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Pension questions
My wife has never paid any NI as she is not from the UK (She is now a british citizen though), but never worked here. I was born in the UK and have worked my whole life, please can someone tell me if i die before or after i start claiming my state pension, will my state pension go to my wife? If not then she will have…
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Who governs occ pension?
Made redundant last August and drew pension as lump sum - all worked as advertised. Received a letter from ex-employers on Dec 1st saying that during October an audit had revealed that their contributions over the 3.5 years of employment had been £544 short and the money had been sent to pension provider on 27th October.…
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Comparative Risk Levels
Looking at options within a Standard Life AVC provided alongside DB scheme (LGPS). Want to move out of current 100% equity choice. Has all been contributed with the benefit of 40% tax relief and has had increased as you would expect for 100% equity. now looking to "protect" some of those tax & growth gains as the target…
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How much can the Self-Employed put into their Pensions?
I recently spoke to a financial adviser about starting a pension. I'm self-employed, and he said I could save (in a pension) as much as I earn in any given tax year. But he wasn't sure if I could save my turnover or my profit? Does anybody know? With thanks,
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Tax on pension
I think I have made a mistake when I cashed in one of my pensions. I had 3 pensions, 1 defined benefit pension worth about 180k and 2 defined contribution pensions. I cashed in both of the defined contribution pensions, One was under 10k (small lump sum) and I paid no tax and the other was over 10k (uncystalised) and I…
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Advice re tax refund on lump sum AVC
I would be so grateful if somebody could offer advice re obtaining tax refund (or is it tax relief? - I’m not sure) on a lump sum AVC contribution. My situation is as follows: I’m a higher rate tax payer, leaving my employer through voluntary redundancy very shortly. I’m getting a lump sum VR payment of just under the £30k…
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LGPS Care scheme
Having taken flexible retirement, I have to decide if I should re join the care scheme, I will work between another 2 to 8 years, it depends how my health holds up. Is it worth it. Thanks Maz
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Theoretical Question - DB to SIPP
There seems to be a lot of questions on this forum about the mandatory requirement (and cost) of using an IFA when switching from a DB pension into a SIPP. I have a theoretical question:- If an IFA had their own old DB pension that they decided they would like to switch to a SIPP, would they still have to pay for another…
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Any advantage paying National Insurance after qualifying years?
I have paid National Insurance for the full number of qualifying years. The helpline has confirmed I cannot increase my pension by paying any more. I have a small self-employed (sole trader) income. When completing my tax return online I am advised that I can pay NI optionally. Is there any reason to pay it, given it won't…
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Lump Sum into SIPP?
Income this FY is as follows having been made redundant in November. Salary up to Nov around 32K Gross (pro rata 47K pa) PILON around £8K Net (12 weeks from start of Nov) Redundancy payment £67K Gross, £53K Net Pension Lump Sum £50K Haven't got it yet but should also be getting £12K lump sum from my AVC What's the maximum…
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Pru compensation
Following my recent dealings with the Pru and been told at the last hurdle that i needed a FA even thou they told me prior i didnt, Today they comp me £50 and a apology. Even by their own admittance there is room for improvement in the call handlers dept. Ive seen posts prior from people getting the same comp certainly…
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IFA Services - what do you get and what do you expect?
Having taken advice on a number of pots these were combined into a more flexible arrangement (SIPP) so that I can drawdown when I wish. Initially, I planned to work for a couple more years, however I decided enough is enough and ‘retired’ in June this year. The IFA selected advised that they would review the investments…
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Help to estimate percentage of NHS pensions
I get an NHS pension of approx £14000 a year based on 27 yrs of contributions. As a widower my husband will only get half of my pensions based on 17 yrs. Pl can anybody tell me what will be the percentage? I am on the 1995 scheme. Have retired 12 yrs ago. I am having problem logging in to NHS reward scheme. Thanks
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Equitable Life to increase capital distribution?
https://www.express.co.uk/finance/city/890544/Equitable-Life-Chris-Wiscarson-bonus-boost-customers I'm sure Equitable Life with-profits policyholders do not need to be reminded that any 'guarantee' only applies on 'contractual termination' such as maturity, retirement, death or payment of an annuity.
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trust based pension
I have contacted the provider of one of my old company pensions (Standard Life) about transferring out to my SIPP. They have come back and said it is a trust based pension so I have to follow a different process. This was a new term for me - is there anything I need to be aware of in the context of a transfer? The transfer…
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Does EPA count towards Annual and Lifetime Allowances? Alpha Civil Service Pension
Hi, I am a member of Alpha and currently pay EPA (NPA-3). Does this count towards my annual allowance and lifetime allowance? If so, how is ti calculated? Thanks Astrid
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Classic CS pension inverse commutation rate
Hi - does anyone know what factor is used by the civil service classic scheme for calculating inverse commutation? I believe I have a preserved pension of £4,350 pa with a lump sum of £13,050. If I were to ask for that lump sum to be converted to pension, how much would my annual pension be please? I am 56 next birthday…
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Pension Increase Exchange (PIE )
I hadn’t come across this before,but have recently been offered a PIE on the smaller of two DB pensions,both in payment. I am 64 next year and my wife a year younger By way of background,the larger DB is £ 40k pa indexed at RPI up to 5% My wife has an NHS pension in payment of £15 k pa. We have savings ( SIPP /ISAs…
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N.I.payments
Hi Everyone I am a man of 60 thinking of retiring early, i have been told that i will still have to pay National insurance until my expected retirement date which is 66, is this correct.
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Accrual rate?
Hi, please help. I am struggling to understand how my new pension works. It is a local government defined pension scheme. I have been told I get 1/49th of my salary. I just need an example of how I can calculate my pension for when I retire without taking into account inflation etc. Just a rough way of working it out so I…
