-
BT Pension (B) Question Early Activation Impact on my DC pension Contributions
Hi I am looking for some advice as I'm sure someone will have already been through this process before. I have both a Defined Benefits Pension (Deferred BT Pension (Scheme B) from my 20 years previous service and I have a current Defined Contribution pension, which I have been contributing for the past 15 years, and would…
-
When to crystallise
I have DB and DC pensions which total more than the LA (even with protection). I am currently taking the DB pension. I'm not sure when to take the DC pension - I don't need it to live on - so it is fully invested. As I'm above the LA, I'm going to pay additional tax on part of my DC pension at some stage. Should I…
-
Insurance against care costs
An elderly relative is worried about what would happen if she had to go into care and whether her life savings would be gone when she wants to leave them in her will. We know someone else who bought an insurance policy for this scenario It was expensive but it pays most of the costs of his care (he was already in care when…
-
AVC Pension Vs overpaying mortgage
Hi I've been trying to work this out but struggling with the maths. I'd like to either contribute £75 extra into my pension, this would be AVC as I have reached the max at my workplace or over pay mortgage by £75. I'm 36. Interest rate on mortgage is 2.45%. I have 33 years left. The rate of return on my pensions is 1.52%…
-
Pension Drawdowns
Hi not sure what I am going to do, I have reached 55 have a pension pot of 100k. Should I consider pension drawdown, I am not getting good returns on my pension at the moment. I was thinking of taking the 25 per cent tax free and putting the rest in a drawdown fund. Any suggestions
-
ReAssure pension
Hi all, I started a pension about 20 years ago, I think it was with HSBC but over the years it seems to have been changed to ReAssure. I haven't contributed for about 10 years. I received a yearly review recently and I have about £35k in there and been charged £346.08 over the year. I have had a workplace pension with…
-
Pension illustration seems incredibly low, maths seems to not add up
Hello I've been with my current pension provider for only a couple of years and my fund is currently not huge, about £33,000. However my total contributions from myself and my employer, with a large sacrifice, are over £1000 per month. I've 25 years until retirement. When I look at the provider's illustration, they assume…
-
Could I have a tax-free retirement with my SIPP and S&S ISA?
My husband and I have a SIPP each and a S&S ISA each. When we retire, hopefully early, I'm wondering if we'd need to pay tax. Say we wanted an income of £40k between the two of us. If we did drawdown on our SIPPs of £12,500 each, that would keep us under the income tax bracket I think. Then we'd need another £7.5k each. If…
-
Defined Benefit transfer recommendations - Media article
An interesting article in Professional Pensions today. A few selected highlights:
-
Talbot and Muir
Anyone with Talbot & Muir SIPP provider? £238.00 Per Annum charges with a single investment. I don't plan to actively trade shares etc. J
-
RPI Escallation and 3% Escalation Question
How does RPI Escallation increase an annuity If starting annuity is £7000.00 and RPI is 3.2% Year 1 What is annuity sum paid in Year 2 if RPI is 3.5% Ditto What is annuity sum paid in Year 3 if RPI is 4% If RPI remains same each year does the annuity stay same or does it increase by the static RPI % each year 3%…
-
Silly Question...
Why you "retire" do you have to chase around and contact the pension providers (if you've had multiple jobs/pensions) or are they activated automatically? I can see myself having a few small pots dotted around... Thanks
-
Taking taxable income only from SIPP to maximise IHT protection
Say, for simplicity, that the LTA allowance is £1m with no indexation and you have exactly "landed" at that at age 60 via a combination of a £25k pa DB and a £500k SIPP. Also, you have a large ISA pot which, together with your DB pension and the investment returns from your SIPP (let's assume £25k pa), will be sufficient…
-
Advice re: pension (self employed)
Hello Myself and my husband are directors of a limited company and I need to look into a pension for both of us - we don't have any employees (apart from ourselves) is there a guide to pensions for people in our position please, or alternative ways of saving for retirement? Thank you in advance :)
-
Defined LPGS Pension
Hi all, I have an LGPS pension, with a value of about 130k Having asked several companies for advice, the advice provided is very different. Some companies have advised to take it out and invest, paying their cost. Other companies strongly advise against. My point is that when I die, my pot mostly goes with me leaving my…
-
level of sustainable income?
Hi All, on a previous post I thought I had decided to take my final salary pension as a pension , using my dc funds to supplement, leaving a guaranteed income at 67 including state pension of around 30k pa and around 35k up to that point. However, i have since received a CETV for my db pension and it has increased…
-
Transfer to Annuity Blocked
I have a pension with Aegon who are tied to Legal and General for the Annuity plans. I need to transfer the pension to an Annuity and as recommended I have 'shopped around' and have found an annuity provider which will pay considerably more than L&G. However, Aegon have blocked the transfer request: "We've considered your…
-
LGPS and AVC Early/Flexible Retirement Feedback Sought
I am hoping for a bit of feedback on the ins and outs of flexible/early retirement as well as Prudential AVC’s linked to the LGPS. I am about to turn 54 and have been in the Strathclyde LGPS since 1992, bar for an 18 month break ages ago. I should meet the rule of 85 in October 2022. Ideally I am hoping to retire at 60, or…
-
Inheritance Tax and gifts from “income”
Currently I am heading towards a inheritance tax problem and just considering options to deal with it in the future. I’ve heard that one of the best ways of sorting is to give gifts from excess income. Now I will have a good DB pension that will pay me around £30k per year and state pension. I also have a sizeable ISA…
-
No auto-enrolment/workplace pension
Hi everyone, So I've been employed by a small charity with only a few employees since March 2018 on an initial 3 year contract. When joining I signed a contract that said the company didn't have a pension but I could opt-in to a stakeholder pension through NEST. Pensions were the last thing from my mind at that point. But…
