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Changing amount of contributions
Hi My workplace runs a "flexible benefit" scheme where once per year you can change the benefits you want to take. So you can buy/sell holidays, add Private medical insurance etc. One of the things you choose is the level of pension you want to invest via salary sacrifice. They state that you can only make changes to this…
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Next step what do I do
Hi, I have been offered ill health retiral through LGPS from my employer. O/H and doctors report finalised. My line manager says I can either submit my resignation via an email or a face to face meeting so as the paperwork can be finalised, I have a copy of the 3.1 from my line manager but do I need a statement from the…
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Pension suggestions
Wondering if anyone could help out here Head is all over the shop with my pension currently paying in 1000ish a year which is way off what I need Looking at salary sacrifice calculator and this appeals to me however Every time I ring my employer about a pension they don't want to no , don't get any info or they never seem…
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Royal London Governed portfolio range
Hi all, Anyone here have a pension with the Governed range? + GRIP's ? Am I correct in saying the total fees with this range 1.0 % - the discount ? - no added extras? They rebalance the portfolio's each month, and I suppose it is a bit more less stressful than a DIY SIPP ? I was originally looking at transferring my…
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Pension Possibility
I’m hoping someone can give me some basic pension advise. I currently have 3 pensions and upon advise from a consultant advised to take from a pension that I have with Scottish widows The pension pot is around 53k, and I know athat I can get 25% tax free. How much tax would i pay on the balance. I work full time and earn a…
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Severance pay options
Hi, I apologise in advance for being thick. Please dont assume any knowledge! After becoming disabled. Unable to work. Long term sick, and now not able to return to the job I did for 30years I have been offered a severance amount, to take away, or to take and remain an unpaid employee, no pensions paid. Why remain an…
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Woodford tax question
Hi all, I have a small portion of a Fidelity SIPP held in Woodford equity income. These are now being returned to me due to the closure of the fund. I have the option of buying alternative funds in the SIPP or cashing out. Does anyone know, if I buy new shares, a) Will HMRC view that I have taken tax income and then…
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Transferring out of DB Pension
I have recently been made redundant and am considering best way to access my company DB pension. I am 59 and can draw a pension of £25k. Under the rules, my spouse is entitled to a 50% pension in the event of my passing, also my children up to age 23 should we both die. My concerns are: 1. Money lost to my estate after the…
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State pension forecast
Hi all I’ve logged on to the gov website and it showed me I’d get the full state pension. I’m mid 50s and would really like to know how much I’ve got so far as I may give up work and then opt to pay voluntary ni’s if needed - but it doesn’t say how much I’ve amassed so far. I’m pretty sure my starting amount 4 years ago…
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Teachers' PS - buying extra change in rates
My son is in the Teachers' Pension Scheme and started buying extra pension in 2017. He has only now received a letter saying that the rate was changed in April last year and he needs to start paying £200pcm extra. He is happy that this is still good value for money but they have stated that the 10 previous months have to…
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Pension for kids
Hi My kids are in their twenties, both artists and unlikely ever to earn much. They have zero hours jobs and have been enrolled in the gov pension scheme. I could afford to put about £10-£20 each for them in pension savings. Should I/ can I add it to the Gov scheme or set up something separate? Cheers
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What’s the best option for me?
I have a small NHS pension which I can take in 7 years time - small because I’ve only worked part time since having my children, so most of my career. Additionally I have a stakeholder pension into which I pay just £50 per month, so also very small. I have saved up £5000 in regular savings accounts and need to decide what…
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Life time allowance and Tax free lump sum
Hi folks, Im a bit confused when it comes to the 25% tax free lump sum and the life time allowance. Say I have a SIPP and at retirement (55 or 57) I have £10 million (figure used as an illustration). Can I take £2.5 million tax free? (25%) Or does the LTA (~£1M) kick in If I took the whole pot out in one go would I pay 55%…
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Sound Pension Advice Sought
Hi, I've always been slightly at odds with pensions and despite having taken some advice in the last 18 months I'm still trying to decide the best way forward. Currently I have a workplace pension which I contribute 4% with my employer contributing 4%. Their contribution automatically increases after so many years service…
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Do you have to have an IFA?
I have a Scottish Widows pension fund of around £300K+ that matures in 2 years. It is managed by an IFA regulated by the FCA. Charges are: to Scottish Widows 0.25% plus 0.14% for Fidelity Platform and 0.50% to the IFA who reviews/adjusts the portfolio quarterly. I am not at retirement age, but am no longer working so no…
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Drawdown Strategy Mid Term Investment
So, I'm trying to build a strategy to drawdown from a cash lump sum over the next 20 year period. I'm trying to keep things simple with three investment blocks targeting near term (next 5 years), mid term (6-10) and long term (>10) to service income needs in those periods. Near term and far term look relatively straight…
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Qualifying year pensions
Silly question but it says - For a qualifying year, you generally need to earn a minimum amount of money during a tax year (6 April to 5 April) and pay the required NI contributions. For 2019/20 these minimums are... For employees: £118/week, £512/month, £6,136/year For the self-employed: £123/week, £531/month, £6,365/year…
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Can you advise me
I opted out of SERPS back in 1988 and back in again around 2001 during this period my pension account with Sun Life of Canada amassed approx £34,000. I cannot put anymore into this account but can transfer it to another pension provider, but I do not have another pension that I can add additional funds to. Sun Life are…
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UK State Pension Uprating Living in EU
The FT and other media reporting has stated that UK nationals who are resident in the EU by 31 December 2020 will get their State Pensions uprated (the triple-lock) and that this applies to those already claiming their SP and to those that remain in resident the EU and will be claiming their SP in future. The sources say…
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Inheriting State Pension
Sadly my father died aged 75 at the beginning of January. We used to the Tell Us Once Service when we registered his death to notify the relevant government departments. Dad's state pension payment has now been stopped. We are now trying to make sure my mum who is 82, gets the relevant pensions she is entitled to. He had a…
