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Civil Service Pension - options on early retirement
I took voluntary severance from the Civil Service in 2010 and now plan to take my classic pension on an actuarially reduced basis from April 2020. I am living on my savings at present and need to make a decision. I want to mitigate the effects of the actuarial reduction and there seem to be two possibilities - (a) a buyout…
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StandardLife SIPP options
Hello, Only my second post on this forum but I’ve been an eager
reader of all posts and learnt a ton in return! I have a question in regard to my own circumstances. I have
a SIPP with StandardLife which is the converted pension scheme that was originally with my previous
employer. The current value of this SIPP is approx.…
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Have I left it to late to start a pension ?
Hi members, I am a 58 year old male that never did start a pension, my excuse is that I have been self employed for over 30 years and just never got around to it. My question is can I start a pension at 58 with my savings ( around £20,000 ) ? I should add that I am currently off work with a long term disability, so what…
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pension carry forward rules
a question on behalf of a relative re. carry forward they have been
retired since 2012, they did not contribute to their SIPP in
2017/18, they have contributed to all tax years since the max
£3600 (inc top up)
being a pensioner
they has already maxed out this year, can they use they carry
forward rules to pay the missing…
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Actuarial Reduction calculations
Hi, I have a question regarding how to calculate multi year actuarial reductions. I am not sure if there is a general way or whether this is scheme specific. This relates to the Teachers' Pension Scheme - Final Salary part only - ignoring newer CARE element.. If for example the Pension at NRA is £10,000, and the yearly…
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NHS Pension - Starting at Aged 49 - Is it Worth It?
Hi I left the Armed Forces after almost 28 years with an immediate pension, which is a combination of AFPS75 and AFPS15. I'm due to start a part-time HR role at a local medical practice, and just wondered if it's actually worth enrolling onto the NHS pension scheme at age 49. Any advice or guidance gratefully received.
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How much to put into pension?
Hi, I'm 34 years old and current pension pot is about £30k. Should be around £35k by age of 35. My pension contributions have been up and done my whole career due to my pay being up and down. Now I'm in a steady job I will be putting in a total of 9% into my pension automatically. My salary is £40k. Just wondering from…
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Paying into DB pension when retired
Thanks in advance for answers. I am lucky enough, pension wise, to be in the 1995 NHS pension scheme and can(will) retire at 55 with full contributions. A current work situation means that I am in effect seconded every 7 weeks to work for my local county council for 1 week. The county council re imburse my NHS trust so I…
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LGPS, Rule of 85 and decisions to make
I've been paying into the LGPS pension scheme since 1985, it started out as final salary but then changed in 2014 to career average and the final salary part of the pension is protected to that date. I reach 60 later this year but intend to keep working for another 3-4 years. However, the pensions calculator on the LGPS…
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Lgp reduction based on reduced hours
Hi I'm hoping someone can help with how to work out my projected pension at 55 as ive had to reduce my hours due to I'll health from 37 to 12 hours a week. I'm 49. I could opt for ill health retirement but I've been advised by union it will be time 2 in all probability which would be my pension to date x 25 percent
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Transfer in to a Defined Benefit scheme 25 years ago
When I joined my current employer, I was permitted to transfer-in my personal pension into their BD scheme. The amount was £7500. This payment has never been mentioned on my Annual benefits statement, and after writing to the scheme’s administrators recently, I received an apologetic reply, assuring me that it would appear…
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Where do I begin to open a pension?
:/ Hi Everyone, I want to thank everyone on here that informed me that I should be in an automatic pension which I didn't know about. My question is straight forward, im 36 years old, I do not own a home at the moment but hope to do so soon, I have no pension and my employer did not enrol me into an automatic pension.…
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HMRC and state pension
I know that (for tax calculations) HMRC look at the amount of state pension accrued (rather than paid) in a tax year, but how exactly is that calculated in the first year you start to receive state pension? Is it number of whole weeks (i.e. rounded down), or number of weeks and days? For example, let's say someone was due…
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Protected rights - bigger tax free sum?
I have 2 pension funds in Standard Life (1 old employer/1 new employer) both invested in their standard fund. Rang them today to ask about combing them. Told - much to my surprise - that whilst the fees on my old (and biggest) fund are 0.4% higher than the new one, I have ‘protected rights’ which allows me to take 66% tax…
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Recent experiences with Legal and General (LGIM) as white label drawdown scheme operator
I know there is much discussion prior on the move "out" of the traditional L&G pension business to Reassure/Phoenix. I am looking for something on the exact opposite topic re L&G's new and refocused pension business. Question - has anyone had their pension scheme moved to them for admin and pensions freedom features since…
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How much pension contributions..
Looking to max out pension contributions wife can make (using previous years unused allowances) She earns about £25k (ie figure on P60, Sal sac'ing £500 per month No other pension contributions apart from very small company contributions (2% ?) Is the max she can contribute now £25k (current years earnings), or could she…
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Am paying 1.7% charges on large investment pot. Is this too high?
I have a pension pot of just over £1m and some other investments. These are all managed by Smith & Williamson. They tell me that their charges are 1% of the total value of the investments and that the funds they invest the money in typically charge around 0.7% so a total cost of around 1.7%. I guess this means that my…
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Losing Pensions/Benefits if going into a care home?
My father, aged 96, is faced with the possibility of having to go into a care home due to his various ailments. Currently, he receives Attendance Allowance, War Pension & Industrial Injuries Benefit in addition to his State Pension. I understand he will lose his Attendance Allowance, but will he lose his War Pension & the…
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Extra Pension Payments
My company pension is already in drawdown, I am 67 yrs, but I would like to make further payments into my SIPP which I hope will provide a pension supplement in my late 70s. I know I’m now limited to £4000 additional annual payments but it’s not clear whether this includes the government tax rebate. So is it £4000 plus…
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Are we likely to get Pension credit
My wife is 74 and her current state pension is £77.32 a week but no other income. (She never madde enough contributions during her working life). I am 65 +8 months and I am due my pension of £140.90 from 6 March. I am not sure that my wife at least may be due for pension credit. I have a Forces pension which is £12k a year…
