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30k out of pocket
I had a transfer value of just under 30k in one of my tiny pensions , was consolidating all in to one pot and take my 25% tax free , as time went by the company that bought my company went bust so the money went to the PENSION PROTECTION FUND as soon as it hit the Ppf,s bank my 30k was worth 17k , in my case a levy of…
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Is Pension bee recommended
I have 3 pensions should I use pension bee to put them all together.
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Pension planning - use of offset mortgage as contingent credit line for SORR
Aside from the challenge of accessing mortgage credit as self employed / variable revenue or drawdown pensioner. Are there any positive experiences with offset mortgages as a "contingent" credit line for part of the sequence risk cash buffer on growth assets held for pension investments. Working assumptions. A low LTV loan…
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Pension freedoms?
Good afternoon, long time lurker - great resource and community! Thought I'd ask if anyone else has had problems with trying to switch from a defined benefits scheme? I'm 55 early next year and have a dB with approx 250k. I have some medical issues ( I guess many of us do in wonderful middle age!) and am taking VR. I want…
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Private Pension? Not sure what to do...
Hello, Quick back story... I am a director of a business. I currently pay myself under the NI threshold and the rest through dividends. I contribute around 3% of the basic salary into a NEST pension, as I do for my employees. (This works out at a measly £10 pm) If I had around £200, 250 excess that I wanted to contribute…
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Opinions on my SIPP with HL
Hello, retire in 3 years, can anyone offer an opinion on my SIPP - currently worth £36,700. Currently I am paying into HL £300 in total across the 5 funds per month Vanguard Lifestrategy 80 - Acc - percentage of holding - 59.5% - Fund is up 19.09% Fundsmith Equity Class I - Acc - percentage of holding - 15.6% - Fund is up…
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State Pension
Hi I am due the State Pension next month, and will be phoning shortly to claim it. What do I need - my reference number, bank account details, NI number etc? What will they aske me? Why do they want to know if you have lived abroad? Thanks
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Pension lump some
Need advice if possible I have a private pension I have only put £26000 But I've decided to cash it in would someone be able able to tell me what money I would get in cash with tax taken out I'm a basic taxpayer reason for cashing in want to give money to our daughter to buy her first house
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Question on flexible drawdown tax free amounts
Hi, I have a question on how the 25% tax free amount that can be drawn down from a DC pension pot. I'm going to use some hypothetical numbers below to help ask my question. If I didn't take the 25% tax flee lump sum in one go, up front, but instead commenced a 5% drawdown each year in monthly instalments, I gather than 25%…
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Paying mortgage with SIPP
I am 59 and I still have around seven years left on my mortgage.Maybe around £30k left, I have shares to the value of £7k but no cash savings. Can I decide to open a SIPP and put some of the funds from my salary in, that salary would then be used to pay my mortgage.I would then benefit from tax relief, or does the money…
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Paying mortgage with SIPP
I am 59 and I still have around seven years left on my mortgage.Maybe around £30k left, I have shares to the value of £7k but no cash savings. Can I decide to open a SIPP and put some of the funds from my salary in, that salary would then be used to pay my mortgage.I would then benefit from tax relief, or does the money…
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LGPS Ill Health Retirement Tier 2
I would really appreciate some advice. I was diagnosed with MS in 2008, my condition has slowly progressed and I was signed off sick a year ago.I have been awarded Tier 2 IHR and I wish to appeal as I don't agree and believe it should Tier 1, I have the support of my consultant and my MS nurse. I tried communicating with…
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Overpaying voluntary class 3 NI contributions?
https://www.thetimes.co.uk/article/beware-of-the-state-pension-top-up-trap-567qw8jzs?shareToken=30f16fd532126ee4e47b715ae10c5227 Anyone seen this article in last Saturday’s Times? It details
how some people might be paying unnecessarily to top up their national insurance
contributions so as to get a full state pension. I’m…
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Best Pension for low cost investing
Hi all, I currently have a Fidelity (through Cavendish pension). I only have a monthly drip fed pension investment of £800 PCM into Vanguard Life Strategy 80% Acc and Blackrock Consensus 100% Acc. I also salary sacrifice a significant portion of my bonus into my pension. When I originally set this up Cavendish was the…
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National Insurance
I would like to retire before the age of 66 relying on my private pension for income. I understand that this income will be taxable and I will pay tax national insurance.My question is: will these National Insurance payments contribute towards the number of years I need to qualify for the full state pension at age 66?Thanks
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Home Responsibilities Protection (HRP)- Claim; Denied!
Due to a
few gaps in my wife’s NI/pension ‘qualifying years’ she recently made a Home
Responsibilities Protection (HRP) claim ‘online’ for the years 1986-2006. Unfortunately
her HRP claim has been rejected because, quote: “for the tax years 1986-2006
you aren’t entitled to HRP because you weren’t receiving Child Benefit…
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Max pension contributions (quick check)
I am trying to tweak salary sacrifice for max efficiency, I wonder if one of the experts could check my figures Minimum national salary simply worked out as : £8.72 * 37hours * 52 weeks = £16777 per year (assuming 37 hr week, adult etc) Maximum pension contribution £40k. I am assuming this includings "everything" -…
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How to get truly accurate and independant pension advice?
As I understand it, an IFA only makes money by recommending their clients to transfer / consolidate their pensions to a new product. If that is in fact the case, how could one actually get accurate IFA advice regarding consolidation to a client's existing workplace DC scheme for example? Let me explain my own thinking…
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Ex-employer will not transfer my pension to Vanguard because they are based in the USA
I am currently on a postgraduate course so I'm not employed but trying to sort my pensions from previous jobs out. I was trying to move everything into my personal pension with Vanguard but I received this email from an ex employer today: "Unfortunately, we
are unable to transfer your pension benefits to the Vanguard Pre…
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Pension max
I am planning to buy a few flats to rent out- zero mortgage. Then eventually sell them and use the money towards pension. I currently use auto-enrollment and a Life ISA-full max £4k per year. Am I correct in saying I can only pay in £40,000 a year to my pension? Would this mean my property sales would need to be parked in…
