-
Thoughts on small FS pension pot?
I was hoping to receive some advice if possible. I’m currently in receipt of 2 pensions and I have a medium sized SIPP (250K). I’m not in receipt of my state pension yet. I also have a very small FS pension. I can receive this pension at £1700 pa or reduced with lump sum at £1300 pa. The transfer value is circa 59K. What I…
-
Multiple Drawdown Pensions
I am still in the accumulation phase and have four DC pots. There are good reasons to keep all four going for now, and the admin is not a problem. However as I start thinking about drawdown strategy , I am assuming it will be simpler to have just one or two ( not all eggs in one basket ) Especially as I understand it, the…
-
mis sold pension?
I believe that I have valid grounds to complain about a mis sold pension. I can only find info on commercial sites. Can MSE point me to an MSE page on this? Lawrence H
-
Royal London payment issues?
My father has been in receiving a small, regular pension payment from Royal London since his retirement in 2002. Last week, he noticed that he had not been paid the amounts due in December and January. He contacted the company and was told that Royal London are not making any pension payments at the moment due to…
-
Early Retirement Plan Viability?
Hi, I’ve been lurking on this forum for a couple of months but would now appreciate some advice from people on my early retirement plans. We are looking to retire early in April 2021 which will be my 59th birthday. My wife will be 50 at this time. I think we are both in good health. No outstanding mortgage on the house.…
-
Measuring inflation
When planning retirement, inflation usually gets considered: we talk about after inflation returns on our investments, and about index-linking on SP and DB pensions (for those lucky enough to have them), and we contemplate inflationary increases in our future costs of living. So I was quite intrigued reading this piece on…
-
Planning early retirement
I am starting to think about early retirement. I am 52 and not due to get state pension until 68. I would like to retire in 3 - 5 years time. I will dig out my company pension forecast later and post any questions but at the moment would you kind people look over my budget and see if I have missed anything. Mortgage will…
-
Legal & General warning
The purpose of this post is to detail my experiences with trying to get L&G to pay my pension, which is now overdue by more than a month, with seemingly little prospect of payment in February either. If you’re thinking of doing business with L&G, read on. And look at their online ratings – typically 20-25% of their…
-
How much tax relief for carry forward pension allowance?
If I'm looking to max out my current year pension contributions of £40k which will attract part-40% and part-20% tax relief, will any additional pension contributions (using carry forward allowance) be limited to just 20% tax relief based on tax paid in the current year, or can it be subject to 40% tax relief on the basis…
-
Is 20% tax relief counts towards annual allowance?
I paid 30k into my workplace pension this tax year through salary sacrifice. I may end up with a 10k bonus and was thinking to pay it into pension. As pension company adds 20% to the amount, my question is if 20% extra would count toward 40k annual allowance? Should I pay 10k or 8k to benefit from the tax relief?
-
Reducing impact of COPE through extra qualifying years?
If I understand correctly, COPE is an estimate of how much your state pension forecast will be reduced by. If I'm wrong there then please put me right and we are done. But if I'm right, Mrs RC has a state pension forecast of £168/ week and an estimated COPE impact of £44/week, so her state pension will come down to £124…
-
Serious Question about if paying into a pension is worth it..?
Little bit of a back story but hubby works full time and so will have 30+ contribution credits. I however havent ever worked full time and only contribution credits ill have are 12 from the weekly child benefit we get. I was very shocked to see if your on Benefits, ie universal credit u get pension contribution credits,…
-
Money Purchase Annual Allowance
I am contributing to a DC pension but also have a deferred DB pension with a previous employer. If I take the DB pension but continue to work will the tax benefits of the contributions to the DC pension be limited to the 4000 Money Purchase Annual Allowance.
-
Pausing SP
This morning I read an article in The Times about pausing SP in order to receive increased payments later. At the moment my OP is taxed and my SP has no deductions. There is no other income (apart from savings interest). If I paused my SP I assume that my OP would no longer be taxed - is my assumption correct? Thanks
-
Please could someone check my figures ? DB tax free plus more
Ive just got a pension quote through from a very old DB pension I had forgotten about. I was only in the scheme for 3 years in the 80’s and thought Id have just a few pounds in there. However Ive been told that I can have £15,000 tax free lump sum this year at 55 so Im assuming the pot has around £60,000 in it. I have no…
-
Pension - investment from previous years / Carry Forward
I need some help understanding Pensions I have 2 pensions, a sipp and a very old with profits pension. Combined they are valued at about £130,000 (£40,000 in the sipp) I also own my own company - husband and wife team - 2 directors 50/50 . Husband is 70 and retired. He has state pension and Gov pension and draws dividends…
-
Pension liberation....
Morning. Firstly please don't judge me but I'm looking to release a lump sum from my pension via pension liberation. I have my reasons. I understand a lot of you will be wanting to warn me against this etc, etc Please don't. Like I say, I have my reasons so I'm looking help and advice on how to do this the best way…
-
Can I take £12,500 from DC pension without taking tax free lump sum?
I will be 58 next week. I have a deferred DB pension of £16k pa before tax which starts when I am 60. I also have a DC pension pot of about £160k. We are living happily on savings and my wife's pension so don't need to dip into my DC pension at this stage. I am not working so will have no taxable earnings in the tax year…
