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LGPS Deferred pension and reductions
Good morning everyone, I have, hopefully, a simple question. I am in the LGPS and was looking at early retirement and the actuarial reductions that apply. They average about 5% per year if you take it before your normal retirement age (67 for me), but putting some numbers into a spreadsheet, and using the exact reductions…
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Drawdown to move to ISA?
Morning Everyone, Can i just run this by you, to see if i've got this right... If at age 65, you would become a taxpayer, due to DB pensions kicking in. Would it be tax efficient, and therefore wise, to start draw-down on a DC pension from 55, and then putting this money straight into your ISA for that year, thereby…
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To transfer or not
Hi, Wondering if anyone can point me in the right direction for advice/information? I have 3 pensions at the moment. The largest one which I'm currenty contributing to is defined contribution pension. I've started to look into transfering the other much smaller 2 into the current one. One totals about £20k, the other about…
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Pensions Vs ISA - From savings
I just wanted to clarify If you want to contribute £20k to your pension from your savings : a) is this allowed ( assuming you still have enough allowance) b) will the basic rate of tax be added to your 20k contribution (assuming your in the basic band) Secondly, is there any benefit in cashing out of a ISA and putting…
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Pension advise from advisor via work query - good or bad investment
Hi all, My work offer us free financial advise (high level summary) via a 3rd party that has gone through due diligence etc for them to be bought on-onboard. I have attended sessions that are quite high level and not person specific, and want to look at my own situation now. They offer a full financial review which the…
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Tax rebate after taking pension lump sum..
Hi all, I am having an issue getting a tax rebate back from my father’s ex-employer. In February my father retired and took his pension pot as a lump sum and submitted documents for a tax rebate from this. The following month he was informed he would be getting a tax rebate of over £7000 from his ex-employer but after a…
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Getting divorced to maximise Tax free allowance
Bit of a tongue in cheek question but something that occurred to me. Lets say you have a decent final salary pension that will pay you £24k a year on retirement. This would mean you paying tax on £12,150, so £2430 in tax reducing your income to £21,570. You also have a wife with zero pension provision. As far as I know you…
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Other than 'ill health' is there any other way to access my pension before 55?
Hello all, My first post here so I firstly apologise if this has been asked countless times before (a quick search wasn't very clear,m but probably my fault). I am 34 and have a pension pot that is paid into every month. I am looking to change careers and start my on business. There are obviously costs involved with that…
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My First post - Pension Sanity check required
I'm 60. My pension pot is £900,000 (£700,000 brought in from my final salary pension) invested with an investment company I've been with since my 30s and so far have been totally reliable (so far) . My adviser (who looks about 12) says I can have £3000 per month after tax (and no tax will be payable as they can use my tax…
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Dividends
Anywhere apart from Trustnet that provides Ex Div dates and dividend per unit amounts for Funds and ETFs? Cannot get the data from fund platform as not included on Tax Certificate when held in ISA.
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Pension Advice - 27 years old
Hi all, I'm a first time posted, but long time lurker of these wonderful forums. I am looking some advice regarding my work pensions i have two pensions pots currently; 1. Royal London, pot value is £6680.41 - No additional contributions to this pension as old employer plan invested in the following funds Fund Units Royal…
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Should I Transfer My Final Salary Pension Fund?
Hi Everyone, I have a final salary Avesta Polarit (formerly British Steel) pension which has been frozen (deferred) since February 2006. I am 59 years old (60 on 30th Nov). I was made redundant before I was 50, so I did not receive my full pension. I will not get my full pension until I am 65 on 30/11/2023. I can access it…
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Regular / ongoing partial transfers from GPP to SIPP
I have a Scottish Widows DC GPP with my new employer, contributing via salary sacrifice, maximising employer benefits (contribution matching, NI rebate etc...). Its invested in the default Pension Portfolio 2 (GB00B09CD637) with total annual fees of 0.55% (platform + fund). After a year of contributions I checked to see…
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Pension Statment Questions
In the 80s I started a pension paying only £200 a year by direct debit and never altered it or bothered with it now with 2 years to claiming they have sent a statement that says the projected fund value could be £25700 with a annuity guarantee of £2520 per year if I don't take a lump sum guaranteed for 5 years. Without the…
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Pay into my pension, or my wifes..?
I earn around £75K, my wife is self employed and earns around £15K. We are both aged 44. My pension pot is currently £312K and my wifes has around £67K. I intend to put £24K before tax relief into pensions each year. We want to retire aged 60, so would have these pensions as our only taxable income source between 60 and…
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25% Or keep it there?
I'm a 63 year old bloke. Is there any web sites that offers information regarding taking 25% of a pension policy. I'm a tad concerned in using a financial advisor that could cost me a fortune. I did take the free one which pension wise offer of a face to face consultation but, the info given then was over my head and I…
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IFA/SiPP fees
I have just retired and getting my pensions in order: I have 2 DB ones which give a decent £20 k/yr income so want to convert my other one to a SIPP for future flexibility. CETV is £ 730 k. First adviser I talked to seemed credible and proposed fees of 2%/yr - however he is SJP and the overwhelming advice on here is to…
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Meeting with two IFAs and now confused !
Okay here goes...I have three pensions, a small Prudential pension (£13K), a previous company pension with Legal & General that has numerous plans totalling £190K and a current company one (which they contribute to) with Standard Life (Passive) for around £87K - so roughly totalling around £290K. My preference is to have…
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USS Prudential query
Hi I work in higher education and am a member of the University Superannuation Scheme. Prior to the 2016 changes I had a Prudential AVC, most of which transferred to the new Investment Builder (into similar funds) in the latter part of 2016.However I chose to leave a portion (currently valued at £8800) in the Prudential…
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How much to put into a pension?
I'm in a somewhat fortunate position. I don't have to pay rent and I'm earning a decent salary (£80k base). I have £35k in an ISA/LISA My current pension is at £20k. My employer gives me 7% pension, and I'm putting in 13% on top of that. I'm in my late twenties so I still owe a student loan under plan 1. Now, if I make my…
