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Moving to drawdown - costs reasonable?
Hi, my husband and I hope to retire in the next 2 years, he is 64, I'm 55. Hubby already draws some DB pensions and is semi retired. IFA has recommended moving both our DC pots to drawdown - currently with Royal London/Aviva and drawdown would be with Old Mutual Wealth - to get things all in one place and plough as much as…
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DIY plan review on the eve of crystallisation
From my reading and the valuable experience sharing I found here. I am about to make the jump into DC drawdown in practice vs the theory of it. 2020 slowed things up as with so much else. So final thoughts on this DIY plan are most welcome. Scenario: Couple mid-50s. 2xSP later @67 One small DB 5-6k (value now) - (this is…
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Pension scheme with very little money: what to do with it?
Hello, My wife has a very small pension fund (about £130) from a previous employer. Since our third child she's decided to stop working for a while and become a house mum again. The pension provider charges £1.5 a month and 0.3% a year to maintain the fund. The thing is, with so little in it, that money is going to be gone…
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Ifa using true potential for admin
my ifa recently told me he was going to use true potential to service my funds , all they would be using was there back office systems and admin support , he claims this will save money and it's just outsourcing , my pension will stay with standard life and we will not be using any of true potentials investment portfolios…
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How much can I contribute per year?
I have a Limited company and pay myself a salary of £10,400 per year, the rest comes out as Dividends. I've been told that I can put in a maximum of £40,000 into my SIPP from the company per year OR £33,333 personal contributions with 20% tax claimed back. My question is, can I really put in £40k or am I limited to 100% of…
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Does it ever make sense to go over LTA?
I realise this is a nice problem to have, but my total pension pots are approaching the LTA and if I keep contributing at my current levels I will definitely exceed the LTA, even after the annual increase. My understanding is that if I go over my LTA then at a BCE I will get taxed on the excess and that tax would be 25% if…
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Confused about 'estimated pot at retirement' figures
Hi all, I'm really confused about how much I need to be saving into my pension and whether I'm on track. I'm in my early 30s and have a pot of about £45k so far across several DC schemes. I currently put 20% (including the employer contribution) salary into my pension - which I'd have assumed would put me in a good place.…
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Pension savings protection
Hi, I would be grateful for some advice on how best to ensure investment and savings are safe! Is it best to have a few pension saving plans with different companies so if a company suffered financial problems my money is at lest risk. E.g. if I have a SIPP with fidelity, invested in a range of funds and a total value of…
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LGPS and HMRC
If you are a EU citizen (58 currently but will retire in 7 years) who has lived / worked all their live in the UK but intends to retire in the EU what will their UK tax look like. e.g Your LGPS pension is £25,000 , your UK pension is £9,100 and you have lettings income of £15,000. Let us assume that you are living in a EU…
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Claiming back higher rate tax on pension payment
Hi, Due to a mistake in the assignment of my tax code, this year I have ended up taking more net salary than I should have which currently means I'm going to end up paying 60% tax on some of that net pay at the end of the tax year. In order to stop any of my salary being taxed at 60% I would like to make a lump payment…
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Inheriting Direct Contribution Pension
I've inherited a direct contribution pension from my father who passed away before the age of 75. I know I'm able to take the full value of the pension pot as a tax free lump sum now but I'm trying to work out if that's the best option or not. From what the provider has told me I'm able to transfer the pension into my own…
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Employer (Ford Motor Company) Didn't Pay National Insurance - State Pension Diminished
I am approaching retirement age and checked my state pension. I learned that in 1990 my then employer Ford Motor Company, Brentwood, Essex made no National Insurance Contributions for me. Consequently I lose out on state pension for want of qualifying years. I joined Ford as a graduate in 1987 and stayed ten years. I…
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What to do with very small LGPS pensions
Hi I'm in the process of trying to tidy up some deferred pensions before I retire and was wondering what to do about two very small LGPS deferred pensions. One is an old final salary pension (1999) payable at 60 yrs and will be £73 pa with a lump sum of £220. The other pension (CARE 2018) is payable at 65 yrs and will be…
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IFA/DIY pension conundrum
I am due to retire in 5 months (I know I should have done something sooner - head in the sand time!) I have 2 pensions, 1 is a personal pension worth around £220k and the other is with my current employer (DC) and is worth around £120K I realise it's not that big in the scheme of things. However, I shopped around for an…
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Help
Hi all, originally took out a pension mortgage. Changed mortgage but kept the pension going. I think it was originally with Scottish Amicable but now with Prudential. Originally the pension end date was on my 60th birthday. I will be 65 this year. The pot has 2 policies. One is a cash pot with £54054. The other pot has…
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Does your employer offer salary sacrifice?
Just wondering what percentage of people have the option of salary sacrifice for their pension. Also, if you are replying, please can you give an indication as to how mush it's worth to you in terms of NI savings?
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Specified Adult Childcare credits
I am intending to claim 2 years worth of credits for looking after our grandchildren from 2018 to 2020. Are there any disadvantages for doing this for the parents?
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To transfer a Stakeholder Pension?
I have stakeholder pension with ReAssure current value @ £125k. It is invested in HL International Mgd Pen Standard Pension Accumulator series 01. I have not paid any attention to this pension for 20 years but as I have received some money from sale of a buy to let and will possibly retire in 8 years or so I am looking to…
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Question about transferring DB / DC pensions
I'm 61, retired early (2016), and am drawing the most I can from my SIPP each year, without giving myself any income-tax liability (£16,666.66, this year). I have transferred all of my pensions to my SIPP, which I manage/invest myself, via H-L (I know, I know. But I like their platform). I have two other (small) company…
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Pension top-up query
I am 60 years old and have been retired for the past 18 months. My main pension pot is around £160k and given my current circumstances Im not likely to need to start drawing down from it for another 4 years or so given my current spending levels. I have £20k in a savings ISA earning next to nothing. Given I won't need to…
