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Pension Advice
I have recently started a new job and will be eligible to join their pension scheme. It is one for charity workers so its a really good scheme. I pay 7.5% and they pay 15% (or there about). Previously I paid into the local council superannuation scheme for 14 years. What I need to know is...... Should I keep them separate…
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Pension Transfers - The Mechanics?
There are a number of threads dealing with Transfers. But is anyone able to advise me on the actual mechanics involved. I have 3 funds and am likely to transfer all to a single provider. For example Pension Fund Manager 1 has invested my contributions in Unitised Tracker Funds A and B. The Chosen provider offers/proposes…
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MSE News: Pension liberation scams face HMRC crackdown
"HMRC is tightening the process for registering and transferring pension schemes to crack down on pension liberation..." Read the full story: Pension liberation scams face HMRC crackdown Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to…
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Pension amount
Using Martin's guidelines... Take the age you start your pension and halve it. Put this % of your pre-tax salary aside each year until you retire. I started my pension when I was 21, so my figure is 10.5%, and including employer contributions I think I was putting away 9% of my monthly pay at that time. Over the next five…
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Multiple Pensions
Hi, I have a SIPP with about 500k in it and another workplace defined contribution pension with 200k, which I am currently contributing to. Can I take a lump sum out of the SIPP at age 55, without going into drawdown (I don't need the income) and carry on contributing to the other workplace pension? I will be spending the…
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Lgps 2014 retire at 55 ?
Hi The new lgps scheme allows retirement at 55 without employers agreement, the previous 2008 scheme didn't Does this means I can take all my accrued benefits at 55 (with actuarial reduction of course) or just those accrued within the 2014 scheme ? Plus has anyone heard of the new reduction factors for the new scheme ?…
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Can HOF keep my Mum's pension lump sum from her estate?
My Mum, who died recently, worked for House of Fraser for over 20 years. Before she died (she was in poor health with a very poor prognosis) she told me she had asked for the remainder of her works pension to be paid to her in a lump sum. I have now seen letters from HoF confirming her decision. Before the transaction…
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Stakeholder Pension Charges
Has anyone found a provider that charges under 1% of the pension value per year for managing a stakeholder pension fund? Although the government max is 1.5%, 1% per year feels like a lot to me....
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Pension or ISA for foreign national suggestions
My wife, Croatian, is now a full UK resident and at the moment has no pension provision. She did have some qualifying credit for the Croatian state pension but Croatia has recently increased the minimum years required to qualify for any part of their state pension so unless she returns and works there she gets nothing. So…
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Transfer of smallish pension pot at 68
Hello - having been TUPed earlier this year with no issues the company not want to change to a different group company pension provider. Unless members of the current pension plan do so the company will no longer pay their contribution - only in to the new plan. Being the age I am and quite likely to be retired(ing) within…
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Tiny pension. What to do with it
I've never worked for a company or state industry where a pension came with the job until four years ago where the company run a quite generous pension scheme. They match your monthly contribution which in my case is £109. That is the amount I've paid in since that time. I'm 60 so I realise that this pension would be very…
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Short Deferral of State Pension?
I'm 65 in early March next year (2014) and will be able to claim a full state pension of £110.15 plus additional £6.68 = £116.83 per week. I also have a Local Government pension of about £23k so the tax due on my state pension will have to be taken from that via a tax coding adjustment at the time. Now I'm wondering if it…
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Did I miss something last month?
I have an Aviva personal pension and the forecast for likely retirement income seems to have suddenly increased this month. The "most likely" range of income has gone from around £6,500 - £11,300 per annum to around £10,000 - £17,000. Is this just down to stock market performance over the last month, or has there been any…
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Possibly Leaving The Civil Service Within 10 Years
Hi! I`m 47 years of age have been a member of the Classic PCSPS scheme for 26 years. My part of the civil service is in the midst of a major rationalisation process and the government establishment where I work has been earmarked for closure sometime within the next ten years. In other establishments where they have been…
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So I'm thinking of starting with a Stakeholder Pension but....
having read about the high annual charges and hidden fees I don't know which company to choose. I am self-employed, aged 41 and have a modest amount in a cash ISA (less than £5k). I can make a lump sum payment of £2k and thereafter £50 a month, going up to a maximum of £100. I would also like to bump up my pension whenever…
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Tax refund following retirement
I recently took early retirement (Aug 2013) from my job for which I received a salary of just over £30k - my tax code then was D0. In September I received notification of new tax code of 856L and yesterday received my first pension payment which I was hoping to use to plan my budget for the next few months. However all…
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If I have left my job can I claim back pension contributions ?
Hi was wondering if I would be entitled to claim back any contributions I made to a works pension, I paid in for three years and then left the job, I don't know what happened to the pension when I left, Is it frozen ? just gone altogether I really don't understand pension issues, Or would I have to wait until I retire ?…
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How can I get at my money?
I left an employer in 1998. At the time I had paid into a group pension plan. I stopped contributing when I left the company. The pot stood at £2000 at the time. The pension provider [Pheonix] stopped investing the pot and just took annual management charges from the £2000. Not that they managed anything. I'm now 65. They…
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Interesting Enhanced Annuity Infographic
An interesting infographic on what difference an enhanced annuity can make to individuals from a financial perspective. http://www.portalfinancial.co.uk/enhanced-annuity-infographic.php Interestingly the difference between the bottom annuity and the top enhanced annuity is 64% if you compare a pension pot of 50K at the age…
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Can you defer LGPS Prudential AVC pot on retirement?
Do you have to take your LGPS AVCs at exactly the same time you start to draw your LGPS pension or can you leave the AVC pot in a few more years to avoid an exit charge? A friend at work is 60 and wants to take their pension at 63 but will be subject to an exit charge of 8% on taking the AVC pot before its five year…