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LGPS death in service grant
Please could anyone clarify what happens if there is no EOW in place at the time of death - specifically, do the regulations stipulate that the grant must be paid to the estate, or are they worded in such a way that the local authority still has some sort of discretion over the payment? I've looked at several websites for…
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Paying income tax on your private pensions
Im currently debating on starting to take my defined benefit pension. Its not massive amounts (about £1,700 per year). Im 64 years old. Im still working full time, so any income would be taxed. I will probably invest the Tax Free lump Sum (about £10k) in a passive global fund tracker. What Im trying to get my head round is…
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Salary sacrifice for £150k+
Hi, a person gets a salary of £150k plus 10% annual bonus. The company contributes 15% into pension and employee contributes nil. Assuming the employee can afford to take a reduction in net take home, is it worth to cap the salary at £99k and put rest into the pension pot through company's salary sacrifice scheme? I tried…
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DB pension transfer timing?
How long does it typically take from submitting documents to transfer taking place? I am about to do so and been told it could be up to 8 weeks. Seems like a long time and wondering if others have taken less in practice. This is a transfer from a major company to a very large well-known pension firm - not be to SIPP and…
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Which platform for separate crystallised and uncrystallised pots?
Currently mostly with II but it seems in drawdown you can't have separate crystallised and uncrystallised pots with different invest mixes, nor chose certain current holdings to crystallise. Any suggestions for platforms that provide this - or do people have a second provider (and set of fees) for their crystallised pots?
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GMP Equalisation
I am a retired pensioner receiving a state pension and also 2 company pensions built up in the 1990's with 2 different 'big' companies. This question relates to these 'commercial' pensions. I have recently received correspondence from the pension scheme of one of these companies regarding the conclusion of their GMP…
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Just traced an old RoyalMail SPS DB Pension
Would appreciate some advice. Following Martin's Money programme topic, I've just traced an old RoyalMail SPS DB. I'd forgotten that that I worked for the Post Office for close to 3 years from 1990-1993. I contacted the RoyalMail SPS Pensions helpline number who confirmed I was in the scheme and they are preparing the…
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Taking pension Drawdown
Hi, I have a Standard Life Pension, which was funded by "Contracting Out of SERPS in 1987" and need to convert it so I can start drawdown. They have pathway pension funds to switch to which allow drawdown. I don't want to actively manage my pension so is this a good option? I am age 61 and have been retired a year already,…
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small pot query - SIPP now uncrystallised if small pot taken
Hi, I am doing a small pot of £10K this year (and plan on one next tax year and final 3rd one the year after that). I transferred from Vanguard to HL in October last year in planning for this. My SIPP with HL is essentially static in that I no longer do monthly payments in (focus on employer DB AVC). Current value fairly…
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Using claimed LGPS pension to pay in to new SIPP
Hi all, I'm nearly 60 and about to start receiving an LGPS pension from a previous job I was made redundant from. I work somewhere else now and I'm paying into a separate LGPS pension there. As my income will increase once the payments start coming though, can I use more of my salary to start a SIPP? I know there are rules…
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What way to go?
My wife is 63 and currently working as a teacher and looking to retire next year when she’s 64. She has 2 pensions, 1 with TPS and the other with HBOS, and she has a multitude of options as to which way to jump with her pensions – TPS – Pension of £23683 and TFLS of £33,322 OR she has the option to buy an additional lump…
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Need a reliable IFA (for sourcing an annuity only)
As per the above, I'm looking to take out a lifetime annuity and struggling to locate a professional who can help me to understand the options and get a suitable "deal". I've used Unbiased, but initially they only suggested tied IFAs (tied to specific products, not completely independent). They then sent me a link to a…
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SIPP experts! I'm struggling between LGPS APC and Vanguard SIPP
Hi, I'm nearly 60 and I want to give my pension a final boot up the backside. However I'm not sure what route to take and I'm hoping you geniuses can help... I'm paying into an LGPS DB scheme which I'm planning to continue as well as maxing out my AVCs before retiring in five years. I will have around £1k a month left for…
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Pension credit under immigration control
I’m trying to help an elderly friend of mine get some extra income. she’s from Canada and been living in the UK since the 60s but doesn’t have British citizenship. she has state pension of about £100 a week. she applied for attendance allowance and received a letter back saying she wasn’t eligible for that due to being…
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The Planning Crowd / Simpler Law
I have had my will and POA with these people for 5 years. I received a call to say I was due a review; after the review (which was more like a sales pitch) I was told some changes would be needed to my will, The cost would be £3600 approx. and that is with a 20% discount: there was also a document storage fee of £18/…
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Get your State Pension: working/living outside the UK
I’m presently trying to claim my state pension, but having difficulties with 2 of the questions on the .gov.uk ‘Get your State Pension‘ form which asks about working/living outside the UK. I have lived and worked in the UK for the last 37 years and I have 44 years of full National Insurance Contributions. I did however…
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Pensions, Tax and debts....how to best make my money work
Hello all. Newbie here. I've trawled through the forum to find answers but none have hit the spot. So for context I have the following pensions to date:- Ukaea final salary DB from 1997 - £10k lump and £4.5k per year payable at 2032 Pension Bee (combo of old DC amounts) - £60k Current Ave Salary DB with the medical reserch…
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Tapered pension contribution
Hi, I’m trying to understand what is permissible as my husband has received a payrise (via a long term incentive award), where he will receive shares that vest over a 3 year period. We are obviously delighted & I’m trying to understand the impact on his pension contributions. His current arrangement means that his…
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Trustee Proposed S32 Buyout Policy (Aegon)
I’ve finally managed to get my brother to review his pension
position; 3 years before he’d like to retire, and we are in the process of assessing how he wants to take retirement income and potentially consolidate some / all of the numerous pensions. He has a policy (as above) and I just want to check my
thoughts regarding…
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Pension payment after death
Hi don’t shoot me down , this was a dinner party discussion and not an answer could be found amongst us . scenario ..70 year old male collecting a full uk state pension , does his spouse of 38 years who is 63 years old , get a % of his pension should he Die, before she reaches pension age ? She is fully contributing , to…
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Most recent: Delays for P55 tax refund from HMRC by leosayer
21 November at 11:44AM
