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Are Phoenix trying to pull a fast one ?
My wife has a small Section 226 Self Employed Retirement Plan (fund
value approx. £20k) with Phoenix (ex NPI). This policy has a
Guaranteed Minimum Pension. She has attempted to take the GMP
(annuity) but Phoenix have absolutely insisted (claiming that it is
legal requirement) that she gets an alternative annuity…
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Difference in pension payment
I am 75 years old and took my pension at 65 having worked since I was 16 and having paid all contributions required. . However I have noticed that people who retired after me have a higher rate of pension. I receive £607.33 per month whereas others receive £718.40, which is quite a difference, and I wonder why this is. I…
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simple pension review
Hi, I'm quickly approaching 55 and am
starting to look at retiring in next 2 years, was initially thinking of working
to 60, but I don’t think I will get there or want to keep working past 57. So the wife wants me to get some
advice, in the last few years I have been transferring 6 old DC pensions into
my SIPP in…
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The Practicalities of Crystalisation - What to do with the TFLS if you need it for income
Hi, This is probably a silly question but here goes... In the case where you will need the TFLS from your pension to provide income in due course, what do you do with the TFLS in the mean time? One option depending on provider would be to draw the TFLS (either together with, or separate to, taxable withdrawals) ,…
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Pension Plan and Moving IFA
Hello All, I have used an IFA for many years who looks after my personal pension and whom I've been happy with. They have provided 'active' management of the pension which is currently worth about £450k (and I have other pensions). The existing adviser is now retiring and has sold his business. The new outfit is one of…
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Pension Mortgage & retirement date
I have a pension mortgage - its fine, plenty in it to pay off mortgage, but two questions: 1) When I use this fund to pay off the remaining mortgage is it classed as an income withdrawal, and will I be taxed on it (ie: in effect having to pay 25% extra to pay off outstanding mortgage amount) 2) Due to pension age changes,…
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Annual increase and CPI
I like many others have been given a 0.5% increase to my pension and when asked, why so low, I was told it was in line with CPI. I have noticed a massive increase in costs for basic living mostly around circa 5-9% in real terms. so, could you please explain why CPI is calculated on such a low basis and is not tracking…
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LISA v Additional pension contributions
I have a pension with my current employer and I make regular contributions (as does my employer), which benefits from salary sacrifice. I have some disposable income free at the end of the month and I want to invest it in either my pension (additional contributions - I believe this is allowed though I am not sure) or a…
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One Partner Dies and the other is not Financially Interested
Let’s say one partner in a couple
looks after a SIPP which has £30k in flexible drowdown around £2k per year
income taken, the vast majority of their retirement income comes from state
pension and final salary pensions. Therefore, automatic payments. They do not
live locally and I will not get that involved in their…
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NHS Pension and Overseas Employees (Tier 2 Visa etc)
Hi, I have been doing some research into overseas employees, bought into work for the NHS, and their eligibility to claim on the NHS Pension. I have tried searching through all the NHS documentation, but I haven't found an answer that clearly explains this. So: 1) Are Overseas NHS Employees eligible for the NHS Pension…
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NI Cut off date
I reached retirement age halfway through the month, but NI was deducted for entire month, just wanted to check if that is correct. Thank you.
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Drawdown - how long does it take?
I'm in the process of starting SIPP drawdown through Interactive Investor. It's taking a while. I triggered the process on March 20th or so when I completed the "taking benefits" form and have since completed a a questionnaire which they tell me has been sent to II's "SIPP Administrators." It's now well over a month. Is…
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Can I reclaim German Pension Contributions?
I worked full time in Germany on a German contract between 2008 to 2013 and paid all the relevant German taxes, including pension. Since I don't foresee myself returning to live or work in Germany anymore, can I reclaim those contributions? If so, how does one go about doing it?
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Moved: Is there a 'good' way to release home equity
This discussion has been moved.
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What to do with this money?
Hi, looking for some advice on what to do with a recent inheritance. Oh has inherited a sum of money from his parents estate, £135k and we are not sure on the best way to manage this amount of cash. OH is 57 I am 50. we owe 52k on our mortgage with 6 years left to run on a fixed rate of 2.94% which costs us £855 per month.…
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Am I being over-charged by an IFA?
Hi there I want to consolidate 3 work pensions. I've spoken to two different IFAs who charge very differently - one will charge £500 up front before they find the best pension to move into. the other one charges 3.5% of my pension pot. he's found me a very high-performing (even during the last year) ethical fund whichc he…
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Tax implications of working and also taking my pension
Currently earn 53k per year. Put 45.5% into my workplace pension so pay very little tax. I have an DB pension of £14k from my previous employer. What tax rate are they likely to apply. If higher rate, do I claim this back at the end of each tax year?
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Lifetime Allowance - the sole breadwinner problem
I'd just like to check my understanding of the current situation regarding the LTA for pensions. As the sole breadwinner in our household, my pension pot will need to provide for both my wife and I in retirement, but is subject to the (now frozen) £1.073M LTA, which seems very low for a couple, especially wishing to retire…
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Should I avoid Nests high fees and put my lump sum into a SIPP?
I have some savings that I want to transfer to a pension. I currently have a Nest work pension that is employer contributed which I’m sticking with but the fees are high being 1.8% contribution fee and 0.3% annual fee. Because of the high fees I was wondering if I’d be better off putting my savings into a SIPP with lower…
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Low earners retirement plan
Just wanted to run my own retirement plan through for any advice please (I had added this within another thread, but it was suggested that I post it here) Looking to retire early and am 60 in a few months. Current situation Age 59 (widowed) Working... office work. home based Mortgage free for 10 years (3bed £350k) 2 grown…
