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Final salary pension transferred to private
Hi Back in my thirties when I knew no better I was advised to transfer my north west water final salary scheme pension to a private Scottish widows pension plan. It had a transfer value in 1988 of approx. 7k. Back in 1991 I was informed that the transfer shouldn't have been advised as I was mis sold and so they offered a…
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Should i opt out of my works pension?
Hi all, I have been paying into my company pension since 2012 but have recently struggled with my money. I know I can opt out of the pension and then opt in at any point in the future but would opting out give me more money in my pay packet at the end of the month? I already have 2 private pensions on the go but was…
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Plotting estimated LTA Tax Charge in My Retireeasy LifePlan
Hi all Following various threads lately there has been a lot of chat re the LTA tax charge and my OH is likely to be a candidate to pay it or maybe I will at some point?!. We use Retireeasy for our cashflow planning and we now want to factor in this charge. I have set up the first scenario and entered an estimated a single…
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NHS Pensions in England and Scotland
My wife has 2 scheme pensions with the NHS, 1 in England where she worked for 12 years and which allows her to retire at 60; Another in Scotland where she currently works but where the normal retirement date is now 67. She did not exercise her right to transfer her England scheme benefits to the Scottish scheme within the…
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Flexi-Access Drawdown Tax Question
I understand that instead of taking 25% of my pension as a lump sum, I could opt for a flexible drawdown arrangement whereby I take payments from my pension at regular intervals. My understanding is that 75% of each payment would be taxable. My question is: if I take an annual payment of £16k, how much (if any) of that…
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Pulled out my DB transfer, advice needed.
I have recently cancelled my proposed DB transfer after reading lots of threads on here, doing my own research and worrying about a big correction in the stock markets. The transfer was x43 at £930k for £22k pa pension, index linked. I'm only 38. Plans were well in motion and would have been signed off by my FA due to the…
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SIPPs queries re contributions and drawdown
My wife is thinking of opening a SIPP. She is working part-time with a gross salary of around £14.5k. Am I right in thinking that the maximum she can pay in this year by lump sum would be 80% of her gross salary – around £11,600 less any pension contributions she has already made (she enrolled for a NEST pension at work a…
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Advice sought on plan of action
Background:- Worked for large company for 22 years until, in 2003, I could take it no more and left with a VR package. I paid off the mortgage took the £30k tax free lump sum and put the rest into my company DB pension. My wife and I set up a partnership small business which we built up and its now in mature phase. We work…
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Lump sum
Had a letter from old firm , I receive a small monthly pension from them , recieved a letter this morning stating if I want to I can take a lump sum . Then I will be finished with the company full stop . That's my words not the person I spoke to. Is this a new thing they try and get rid of people from their pension books.…
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Pension sharing in Scotland
I was advised that in Scotland pension sharing is done as a clean break. This means half of my pension value has now been transferred to my ex. I was happy with this because I want to know that she'll be alright. However, I now discover that whereas my pension has decreased from an estimated 15k per year to about half…
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Husband new pension-st James Place
Hi My husband is having another appt tomorrow to set up personal pension with FA, can anyone advise re St James Place pensions as I haven't heard of them. Asking hubby to find out if FA has fees and how much. He has Ltd company, he only employee. Many thanks
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Employing somebody and pension obligations?
Hi, We employ somebody usually for four hours per week to help with our disabled child under the governments direct payments scheme, basically the government pays us the money, which we then pay the carer, but we are still classed as the employer of that person. I use PAYE basic tools to sort the wages and that seems to be…
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LGPS and private pension
Hi Just after some advice please, I have a private pension with Aviva with a current fund value of £14k, I no longer pay into this as changed employers (it was I pay 5% of salary employer matched) - Aviva estimates that at age 62 it could be worth a whopping £17.5k which might give me the princely sum of £32 per month! All…
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Goodbye to dunstonh
One of the most prolific, if not the most prolific poster on the MSE forums, dunstonh, has sadly departed the MSE forum. I won't go into the whys and wherefores. Those that have followed some of dunstonh's posts will know. (Just to clarify - it is not due to any health concerns!) I wanted to write an open note thanking…
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Occupational Pensions...A Bit Hit and Miss ??
I returned from a holiday and had a note from Prudential saying they wanted to confirm my address etc.It transpired I had a Small Pension from a Company I didn't even remember working for...I cashed it. It struck me that there MAY be other Employers who are holding Pension Cash for me...so I have dug out my C.V and using…
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Investing taxed lump sum in a SIPP
This has been discussed in part already but it was in a long diverse thread so asking for a bit more detail on this aspect. Apologies if my terminology isn’t quite right! If the residual of a lump sum that has been taxed at 40% is invested in a SIPP then my understanding is that the SIPP provider claims back 20% tax and…
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Pension vs mortgage
Hi all, I'm a 41 year old builder and have just bought my first home. I'm self employed and have spent about 2 months trying to find the best pension but I just can't seem to figure it out. I've been to a financial advisor who wanted to charge big enrolment fee and then a largish percenatge throughout the lifetime of the…
