to retirement. What I mean by that is the end of salaried days and taking income from pensions and savings. State pension is a way off ..... I have checked our numbers and budget but no doubt will do this again before…
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Workplace vs Private Pension
Hi, I've just started a new job in which I'll be auto-enrolled to the government scheme on my next pay. At my previous job, I paid in 7%, whilst my employer paid in 11%. My current employer only pays 2% which means I'll be increasing my monthly contributions to bring this up around 14-15% in total. However, I was wondering…
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ISA vs other Savings Accounts
Sorry if this is a daft question, but what is the advantage of saving to an ISA compared to other savings accounts? As I understand it, there is 0% tax to pay on all savings accounts now. This is relevant to Pensions - as I'm reading through threads where members are debating whether or not to save more towards Pensions or…
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Is it worth paying AVCs into work pension, I am 53?
I already make 5% contribution to my company pension (DC Scheme) and my employer makes a 10% contribution. As I am a basic rate taxpayer, I am wondering whether it is worth making AVCs into the company pension at my age? Thanks for any advice.
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Pension & Redundancy Tax Calculation
Can someone please help me with calculating my income tax liability for 2016/17? I took voluntary redundancy in March 16 but was not paid off until April so any tax is due to the 16/17 year. At the same time, I accessed my company pension. My redundancy payment was £50110 (so £20100 taxable) & I have received £27610…
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Non Equity Allocation
We have now entered the living off, rather than accumulation phase of our investment career. We have additional income from state pension and a rental property but that currently covers only half our outgoings. At the moment the shortfall is coming from cash accounts (maturing fixed term investments etc. and I estimate…
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Pensions and inheritance
I'm trying to help my parents sort out their pensions. Both are around 70 with good DB pensions giving them more income than they spend as they live very frugally (their choice). Mortgage free with twice their yearly income in cash savings. They also have small untouched DC pensions around £60k total which they would like…
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Royal Mail pension - taking lump sum at 55?
I'm a little confused. My husband has worked for Royal Mail for 30 years. At 55 he was given the option to take a lump sum from his pension which he didn't take. On speaking with his RM colleagues many it seems have taken the lump sum and think my husband is crazy for not doing so. What are the advantages and pitfalls of…
