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Last 5 years of Pension
Good Afternoon, I have 150k in a pension pot , and want to take pension age 60. I am not an exciting person and have scrimped to put this away, so my appetite for risk is low. Its currently in a horribly complicated pension ran by a company called Metlife, and I am minded to put it into a Sipp. Are there any nice boring,…
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AVC for early retirement - teachers pension
I am a teacher payiny into the teachers pension. I am thinking of starting AVC’s. I am planning on retiring at age 60 in August 2022, 3 years from now. I am a transition member with NPA of 65 for Final salary and NPA of 68 for Average salary. I have savings of £65,000 but recently read on this forum about AVC’s as a good…
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Transfer pension from scottish widows to II sipp
I've setup an interactive investor sipp, and want to transfer my old workplace pension from previous employment which is currently held in scottish widows. Value is £47k. I've completed the II transfer form, but I need to fill in discharge form. On scottish widows site there is a document library, no mention of discharge…
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SIPS Pension Claim after bad advice to Defer
Years ago my wife was in SIPS (Shipbuilding Industries Pension Scheme). She left the company and took advice about what to do with her Pension ‘pot’. She was advised to defer the pension and re-invest it with another investment company. Today we know that if she had kept her SIPS intact, it would be worth far more than…
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BTPS sect B GMP query
Both my OH and I are BTPS sect B members in payment with elements of GMP. I get full annual increases on my pension but my wife only gets annual increases on the non GMP element of her pension, why is this?
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hypothetical example - taking a pension early
Should a defined contribution pension do exceptionally well and exceed the lifetime allowance before you hit 55, would you be able to take an "unauthorised payment" and access it early? I believe unauthorised payments are subject to a 40% tax rate. Anything taken out of a pension over the lifetime allowance is liable for…
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Moving abroad - pension
Hi, Recently offered a job abroad and considering my pension. I have a defined contribution scheme in the UK with my current employer, but will not have this when I move abroad. Instead, the company in Asia will be paying me a small pension but directly in to my salary rather than in to a pension scheme. My question is:…
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NI contributions - sate pension
Hi, I have recently been offered a job abroad and I am currently weighing up the options. I am 32 years old, UK national. Re. NI contributions, is there any issue with taking a break from paying these? I will be returning to the UK in 1 year and I am confident that I will have time to get enough stamps (35 years of stamps…
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Serps Pension
Hi How do I find if I have the above as it been so long since looked into the this pension Await your kind responses
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Zero-hours role - pension query
Hi, If you accept a zero-hours job, would you get a pension? I recently went for an interview, during which it was that the Manager's preference of zero-hours were mentioned. This conversation was verbal. Whilst I'm hoping the Manager has it wrong, some hallmarks are coming through such as supply own uniform, particular…
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Another FAD v UFPLS question . . .
Hi Starting to think of the options for taking my SIPP next year. My question is more focused on the financial benefits (eg best for paying less tax, maximizing benefits etc) than triggering limits on future investment etc. So, a bit of background; I am 62 with a modest NHS pension of £17k (so that takes care of my tax…
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Contribute further to pension or S&S ISA?
Does it make more sense to make further contributions to my deferred DC pension pot or invest the cash in a S&S ISA, eg VLS? I am 57, have a deferred DC pension in a staff scheme managed by fidelity and a DB pension which starts at age 60 which we can live on. We have substantial savings all in cash (long story, we just…
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Inheriting a DC Pension
I am seeking some clarification of my understanding of the rules about inheriting a DC Pension. Situation- Sibling passed away, aged under 75, not married/ co-habiting or having any children, still working but had several DC pension pots - still contributing to one of them through employment, others having no recent…
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Advantages of different s&s isas
Hello all, For the last 2 years, i have been investing in my hargreaves lansdown isa. One of the benefits of this isa is the wealth 50 funds having a discount and the ability to buy and sell these freely. In the next financial year, i'm thinking of starting a vanguard isa to build up an index portfolio at low cost. I'm 36.…
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State pension
Hi Guys, Would like to make a question to understand more about how state pension works. Let’s assume that we have 2 persons. Person A receives minim wage and pays approximately £90 every month for National Insurance. Person B receives £3000 per month and he pays approximately £270 every month for National Insurance. Will…
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LGPS and Prudential AVC Stupidity Check
After receiving a lot of invaluable feedback and having spent a good while researching on this forum I have now formulated a plan and thought I’d better double check to make sure I’m not doing anything stupid. Background is I am about to turn 54 and have been in the Strathclyde LGPS since 1993. I will meet the rule of 85…
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Some Basic Questions
Im due to Retire and Return to full time employment within the NHS .I am male aged 60 with a salary of £20000 pa and on return a yearly pension of £5300 Lump sum of £37200. 1--Will my claming of my works Pension have any effect on other pensions I have ? I have 4 others 2--When its says you can take a lump sum from a…
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Carry forward allowance and tax relief
I've been trying to get a decent pension pot over the last couple of years. I'm aware I can use any unused allowance over the last three years, to add to my pension pot up to my earnings for the year. What I have difficulty understanding is whether any additional amount I add over my annual allowance of 40k would attract…
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Pension sharing incorrect
Hi guys... going out of my mind here so hopefully someone can help.... I separated from my ex wife in 2015 and divorced August 2017.. in that period the finances were split through solicitor and she was awarded the equity in the house and £50000 from one of my pensions this equated to 66%. The implementation has just been…
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What happens with tax if spouse dies?
Hello, at the moment my husband and I have our own pensions and if one of us dies the other gets a share of the deceased persons pension. In addition we have a buy to let owned outright. If one of us should die would the other get a much bigger tax bill? They would after all have a much larger income. At the moment I pay…
