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DB transfer
I’m going To seek financial advice but would welcome any thoughts from the very savvy gurus on here. I have a number of old pensions, two DB public sector schemes and one company DB scheme. It is the latter I’ve been looking at, the current projected sum at 65 is £4K pa and the CETV has just come back at £214k. I am…
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Pension Transfer Advice
I recently started a new job and have since had my letter asking what I would like to do with my pension from my previous job . The issue I have is that my new company offers enrolment to Arriva passenger services national pension scheme which from what I understand is a type of final salary pension. I think this seems…
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Paying in to a pension instead of life insurance tax implications
The short version is, if I pay in to a £10000 in to a pension and therefore receive the 20% tax contribution (I hope I've understood the very basics correctly so far :smile: ). If I die before retirement without touching the pension pot, will my next of kin receive (in the above example), £10000 or £12000? I have enough…
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What happens to DB pension on death
I know my spouse will get half my pension however if I died say 12 months after I retire and he lasts another 6 months (prop not even 5hat because he can’t cook) what happens to the payments I realise there is no such thing as a pot of money in a DB scheme and this is one of the reasons people are jumping ship lining the…
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Budget predictions 2020
There is a lot of speculation on line that the gov may cut tax relief on pensions for higher rate tax payers. Do you think this is likely? Would it be a phased approach?
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85k pension pot at 40..advice please
Hi All Some advice please. I have recently changed jobs and have an old pension fund (85k), saving 25% salary per month with sacrifice. I also have 8 years in the NHS, some decent savings in Hargreaves and a mortgage (20 years left), also the usual family comittments. I am aware my new pension provider charges 0.06% in…
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Merging Pension Funds and How to Choose the Best Option
Hi All, I left my previous employer, with whom I had a 6.5K pension pot with L&G, about 3 years ago. This pension pot is still held for 100% in their "L&G PMC Multi-Asset 3".My current employer transferred to L&G last year as well, and I have a pension pot of about 39K there, which is held for 100% in a "Lifestyle Fund". I…
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State Pension (COPE)
I have got a state pension forecast and my estimate to 5/4/2019 is £160.13 with 35 years and if I contribute another 2 years before 5/4/2035 £168.60. I am 51 and am in continuing employment. The forecast also mentions I have been contracted out and the COPE amount is £18.90. I don’t quite understand what this is, it says…
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deferred pension
I have a small deferred money purchased pension which is currently £27000 which goes up 7% per year , the retirement age on this pension is 65 but my retirement age is now 67 , will it be better to take the pension on my 65th birthday or leave it untouched until I retire at 67 thank you
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Advice re: buying property from a trust
Hi all, Not sure where to put this, so have put it in here as it seems more relevant to the sort of advice I am after. My mum wants to help us to buy a house, but due to issues of trust around my partner, she is not happy to just gift us the money from savings that she has - long story re my mum / partners relationship…
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Low cost Sipp to purchase commercial property
Hi guys, we are looking to purchase some new business premises and want to buy them in mine and my wife's sipp pensions. Currently with Royal London but need to transfer to a Sipp that will allow us to buy some premises and rent back to our company. Does anyone have any recommendations for providers with low running costs?…
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ISA or increase pension contributions
I am coming up to 55 and my wife has just taken early retirement from the NHS. We had been thinking of investing her lump sum in LISA, ISA etc, but wondered if there would be more benefit in utilising the lump sum in a cash ISA so that we can access for day to day living and increasing my pension contributions as much as…
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Can I get more tax relief than tax paid ?
I have searched the web for the answer to this question and I can't seem to find the information I need. If my income is £18,000 per year, after my personal allowance of £12500, I pay tax on £5,500 (which at 20% is £1100) My understanding is that I can get tax relief up to my annual earnings of £18,000 (which in theory is…
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Building and civil engineering benefits for operatives.
Hi all money savers was wondering has anyone had any success finding lost pensions with theses guys my husband paid into this scheme 1982-1989 we have just found a statement.
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Pension: What would you do
I am about to leave Lloyds Banking Group and have an approx pension of around 5K. I am 26 year old and leaving for another company who's pension scheme does not accept a transfer in. My question is therefore, should I consider changing this into a SIPP or leave it invested in the LBG pension pot? Regarding growth, its…
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HSBC / Midland bank pensions action group.
Can anyone advise me if there is a HSBC / Midland bank pensions action group and supply contact details. Also if anyone else has made complaints of deception against HSBC. I have several pieces of correspondence stating that my pension would rise each and every year before and after retirement. In 2008 I was advised that…
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Claiming NHS pension at age 56 years and 7 months
I have decided to claim my 1995 NHS scheme pension early (at age 56 and 7 months) rather than 60. My Total reward statement indicates I am only in the 1995 scheme which by the time I leave will total 24 years continuous service. I understand from reading NHS pension literature the reductions for leaving early are 18% and…
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Can I sell or give away an inherited SIPP?
If I inherit a stocks&shares SIPP must I then either drawdown from it until it is exhausted/annihilated or leave all/some of it to a further beneficiary upon my own death? I assume that I am a willing beneficiary of the SIPP and that I accepted ownership of it when the donor died. Am I then committed to irrevocable…
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Does an inherited SIPP count as 'wealth' for a (support group) ESA claimant?
If an ESA claimant (support group) has more than £16,000 in cash savings/shares/gilts/corporate bonds/property etc. then his/her ESA benefits are negatively affected. However, the ESA claimant's own pension assets (including SIPPs) and a single dwelling owned and occupied by the claimant are not considered to be relevant…
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Pension plan
I recently asked for advice on here and am really thankful for everyone’s knowledge and I feel in a better situation now. I have recently opened a LISA to increase my retirement savings and invested in a global tracker fund. I am putting £100 a month by direct debit into the LISA and then all commission I earn plus once I…
