-
Taking 100% of pension pot
My husband has a small Aviva pension which at the moment is worth £35000. He has been told the pension will only be worth about £80 a month when he is 65. He will be 55 in June and is considering taking the full amount as a lump sum. I understand 25% will be tax free and 75% will be taxed at 20% (his income plus lump sum…
-
Additional Teachers Pension
I am 40 years old and am employed as a part time teacher (with 13 years service). My aim is to retire ar around age 57 (around the same time as my partners retirement). I currently have about £10,000 in a Sipp and £14,000 in a Lisa, which I am paying £400 pm into. If I did retire at 57, I can probably manage on my husbands…
-
Civil Service Pension - EPA, Added Pension and McCloud
I'm currently a member
of Alpha with c. 10 years accrued service in Premium before I joined Alpha. I've had a significant promotion within the last couple of years, so I think it
is very likely that whether the outcome of the McCloud consultation is an
immediate or deferred choice, it will be better for me to opt for…
-
S226 pension
I have just checked into the main pension I have with
Standard Life called a RAC s226 type. And
found that I have not had income tax relief added to the premiums, SA helpline
have told me I should have been claiming Tax relief from HMRC, which I can’t
find any record of having done, the policy was taken out in 1985 and I…
-
DB Pension final calculations
I'm in the midst of taking a DB employer pension and over the years I've received regular updates on the projections which have always been positive the last being in November 2020. I appreciate they are all only estimates but the final projection I've just received has dropped 3.32% since November this I'm told is because…
-
Retirement fund, unable to work and means tested benefit
Does anyone have any experience of what to do about a pension retirement fund when the individual can no longer work? I have a fund (amalgamation of pensions) that has been ticking over in the background since end 2011. Nothing has been paid to it since then. Had to give up work 2014 due to multiple medical conditions and…
-
Confusion about annual allowance
If I earn £45000 per year and is contributing to a DB pension at 8.5% and employer contributes the same, i.e. £3825 from each. I know we need to use pension input amount in calculating annual allowance for DB pension. If the PIP for 20/21 is ~ £15000, how much can I contribute towards my SIPP? Is it £40000 minus £15000?…
-
SIPP - Have I understood them correctly?
I am a member of the Local Government Pension Scheme, and I have been making regular AVC payments. I intended to add a further £30,000 in AVC before the end of the financial year. (I have sufficient taxable earnings and carried forward Annual Allowance). Silvertabby then gave very useful information that the AVC would…
-
Now pensions data breach
I recently received a letter from now pensions informing me that my details , namely my d.o.b ,NI number , name address and email had been “inadvertently “ sent to a third party. Am I panicking for no reason ? They have offered a full year subscription of Experian plus. They don’t have any bank details but can my National…
-
Transfer old Aviva pension into something new with less charges
I am looking to transfer my Aviva pension which I opened in
1989 and not deposited into for a long while (110k pot) to another provider,
two reasons being that I am being charged 0.88% per year and also worked out
over the past 3 years it has only grown just over 3%. There is no gar on the
pension and even though it has a…
-
To SIPP or not to SIPP? That is the question
Thinking of taking out short term a SIPP to stick some (£2880p.a.?)
savings in as interest rates are abysmal at the moment and liking the tax
relief angle. Some thoughts appreciated. Current circumstances: Just passed 63rd birthday. SP age is 66. At the age of 59 a long-lost pension caught up with me
(from 25yrs ago) that…
-
Voluntary national insurance.
I am in full time employment ( p.a.y.e. ) so pay national insurance. I have the 35 years of service ( and plenty more left to do) for a full state pension when I retire but I also own a flat that I rent out. I receive £3600 in rent which is under the £6000+ in which you have to pay N.I. on rental income but when doing my…
-
Mis-informed on pension
Back in 1992 I was informed that the employer that I left if they could find me when I retired I would get back what I paid. So was advised to reinvest it. Which I did. Pension wise informed last year that was wrong advice. Trying to claim compensation for this wrong advice but they are telling me that because it was…
-
DB employers Scheme
I've decided to take the pension option from my deferred DB employers scheme and I also have a small sum with the scheme in an AVC fund managed by a third party pension provider. With this AVC fund I have various options of course but the one I like is to swop the fund for additional pension from the fund which works out…
-
Does MPAA apply to all your DC pots?
Say you are over 55 and have three DC pension pots of £100,000 each. If you start flexibly drawing down from one of the pots, I understand that that will trigger MPAA, so that from then on you can pay in a maximum of £4,000 pa.But does that apply only to the pot from which you drew, or to all of them? I'm guessing the…
-
ASU policy for mortgage payments
Can an ASU policy be taken out solely to protect certain payments eg car loan, mortgage payments etc, so that the payments were paid direct?
-
Defered pensions
I have 2 deffered pensions both have put into play acturial cut back of 3% and 4% is it possible to transfer one pot into another or is it frozen until such time as its taken ?
-
Best Options when transferring my AVC
I am in the processing of accepting Voluntary Redundancy. As part of the process to save tax I will be looking to transfer my severance pay (less 30k) into my AVC. I was hoping not to use the AVCs as a pensionable income but as an investment which would hopefully increase . I am told I cannot do this. Can you suggest the…
-
CETV Calculations
I have received an updated CETV (£224k) for a deferred DB that I am likely to accept, and will be taking the relevant advice. I / we have other DB income streams that will provide enough for our retirement as well as a reasonable amount in additional SIPPS, investments and savings; and as this pension does not increase…
-
Check my retirement plan! Constructive feedback on any obvious gaps in my plan to stop working early
Hi All I've set up an account to ask this specific question. This is something I've been planning for the last couple of years and I'm hoping it comes to fruition this time next year, and would appreciate any constructive feedback on the financial aspect, particularly any obvious gaps in my thinking. I'm not seeking…
