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Claiming deceased aunt's pension
My aunt died a few weeks ago. Her Will has left everything to my brother and I. Her nominated executors are sorting out all the paperwork now. They have written to her pension companies to be told that they cannot transfer per pensions. It sounds like she didn't nominate anyone to pass the pensions onto. As she has no…
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Pension tax relief - how does it work?
Although I won't be retiring I am taking my pension later this year. I already pay 40% tax on my salary over £42,385 so my entire pension will be taxed at 40%! I would like to pay my pension and some of my salary into a money purchase scheme. As I understand it if I pay £6,000 into the scheme I get £2,000 tax relief at…
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LTA/Drawdown/contributions
By entering drawdown am I right in saying that my annual pension contributions are limited to £10k only when I start to take benefit from the drawdown funds?
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State Pension and LTA
Just a quick one - is the State Pension included in the pension LTA? If so how is it calculated? I don't think it is included but want to be sure.
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Inheritance of state pension top up
The information on the new state pension top up scheme always has the following info: "a surviving spouse or civil partner will be entitled to at least 50% of the additional State Pension" Can anyone tell me what could cause the amount to be more than 50%?
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Reclaiming tax on pension contributions!
Apologies if there is already a thread but I couldn't find it. Does anyone have experience of reclaiming tax on pension contributions as a higher rate tax payer? I wasn't aware of the situation till reading these pages & there's a couple of years where this might have applied to me. To complicate it further, this will go…
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Late Farther's British Rail Pension
Good morning I am in need of some help. My farther worked for British rail and had a full pension with them. Sadly he died at 55 and his pension was never claimed. I have been informed that as I am his next of kin I am entitled to claim this private pension as a lump sum. The problem is I do not know if this it true or…
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Elderly parents living in poverty
Hello, I'm looking for some advice for my elderly parents. One is aged 80 and the other 83. Only one is still working, self employed but bringing in a very low income, approx £7k per year. Has always been self employed but neglected to pay various contributions earlier in life so now only the other has a state pension…
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Uncrystallised Lump Sum Withdrawals - Help Please
Hello all I'm about to start drawing cash from a SIPP. * The cash value of the SIPP is £37000. It is held as cash and will remain so. * I initially wish to take a tax-free lump sum of £5000 and a further £10000 which I would expect to be taxed at 20%. * My provider says I need to crystallise £20000 in order to get £5000…
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Not paid into pension for 8 years
Just found out my partner has not being paying into their work pension for 8 years. My partner is now moved jobs and is now a teacher. Is there anyway they can make up for these missing years by overpaying into the teachers pension.? I've heard the teachers pension is a good scheme but don't know much about it? I just am…
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Pension
How much is she entitled to if we separate? She say's 50% And would that include all my pension from the day I started it in 1978 or the 31/03/88 when we set out together? Or could we do a deal so that I keep all the pension, lump sum and severance pay in return for more from our estate?
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Increases in pre 1988 GMP
My wife is 60 shortly and the Pru are going to start paying the GMP element of her s32 policy. They say they will increase the Post 1988 GMP but not the Pre 1988 GMP. From other posts I thought that Pre 1988 GMP was increased via increases to State Pension. However she does not get her State Pension until age 66. Is the…
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Barrats Homes Pension
My wife worked for Barrats homes for 8 years 18 years ago. Past 12 months she has been getting letters about her pension. I have not seen the letters but my wife is not bothered, but I have told her it her money. Does she need to get in touch with Barrats to get her money out?.
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Transferable tax allowances for married couple
I am just making sure that I have this right. It was quite an easy job using the Revenue & Customs tool to transfer my wife's allowance of £1,050 from her to me. To qualify, I contrive to make maximum share option contributions (£1,800) and pension contributions bringing my total earnings below £42,385. This save 40% tax…
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Pension Transfer?
My husband and myself are about to open new SIPP each. He has several old pensions three of which we have decided we would like to transfer. My question is...would it be possible for him to transfer one of these pensions into my SIPP. Thanks in advance.
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top up existing pension fund or start new one? Which is best?
Hi all, I am getting worried about being poor when retirement age comes in 20+ years and really want to put some more money into a pension fund than what I currently pay through my employer (currently 8% of my salary). Is it wise to simply top up the existing fund that my company pays into, or should I rather get another…
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pensions help
Hi just looking into the future is it possible to invest some of my lump sum back into making my yearly pension bigger in a db scheme pay out in about two years many thanks
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pension
i presently work for royal mail and pay into pension scheme ,i pay 6% and they pay 9% into my pension.If i were to leave can they take monies they have paid in ?I have only worked for them since2011 and i am 58 years,so if i left could i take all of my pension with them including their payments as a lump sum?
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Pension muddle Please help
Hi can someone help me. I've been unemployed for over a year and in November was delighted when the chancellor made changes to the pension age. I contacted my pension provider in December to ask if I could take my pension at age 55 in June this year. After completing the forms I got a letter back stating that I could…
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IFA wants £1250 to review my pension plans
I got a call from a company that has succeeded a previous finance company that sold me a pension more than two decades ago. Since that pension scheme, I have three others that are not being paid into any more, plus my current company one, making five in total. None of them are worth millions, unfortunately. So, what this…