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Transfer out or leave in, thoughts please
I have a pension pot with an employer that I left 20 years ago. The value of my pot has reduced drastically in the past 5 years from almost £400k to £200k. As it stands if I draw the pension now I would get £45k tax free lump sum and £6k pa. I have taken some financial advice and for £150k I can get an enhanced annuity…
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I'm embarrassed that I can't work this out - any help gratefully received.
Me again. I'm so ashamed at my lack of mathematical skill and my lack of understanding. This is just mortifying. But I am still struggling with pensions. My husband earns £84,500 a year. We want to maximise the 40% tax relief he would get on his pension by paying the 'extra' allowance into a SIPP each year. He has a…
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HSBC Global Strategy Vs Vanguard LifeStrategy
Hi all, Looking at going DIY so just starting to look at mixed asset funds, I want to dump the cash into a small number of funds that have a decent mix of sectors and countries. So far I've come across the Vanguard LifeStrategy and HSBC Global Strategy funds, I'll be checking them out on trustnet but just wondering what…
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Bold leap into retirement
Morning all, I hope you have managed to find some time for yourself in what can be a busy period. We have enjoyed spending time with family over the last 3 days, it’s a quiet one today, then off to visit more family tomorrow. I’m not planning anything wild for NYE, but have been really starting to think about what I want…
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Civil Service pension scheme - Alpha Vs Partnership
Hello, I will shortly be needing to choose between the Alpha or Partnership scheme when I start employment with the Civil Service. I know next to nothing about pensions. A bit of background, I'm 54 and until recently I was an expat having spent most of my working life overseas. No pension provision here in the U.K. at all,…
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Trying to understand pension changes and feeling out of my depth
Hello all. I've just been notified by my company pension provider, L&G, that they are going to change the fund my pension is in.It's currently in L&G PMC Multi-Asset 3, and they have notified me that they plan to change it to the L&G PMC 2030 - 2035 Target Date 3. They have not explained why, other than a very generic 'we…
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Trying to calculate equal retirement contributions?
Before OH went working for the NHS we contributed to our retirement plans equally. We earned roughly the same each month. I actually earned a few £100 more in the pocket by the end of the month due to doing a hell of a lot more hours but it was roughly the same & so we put in the same - SIPP L-ISA Workplace pension - both…
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Voluntary 3 NI contributions from abroad and European pension aggregation
Hey all I'm sure I've probably totally misunderstood how aggregation works but if anyone in the know could advise on my hypothetical future situation I'd really appreciate it! I am projected to have full 35 UK years through paying voluntary NI contributions from abroad , but 8 or 9 of these will be non-overlapping years at…
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Civil service pension sharing order
Hi all. I am an ex civil servant, subject to a Pension Sharing Order in favour of my ex wife. My scheme is 'Classic' and it was in 2005. I have just reached 60. My ex wife is 55. Will she receive the allocated pension credit now, same as me, or will she have to wait until she is 60 also? The civil service won't give me any…
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LGPS AVC Annuity
Hi, If I want to buy an Annuity with my AVC pot. Do I have to notify Pru? Or would it be done by the new provider? How does it work? Is it a long winded process? thanks
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Pension recycling rules
I received the following tfls this tax year From dc 35k From DB 6.5k and 15K I stopped working and stopped contributing to any pension 5years ago If i open a sipp and contribute 2.88k/pa will i fall foul of recycling rules? Thank you
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Prudential AVC fund options
I’ve been building a Prudential AVC plan alongside
my LGPS, with the intention to take the maximum TFLS when I commence drawing
the LGPS and use the rest to buy additional LGPS pension. The fund value is currently £156k and I’m
continuing to add £2k a month to it. It’s
currently invested as follows: £93k
in global…
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Anyone know if these pension providers support in specie transfers?
My wife is consolidating a few workplace pensions into a SIPP with II, and has gone through the lengthy process of getting through to the existing providers by phone to request discharge forms. Now II have asked her to confirm whether each of the providers supports in specie transfers of the funds held (which was the type…
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NHS pension query - effect of reducing houra
Hi, Asking on behalf of a friend. She has worked full time as a nurse in the NHS since 1986 and is a member if the NHS Pension Scheme. She is considering reducing her working hours and is interested in how such a move would edict her pension? Are the 1995/2008 Scheme and the 2015 Scheme considered as separate schemes?…
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FA advice
Hi all...Newbie here so please be kind.. I have recently retired and I am looking to start taking my DC pension. My partner retired last year. My partner is in receipt of a DB pension of just over £16k pa and received a lump sum of £50000 which he has got in ISA's. Lump sum was part of the pension (civil service). Our…
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Top up pension or play safe with fixed rate bond
Hi I am one year away from being able to collect my state
pension. I have a pension pot only worth
approx £14,000 with nest and a mediocre job where my employers contributions
are only 3% the bare minimum. Employer wont match or increase his contributions so no benefit there ! I have around £30,000 that I was going to put…
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Higher rate state pension payment
As a retained firefighter prior to being allowed to join a pension scheme, I paid in extra National insurance contributions on top of my normal employment contributions. I was told that this would give me a higher rate state pension when I retired. I did not pay into a separate pension scheme with the fire brigade. This…
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Auto-enrolment Pension League Table
Auto-enrolment Pension League Table Does this exist? I have recently been asked by a newly appointed manager (helping to setup a new business) to research which is the best auto-enrolment pension to choose for her employees to be (she is also an employee and not an owner). While I understand that is a complex question with…
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Forgotten Works Pension
I moved house and a had little works pension from 2006 possible till 2007 I had forgotten about it and the Pension Provider wrote to my old address but letters got returned I have found the pension details now albeit 17 years later. I contacted them and they told me my pension was closed. Am I still entitled to my money I…
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Transferring pension to SIPP and rapid drawdown for tax purposes.
My wife (retired and non earner - aged 58) has an old DC pension (Barclays afterwork) valued at £70k. They've just sent the options for her NRD aged 60. Annuity, transfer out or take the whole lot as cash. We are living comfortably on my DB and DC pensions, we also have significant savings in S&S ISA's. The idea is to…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
704 discussions
6.2K comments
Most recent: Retrospective Class 2 contributions by MarkwithaK
11 September at 5:52PM
