Investment fees?

xylophone

According to the DWP £733.20 per year would increase my SP by £4.32 a week,

This is under the current scheme in which you already have 30 qualifying years.

The figure for voluntary contributions in the new system has not yet been set.

http://www.thisismoney.co.uk/money/experts/article-3135965/Can-buy-extra-years-National-Insurance-new-flat-rate-state-pension.html

"Buying an extra year currently costs £733.20, this is likely to change.


An explanation on the Government's Gov.uk website explains: 'You may be able to get more State Pension by adding more qualifying years on your National Insurance record after 5 April 2016 (until you reach the full new State Pension amount or reach State Pension age - whichever is first).
'Each qualifying year on your National Insurance record after 5 April 2016 will add about £4.32 a week (which is £151.25 divided by 35) to your new State Pension.'
Each extra year would be worth about £225 a year in pension income."

You will note that nothing has yet been said about how much it will cost to buy a qualifying year in the new system.

r_i_c

xylophone wrote: »

You will note that nothing has yet been said about how much it will cost to buy a qualifying year in the new system.

Many thanks, this explains their reticence to commit themselves when I phoned them about a month ago. Presumably. when they realised they had the CAB on the other end of the line they gave them the current figures to satisfy the Bureau, even though, as you say, these figure will be out of date by next tax year.

r_i_c

Vortigern wrote: »

HL will have given you three options for your income producing funds:

1. Hold the income on account (awaiting your further instructions)
2. Re-invest the income automatically
3. Pay it out to your nominated bank account

You should be able to see which option you've chosen (and change it if required) by viewing your account online. You could ring and ask them if you prefer.

Hi,

Just checked my bank statement - for this and last month - and there is no HL income listed at all that I can see.

My late mother always had 'HL' income on her monthly statements, Hargreaves changed from quarterly to monthly payments last year I recall.

Perplexed.

Please advise, thanks.

grey_gym_sock

r_i_c wrote: »

Just checked my bank statement - for this and last month - and there is no HL income listed at all that I can see.

My late mother always had 'HL' income on her monthly statements, Hargreaves changed from quarterly to monthly payments last year I recall.

when you log into HL, does it say the income option is set to "pay it out to your nominated bank account"?

note that this setting can be different for each HL account you hold. and presumably the "pay it out" option can't be set for a SIPP account, even for a SIPP in drawdown.

if it is set to pay out, it will pay out whatever income is generated during the month by the investments held in the account. many investments don't generate income every month, so you may not get anything in some months, depending on what investments you hold.

r_i_c

The HL account page says: "You have asked for income you receive to be Paid out. Therefore your income will be paid into your Nominated bank account.

"Income is paid out within ten working days of the start of each calendar month and will include all income received since the previous payment date. As a result the amount you receive in your bank account may be different to the amount shown within the income received chart."

My ISA and my Fund & Share account show sums at the date of September 15th, when presumably they pay out. So I imagine at this date either those sums appear in my nominated account or 'within the ten working days' which presumably means the income will not appear until November? I don't mind that as long as something is coming into my account.

At the moment it looks a bit concerning because only the single payments for the one date are listed, so I cannot tell whether these are monthly, quarterly or even yearly amounts?

Please bear with me, these are early days and my life is pretty fraught at the moment, I am also new to investment & quite jumpy. Hopefully by the new year I will be able to see exactly what my investments are doing and get more of an overall perspective?

Many kind thanks

r_i_c

There's something not quite right here - if the payment date was September 15th I should have received income notification by October 10th yet there has been nothing? I need to phone them.

grey_gym_sock

r_i_c wrote: »

There's something not quite right here - if the payment date was September 15th I should have received income notification by October 10th yet there has been nothing?

by my calculations, income which reached HL on 15 september 2015 should reach your bank account on 14 october.

HL appear to take the income they receive up to the 10th of the month, or the next working day - so 10th october 2015 being a saturday, they should be sending it on monday 12th - and then it takes 2 working days to reach your bank account (presumably via BACS?) - i.e. it should arrive on wednesday 14th.

r_i_c

Many thanks - that saves me a call today - will check back with my bank account on Wednesday then phone HL Thursday if there's still no sign of anything.

Mum and I went all through this when dad passed on 2 years ago, looking for patterns of income and out-goings, we just about got everything sorted when mum was rushed to hospital. Now I'm having to go through the process again - I'm hoping I will know where I stand by next spring at the latest, when I retire.

Thanks again.

Eco_Miser

For each holding you have, you can look up the historic payments (not to you in particular, the dates and amount per share for each distribution), possibly on HL, certainly on the website of the company (for shares) or fund manager (for funds), or on Trustnet. This will tell you whether the holding pays monthly, quarterly , six-monthly or annually, and give a rough idea of how much each payment will be.

r_i_c

That's very helpful, thanks