Pensions

ping182

Hi All

I have been employed for 12 years with a council pension and im now 41. I'm thinking of going self employed and need some advice regarding what to do with the current pensio and whats the best way to carry on with a decent pension if i leave.

Thanks

fiesta04

You should repost this in PENSIONS for answers.

F4

dunstonh

The pension forum is probably a better place. Maybe a mod will move the post over.

need some advice regarding what to do with the current pensio

99% of the time it is best to leave defined benefit schemes where they are.

whats the best way to carry on with a decent pension if i leave.

self employed get lower state pensions than employed as they only build up qualification for the basic state pension. Not the additional state pensions. so, it is important that self employed plan more for retirement to compensate for that lower amount. There is no one best pension. There are different options to suit different types of people, different types of investor and different types of distribution (DIY, IFA, sales forces, direct etc). Of the distribution channels available it normally boils down to either use an IFA or DIY (not FA or going direct which are usually more expensive options or have lower quality products).

macenza

Hi Folks,

Left the RAF last year and moved to Italy to settle. At age 46, when i left i took the minimun lump sum which was £27,000 and the maximum monthly pension which is £10,916 pa. On conversion to euro i roughly receive 1,050.00 (euro) per month through City Bank who do the international transfers (and they only charge about £2 for doing so).

Can someone tell me how much the pension will rise on reaching 55 and the difference it will make for me each month.

Secondly, the Italians demand next May that i complete a tax return and pay them 3% tax as their rate is currently 23%. Can the tax man help me here?

Finally i have been bombarded by pension companies who are trying to entice me to move my pension from the MOD to them, claiming that i can get more per month etc.

I'm currently not working however, my partner is and between the two of us we are getting there. I am currently undergoing languague courses to enable me to work in the future, however it took me over one year to get on a free course after telling them that the EU pay for it, not them..thanks in advance for any advice as this is playing on my mind a lot and i dont want to jump into anything that i might regret.

xylophone

:eek:

Finally i have been bombarded by pension companies who are trying to entice me to move my pension from the MOD to them, claiming that i can get more per month etc.

:eek:

Better than your index linked guaranteed pension?
http://www.italymag.co.uk/community/post/income-tax-uk-pensions
The above, particularly post 4 might be worth a look.
http://www.hmrc.gov.uk/cnr/faqs_general.htm#8nr

dunstonh

Finally i have been bombarded by pension companies who are trying to entice me to move my pension from the MOD to them, claiming that i can get more per month etc.

In the UK, they would be considered scams. Overseas companies (usually unregulated) chasing ex-pats are very common and many are scams. It is notoriously bad.