-
Further contributions after salary sacrifice
My company will only allow me to sacrifice 15 percent of my gross. They put in 6%. Of course I want to maximise my contributions to pull me back into the lower threshold of income tax Less 50k. I am told I will need to make remainder payments as relief at source and I assume that will be 20% relief the other 20% I would…
-
Private Pension
My husband sadly passed away last month. He had a small private pension, it was only £137 per month. The pension company have been in touch and told me that half of it has been transferred to me and they have also told me that I can choose between the £68 per month fo the rest of my life. (I am 66 in Oct) or cash it in as…
-
Confused about SERPS
When I was 17/18 back in 1990, I was on sick leave from a YTS scheme for a few months. In that time I had a visit from a Barclays Bank representative who advised me to contract out of SERPS and set up a personal pension scheme which the government would pay into while I was on sick leave. I took their advice and set up the…
-
NI Contributions query
Do "voluntary" class 3 NI Contributions count as earned credits do - ie) Entitle you to benefits ?If so - which benefits are positively affected ? Before anyone says "wrong forum" - this is an ill health pension related question
-
Help with annual allowance - civil service pension
Hi everyone, I hope you can help me to work out whether I have breached my annual allowance in 2016/17 and 2017/18. I think the carry forward amounts in the previous years would cover the excess but I'm not sure. I have 12 years banked in the Classic scheme and have been in Alpha since. My salary went up during a period on…
-
What am I doing wrong?
I have a small sipp that I'm Look after myself, nothing major around 50k. I'm in 2 funds, fundsmith and Baillie Gifford which have ticked along nicely and are overall doing ok despite recent global local events. However everytime the Dow has a big jump I take a big hit I thought these funds tracked the Dow, but today I'm…
-
Salary Sacrifice Advice / Maximising my pension contributions
Hi there - I'm wondering if anyone can help. I am in the position that I would put quite a lot in to my pension and I'm trying to work out the most tax efficient way of doing this. Background - I'm 37 with a small pension pot currently. Our position has changed recently and both mine and my husbands take home has increased…
-
Nest pension. Should I contribute more
I'm a single woman and I can retire in 4 years time. I'm still working and My nest pension is currently just under £2000. I receive around £55per month from another pension which I had to cash in early. Would it be a good idea to add thiss £55 to my Nest pension? I don't understand much of the information I read online as…
-
25% Withdrawal then Contributions - Tax Relief?
Hi all Helping a friend sort out their pension. They currently have a Pension with SW that is called a Retirement Account. Around 3 years ago they withdrew money out of this - 25% and all was tax free. I believe the rest was put into flexi drawdown hence the Retirement Account name. My friend is now employed (she wasn't…
-
Compare returns from savings?
I was trying to work out if there is a clever way of comparing the % yield produced by investing a lump sum in the case of there being a return of capital at the end of the term with the case where there is no return of capital. Like taking out an annuity compared with opening a fixed rate savings account for the same…
-
Can I pay back in if i take a lump sum?
I'm 55 this year and I was thinking about taking a lump sum from my pension about 10k, clearing all credit cards and loans etc. So for the remainder of my working life I will debt free (even increase my pension contributions). Can I, over the next couple of years pay back the 10k in several lump sums to put the pot back…
-
Whether to hire a Financial Advisor or not?
I'm quite well up on finances. I've no problem sorting most things out for myself. However, I've got to the point where I want to convert my pension pots into an annuity. I've had similar quotes from two of the top Annuity providers. I'm just wondering if it's worth getting a financial advisor to see if they've got any…
-
Yet another LTA question
Does a crystallised pot benefit from inflationary increases in LTA at age 75?Say for ease of numbers that the current LTA is £1,000,000 and a pot of that value is fully crystallised, leaving £750,000 invested. If at age 75 the LTA has increased to £1.5M, to avoid an LTA charge the amount in the crystallised pot must be no…
-
When to start drawdown
I have recently been made redundant at 59. With my wife’s salary & savings, I have enough to cover bills. I am due a DB pension of £6k pa at 60. I have a workplace pension of £350K that I still contribute £2880 per year. I am thinking of drawing down £6K per year from my workplace pension to keep below my personal…
-
Clueless - Teacher's Pension
Where to begin? I have a teacher's pension - not very much, as illustrated below. I want to retire at 60, so giving me approximately another 15 moths working/saving time. Can any one recommend the best way to save the most allowed into my pension? I am doing this as a tax efficiency exercise rather than a saving exercise.…
-
Pension beneficiary
Please can some on advise if a private pension can be used towards the deceased estate . I am a named beneficiary from an ex partner and I have been informed by pension company that they are allowed to do so.
-
Taking my DB pension, what happens to a small DC pot?
As the title suggests, after lots of consideration I have decided to take my DB pension as opposed to transferring the generous CETV that I was offered. My question relates to a small DC pot that I have been paying into since January of this year, by the time that I start to be eligible to take my pension I estimate the DC…
-
FT Article - Pension mis-selling probe prompts exodus of advisers
Interesting reading in the FT today, behind the pay wall so try googling for - "Pension mis-selling probe prompts exodus of advisers" and you should get a link. I happen to believe, yes, there's too many DB transfers going ahead and it's likely going to be a very big mis-selling problem eventually.JS
-
Inheritance and crystallisation
Hi - just a fairly simple question that I’m hoping someone can answer for me please... If I have a SIPP and I pass it on as an inheritance, if I died before 75 I understand it would be tax free to the recipient. If I die after 75 I understand it would be taxed at the recipients normal tax rate taking into considerations…
-
Taking 25% tfls to reinvest in isa
Hi, recently retired and have transferred a modest DC pension to aj bell. Intention is to re-invest this, so would it not be prudent to take the tfls and invest in the same fund, but as an isa? My concern is that the tax free option could be withdrawn by the government at any time. Especially as the extra borrowing the…
