Very grateful for advise

Linton

bottleandahalf wrote: »

Does this mean that the other 75% won't be taxed if under the personal allowance for the year. £10,600 per year, currently for example.

Correct if there is no other income. Pension income beyond the tax free 25% is treated exactly the same as income from employment.

xylophone

.My pension accumulated isnt v high, around 8,000/ annum at the age of 65. Whatever I am contributing now in the pension will go into a nhs pension pot tied with the state pension age...67.

You are a middle income professional with a defined benefit pension and it is projected at £8000 per annum at age 67?

Are you sure of the figures?

Re state pension (for you and your spouse).

https://www.gov.uk/new-state-pension/overview

Consider a stakeholder pension for your wife? (£2880 per annum made up to £3600 with tax relief.)

http://www.cavendishonline.co.uk/pensions/stakeholder-and-personal-pensions/

rockingdane

Hi,
Yes..The pension figures were given recently. This amount is due at age 65. Contribution after 1/4/15 will be given at state pension age. ..I don't have a lot as I have been contributin for just 7 years. ..
Dane

jimjames

rockingdane wrote: »

Hi,
Yes..The pension figures were given recently. This amount is due at age 65. Contribution after 1/4/15 will be given at state pension age. ..I don't have a lot as I have been contributin for just 7 years. ..
Dane

Is that what you would get now, with no further contributions until you are 65? It does seem very low. Not sure of the fraction for NHS but assuming 80ths, even if now onwards you'd have 20 years service.

20/80 x £58000 = £14,500. That's assuming no prior contributions at all for the last 25 years and paying in for the next 20.

rockingdane

I started contributing in 2009. I was in the 2008 scheme . that means I can take my pension at age 65. BTW the contributions suddenly increased along the way. After 1/4/2015 we were put into a new scheme....I don't know the benefits I will accrue as I can get it at state pension age...
Is vanguard lifestyle 60 funds good enough or is it worth getting more that 1...I just want to keep things simple:))
dane