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Can I and should I maximize my director pension?
I'm director sole shareholder of 2 small businesses both Ltd companies, not connected and they don't do any transactions with each other. I draw all my income (usually dividends) from the larger business. The other only makes a small profit every year, which I have allowed to accumulate in the reserves of the company for…
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Maximising pension contribution as a 40% tax payer
Hi All. I'd like to find the sweet spot of how much I can put into my SIPP to maximise the 40% tax 'refund'. This is my tax return summary from last year. Any help would be appreciated!! Thanks, Stevey
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NHS pension
Hi everybody Sorry if this gets asked a lot but I currently save into the NHS pension. My annual salary is 18005 and my pension contributions are 5.6%. I recently came into approx 80k through inheritance. I put 20k into a s&s isa and was looking to also invest in a sipp. How to I figure out how much I can invest into the…
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Pension forecast
Hi everyone, I have used theGov. UK site the access my state pension forcast, eg.. The forcast is £186 in 2024. As I contracted out for a number of years. The COPE ( Contracted ou pension equivalent) Is £45. Will the £45 be deducted from the £186 forcast, Or is the COPE Amount Purley just to advise me of what extra would…
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Pension fees help?
Hi, some help for pension numpties would be very much appreciaed. I have an old company pension that I was persuaded to move years ago and never should have. It was moved into Pearl, which then changed into Phoenix life. We needed to draw down some funds from it to buy a property, and were persuaded by the mortgage broker…
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Client - IFA Relationship
How does the client / IFA relationship work. This could apply to all investments but I am specifically interested in pensions. I guess the actual pension is in the name of the client but does the IFA have some kind of proxy or agreement that allows them to make ongoing investment changes if required. Are there different…
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Can your fund die with you even if you haven't bought annuity?
Hi all. Hopefully a
couple of quick questions. My mum has a legacy pension
that has been taken over by Phoenix Life. She’s 65 but hasn’t
bought an annuity and doesn’t want to buy one as she has other
income and doesn’t think it’s worth it for the small size of the
pot and at current returns. She’s been given some…
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will i get less state pension a married couple?
hi, I've done the pension forecast which said .that in 2038 i'll receive £175 per week - my husbands forecast is virtually identical. My friend has just told me that as I'm married, that will be reduced to approx £130 for me and £130 for my husband. Is my friend right, as to be honest, my retirement planning has been based…
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Foreign pension
I'm a UK resident and receive a Belgian state pension which I disclose to HMRC. Last week, I received a request from Belgium asking for proof of income to pay taxes on my whole income. I understand there is a clause of double taxation where you pay taxes in the country of your residence only, in my case the UK. I mentioned…
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National insurance tax paid on pension contributions?
On my payslip, my pension will get taken out before income tax or national insurance is calculated; but on my wife's payslip her pension gets taken out of her pay after income tax and national insurance are applied. Her pension provider will automatically claim back the 20% that was been paid on income tax and puts it into…
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IFA CHARGING FOR ADDITIONAL LUMP SUMS
I've just opened a new personal pension with a local IFA, they charge 3% initial fee and 0.75% monthly management fee, I was surprised to find that after I'd added a further lump sum into the plan they'd charged an additional 3%. This charge was not on their illustration or agreement and when challenged they said any…
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Should I be looking to move this old Aviva pension into something new or is it ok where it is
I posted last week about combining a works pension into my old Aviva pension and it was kindly mentioned that I should maybe look at transferring my old Aviva pension into something new. I have been searching around the internet all weekend but the the bit I am not sure about is the with profit guarantee, is that worth…
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Using SIPP funds to buy shares in a private limited company. Any advice, please?
If feasible, I am considering investing substantial cash from my SIPP into a (newly formed) unquoted private limited company. A close family member (whom I trust completely) and I would be 50/50 shareholders and the business would be to buy a certain bankrupt and run-down country hotel, convert it into several private…
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LTA
Appreciate if someone can help. 1. have just been told that my remaining LTA is 0.96% which is £10302 based on £1073100 2. Assuming that the LTA increases by 2% next year by £21462 to £1094562 what will my LTA be then? 1. Just 0.96% of £1094562 = £10508, or 2. £10302 + £21462 = £31764
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Estimated take home pay - new job!
Hi all, After finishing my last job in Feb this year I was delighted to get another role in October this year following many months of financial worry. I started on 5th October and I realise that I will be paying less in income tax to start with as I have my tax free allowance of 1252L but I have no idea what my take home…
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DB Deferred Member Statement - A bit odd
Hi, My first
post here and it’s a biggie. I’m looks for some views on the following. I have recently received a deferred member statement for a defined benefit
pension scheme for a company I was employed with in the 1980s-1990s. I had also
received a statement from the scheme in 2017. The new statement was in a
revised…
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Could my pension be working harder?
At present I have circa £150K in a work based Scottish Widows pension. It's in the Pens One Portfolio. Still 15+ years to retirement. They charge 0.75% so the fees are around £1125 a year, so the fees are starting to rack up now, as the pot grows. I have an ISA with Halifax that is invested VLS60. My belief is for £500 I…
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Reaching pension age soon, could my state pension forecast be wrong ?
As I’m due to retire at 66 in May 2021 I went to the government web site for a
state pension forecast, the figure given was £197.85 per week with no mention
of a COPE amount (even though I was contracted out for a few years) but with the
caveats; Is not guarantee and is based on current law. Is based on your National…
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Crystallise or not if already crystallised LTA
Leaving aside any uncrystallised funds set aside for 3 small pots. If you have already crystallised exactly the LTA, whether by DB, DC or a combo. If you had any uncrystallised funds left, which is the optimal use of these ... (1) Leave uncrystallised until you need the funds and pay the LTA charge at that point, or (2)…
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What is the correct procedure for claiming back tax relief from NHS/Teachers Pension Contributions
Where you have paid for additional pension using a lump sum payment? Is this payment to NHS/Teachers paid via cheque usually or bank transfer? How does tax relief work, do I claim online via self assessment? Is the tax refund (20% sent via cheque from HMRC to me, or is a tax code change instigated - I would prefer the…
