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Moving pensions to one 'pot'
Following redundancy I am trying to sort out my various pensions. Apologies in advance for any completely stupid questions I am bound to ask. Whilst generally financially savvy I have always found pensions to be a complete minefield and just don't understand them. I have 3 pension pots that I have taken out over the years.…
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Negative value of pension Input amount (DB), how does this affect PP contributions?
Is the input amount understood to be nil, or does the negative value theoretically allow more contributions? Is this the same both in year and when used as a factor in calculating cary-forward? Many thanks and apologies if this is very straightforward.
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Personal pension - financial adviser necessary?
Hi Everyone Many years ago, I setup a personal retirement account with Scottish widows through a financial adviser. I've been adding to the account each year since but the FA has essentially dropped off the face of the earth. Do I really need a financial adviser? My annual statement shows they're taking £180.46 per year -…
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Small inheritance adding to pension
Moderator please delete thread. Thanks.
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Annual Pension Contribution Questions
Hi The pension annual allowance is the lower of £40000 and 100% of relevant UK earnings. (yes/no) My reference salary is £40538 and after a high salary sacrifice was reduced to a salary of £22417 (P60 value). Now in the tax year 16/17 I have contributed £23142 into my DC pension. The level of salary sacrifice was permitted…
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Contracted out and in to SERPS - entitled to compensation ?
I retired 5 years ago and have been drawing state and private pension since. In 1995 I was advised to contract out of SERPS but then advised to contract back in again in1998. Am I entitled to some compensation ? If so can I do this myself - how would I start - are there forms to download and fill in etc ? Or is advisable /…
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Postponing DC lump sum
If I take the maximum tax free lump sum (65% in my case) from a DC pension which is linked to a DB pension, can I defer taking the remaining 35% until the next tax year when I can use quite a bit of my personal tax allowance against it? Thanks.
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FSCS decision
To any one that received an FSCS decision. I received an Decision letter FSCS The letter said my lost was £80,000 (this is what my pension would be worth) however the amount they put as transferred was the amount my new current pension is worth £40,000(this is what they awarded me) however at the time of transfer the…
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Done IT- is the pot big enough
Well that's it, confirmed I am finishing work at the end of month. Nearly 53 got a pot of around £800,000, mixture of ISAs and Pensions (approx 50:50 split) Got 37 years contibutions but only 34 years for the new pension, so currently 1 year short. My wife still works, brings in around £800/mth and she also has defined…
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State Pension Forecast Query
O.k.....I have just joined the Gov. Gateway, and obtained my state pension forecast.......it says £148.06 per week if one short year is paid up......or £143 .49 per week if not.....I don't understand this as I have over 40 years fully paid NI contributions, the other thing I don't understand, is that although years 2015/16…
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Pension quote query
I have a financial planner looking at my pension options. We'll have a meeting to discuss the options shortly but at the moment I am confused. Option from just one pension fund you could have a pension of £3,977 p.a. (no indexation ) or £2,276 p.a (with indexation) or from combining the two you could take a pension of…
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ford company pension
good evening everyone,am very new to this but am after some advise on the following.I recently contacted Ford Mo Co regarding my options of withdrawing my pension from them.The response I received is as follows: Thank you for your enquiry about the options open to you,if you take your benefits earlier than expected. By…
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Teachers Pension Scheme - Deferment after 60
A 64 year old friend has a TPS pension (payable from age 60) which he has not yet taken. He is currently a member of the University Superannuation Scheme, and intends to continue working past SPA. He thinks in the tax year when he decides to take his TPS pension (some £6k), this will trigger a back payment of the previous…
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On “sleaze and spivvery”
“According to the latest figures released by the PPF (Pension Protection Fund) Britain’s 5,794 final salary pension schemes have just 91.2 per cent of the funds they need to meet the promises made to their members. Just under a third are in surplus, so many of the 4,000 or so individual schemes running short look an awful…
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Pension gaps?
I’d really appreciate any advice on the following. I have large gaps in my national insurance record, currently I have 7 years full contributions. I have been with the new pension government scheme for 2 years paying the minimum. My query is, would it be best to pay some of the gaps (lumps sums) into my national insurance…
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How to buy additional pension with TPS
I am currently 55 and I plan to retire at the age of 65 or even 67if it is still possible. My pension is with TPS and currently on 51k salary. I wanted to buy additional pension to bring down the tax I am currently paying to basic rate. How could I do that. Is buying AVC a good idea? On TPS is AVC the same with buying…
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LGPS & DB Pension Annual Allowance Queries
My OH hworks in Local Gov't and is in the LGPS with pre-2008, pre-2014 and CARE pension accrued. She has been offered a new role, with an LGPS Admitted Body (ex LA organisation spun out as a Trust) on a lower salary. She is going to take it as the role appeals to her. My query is around the LGPS pension and Annual…
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Just been made redundant and have 4 pensions and would like to get some advice
Hi, I have just been made redundant on 30/11. I have 3 personal pensions. 1) First one i set up when i was young. 2) A work final salary pension that closed due to work closing the final salary pension scheme. 3) The pension that started when 2) finished. 4) State pension. I was going to set up a appointment with the…
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Pension Pooling
Hello Forum Followers, I'm 56 and still working with 4 small pensions from previous employment. I'm unsure whether to combine/pool the pensions together or leave them as is. Any advice or pointers would be much appreciated. :A
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Grandfathers pension contacted me
My grandfather passed away 8 years ago and I registered his death for my father. I have now received a letter from royal London with regards to pensions he held and if I was next of kin to pay out to. There was a form enclosed which I have completed with my fathers details as he is next of kin not myself. Everything seemed…
