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Fees fees fees
No doubt this is a stupid question but bear with me. At the moment I have a single stakeholder pension that was set up by my employer. I have transferred other pensions to it and it is doing well. At some point I am going to want to have access to the pot by means of retiring. My question is, is there a way to do this…
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NI Registration & State Pension
Hi, I plan to employ my mother to do admin work and accounts for my Ltd company. She is living in another EU country and I plan to pay her £8.000/pa. She will be a regular employee. My question is how would I go about registering her for NI and whether she will be eligible for state pension. She has just over 10 years…
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LGPS and breaching Annual Allowance
Hi Forum members Has anyone come across this before please? I received notification from LGPS stating 3 years ago I breached Government Annual Allowance limit by a huge amount (150k) even though my pension contribution for the year according to my end of year payslip was only 10k...they havent really explained other than…
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Another 25% lump sum question
Hello, i have the following pension pots: 1) Fidelity DC approx £220k still contributing to this one 2) Aviva DC approx £100k 3) NPI DC approx £20k 4) Previous employee DC projected approx £25k pa so assume £500k CETV no lumpsum without significant reduction Total £840k I am right in assuming that the 25% lump sum is for…
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NHS Additional Pension purchase
Hi Is anyone familiar with the NHS Pension able to answer the following question for me please? I am a 46 y/o single parent to a 5 year old. I have 15 years worth of Deferred 1995 NHS pension (1995-2011). I have recently rejoined - 2015 NHS Pension. I have purchased ERRBO with the 2015 scheme. I have also purchased £6000…
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What would you do?
I will take my DB pension at 60 (in 15 months). There are a number of options provided by the pension. Some of these include sacrificing some amounts from index linking to have a higher starting sum - I am currently not considering these. One option though is to take a lower annual pension for a larger TFLS. The rough…
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Pension or Mortgage?
At the age of 49 3/4 I still have 13 more years left on my mortgage until it’s paid off (currently £88k). I’m also paying in around £650 per month in to my pension and receiving 40% tax relief. We all know that the current interest rates are on the up and Hammond is likely to abolish tax relief for the 40% band to plug the…
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DB advice
Hi Looking for a bit of guidance. I have a deffered DB pension due to start at age 62 paying 13k a year but have protected pension rights to start at 50 if i need it. I currently 48 and have just received a transfer value of £540000 to transer it if i want to. The reason I enquired about moving is me and my partner are not…
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Pension Pot just over £10k (not quite small pot)
I have a pension from an old employer with Aviva which last time I looked was under £10k but now currently valued at £12k. I turn 55 next year and would like to have been able to take this as a small pot so it does not trigger MPAA- except it's now over the limit. Is there a way to split this (by transferring out) so it…
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Pension vs LISA
Hi I have been considering whether it is worth saving into a LISA as well as my workplace pension. Bit of background: 34, higher rate taxpayer. Employer matches to 5% which I currently exceed. Most of the comparisons I have seen seem to suggest an employer pension is a no brainer for a higher rate tax payer due to the…
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LTA - 32% at age 32
Hi everyone, I'm a long time lurker on the forum but pop in the odd question every now and then, usually after a pension statement arrives as is the case now. These have tended to look into the future as does this one. As ever, I'm grateful for any views on the below. In short, the question is: I'm currently a Civil…
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7 year rule on gifts
Having just referenced it in a response, this got me thinking! Regarding the 7 year rule on gifts made within 7 years of subsequent death then being taxable. How does this work in practice? I was executor many years ago for my final parent’s ultimate demise, and this was not relevant (small numbers).... Do HMRC investigate…
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Drawdown and movement to 'safer' funds
I would appreciate people's thoughts on this please. As you approach retirement age most pension pots these days are moved into safer funds, to protect against a crash. However, given that the return on these then tends to reduce, this may not be ideal for those seeking the drawdown option, so I was wondering what the best…
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25% Lump Sum
I wonder if you can help... I am 55 and was thinking of using my 25% lump sum to give to my daughter so that she can bring her mortgage payments down to a manageable level. At present she can only get a mortgage using me as me as Guarantor. But most mortgage lenders will only go to a maximum of 19 years (as 56 at next…
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Advice required on wife's pension
Hi, A few questions relating to my wife's pension. My wife is 53 and hasn't worked for over 10 years and does not pay any tax as a result. She currently has a personal pension that says it's a "With Profits/Protected Rights" type pension (Phoenix Life), that originates from her previous employment at a company. The bid…
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Downsizing and Buying Two Flats
Hello, a newbie on here and just wanted your words of wisdom on an idea? A bit of background first, I am 48 and my husband is 50. We owe £50K on our home which is worth around £265K, no other debt and between us various pensions valuing £115k. £10k in our emergency fund and £30K in various savings. We live in the North…
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state pension
I am to be going 65 in february 2019. Can anyone explain why i wont be receiving my state pension until the May?. I have tried looking online for the answer but to no avail.
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Pension transfer Adviser fee?
Hello, i'm looking to transfer an old pension into my current pension. I have to use a financial adviser to do this due to regulation (apparently). Could anyone tell me what sort of fee an adviser may charge for this service? Thanks in advance
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Pension planning for non-tax payers
Hi All, I am trying to put on my big-girl pants and start thinking seriously about our pensions. I admit to having virtually no understanding of how pensions work, or how to start planning. So I'm hoping someone could point me in the right direction of where to start, where to seek advice etc! About us: Myself (36), hubby…
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Teacher pension
Hi all, Appologises if I am repeating a thread. I am 44 years old and have 18 years in my teacher pension. In theory I would like to retire at 57. At 57 I would therefore stop paying into the TPS and then access it at 60 or 65. This would reduce actual reduction as I’m not taking it early. Does it work that the longer you…
