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Abbey Life - Phased Switching/Price Spread
Hi, My Abbey Life Pension has an option of Phased Switching, which gradually moves the pot into the safer Security Fund as I approach retirement age. The Abbey Funds have a 5% bid/offer spread, so ignoring fund performance differences, I assume this means I'll take a 5% hit compared to not taking up the switching option.…
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Salary sacrifice - how contributions are calculated
Hi guys, Hoping that somebody might be able to help me with a query about how pension contributions are calculated. The company that I work for operates a salary sacrifice scheme for pensions. When I joined, I requested that my contributions were upped to 8% (trying to pay as much in while I can afford to). My current…
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Capped SIPP Benefits - if any?
Okay, I must be terribly dense as I cannot find any practical benefits to being in a a Capped Drawdown SIPP rather than a Flexi-access SIPP. As the Capped SIPP arrangement was abolished to 'new entrants' back in 2015 I thought there must be some form of special tax treatment to those who have a Capped SIPP. Hence my SIPP…
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No need to panic?
We've got a retirement plan worked out on a spreadsheet and I think it's doable with living modestly on a net of around £17k a year if we give up work in 1-3 years time. Intellectually I know it should work, but psychologically the thought of draining funds is harder to get used to. I tell myself that one or both of us…
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Advice about managing my mums money
[FONT="]Hi, my mum is elderly and downstairs living, she cannot get out, I have power of attorney over her finances as she cannot manage these any more.[/FONT] [FONT="] [/FONT] [FONT="]She has her pension and attendance allowance going into a post office account each week, i do all her shopping and get anything…
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No salary sacrifice available. Options
Started my new job today. Employer has 1/80th CARE scheme: 8.9% me, 9% employer. In Scotland so 40% level slightly sooner than rest UK, Salary at lower end of 50K. I was aiming to do AVC's via salary sacrifice (IRO of £1K month), but new employer not set up to do this, so AVC's would be subject to NI contributions first.…
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Cashing in FSAVC at 55
I have a frozen/dormant FSAVC with a transfer value of about 26K, which appears that I can cash in on my 55th birthday in a few weeks time. I am still employed and contributing to a civil service final salary(DB?) scheme and am not looking to retire for another 5 years. Given my employment can I still cash the AVC in or do…
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"Security 66" has a question.
... I've finally decided to post my situation for people to comment, advise and reassure me. I'm 60 in December my wife is 45 and we have one daughter in her final year of a teaching degree,I currently work for a local authority and my wife works full time as a civilian police support worker. We are debt free with no…
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Final Salary scheme may be being sold
Hi I am in a Final Salary scheme with a previous employer and therefore a deferred pensioner or pensioner in waiting. I am able to take this pension at 63, which I will be in a few weeks, with some deductions. Or I can leave it until I am 65 I have heard there is a possibility of the Pension Scheme being sold or…
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Electricity & gas when retired
I've been doing some figures for how much we'd need to live on when retired, and have budgeted around 50% more for elec & gas than while working as we'll be home more. Is there anyone retired who can say whether this is realistic, or do I need to factor in more like double what we pay now?
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state pension query
Soon to start receiving state pension later this year. Just a simple question, why is there no monthly payment option?
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NHS pension / salary sacrifice / TUPE
Hi My wife was employed in NHS and was TUPE'd to a new employer part way through the year. She was getting childcare vouchers as a salary sacrifice. She reduced her deductions part way through the year. What figure should be used to determine her pension contribution banding? Only the earnings/deductions from the new…
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Claiming late partners pension
Hi all, I'm in the middle of a bit of a battle and I'm hoping I can get a bit of back up. My partner of 16 yrs died in November last year aged 39 and was paying into a pension. I have inquired about this and was told the trustee has decided to pay the lump some to our 8 yr old son by putting it into a trust fund until he's…
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Drawdown plan and charges?
My husband will retire next year and his financial adviser has suggested that his pensions totalling £425K should be combined into a Royal London Governed Retirement Income Portfolio 5 which invests 57% in equities. The total management charge is 0.4%. He needs to take about £10K pa. His largest pension is in a Section 32…
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State Pension Voluntary Contributions
After following the links through the Government Gateway to see my SP Forecast online, seeing I could boost my SP for years I was contacted OUT and then doing appropriate research and getting the facts from the Pensions Advisory Service/DWP, I made an additional lump sum voluntary contribution for 2016/2017. I was informed…
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Thoughts about my pension please..?
Briefly, i am a member of a 1/60 DB scheme which is solvent. I have 34years 177 days or thereabouts of pensionable service. My benefit statement as of june 2017 said; An annual scheme pension as at june 2017 of £18,489 pension at age 60 estimated 22176 or a TFLS of £110,274 and a reduced pension of 16541 or pension at age…
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DB Pension – full pension or take a lump sum?
My main DB Pension is due and I can’t decide whether or not to take a tax free lump sum. I'd always planned on taking the maximum pension with no lump sum to get the highest secure income possible, as that along with my State Pension in 6 years time will cover just about all of our annual spending. We are also fortunate to…
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Taking 25% tax free question?
Could someone please clarify this for me please. I'm allowed to take 25% tax free from my pension pot. Let's assume I have £100k pot that is going into drawdown that happens to earn 10% per annum forever. (And I don't take any tax free money) Am I only allowed £25k tax free or should I never take a lump sum, would all…
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Where to start...
34 year old niece - no works pension (never joined WPS - I know ...but its too late to worry about the past...) Where to start for her? Her working life is usually short/fixed term contracts of 6mth to a year or two for multiple employers - so - if I have £10k to start a pot for her what sort of pension do we go for? The…
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Pension Mess - Need A Bit Help Please!
Hi. ...OK, that wasn't strictly true...I actually think I need quite a LOT of help! In either 1989, when I was 16 or 1989 when I was either 16 or 17 I was pestered to contract out of the SERPS by an IFA I knew as an acquaintance. If it helps pin the year down, he told me there was a deadline and was very insistent that I…
