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Can you only buy a drawdown from pension money?
A friend of mine is 59, no pension and about to divorce with no assets apart from their house. He's expecting to rent as he won't have enough funds to buy. (£100-150k) Could he put his money into a drawdown pot?
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Pension Forecast
Hello....I've just been on the Government Gateway and had a pension forecast and it says I am 3 years short, and I have 6 incomplete years. Does this mean I can pay any 3 of these years and as I've done 41 qualified years, isn't 44 years an odd number to qualify ??? Also how does COPE affect this ? Thank you.
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British Steel pension predicament
So a while back I asked for a CETV for my deferred British Steel pension. It came, quickly, unexpectedly quickly because I didn't notice for 6 weeks that it was put with my new scheme/PPF decision letter. The offer is £140,000 transfer value for a pension currently valued at £5000/year at 65. I am 45 now and hope to be…
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Care U.K. pension
Can anyone help me. My mum was employed by Care U.K., she was paying into their pension scheme via automatic enrollment. How would she go about claiming her pension. They have not sent any paperwork or let her know any details of what contributions she has made. It is a small amount.
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Pru.......Not impressed
Following my last post on how they dropped that i had to use a FA right at the last hurdle in accessing my 25% TFLS at 55. Even thou id been told previous that i didnt have to by them. I phoned them again last week and was promised a clarification by either email or txt message wether i would deffo need a FA plus if i did…
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Need Some Help
Good afternoon everyone. Well DH and I have been coasting along, he will be 60 in Feb 2020 and will retire then. He has one pension, not great as his job was never too well paid. I have the 'good' job. I'm 54 and have planned to retire at 60 (when the mortgage finishes). I know health, job etc can't be depended on but…
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Have I missed the boat?
Just doing my 2016-2017 tax return and I have calculated my income from consultancy (self employed) during the period and its £7500. I put £3600 (gross) into my pension but belatedly realise I could have put in more. Have I missed the boat on this? - This years income is going to be only around 3K so I will be stuck with…
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Fund has gone up but estimates have decreased, trying to understand.
Hi, I've asked a few questions but trying to put them in their own threads instead of jumbling them. I've just started to understand more about pensions and my own that I have through work, one thing that's confusing is I have a fund value which year on year is increasing on my statements but another figure of "estimated…
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2 questions on tax relief for a newbie
Hi, Am just starting to learn a bit about pensions and trying to understand tax relief. As I understand it, if as a basic rate tax payer, I pay £80 into a work pension or a SIPP, £100 is what is actually added to the pot. Is this automatically done behind the scenes and we just take it for granted that the pension provider…
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SIPP question able to open it for partners and children only?
Hi, I've just begun to look at some pension paperwork this weekend and if I am correct I've seen that you can open 1 SIPP a year for an individual, so I can open 1 for me and another for someone else? The websites I looked at only mentioned partners and kids but am I able to open a SIPP for a parent as well? my mother has…
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A pension pot found me :)
Hi all, A long lost , unknown pension pot has surfaced , after i had auto enrolled in the work offering through Aegeon. It comes from a job I had in 1989 only for a year ! , didnt even know I paid into a pension at the time. Anyway roll on 28 years ! When accessing my online stakeholders pension there was another pension…
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Can I contribute more than £3600 in this case?
If I don't have work but have income from dividend and rent and the total income is over £3600?
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National Insurance voluntary contributions
I’m 57 retired from NHS.I checked my ni record.It says i have 40 years contributions.Year 16/17 no contributions.I can make up the shortfall by paying £733.20 by 5th April 2023 this may increase after 5th April 2019.My State pension forecast is £129.15.Need advise.Have reposted to this forum.
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Voluntary national insurance contributions
I’m 57 retired from NHS.I checked my ni record.It says i have 40 years contributions.Year 16/17 no contributions.I can make up the shortfall by paying £733.20 by 5th April 2023 this May increase after 5th April 2019.Need advise please.Thanks in advance.
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Pension Lump Sum
On December the 1st I was paid a lump sum pension of £8875 that's all the pot..both me and my wife are pensioners and the government state you should be able to live on £240 a week.Their website states if the lump sum is under £11000 hardly any tax would be paid if any at all of lump sum was paid..now this is where it gets…
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Inverse commutation
I am considering retiring in the next year and would receive a pension and a lump sum. One option available is to buy additional pension with some or all of the lump sum, which is called inverse commutation. Does anyone know if inverse commutation is restricted to the £40,000 annual maximum set by the government for paying…
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Tax free pension allowance?
When starting a drawdown account & transferring funds from your pension is it (And we'll call the pot £100k) A, you can take up to 25% tax free then, or B, the 25% can be taken any time. But only one withdrawal. C, you have £25k tax free that could be withdrawn in dribs & drabs D, should the pot grow to £200k and you've…
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Civil Service Pension Alpha or Partnership?
Hi, I've just joined the Civil Service at 56 years of age. I am already receiving a pension and wondered whether to opt for the Partnership pension from the civil service, rather than the Alpha pension? I intend to work until I am 65. From the info I received I wouldn't be able to claim a pension from the alpha scheme…
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Understanding pension pot calculation
Hi, I'm trying to work out the value of what my pension pot might be in 20 years. I understand the online calculators factor in conservative growth (say 5%) and inflation etc. what I don't understand is the growth rates I am currently getting with the projected rates. to illustrate: I've had 90k invested over 3 years. i've…
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Borrow back mortgage overpayment to fund pension?
Currently I have £47k overpayment on a mortgage that will end next May, I have an option to extend the mortgage for a variable period from one month up to State Retirement Age, which in my case is 6 1/2 years. The rate of the mortage is variable , currently 2.25% (soon 2.5%). I'm about to start a new job where my earnings…
