We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Standard Life STANPLAN A
toadysmum
Posts: 7 Forumite
I took out a STANPLAN A Executive Pension Plan (EPP) in 2003 when I was 36 and I first set up my one-man limited company.
The company has been paying monthly contributions since that time. I have paid myself a low salary and dividends (as is common in my line of work). I will shortly be starting a permanent job with another company and in preparation for that I was examining my STANPLAN A pension. I see that my "maximum" annual pension will be based on my "earnings" and length of service. As I have been paying myself a very small salary and will have only 7 years service, will this mean I will be limited in the amount of pension I can take out of the scheme at retirement, even if I have sufficicient funding for a larger amount? If this is the case, is there anything I can do to remedy the situation? I don't know if I will work for for my own company again - I may, or I may not.
Do the A-Day changes affect this issue?
Thank you.
The company has been paying monthly contributions since that time. I have paid myself a low salary and dividends (as is common in my line of work). I will shortly be starting a permanent job with another company and in preparation for that I was examining my STANPLAN A pension. I see that my "maximum" annual pension will be based on my "earnings" and length of service. As I have been paying myself a very small salary and will have only 7 years service, will this mean I will be limited in the amount of pension I can take out of the scheme at retirement, even if I have sufficicient funding for a larger amount? If this is the case, is there anything I can do to remedy the situation? I don't know if I will work for for my own company again - I may, or I may not.
Do the A-Day changes affect this issue?
Thank you.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.6K Work, Benefits & Business
- 602.9K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards