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DB pension transferred, now they want some money back
I've seen similar posts but nothing exact, so apologies up front if I've missed anything. I transferred my DB pension to DC 3 years ago, no problems with that. A few weeks ago my employer wrote to me and said there had been a mistake and they were after 20% of the money back. I know there is a statute of limitations of 6…
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DRAWDOWN PENSION GROWTH ESTIMATE
I know that this is a little like the how long is a piece of string question, but... If one takes early retirement at 60 and places his DC pension/pensions (£200k) into drawdown. Still wishes to add £2880 per annum (plus the tax relief) until 75 etc Takes an annual withdrawal circa £10k with 25% being tax free Without any…
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Hybrid pension
Hi, I'm paying into USS pension which has a DC and DB section. It seems better not to touch the DB part until 65 (currently) to get the full benefits. However I'm told you can access the DC part seperately beforehand so was thinking I could use that to brigde the gap to DB pension and retire early? Presumably there some…
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Salary Sacrifice Pension and AVCs - reduce my pay to minimum wage?
Thanks to some excellent advice I read at the weekend on this forum I have come up with a possible way of deaing with a large windfall, which is coming soon of approx £250K. I'll put 20K of it into my existing Vanguard S&S ISA. Then put 50K into Premium Bonds (emergency fund/thinking time). I was thinking of putting some…
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52 and need some pension advice please .
Guys , at 52 i find myself now redundemt from my position after 17 years at the same company . I left under a compromise out agreement so I have a large cash sum coming that will effectivley clear my home mortagage in it's entirlety . I want to work until I can claim my state pension at 67 so now not having a job I don't…
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Contributing to DB pension and a sipp
Ive retired from a role where I had an LGPS pension and am awaiting details on what my pension offer will be. That is delayed because of the pandemic, high level of retiral at the end of the year etc. Ive also started a part- time bank role with the NHS where I expect to be auto-enrolled into their pension scheme. It…
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30 years contributions from nowhere!!!
Until the last two years my sister has never had a full time job. She has always had minimum wage part time jobs, 16 hrs a week or less. She was for the most part a stay at home mum. Now that her children have grown up she trained as a physio and works for the NHS. She's only been full time for approximately 2 years. So I…
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Tax
I have already taken 25% tax free of my pension at 55 the rest is in flexi drawdown account my question is if iam unemployed and not claiming benefits for a full tax year can I drawdown the remainder tax free?
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My plans......
I'd be grateful if one of the experts on here could cast their eyes over my plans and let me know if I'm missing anything - thankfully I think I'm in a fortunate position. I'm 50 and my wife 53 - I'm planning to call it a day at 60 ish. We both have full state pensions and in addition I have a closed final salary scheme…
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Can I claim civil service pension working elsewhere
Asking for my husband. He has a deferred civil service pension. He is approaching his NRA which is 60. They sent him a letter inviting him to claim his pension. Question is can he claim this pension whilst working full time for an university (LGPS scheme retirement age is 67) thank you
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TFLS and recycling query
Hello. Having retired last year I have decided to access my pensions this financial year. DB pension £35000 tfls and £435a month. DC pension £20000 tfls and £567 a month. My monthly amounts keep me below my AA. I have consequently paid £2880 from savings into a SIPP. Have I contravened recycling rules. Standard life, my DC…
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Lost fixed protection?
I have lifetime allowance fixed protection and was recently auto-enrolled into a new pension scheme. I sent my employer a copy of my protection certificate but didn't realise that I was also supposed to opt out via the pension provider's website. Apparently I have missed their opt-out window by about a week and am now…
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Views on these fund choices please
I have an L&G workplace pension 100% default fund "L&G PMC MultiAsset Fund 3" which has performed OK over recent years in common with most investments over recent years but is only 40% equities whereas I want to be closer to 60% equities. As I'm not an experienced investor ideally I would have just picked a diversified…
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Start private pension or make AVCs to work place pension?
Hi, bit of a novice to pensions here. I am 39, have an ok not great work place pension, a secure job but not a huge income. The last few years I have been slogging away at getting a deposit for a house together and simply didn't have the extra cash to throw at a pension. I am getting the keys to my new house tomorrow(!)…
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Drawdown Questions
Have a couple of questions concerning drawdown 1.When can I move my pension fund into drawdown, I am 48 at the moment can I move it now and obviously wait till 55 to actually drawdown if I feel the fund is potentially going to go down ?2.When it moves to drawdown is it still invested in a pension fund of your choice, if…
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Form P55
I've taken a UFPLS lump sum and I'm trying to claim the tax back using form P55. I intend to take another lump sum later in the year. The criteria for doing this online states: Claim a tax refund when you've flexibly accessed part of your pension Use this form to claim an Income Tax refund on a flexibly accessed pension…
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LGPS - WHEN DOES PAYMENT START, SHOULD TAX HAVE ALL BEEN DEDUCTED ALTERNATIVE TO AVC NOT POSSIBLE
Hi All Hopefully you can help me with a number of questions My wife has just been made redundant on the ground of efficiency of the service. Instead of being required to work her notice she has been paid PILON My questions are * She has received her redundancy pay but she has been taxed on all of it and no allowance has…
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Stakeholder scheme fees
I have just joined an organisation, replacing someone as the only (currently) employee. There is an Aviva pension scheme in place. Upsides: a wide choice of funds and low cost to the employer (£32 per month). Downside: 0.6% charges on my pension plan. I moved my SIPP from HL to get away from 0.45% charges, so 0.6% sticks…
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Safe to disregard bonds?
My DB will make up almost 70% of what I intend to take as pension p.a. I'd had it in my head that I would invest the TFLS (ISA / trade account) and my DC in VLS60 or one of the other equivalent clones. I'm now thinking that I won't really need the bonds at all in there due to having the DB. If I kept say 18months worth of…
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Salary sacrifice & pension contributions after taking small DB pension
I have been planning my early retirement based on the minimum pensions that I have and maximising contributions into them during the coming months up to a year before early retirement However, I think I may now have a problem in my plan, which I had overlooked. Salary just above £30k With salary sacrifice of 45% into…
