Are pensions capital?

r_i_c

xylophone wrote: »

How did you choose the SIPP investments? And the investments in your own Vantage account?

I gather that you had the SIPP/Vantage before either of your parents died?

Or did you consult an IFA?

The SIPP was my father's idea, he also set up ISAs for mum

It would be open to you to consult an IFA - I seem to remember from a previous post that you had located one that might be suitable?

I have book-marked a local IFA, yes.

You have a modest TPS pension and lumps sum to come in early 2016 and a state pension around five years after that.

You have a mortgage free property which was the family home.

You might choose to work part time in due course.

As (I gather), you are single, you might decide to downsize and release capital.

A discussion with an IFA might prove fruitful?

Thank you. I currently have no plans for the future which would involve realising funds in terms of property. I'm about 10 minutes drive from a large town and 30 minutes from a regional city (with a hospital / A&E). I need to see if I can balance my outgoings with income from investments plus TPS, or whether that formula will have to wait until the state pension becomes accessible for me. I can't rough any of this out until I have some basic figures to work with, so my next month's bank statement should tell me what is happening from HL income. Will that start at once or will it come in slowly - I did wonder if there would be a time period before any income was generated?

I don't want to access the SIPP before 67 (state pension age) because I don't want it to fritter away before it does so. I've put out feelers for part-time work but nothing has come of that at the moment, possibly I'd also benefit from some advice there.

r_i_c

atush wrote: »

I would imagine your father chose it, as growth is also important for a retirement portfolio so that part was to supply long term growth as a hedge against inflation. While the other 3 funds provided income.

If you want to keep doing this, instead of choosing another income fund, then do so but maybe look for one with lower charges?

Thanks, I need to look at this when I better understand the charges involved.

Dont find the terms HL gave you about monthly income as ominous. Generally speaking, many funds pay out quarterly or even semi annually. So some months there may not be a payment into your fund- unless you carefully choose funds with payment dates in mind to make sure you get one every month.

September's bank statement will hopefully shed some light - possibly both the HL Fund and ISA would be potentially generating income by then?

The 123 account is an unknown quantity - I am to set it up next week - can transfer funds from my main current bank account to the 123, then several household DDs to provide interest?

xylophone

You should be able to find information about dividend payment dates on HL or you could try Trustnet.

For example, I hold Invesco Perpetual Distribution Z Gross Inc which pays monthly.

I go to Trustnet, find the fund, click on classic factsheet, find IPDZ Inc and click on dividends.

http://www.trustnet.com/Factsheets/tnuk/FactSheet.aspx?fundCode=GTF91&univ=U&typeCode=FGUVZ&pagetype=dividends

Remember that to receive the income you must have owned the fund at the ex dividend date.

HL pay out income received within ten days of the end of each month.

With regard to the 123 account, see http://www.santander123.co.uk/?cid=ppc-ca-goo-br-santander%20123&gclid=CPrlwLSaq8cCFcTJtAodT90Ong

With regard to outgoings, presumably you will be entitled to JSA (C) as you previously described and you will have contacted your LA concerning single person discount for Council Tax?

Inherited capital will cover outgoings for the moment and then you consider your position regarding income over the next few months?

xylophone

I've put out feelers for part-time work but nothing has come of that at the moment, possibly I'd also benefit from some advice there.

The Jobcentre should assist?

As you have experience caring for an elderly person, had you considered working as a carer?

r_i_c

xylophone wrote: »

The Jobcentre should assist?

As you have experience caring for an elderly person, had you considered working as a carer?

Wouldn't go straight back into caring after the trauma I have just been through - which is very much part of the present. However, I can offer art therapy for sufferers of dementia - I did contact a regional group offering such a service but received no feedback, am going to chase this up however. The Job Centre think I should look for supply teaching work but the first question an agency will ask is 'when were you last in a classroom'?

But before I start exploring gainful employment opportunities again I'd like to settle the balance of the estate as it is now, then move on from there - ought to know what's what when the first HL figures come in? Then next week I open the 123.

r_i_c

xylophone wrote: »

You should be able to find information about dividend payment dates on HL or you could try Trustnet.

For example, I hold Invesco Perpetual Distribution Z Gross Inc which pays monthly.

I go to Trustnet, find the fund, click on classic factsheet, find IPDZ Inc and click on dividends.

http://www.trustnet.com/Factsheets/tnuk/FactSheet.aspx?fundCode=GTF91&univ=U&typeCode=FGUVZ&pagetype=dividends

Remember that to receive the income you must have owned the fund at the ex dividend date.

HL pay out income received within ten days of the end of each month.

Thanks, that makes sense - explains why HL make payments on the 12th day of the month.

What's the difference between being paid dividends and receiving 'income' from holdings please - or is it all the same thing?

r_i_c

xylophone wrote: »

With regard to outgoings, presumably you will be entitled to JSA (C) as you previously described and you will have contacted your LA concerning single person discount for Council Tax?

Inherited capital will cover outgoings for the moment and then you consider your position regarding income over the next few months?

Thanks and yes, I have now notified both the DWP and LA of my change of circumstances:- ie. capital exceeds the DWP limit. LA already know I am a single occupier.

That's what I figure, I need to sit tight for a while till everything has stabilised, then go on from there. It's like when dad died, mum and I spent ages going over incoming statements to see how we were doing. We just about got in right & then mum went down with her appendix - so unfair, we worked so hard to sort everything through. Now it is suddenly my turn. Promised mum I'd cope.

xylophone

What's the difference between being paid dividends and receiving 'income' from holdings please - or is it all the same thing?

Your funds might pay interest or they might pay dividends - either way its income.

xylophone

The Job Centre think I should look for supply teaching work but the first question an agency will ask is 'when were you last in a classroom'?

I saw this http://www.careerteachers.co.uk/mainstream-training-courses

You might be able to access a "Return to Teaching" course?

r_i_c

xylophone wrote: »

Your funds might pay interest or they might pay dividends - either way its income.

Okay, fingers crossed for the 12th of the month - whatever comes in will be more than welcome :]