Thinking about starting a personal pension at 53

kidmugsy

We use Hargreaves Lansdown: their service is excellent and their charges OK up to somewhere around £30k - £40k. You could use them as your "base case" and use the monevator tables to see if you can find anyone that's much cheaper.

patricia1066

Re Vanguard I meant 0.22% amc

patricia1066

Found Snowman's spreadsheet comparing platform costs. I'll try it out later.

patricia1066

greenglide wrote: »

Did you actually mean to say "Employees NI"? The employers NI are of no interest to you. If the salary subject to NI is between £5,824 and £8,062 per annum (£484 and £672 per month) you will be getting qualifying years without actually paying any money - brilliant!

Yes I meant Employee NI. My earnings in the past tax year are lower than LEL as it seems to be calculated over the quarter rather than the date I started work. I started on 19.2.17.
Hence no NI is payable by employer.

Can this be right?

Triumph13

Neither you nor the employer have to pay NI until your salary is bigger than about £155 a week, but you get your 'stamp' if it's above £112 a week. As you aren't a lot over that level you will need pretty well a full year of work for it to count as a qualifying year.

patricia1066

I have 13 years to make up full contributions, so I will start in this financial year. Is the NI credit still referred to as a stamp? Is it given automatically should no employer NI be payable?

patricia1066

I googled and found that there is a credit NI if salary is within £112 and £155 pw band. No advice on what the band is when you are paid on the quarter. The calculation seems to be minimum payment £1484 per quarter 112*53/4 will satisfy this. Or if it is calculated monthly, £494 2016/17 figures.