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Drawdown after lump sum .
After reading a similar thread about drawdown it got me thinking . I apologise if I am stating the obvious but upon retirement and having taken the 25% tax free lump sum if your drawdown amount and other income over the tax year falls below your personal allowance is this also tax free , thanks ?
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new state pension and additional benefits
Sorry if this is the wrong forum to post this, but not quite sure where to, as new to all this! I am due to retire in 4 years time and have checked my projected state pension, which will be half of my current take home pay. My outgoings will still be the same in 4 years time (or higher), will I still be able to claim…
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Beat the Taxman
Is there a way to avoid paying emergency tax on your first drawdown withdrawal? I have a P60 from the last tax year AND an April pay slip which shows my current tax code. In this day and age of modern technology it just feels plain wrong to have to jump though hoops to get your overpayed tax back.!
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Does This Work?
Assumes LTA< £1000000 and annual contributions are <£40000 I contribute to an NHS pension at 12.5% and earn £60000 in FY 18/19 and am 55 in Q4 of this year If I invest £18000pa (gross) for the next 2 years into a low return, safe private pension and assume fund value amounts to £37400 after 2 years of investing can I then…
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Private Pension recomendations
I'm loosing faith in my company pension. It gives 3 values at retirement. High, medium and low. predictions The medium value is less than will be paid into the pension which doesn't sound like a good deal to me! Company pays in 5%. I pay in 9%. So I think it would be good to have another pot. Any recommendations ?
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HELP, I dont understand Pensions
Hi, I need some advice from those who are more finance savy than myself. So currently I pay into a Teachers Pension of about 9.6% per month. However I have no clue how pensions work. From what I understand, that I pay in each month and so does my employer. Which I can access when I retire at the age of 60. However I have…
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Missold State Pension Top up?
Hi All, I purchased a pension top up for my spouse. We spent ~£18K getting him £25 extra a week on his state pension. I am 25 years yournger than he and was told I would receive 90% of the extra £25 purchased (on top of whatever part of the state pension I was entitled to) if he should predecease me. It looked like a great…
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Drawdown and Employment
I turn 55 in November and am thinking of drawing down some of my pension while continuing in full time employment. I am thinking I want to take out about a 20k lump sum tax free, which would be well within the 25% of the pension's total worth. But, if I continue working (I am a higher rate tax payer) will I be able to take…
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Pension Pot Increase
Hi, a previous employer has told me that my DB pension pot is worth £150000. I am 57 years old. When I turn 60 will the value have increased ? If so, will it increase by RPI ?
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History of pension policies - what to do?
Hi, I'm 49 and have had a number of different workplace pensions that I've paid into over the years, as I've moved employers for new opportunities. I have a little collection of pensions and paperwork! 6, I think. So And I'm not particularly money-savvy - if I was I'm sure I would have made earlier and wiser decisions with…
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Is this right.
On the 5th of April state pensions went up by 3% giving me an extra £3.86 per week. With my private pension of £30.95 pw I have a total income of £163.41 pw. This puts me 41p over the limit to get pension credit which I have received over the last five years. So now I lose £13.01 pension credit. £3.98 SMI on my mortgage…
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Pension contribution
Working part time i don't earn enough to auto enrol, but i want to contribute to a pension. My employer says i can do 3% of qualified earnings , or a fixed amount of at least 3% -which option would be be better (i can afford to put away above the 3%) However pension site says Your employer will not automatically enrol you…
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Father died - State Pension/SERPS entitlement of his spouse (mother)
I have asked this before but it felt a lot more theoretical at the time given my father hadn't died. Unfortunately he passed away this week. He was just shy of his 77th birthday and was in receipt of his State Pension and a SERPS element. I *believe* this was (in total) approximately £10k pa (may be different from this - I…
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Prudential With Profits Pension Transfer Out and MVR
Has Any one transferred their Prudential with profits pension to another provider and had a Market Value Reduction (MVR) applied to the stated transfer value. I am thinking of transferring mine into a drawdown with another provider and all the transfer value quotations I have had (2) say the MVR is £0. But I just wondered…
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What would you do?
Ok I'm at a crossroads with the best route to take for my pensions. I'm aged 51 and want to semi retire at 55. I have received a CETV for a previous employer of £431,000 (valid for 3 months). Total scheme pension is £18,500 per annum, retirement date is 65 years of age (deferred scheme member). Significant penalties for…
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Can I retire at 55?
Hi, I have 3 pension pots that total roughly £520,000. I will be 55 in a few months. Its only recently dawned on me that I MIGHT be in a position to retire much sooner than I had always thought. I.E. at age 55. However... £350,000 of the pot is in a Fidelity pension that I can keep an eye on daily. I’ve been alarmed that…
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Draw Down SIPPs Fidelity vs Interactive Invester
hi all i have a Prudential pension in the with profits fund that I am moving into draw down. i have more or less decided not to go with a Prudential Retirement Account and have identified Fidelity or Interactive Investor (II) as the two most likely recipients of my pension. I have a works DC pension with Fidelity and I…
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ReAssure Ltd
ReAssure have ended up with my contracted out of SERPS Personal Pension fund (I hope I have used the correct terminology). I was reading an old "panicky" thread about this company (that I didn't want to resurrect) and there was a reply from the esteemed dunstonh that said "Reassure are closed for business". What does this…
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Drawdown pension & Lump Sums
I will be retiring later this year, and want to access my pension via drawdown, to get a flexible monthly income. I have some savings already, so I don't have any immediate need for a lump sum. Is it correct that I can NOT take the lump sum, and instead get 25% of each month's income tax free? I'd prefer to do this, so…
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Closing auto enrolment pensions
Hi, me again. I am already in receipt of my state and works pensions. I have a little short of £1500 in three auto enrolment pots. Cash in or taking an annuity is my decision. I have an annuity from a missold HSBC pension which I annuitised a while back now. It gives me an annual net payment of £175. 1. Would I simply be…
