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LTA increase by 3%
Just incase anyone missed it the Treasury has announced that LTA will increase to £1,030,000. I am not sure what this means for anyone with LTA at £1.25m
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Final pensionable salary
Can someone please explain why my pension isn't based on my full salary? On my statement it lists my pensionable salary as £38.000, but my salary is mid forties? We don't have anyone at work to ask for pension advice as it's administered by Aon, and no one in my team has an answer? No shift pay or bonus or overtime in…
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ESA credits for state pension
Hi I am currently in receipt of ESA. Upon checking my state pension forecast I am missing a number of years NI contributions. I contacted HMRC and they told me that ESA should be paying credits toward my pension, but after several phone calls I am still no closer to finding out if they are being paid, if I need to appyly…
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Pay voluntary NI contributions!?
Hi I thought I had enough NI contributions to get a full state pension. Gov.uk says: Summary 40 years of full contributions 1 year to contribute before 5 April 2018 6 years when you did not contribute enough I retired early on ill health grounds in 2012. It says £128.41 at my 65th birthday if I contribute to April 2018…
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Advice please. Firms for Final Salary Transfer £330k
After over 2 months of waiting I finally received my CETV over the weekend. This stands at £330k. After weighing up various options and when I'm likely to retire I don't think staying in the scheme suits me personally. I want to be able to take a lump sum at 55 but then be free to leave the remainder until a time of my…
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Executive Pension Plan
I'm a trustee of an Executive Pension plan for 2 directors. We're closing down our company to retire but haven't taken anything out of our pension plan yet. I'm now the main administrator of the Pension Scheme but would like to hand this over to another pension provider (not the one that currently invests the funds). Is…
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Is there a best time?
I am intending to start a sipp with a lump sum that will also involve me having to claim the higher rate part of my tax relief through HMRC. Trouble I don't think my current income (LGPS pension) will be high enough to get all the relief this year. How will that work then? Would it be adjusted so that I get some this…
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What happens when you start to take your SIPP?
If you take it as a 25% lump sum plus drawdown, does the SIPP effectively get frozen at that point, ie can't pay any more in? I presume that it will still grow a bit depending on the chosen investment options. Just wondering this because if any more is paid in then there would be another lump sum wouldn't there. Confused.
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Last 3 years
It seems likely that my wife and I are going to put money into a private pension for her as a means of saving. We both have DB pensions that we imagine will provide most of our income in retirement. We want to use an additional pension for her so that we can get the tax relief. I think that we can carry forward tax relief…
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Limited Company Pensions contributions
Hi all, I am self employed and have just set up as a Limited company under the advice of my accountant. I read on here and elsewhere that making pension contributions from a limited company is the most tax efficient way but how is that the case? I currently save the maximum into my SIPP (£40k a year by 12 monthly payments)…
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Retirement savings account help
Hi all Since paying off our mortgage last year OH and I have been putting our savings into a regular account / premium bonds. We now want to get organised and deposit our "spare" money into a retirement plan to take advantage of the tax benefits. I've been looking around and there are so many - most seem to want you to go…
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Prudential not telling me Pension Fund Value
Hi All, I have a very worrying problem about Prudential and the pension policy I have with them. It is a Personal Retirement Plan, they say it is a "deferred annuity contract". It guarantees an annual pension plus terminal bonus and final bonus at 65. I am 65 on 29/11/2017. (2 weeks ago) On July 26th 2017 I phoned…
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Use Pension Lump Sum to Pay Off Mortgage?
Firstly, apologies for asking this - I know that it's a common question on here and I have looked at the other threads. I just want to check out my understanding in relation to my particular situation... My house is worth £320k. I'd like to move to a home worth £400k. I'll have moving expenses of up to £15k. Therefore I…
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Recycling Pension?
Hi. I wonder if anyone can clarify something for me. I have a deferred LGPS Pension (West Yorkshire) and am one of the privileged few who take full pension at the age of 60 (next year). I also have another deferred DB Pension and a live DC pension through my current employer. I know there are rules about recycling pension…
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CS Classic Scheme query
Does anyone on here understand the index linking rules for the CS Classic Pension Scheme please? My question relates to whether indexation is applied before retirement date. I have read all the scheme booklets on the web-site and either I have missed it or it isn't there. I shall soon be 60 and able to take my pension…
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DIY NHS Pension Projection
I left the NHS in 1997 and was given a statement showing that when I reach the scheme retirement age my annual pension would be £2500 and that I would receive a lump sum of approximately £7500. The statement showed how they calculated these figures based on my length of service and final salary. Am I correct in assuming…
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Nest auto enrollment
Can anybody tell me why at 64 years and 2 months old I have to waste time trying to cancel my auto enrolment to this pension scheme ? Why would I want to pay into a pension scheme for 10 months.
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Should I be using a pension?
My sister is a director and shareholder in a very small company (there is one other shareholder/Director). Over the past couple of years the directors have paid a 12K salary and taken the rest in dividends which has always been within the standard tax band. This year she will take 12K salary, 33K dividends and predicts…
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Any reason NOT to pull 25% from my SIPP and put into an ISA?
Have recently retired, and have a modest DB pension. I'll therefore always be over threshold for basic tax due to my DB pension, and unless I go crazy and empty my SIPP in a moment of madness, I will never go over the threshold for higher-rate income tax. Is there any reason not to pull my 25% tax-free element from the…
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National insurance contributions
Does anybody know how Many weeks of nic you must make to count as a whole year of contribution? E. G if that person has worked only 7 months in a year. Thanks
