SERPS Former Protected Rights with Benefits Pot
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Is your employer providing a pension?
https://www.gov.uk/workplace-pensions
Have you and your mate not joined the pension scheme?
Nope. We have not been offered one. We labor for a builder. Small outfit. Don't think he has heard of pensions.0 -
no , it would make no difference to your state pension.two separate thingsJust wondering.
If you were claiming full state pension. But you had say 30k in a private pension pot, yet you were Not receiving any income from this private pension pot as it was still invested. Would this pot of money invested in a private pension pot effect how much state pension you were awarded. Is it classed as savings or shares or investments.
Also in one particular month or year, if you drew down 25% of this private pension pot while receiving full state pension. Would this drawdown be classed as additional income so reduce your state pension for that month or year.....No.79 save £12k in 2020. Total end May £11610
Annual target £240000 -
Just wondering.
If you were claiming full state pension. But you had say 30k in a private pension pot, yet you were Not receiving any income from this private pension pot as it was still invested. Would this pot of money invested in a private pension pot effect how much state pension you were awarded. Is it classed as savings or shares or investments.
Also in one particular month or year, if you drew down 25% of this private pension pot while receiving full state pension. Would this drawdown be classed as additional income so reduce your state pension for that month or year.....
No. State Pension is not a means-tested benefit.The questions that get the best answers are the questions that give most detail....0 -
https://pensioncreditcalculator.dwp.gov.uk/pension-credit-calculator.php?new
What's the point of the above link then...Say you have only made 16 years of NI payments...
Pension Credit topup, for people with no other provisions and not full NI payments...0 -
https://pensioncreditcalculator.dwp.gov.uk/pension-credit-calculator.php?new
What's the point of the above link then...Say you have only made 16 years of NI payments...
Pension Credit topup, for people with no other provisions and not full NI payments...
State pension accrued from the 16 years of NI payments is not means tested and will be paid regardless of any other household income.
Pension credit, however, IS means tested and will only be paid if the household income/savings (and by that I mean spouse's/partner's income/savings as well) is below a certain limit.0 -
Silvertabby wrote: »State pension accrued from the 16 years of NI payments is not means tested and will be paid regardless of any other household income.
Pension credit, however, IS means tested and will only be paid if the household income/savings (and by that I mean spouse's/partner's income/savings as well) is below a certain limit.
Pension Credit. Is 30k held in a SIPPs account perceived as savings or investment.
6k drawdown from the SIPPs account once a year is this perceived as a one off income payment.0 -
We labor for a builder. Small outfit. Don't think he has heard of pensions.
Is he your employer?
https://www.gov.uk/workplace-pensions/joining-a-workplace-pension0 -
What does this mean.....
Projection investment will grow by 3.5%. Every year. This growth rate assumes inflation is at 2.5%....every year.
Are they assuming 6% growth nominal so 3.5% growth real. That seems very high. Its a former protected rights with benefits/profits fund....The Pru.
6% is crazy surely. So £24k in the pot today. At 66 that pot will grow by 3.5% compounded each year, allowing for an RPI of 2.5%. On my calcs in today's money that pot will stand at £42k. At 6% growth the pot will be £60k.0 -
What does this mean.....
Projection investment will grow by 3.5%. Every year. This growth rate assumes inflation is at 2.5%....every year.
Are they assuming 6% growth nominal so 3.5% growth real. That seems very high. Its a former protected rights with benefits/profits fund....The Pru.
6% is crazy surely. So £24k in the pot today. At 66 that pot will grow by 3.5% compounded each year, allowing for an RPI of 2.5%. On my calcs in today's money that pot will stand at £42k. At 6% growth the pot will be £60k.
No, it means growth rate of 3.5% nominal, 1% real. Pension providers aren’t allowed to use rates as high as 6%. The current maximum is 5% but with profits funds generally don’t return that sort of rate so the pension prover has to use a lower rate.0 -
A 6% nominal isnt completely crazy for a with profits fund. My long standing Pru WP fund has been returning a fairly steady 5.7% over the past 15 years.0
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