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Reduced pension for being opted out
My husband was opted out with one of his employers back in 1978 to 1988. His state retirement pension will be reduced by £36 per week. The HMRC states he should receive that amount from a private pension however he was given bad advice and to cut a long story short we had to apply for a mis sold policy. He didn't get much…
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Annuity question
Hi, I am hoping someone could advise on the following. My father in law paid into a private pension for years, on his retirement he withdraw it all and bought an annuity. The issue is, is that he only bought a single person’s annuity, my in laws didnt know he could buy a joint one. He died shortly after, leaving several…
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Do it yourself pension contributions
I run my own limited company and have done for years, My pension provision is patchy, to say the least. I'm 55. At the moment I pay £300 per month in to a St James Place scheme and have done for around 6 years. I don't want to withdraw any more salary/dividends from the business, as I'm trying to keep below higher rate…
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AJBell fund advice
Can anyone advise me on which funds i should invest my 245K pension pot. I currently have the cash sitting in SIPP cash at AJBell. I'm looking to set up a portfolio that could generate 4/6% per year. Can anyone advise what percentage of cash i should put into each fund. Also i would like to thank everyone for their advice…
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Redundancy money
I am 55 and have been made redundant. I have received £58,000 redundancy, £30 of which was tax free. I can afford to save around half of my redundancy money for a few years at least. Should I start a new pension Sipp to invest this half (around £30,000). I've been told that for every £100 I invest in a personal pension,…
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Pension withdrawal
Hi everyone, I had pension with my first employer who I worked for between 1983-1991, it has about £38.000 init , I was going to take money out of it to help pay of my mortgage as I can no longer work due to my MS , can anyone help me with this as I can access it from April. Thank you
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Retirement Planning
Hi everyone I've just started doing some retirement planning (at 39 I don't know if I'm late or early for that!) and wanted to run my thinking past you to see if there are any flaws in my approach, or there is a better way of going about it. As I said I'm 39 and in a well paid job in the NHS. I've been paying into the DB…
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Help! I don't understand how my pension works
Hi all, Apologies for the very basic question. I am trying to understand my pension better/improve my financial literacy, and have spent the afternoon reading the scheme (Local Government Pension Scheme) brochure, but it's raised more questions than answers. Please note that my baseline level of knowledge is absolutely…
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out of curiosity lump sum
If a retired person 62 whos only income was £8400 from work pension was wanting to use pension freedom to access £28000 lump sum would they have to pay any tax on it due to personal allowance ?
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SEISS. Using these payments to contribute toward personal pension.
I'm in receipt of the first two SEISS (Self Employed Income Support Scheme) grants. I'm trying to calculate how much I can pay in to my SIPP this financial year, with the possibility of tax relief on the amount. As the SEISS is so new, I'm finding it very difficult to get a definitive answer as to whether the grants are…
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LTA Understanding
Have been working on a few retirement options recently and would like confirmation that my understanding of the chosen path is correct. I have a DB scheme and am taking a partial pension option. The partial annual pension will be £20K plus transfer value of £700K. I have some urgent requirements so plan on taking a lump…
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Understanding a Section 32 Buyout Policy
I have a AEGON section 32 buyout which I believe I was transfer to from an old company pension in the early 90's. I was hoping somebody to help explain to me what this is and more importantly what I should do with it. In summary I am 54 and hope to retire in the next 12 to 24 months currently with a £500k SIPP, £300k ISA…
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Employer deducting pension contributions but not paying it to scheme
Hi all, I'm not sure if I'm in the right place. In about April 2020 I discovered that my husbands employer has been deducting his pension contributions weekly from his pay but not paying them to the pension scheme since April 2019. This is also true of their contributions. Its a small business and all employees are…
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Gov pension forecast seems high?
I check my Government pension annually and it was indeed this that helped push me to aim to retire at the end of this year aged 61. As of May 2020 it says £210.59 per week - you cannot improve your forecast any more. The year prior it was around £205 per week so increasing ok. There is a COPE amount shown of £5.92 per week…
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Combining pensions
Hello, I currently have three separate pensions from previous jobs and my current job is there a way in which I can easily combine them. I had paid into one for four years so do not want to lose it. Thank you
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Cashing in sharedealing account to pay into SIPP - tax gain?
I contributed to the 'Paying 2880 into a SIPP...' thread and received the following reply which I misunderstood at the time. How liquid are your 11k investments? Wouldn`t maximum gain be realised by contributing to your pension in 20-21 as much as you can afford to? Use your 5K cash plus some of your 11K investments. What…
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SIPP or additional contribution to employer's scheme?
I am thinking of opening a SIPP in addition to my employer’s pension and would appreciate any comments on what I should be considering. I am a member of the University pension scheme USS. The current scheme has a career average DB section up to a salary cap (I also have some benefits in the closed final salary section).…
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Classic Civil service Pension - buying additional pension
Hi I'm approaching 60 and about to retire. I am considering spending around £48,000 on additional pension for my classic civil service pension which would buy me £2,000 a year pension and a tax free lump sum of £6,000. I am a 40% rate tax payer so would only cost around £28,800 after tax relief, although my pension will…
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New Fish to Pensions
Hi All, Currently 39 didn't start paying into a workplace pension until a few years ago. My dilemma is do i open up a Private pension or just pay more into the work place pension? I am thinking about having a private one as well as a workplace one but not sure where to start? I have also read about the LISA which im…
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Do not qualify for Pension Credits
Hi there, I am posting on behalf of my Dad. He was born 03/02/54. He had 5 months extra added on before he got his old age pension due to change in retirement date, and only has an old age pension and no private pensions. He is getting £535 every 4 weeks pension at the moment, and he applied for pension credits and was…
