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Should I pay to update previous years state pension shortfall or continue paying in private pension
Hello all, I wonder if you can help. I am confused. I was born here but spent my youth with family abroad. I returned to the UK in 2001. About 5 years ago I had enough set aside and I started to pay in regularly into a private pension as most of my jobs have tended to be contract positions. I actually thought they were all…
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Class 3 NI - when to stop payments
Hi All, Due to Contracting out I've been paying Class 3 NI for the last tax year and this one. By the end of this tax year I will only be £2.05 per week short of full state pension which I can draw from 2025 so I intend to stop payments at the end of this tax year (2020/21). I am currently paying class 3 by monthly DD and…
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Carry forward query
i thought I understood this, but now I’m not sure. I will be earning up to December this year, and paying into the company pension, then I am taking redundancy. I wish to use as much of my settlement for carry forward of the previous three years as I can. To make it easy let’s say that I contributed £20,000 in 2017-2018,…
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LGPS - Final Salary Calculation query
My wife has been employed by the local council for many years and is considering leaving very soon. She is in the LGPS and has two portions: a final salary element from her early years and a career average element from her later years. Our query is what is the final salary calculated on? We see there could be three…
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National insurance, when is a year full?
When does a year become full? Do you have to work the entire tax year or does there come a point where you have paid enough NI for it count as a full year?I only need two more years including this one to qualify for the full SP but I am about to be made redundant and as I am 59 my chance of getting another full time job…
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Renting in retirement
I am currently 56 and I am not sure about whether my job will last much longer. If I do lose it, it will be very hard if not impossible to find an equivalent job and certainly an anywhere near equivalent salary. It's a concern as I have a fairly large mortgage and other debts. It's possible I may receive an offer on my…
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Depletion of pot in retirement
Unfortunately I don't have a DB pension and therefore have the risk of running out of money. I have my own spreadsheet and also have looked at this, https://engaging-data.com/will-money-last-retire-early/. I know the url is based on US projections, does anybody have any indications what is a safe withdrawal rate for…
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Small Flexible Pension Plan with Aegon
Hi all, I have a small pension pot ( Flexible Pension Plan ) of nearly£40k / total contributions of around 18k with Aegon. I have not made any personal contributions for some time. I am now 50 and understand it it not a flexible plan where I am able to withdraw any funds until I see 55, but can I ask how this plan works…
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Drawdown - Do all companies need to offer this?
*posting for a family member* Tried to do some searching online but can’t find a definitive answer anywhere.. Do all pension schemes have to offer the drawdown option? Contacted my pension provider to be told they don’t offer the 25% tax free lump sum followed by a drawdown account and that if I would like to do this, I’ll…
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IFA Withdrawal Request Timing?
In drawdown, from your request to your IFA to take x amount from your fund, how long does it take before your fund is debited and your bank account credited. My experience is tax free money and taxable take different times usually anything from a week to 2 to 3 weeks. This is all leading to timing. Say if you request…
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Annuity on death
Hi, Although I'm still many years from retirement, I'm trying to find an answer to what seems like an obvious question... In the event of death what would happen to the money I put into the annuity? For example, if I invested 250000, assuming the annuity wasn't continued with a partner would the annuity be cancelled and…
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Bitcoin pension scheme.....is there one?
Pretty much as the title - I'm looking for a pension scheme that invests in Bitcoin but Google isn't helping. Does anybody here know of a scheme please?
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Doing the right thing
I pay the min into my auto-enrollment at the moment. Employer the same. Looking to increase this 6-12 months for £500 pm going in. I also have a Lifetime ISA that I am not putting in as I am unsure what to do. Put the full £4k in getting the £1k from HMRC- no doubt this will be changed. OR just throw it allinto the…
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Pension Advice needed - National Grid Defined Benefit Scheme
Been informed that I will no longer be able to contribute to this scheme from next year. So now I have a number of options open to me and considering taking a Transfer Value and putting it into a Interactive Investor account and attempting to grow the pot myself, but find I need a financial advisor in order to do this. I…
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NI Contributions for max State pension
My wife has been made redundant this year. She is 60. I have recently done a state pension forecast which says that to get the max state pension, she needs to add another 4 years of NI contributions between now and 2026.If she cannot get another job, is there anyway she can get any NI credits to increase her future…
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Avoid Paying Tax on Drawdown?
Currently I’m doing part and part to make full use of my personal allowance (wife’s is included as well), but as I withdraw my tax free allowance will run out one day and every withdrawal thereafter will be taxable. Are there anyways I could pay less tax when this happens? Thanks
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Good news stories
Checked back in on my Prudential plan after noting a £4K drop in value in April 2020 to see a net £15,5k reversal in 6 months. im invested in the Prudential dynamic growth lV and lll funds respectively. To be honest I didn’t expect to see the level of bounce but it’s a welcome bit of good news as I’m in the consolidation…
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Interactive Investor SIPP and missing Cash - Should I involve the Police or Regulator?
This
concerns Interactive Investor on... 28/09/20 I asked how to make a cash withdrawal and close my SIPP 28/09/20 Interactive Investor Response – Use this Form ... 05/10/20 Interactive Investor confirmed receipt of form and advised monies should be in my bank account in around 5 working days 12/10/20 After Interactive…
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Nervous chap here
Just recently been feeling I could be doing with a bit of reassurance from someone that my pension pot is being looked after correctly , is there someone out there who looks at these things and let me know if things are ok , maybe it's just the way the world is the now or I'm reading too many scary threads on here lol ,…
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i am considering retiring from work at 58 ..
I Have worked most of my life now ..over 40 years ..in that time i have had a life saving heart operation ..now have to take warfarin the rest of my life ..i am in fulltime employment as a delivery driver ..but the long hours [can be 11 hour shifts]and the stress its making my life a misery, i feel as though life is…
