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Bridging the gap. What is my income?
I'm living on savings to bridge the gap before DB can sensibly be taken with a lower level of reduction for early payment in just over a year's time. 'Paying ' myself the equivalent of the projected pension meanwhile. Basically any new money is made up of pennies in interest on savings in easy access/cash ISA, theoretical…
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Is RPI Changes To DB Pension The Next Misselling Scandal
I know the new pension reforms brought big changes and freedoms to peoples pension planning. Anyone lucky enough to have a final salary pension can after taking advice, decide if they are better to stick with the DB pension with its guaranteed inflation busting RPI increases or take the transfer value (pot) and decide how…
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From saving to spending!
I finally retire from RM this Saturday. Had considered going ever since I hit 60 in January 2018 but fell into the one more year trap! Got most of my DB pension at 60 but after changes at RM the last 8 years were moved to 65. Might not touch that. But even if I did two years early would only lose about 10%. My pension…
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Pension planning - 25% tax free and student loan repayments
Good evening all. I had some good news this week about being accepted onto a dream degree course next year (bucket list thing and first degree) and had been planning on paying for it via Student Loan finance. That would mean I'd expect to finish the degree in 2026, start paying for it (9% repayment over weekly threshold of…
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Care Fees Annuity - Advisers Commission?
I'm using a SOLLA & LLAA Accredited advisor to obtain quotes for a Care Fees Annuity for a relative. The advisor works Free of Charge and adds a commission to the eventual cost of the annuity if my relative decides to go ahead and purchase. Estimates put the likely cost of the annuity circa £350k . What percentage…
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Combining Pension Pots Question
Hi Forum In my career I have had four jobs and four workplace pensions. When i changed each job i chose to leave the old workplace pension in place rather than transferring it over to the new one. My reasoning was about spreading the risk and not having all your funds in the one pot (going by Equitable Life scandal I guess…
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State Pension Forecast
Just been on the gov.uk site to look at my state pension forecast This year would be my 35th year of contribution towards the ponzi National Insurance Scheme I thought this would give me the full state pension but yet again it looks like they have moved the goal posts It now says I have to make a further 3 years…
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Additional Pension contributions 2020
Hi, I received a bonus(-40% tax) in March. I had plans but then the pandemic hit and everything got put on hold. So now I want to put the bonus into my pension and claim back the tax. When do I have till to add this to my pension? And when should i do the claim? thank you
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Confused about pension.
Hope someone can help me to understand exactly which pension I have. I've probably done this about face, however after sorting out my savings, setting up ISA's and maxing out my current pension contributions I've finally gotten round to looking at my old pensions with a view to seeing if they could be improved upon. My…
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Long Term Sickness LGPS
Ive been off work since May with a combination of issues, im still getting full pay and don't think im going to recover much in the next few months, sufficient to return to work as im still in pain which is unpredictable im due to have a phone meeting with Occupational Health soon and then a conversation with my manager…
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How does tax relief and taper work?
Can anyone explain how the tax relief thresholds work and the taper for making contributions to your SIPP? Having read some pension advice pages there is a lot of talk about "threshold income" and "adjusted income" which seems very complicated. This is the bit that's clearly explained: You can pay in a personal…
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Appropriate Fees for a Pension Pot?
Trying to get my head around what annual fees are reasonable
for my pension pot. It’s a ReAssure (ex HSBC) World Selection Dynamic Series 01
pension started about 2008. I no longer pay into it to retain my Fixed Protection
2014. I need to move it because it’s inflexible - I can’t do drawdown on it and
there would be…
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IFA v DIY Security
Note, I have no history of working with an IFA or investing for myself (apart from the usual bank accounts and ISA's) so don't know how the IFA process works. Was wondering if there is any difference in account protection between IFA accounts and real DIY accounts. Thinking of someone hacking into your pension account and…
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UK State pension and additional EEA state pension
I expect to receive my UK state pension in 6 months time. I will have 33 qualifying years by that time In addition, I worked in another EEA country (Netherlands) and have 5 years worth of their state pension contributions (with supporting documentation from their state pension department). I am aware that I should provide…
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Pension tax credit
Does anyone have any experience in claiming this?
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Pension impact 2030
Just seen this, not sure what the impact is, article is quite vague, Spending Review: Millions face cut in value of workplace pensions - BBC News. Can anybody shed some light on it? EDIT: Page has now been updated, the inflation measure is being changed, not using such a generous measure. Interesting they are not proposing…
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DB Insistent Client Transfer
Looking for suggestions on options for DB transfer. Due to current guidelines it will probably have to be actioned as an insistent client. Looking for options that meet the advise requirements and companies who will accept insistent clients.
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Do state pensions vary by age or gender
My wife is due her state pension in March but I am confused by the amount.I have tried calling the tax office twice so far but been in a queue for over an hour on both occasions - so thought I ask here.When I retired 5 years ago I had 30 years of NI contributions.When my wife retires in March she will have 31 years of…
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Children’s Pension
Hi. I was on a YouTube Wellness clinic, with the Money Advice Service presenting. It came up briefly that you can start a Child’s Pension. I never knew you could do this. We have a child’s ISA started for our son, a separate savings account. Is it even worth looking into a children’s pension? Does anyone have any…
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WFA - First time?
I know I am eligible this year for WFA. SP in payment since April and 66 in June before the September cut off. My question is do I need to apply or will it arrive automatically? My sister, BIL and a friend who have already received it in past years, have had letters about this years already, granted not in their banks yet.…
