-
Pension Benefits Reduced
Some advice please, I’m lost on this as I only know about Local Government pensions – and they are a different kettle of fish. My wife reached pensionable age for her work pension three or so months ago. We had received several forecasts over the past couple of years for a variety of retirement dates – early, due date and…
-
Withdrawing equity to fund house purchase
My apologies if I have started this in the wrong place or if this has been asked before. Due to a relationship break-up a couple of years ago I find myself back in rented property at the tender age of 54 with £35K as a deposit for a house. Due to my age I am unable to get a mortgage for more than 12 years, 15 at an…
-
Tax free element of drawdown
As I understand it, 25% of a pension pot up to the LTA of £1m can be withdrawn on a tax free basis. At age 55, is there any thing to stop me drawing down, say, £40k per annum tax free on the basis that, ignoring short term market fluctuations, the £40k annual drawdown would be fully or partially made up again by stock…
-
How to choose an IFA for Pension Advice?
Hi What tips/advice would you give for looking for an IFA? It seems a little pot luck if you get someone who is trust worthy. I am thinking of using the Pension Advice Allowance £500 to get advice on my pensions as I have no clue what they are what they mean and if I should consolidate. Thanks
-
Standard Life Annuity Mis-selling
I read in the The Times over the weekend that Standard Life will be writing to their customers who were sold annuities from July 2008 in the new year. My dad was sold a standard annuity by Standard Life despite having Angina. He complained with my help and our complaint was rejected by Standard Life. We went to the…
-
Inflation protection pension investment options?
So I am budgeting on my pension fund growing by inflation plus 2% after costs which based on the literature is the conservative side of average. What I would really like would be a fund where I could lock in this type of return, sacrificing some of the slightly higher expected return on equities for reduced risk. Are there…
-
Inheritance tax advice, Hertfordshire
Hi My father is seeking some advice about his will and Inheritance tax planning. Nothing too complex, just what his potential options may be. Can anyone recommend a good IFA or solicitor in or around the Watford, Croxley, Rickmansworth areas? or even further afield in Hertfordshire? Happy to travel to someone who has been…
-
'Attractive' Enhanced transfer value from former DB scheme
Sorry if this is recurring theme, but I have just been contacted by a former employer with an enhanced CETV from an old DB scheme. I was in the scheme from 1990 to 2010. It was private sector, initially non contributory, always contracted-in, complicated structure of offsets etc, but basically worked out as 80ths. Accrued…
-
Pensions and tax planning
My OH is retired (age59 now) and draws a DB pension of £24k gross so uses up his personal allowance. I am retiring next month at age 57 and from January will be drawing on my LGPS pension which will give me around £5k so well under my personal allowance. This continues for 2 years when I draw on another DB pension which…
-
Making the best of a bad situation..(Pension/Right To Buy)
well a relatively bad situation...there is of course always someone else much worse off. A tentative, general inquiry this really...the father in law is coming up to retirement age in February of next year and I've been asked by the mother in law to give them some help working through the pensions minefield. FIL's forecast…
-
Defined Contribution Vs Defined Benefit (USS Scheme)
I am a recent member of the USS pension for University academics. The terms of the defined benefit scheme are that you build up 1/75 of each years salary. Contributions are 8% of salary plus the employer pays 18% of salary. In addition, the employer will match a 1% contribution into a defined contribution scheme. Initially…
-
Unused personal allowance - enter drawdown now?
Should I enter drawdown? Your help would be much appreciated. Background: Age 58 and married. I do not have sufficient income to use most of my personal tax allowance, and that is likely to remain the case until I reach SPa (66). OH is a higher rate taxpayer and therefore I can't transfer any of my unused allowance to him.…
-
Finding my pensions
Hi All I thought i`d sit down and try and bring all my pensions over the years together as i`ve recently moved house and its turning into a bit of a nightmare. Is there any way of finding out which companies are holding my pensions from my national security number? I`ve lived abroad for the last 5 years so i`ve had…
-
Ill health retirement - disability and a good few years from retirement
Hi all, I have been recommended ill health retirement by OH, report has been sent to the employer and I have my copy, employers have instructed/applied for ill health application with my consent, as redeployment was suggested but not available. Now I dont know what the offer is, will they come back to me and say, and can…
-
New Job - New Pension Provider - Consolidate?
Good Morning, I recently moved companies, all going very well. Currently employer will match my contributions up to 4%, however they used a different provider to my last employer. My previous pension which today has a measley £2,500 in it is kept with The Peoples Pension by BC+E My new pension provider is Standard Life.…
-
Teachers' Pension - Additional Pension
Hello, I am a member of the Teachers' Pension scheme. I recently paid £20k to buy Additional Pension. I received a letter from the scheme confirming that this is a gross payment. I believe that I should be eligible for tax relief on this amount. I claimed the tax relief from HMRC in writing and included the letter from the…
-
Final Salary Pension v Sipp
Hi I have a small old company pension pot and recently obtained a buy out figure from my pension provider. I only paid into the scheme for a few years so would not receive a full pension at retirement so thought a buy out option/ transfer to SIPP or QROPS may be something to consider. Only thing is I live in Canada and…
-
annuity single life. No advice needed re my finances
I have successfully conducted our financial affairs for 12 years, including pensions, vesting, drawdown etc and have been widowed for 2 1/2 years. I will be 70 in a few months and have decided to get an annuity with a portion of my sipp. This will combine with other pensions for safe income and I will continue to work on…
-
State Pensioner - Casual Work - Taxed?
I'm a married man who retired recently. (my wife is still working). I receive around £715 a month state pension every 4 weeks. (£9,295pa) I also get £175 net a month in Private Pensions every month. (appx £220 gross - £2,645pa) I've done a couple of weeks casual work, and been asked to do another week. It's paid at just…
-
USS Investment Builder
Have searched on USS website but can seem to find the answer I am looking for. Upon retirement I will get my pension from the USS retirement income builder (previously the final salary scheme) So defined benefit based on years service of an annual pension and a lump sum. I have started paying additional contributions into…
