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Who to pursue? IFA or Company
I was unfortunate to have invested in some Stirling Mortimer Property Funds back in 2008-2009 amounting to around 50k which had collapsed a few years back. These were advised to me by my IFA who I am still with to this day. A friend had checked for me on these funds and said I could should get compensation as they should…
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Whether to retire this year
63 later this year, have 2 x DB pensions that I could take early with actuarial deduction, and about £100k in a SIPP. Unless I take by DB pensions soon, I will be caught by the 40% tax threshold (as it stands) once the state pension kicks in. I had been planning to take one of the DB schemes now and deter the other, and…
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Final wage, additional pension payment advice please
I’m looking for some sage advice please on the scenario below. I retire at the end of July this year. I want to put a lump sum into my pension in my last wage out of an additional payment I receive. By this time to the end of July and for the purpose of this scenario, I will have earned £25,000 (gross pay for tax) and I…
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Dad and his new younger partner - pension, savings and retirement issues
Hello all! Seeking advice not for me, but for my dad. Dad is in his early 60s, with around three-four years left until state pension age. Due to a lifetime of patchy NI contributions and self-employed or casual work, he doesn’t qualify for even a minimum state pension. He has no savings, no property, and he gave up his…
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Does transferring a UK pension abroad, transfer the amount I've contributed and my employers?
Hi, a silly basic question where I am getting mixed answers from my research and I am now more confused. I am not a British citizen, originally from Australia however have been here 9 years. I am thinking of moving back. If I transfer my NHS pension to an Australian one, going through the process, will the amount of money…
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Take Tax free amount out of Pension to pay off mortgage
I am 56 and currently have a 1.34% fixed rate mortgage until May then the fixed term stops and I go back to real world rates. I am currently overpaying the Mortgage and current payments are £900 a month. By the time I get to the renewal next year there will be around 50K left. I am debating if it is wise to take the 50K as…
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Torygraph suggesting salary sacrifice to go
Suggestion seems to be any contributions over the legal minimum (5%+3%) will be subject to at a minimum employee and employer NI and possibly also income tax. No doubt the 30% odd notional employer contributions to public sector pensions will not be seen in the same light. We voted for this government.
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Will I need IFA for a Scot widows transfer?
Hi, I have two old SW pensions from 1988, a pension builder and a stakeholder. I will likely want to transfer both to a SIP once I reach 60 in 6 years time. Both will be over £30k and have some protected elements, they can be taken at 60 without and MVR and both have a guaranteed annual growth rate of 4%. This latter…
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DB Lump Sum or No Lump Sum
I am looking for people opinions on taking a DB lump sum or not. I have always been in the camp of not taking the lump sum from a DB pensions as the inflation linked benefits outweigh the benefit of taking tax free cash, until faced with making the decision myself. I neither need the cash lump sum for anything specific nor…
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Tax Code Changes
I have now been retired about 8 weeks. Just received my second drawdown payment. I receive two payments, £750 tax free and £2250 which is taxed. My tax code used to include some employment expenses (professional fees and a journal) but obviously I won’t be claiming those anymore. I note though that my current tax code is…
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HL 2880 to 3600
Hi i paid 2880 into sipp which has been increased to 3600 and i am now trying to withdraw it I have been unable to set up a Nominated Bank account on line I rang them and they said i had to decide how i want lump sum before they send me application to withdraw. crystalizes something I am so outta my depth , i have small…
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Tax Refund following partial Pension Drawn Down
After my initial tax free amount I have continued to ‘draw down’ relatively small amounts, every now and then, with basic rate income tax deducted at source, from a modest Pension Fund. I keep receiving messages via social media telling me to reclaim the tax I have paid (by registering with the author of the message, of…
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Has anyone heard of this company
Hi, I've had the following company recommended for giving advice and wanted to know if anyone knows anything about them. Pension Help Ltd Manchester (pensionhelp.co.uk) Thanks
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Money Purchase Annual Allowance
Dear all, would be grateful for any help. Background: 65 yo. In receipt of final salary pension from working at a university in the Midlands for around 25 yrs up to when left in 2015; began receiving this pension May 24 - approx £860 p m net. Also self employed from 2015 to date, although cut this right back in March 24…
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Help on moving SIPP away from Scottish Widows to a new provider of my choice
Hi everyone, newbie here! I need a bit of your expert advice on switching SIPP providers. I have a SIPP with Scottish Widows, currently around £60k. It was built up over 18 years via a company scheme, but payments stopped when I was made redundant last November. I'm looking to move the SIPP to a new provider. The main…
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How to claim Trust House Forte pension
This discussion was created from comments split from: Pension Help Please.
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I have 4 pensions - can I take the equivalent of the 25% tax free overall amount from 2 or 3 of them
I have four pensions, one of which is a DB scheme which I’m unable to transfer. Therefore, I would like to know if I could take all of two or three of my pensions (one being the DB scheme) as the 25% tax free of the total amount in the four pensions rather than 25% of each of them?
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L&G sent letters to change pension fund/scheme should I?
Currently in L&G pmv multi-asset fund 3 L&G (pension pot from my previous company). Received letter they will swap unless I opt out to L&G pmc lifetime advantage fund 2040-45. After some reviewing I understand the new fund would invest more aggressively until c. 10 years before my due retirement date may 2043 (though…
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Annihilation or Abundance ?
What odds are you putting on each of these in your retirement models? You are wrong by a factor of 10 at least.
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Back in "employment" - pension options
I've been self employed for years so have been paying into a SIPP that was originally a few old workplace pension pots. Soon I'll be returning to employment but I'm just confused by my options with pensions. While self employed I was grossing £70k and contributing £1k a month (£1.25k after tax relief). This was also…
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