-
Drawing Down a small pension pot
I have one pension pot (final salary scheme ) and my employer has offered the chance to also join a Defined Contributions scheme. My question is that the pot of money I am likely to build up would be small probably £5k-ish. So can I draw it down to (eventually) nil? I know I could drawdown 25% tax free & an annual amount…
-
Salary Exchange
My employer is closing its final salary pension scheme and setting up pension arrangements via an external provider. It states that contributions paid into the closing scheme up to the date of closure and the benefits earned will be unaffected by the closure. They are giving staff the option of making their pension…
-
Pension comparison site.
Once the dust's settled on all the new charges [and new hidden traps] when will we see the first independent online pension fund comparison website?
-
What's the number ?
Hi I have a final salary indexed linked pension and I will retire sometime in the next couple of years. I am 53.I am planning to defer the pension for approximately 3 years. As a result of deferring the pension I think it will increase my annual pension by about £2.2k / year. So something I've been thinking about is should…
-
Would you take this hit? Opinions please?
I have a deferred final salary pension with retirement age of 60. I'm now 57. I'm in another role with retirement at 65. I'd like to go part time so thought about taking my deferred pension to to this. I will lose about 8%in reduced benefits which equates to a reduction of about £650 per year in pension and £1600 reduced…
-
can someone point me in the right direction...
Background: late 30s, married/3 kids, basic income £55k but additional £10k overtime/on-call payments. DC scheme at work, 4% matched 8%. Roughly £100k dormant in a DC scheme from a previous job. Wife is same age, a senior university academic on university DB scheme, likely to make professor in the next few years. At the…
-
Use pension to pay morgage?
Can i ask for advise from fellow members? Current age 63 and a half Current morgage - £28000.00 Runs till July 2017 £820.00 per month. ( Capital repayment type ) Here is the thing,i will be 67 when this is payed off (who would buy a house late in life? ) Can i cash in my private pension with the Pru ( with profits pension…
-
Trivial pension in stranded pots
Hi all, As I've managed to sort out my pensions quite well my friend has asked me for advice regarding her pensions. If some of you knowledgeable guys n gals would cast your eye over the situation it would be much appreciated. She will be 55 next birthday and has 3 pensions, two deferred ones with approx £1100 in each and…
-
Retired early (no choice) - NI liability?
Hope you folks can help. I was just made redundant at 59 you and had to start taking my pension (Council employee) which is quite small (£18k pa) as I wasn't in the scheme long and have had to start it several years early. I know I will be liable for income tax on it but thought I wouldn't be liable for NI on it but…
-
Company Pension - Made redundant - What to do?
Hi, I have made redundant (last month). The pension is a money purchase scheme and is currently worth £9.5k. The company have sent me letter asking whether to remain in the fund or transfer to another pension arrangement. If I remain in the fund will I still have pay into this, like as if I was still working? Or should I…
-
Retiring and investing advice please
I am very grateful for advice received on here previously. Hope you dont mind me asking related questions. I hope to retire at 61 in 2017. I will have a LGPS of 15k, and cash savings of approx 150k, in cash ISA, AVC, NS&I bond, regular savings accounts etc. I will just meet the 85 year rule so no actuarial reduction. SPA…
-
Should I wait to open a SIPP?
Hi all, I have several pensions over the years. Current active one I am contributing towards is my work pension with Scottish Widows stakeholder. I have a couple of older pensions in Standard Life stakeholder. However, I have a concern with a Clerical Medical Group Personal Pension plan which I want to move. As I already…
-
Housewife national insurance + pension query
Hi Guys I was trying to find out some info for my parents so was hoping someone knowledgeable will have the answer as I have no idea! To give a bit of background, my dad worked full time (PAYE) without any gaps from 1969 to roughly 2008 I believe, in any case its a minimum of 30 years so paid full national insurance, mum…
-
Drawing from my Pension
Hi All, I have got a UK private pension and a life insurance with Zurich which i still pay a nominal amount into. If I decide to take out some money out of these funds, am I exempt from tax. I thought these two funds benefited from some sort of tax rebate - is that the case? Also, can i withdraw a one-time lump sum which…
-
Pension advice please
I currently have a personal pension which I started when I was about 19, I am now 45. Due to health reasons the chances are I may well not survive to retirement age. My question is what's the best thing to do? Is it possible to transfer my pension to my wife for instance? I believe that should I not survive my pension…
-
Making a Will
I thinking of making a Will, i have seen some of these make a Will online websites that charge £35 has anyone used one?
-
Is it the right time to take a pension?
My husband is 60 and would like to retire at 62. Would it be a bad idea to take his lump sum from his pension and pay off our remaining mortgage? Are the way pensions are paid in the future going to change? We are really confused!
-
Should we take our Pension now?
Hi, My Husband is 60 in about 2 months time. He expects to be working full time until he reaches at least 65. He has received all of the paperwork for his private pension funds . We really don't know if we should leave the pensions in the pot or take the lump sums and yearly pensions he's entitled to now. If we take them…
-
Where to find 'Current Scheme Details' on HMRC?
I've received a letter from my previous employer saying that, as I had less than 2 years pensionable service with them, I have to choose between receiving a refund of my contributions (less tax) or transferring the benefits to another registered pension plan. Obviously the latter is what I'm going to do, rather than lose…
-
35,000 vs 240,000
Think I read somewhere earlier in the week that the average pension pot upon retirement is 35k, but that to get a yearly income of 16k you need 240k to buy an annuity with That seems a bit of a missmatch. How are people supposed to save 240 when they can't afford to buy a house or rent?