Fletch
Striker
Yeah sussed it now , it’s not based on gross pay , still seems a bit shit really
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Retirement
- Thread starter Shieldsman
- Start date
42
Striker
If you know what your pension contribution % is, you can just work it out as you know the tax rates etc. However your HR / payroll department will be able to tell you
JOEJA
Winger
Any info please on how you go about transferring a pension. The Mrs (nah 
) has a smallish pension which gives her 4 options but none of them offer drawdown. They give her the option of transfering out, so i assume she needs to find a pension provider to transfer it over to, is that correct. Also how do you find a pension provider. May sound a daft question but where do you find a pension provider. Is it a case of ringing someone like Aegon and just starting one up. TIA
) has a smallish pension which gives her 4 options but none of them offer drawdown. They give her the option of transfering out, so i assume she needs to find a pension provider to transfer it over to, is that correct. Also how do you find a pension provider. May sound a daft question but where do you find a pension provider. Is it a case of ringing someone like Aegon and just starting one up. TIA
42
Striker
Any info please on how you go about transferring a pension. The Mrs (nah
Most of the big investment providers will offer pensions. Depending on value & what the fees work out will inform your choices. My ISA is with vanguard & they now have recently introduced a £4 min pcm fee which means if under £32k you pay more. AJ Bell have a basic app version called dodl which has a £1 pcm min fee or 0.15% which ever is higher (like vanguard) but less choice of funds.
H&L are quite pricey on their fees.
Fletch
Striker
Seems odd , What does it offer ?Any info please on how you go about transferring a pension. The Mrs (nah
JOEJA
Winger
Cheers 42.
Its only a small amount so she just wants it out. What the letter states is 5 benefit options,
option 1 annual payment
Option 2 lump plus annual payment
Option 3 transfer
Option 4 do nothing at this time ( currently not at retirement age)
Option 5 annuity.
Its a defined benefit but its only about 20K so waste of time leaving it for a few hundred per year.
Cheers
Its only a small amount so she just wants it out. What the letter states is 5 benefit options,
option 1 annual payment
Option 2 lump plus annual payment
Option 3 transfer
Option 4 do nothing at this time ( currently not at retirement age)
Option 5 annuity.
Its a defined benefit but its only about 20K so waste of time leaving it for a few hundred per year.
Cheers
Fletch
Striker
If it’s defined benefit then drawdown is not an option- you need to confirm with them it is a defined benefit pension . Do NOT transfer it unless you take advice!
A Defined Benefit (DB) means you get a set income each year that will normally rise annually , just as you would if still working, you get a monthly payslip and money hits your bank , no hassle no stress , guaranteed . You can get option of a tax free lump sum and a smaller monthly pension payment , everyone feels different about that bit and what to do . When you die your spouse gets “X” percentage of your pension each month and when they die the pension finishes .
A Defined Contribution (DC) pension is basically a pot of money invested in stocks and shares and that value can go up and down and needs to be managed right through retirement . You can use it to buy an annuity , which would give you fixed income per year, or you can draw from it as and when please (drawdown) so you may want more when young and less when get state pension , again everyone is different . When you die what is left can be passed on . However as said the pot value would fall if any market crashes when retired, more flexible than a DB but more stress/risk.
No idea if this helps
A Defined Benefit (DB) means you get a set income each year that will normally rise annually , just as you would if still working, you get a monthly payslip and money hits your bank , no hassle no stress , guaranteed . You can get option of a tax free lump sum and a smaller monthly pension payment , everyone feels different about that bit and what to do . When you die your spouse gets “X” percentage of your pension each month and when they die the pension finishes .
A Defined Contribution (DC) pension is basically a pot of money invested in stocks and shares and that value can go up and down and needs to be managed right through retirement . You can use it to buy an annuity , which would give you fixed income per year, or you can draw from it as and when please (drawdown) so you may want more when young and less when get state pension , again everyone is different . When you die what is left can be passed on . However as said the pot value would fall if any market crashes when retired, more flexible than a DB but more stress/risk.
No idea if this helps
JOEJA
Winger
Cheers Fletch appreciate the info but it will only equate to about 800 pund a yearIf it’s defined benefit then drawdown is not an option- you need to confirm with them it is a defined benefit pension . Do NOT transfer it unless you take advice!
A Defined Benefit (DB) means you get a set income each year that will normally rise annually , just as you would if still working, you get a monthly payslip and money hits your bank , no hassle no stress , guaranteed . You can get option of a tax free lump sum and a smaller monthly pension payment , everyone feels different about that bit and what to do . When you die your spouse gets “X” percentage of your pension each month and when they die the pension finishes .
A Defined Contribution (DC) pension is basically a pot of money invested in stocks and shares and that value can go up and down and needs to be managed right through retirement . You can use it to buy an annuity , which would give you fixed income per year, or you can draw from it as and when please (drawdown) so you may want more when young and less when get state pension , again everyone is different . When you die what is left can be passed on . However as said the pot value would fall if any market crashes when retired, more flexible than a DB but more stress/risk.
No idea if this helps
. Basaically she wants it out as rhe 25% then the 12750 with the rest the year after. Basically she took early retirement and dosnt work. We are sorted pension as ive mentioned in here that i have quite a few from various places.If it was a large anount i would agree with leaving as is.
U will need to transfer it out into a sipp or such which will allow a flexible drawdown. Afaik u must have financial advice if the amount is over 30k, if its under u can do it yourself.Cheers Fletch appreciate the info but it will only equate to about 800 pund a year
If it was a large anount i would agree with leaving as is.
Mr Bump
Central Defender
Looking to start a pension for the mrs who is self-employed. She’s 46 and no pension. Been maxing my contributions via salary sacrifice as 40% taxpayer but would like to build her £100k or so when she hits 57 (plan to retire as soon as poss if affordable) which she can drawdown on tax free before state pension. Will likely start with a a few thousand first 3-4 years and ramp up after that.
No idea where to start looking as always used employer scheme for me personally. Would greatly appreciate and recommendations / pointers.
No idea where to start looking as always used employer scheme for me personally. Would greatly appreciate and recommendations / pointers.
Fletch
Striker
Dunno if helps but I was in similar scenario and I built up a pot for her in Vanguard , pretty easy to use
mickb2112
Striker
I`ve been loitering here taking an interest in people`s plans and circumstances as I am considering retirement soon/very soon.
I lost my wife to cancer a year and a half ago. She retired early on medical grounds but never really had the chance to enjoy her retirement.
I bitterly regret not retiring at the same time but back then when we first discussed it, I`d have taken a big hit on my annual pension and lump sum. She was worried for me how I`d cope financially if I retired then so I kept working. At least I was able to work from home so was on hand whenever she need anything.
I decided after I lost her that I`d work until I was 60 then I`d have a decent pension and lump sum to last me to 67 and that`s been my plan ever since.
BUT
After being content to be alone for the rest of my life, I`ve met someone. It`s a nice story but there is a sting. I first met her on her 18th birthday in 1985 and we wrote to each other as friends for a few years while we were both a uni. In 1990 we got together for a while but she`d moved down south so it fizzled out. She did absolutely nothing wrong and think that the distance and our young age is the reason it ended. Fast forward to this summer. She had moved back up here to look after her Dad and I randomly got in contact to see how she was and soon after we met up for the first time in 35 years and hit it off straight away and we basically picked up where we left off. It feel like fate intervened while I was at my lowest to pull me round. I never expected that to happen and all I`d hoped for when I contacted her was an occasional message at Christmas/birthdays etc but you get hit when least expecting it.
BUT
She has stage 4 cancer and is on her last line of treatment which so far is working. My mortgage is paid off in June and now I am having a big rethink of my plans. I don`t know how long we`ve got and don`t want to waste the upcoming summer being stuck in the office. I want to make every day count with her.
I`m going to check my pension calculator today but I assume going at 59 and a half instead of 60 won`t make a significant difference to my pension.
I`m quite risk averse so I suppose I`m just trying to get some reassurance for a decision I think I've already made.
I lost my wife to cancer a year and a half ago. She retired early on medical grounds but never really had the chance to enjoy her retirement.
I bitterly regret not retiring at the same time but back then when we first discussed it, I`d have taken a big hit on my annual pension and lump sum. She was worried for me how I`d cope financially if I retired then so I kept working. At least I was able to work from home so was on hand whenever she need anything.
I decided after I lost her that I`d work until I was 60 then I`d have a decent pension and lump sum to last me to 67 and that`s been my plan ever since.
BUT
After being content to be alone for the rest of my life, I`ve met someone. It`s a nice story but there is a sting. I first met her on her 18th birthday in 1985 and we wrote to each other as friends for a few years while we were both a uni. In 1990 we got together for a while but she`d moved down south so it fizzled out. She did absolutely nothing wrong and think that the distance and our young age is the reason it ended. Fast forward to this summer. She had moved back up here to look after her Dad and I randomly got in contact to see how she was and soon after we met up for the first time in 35 years and hit it off straight away and we basically picked up where we left off. It feel like fate intervened while I was at my lowest to pull me round. I never expected that to happen and all I`d hoped for when I contacted her was an occasional message at Christmas/birthdays etc but you get hit when least expecting it.
BUT
She has stage 4 cancer and is on her last line of treatment which so far is working. My mortgage is paid off in June and now I am having a big rethink of my plans. I don`t know how long we`ve got and don`t want to waste the upcoming summer being stuck in the office. I want to make every day count with her.
I`m going to check my pension calculator today but I assume going at 59 and a half instead of 60 won`t make a significant difference to my pension.
I`m quite risk averse so I suppose I`m just trying to get some reassurance for a decision I think I've already made.
morroco_mole
Midfield
That's lovely that you've reconnected.
I cant offer any financial advice, hopefully someone will, but you only get one life!
I hope she likes going to gigs with you though!
mickb2112
Striker
She does. She`s been to a couple of iffy ones but a fair few great ones too. Hans Zimmer last week was a great show for both of us. One of the best I`ve seen in 43 years of going to gigs.
Im quite risk averse but still plan on going a year or two earlier than sensible me thinks I should. If I have to cut back a bit between say 65 and 67 it means I've enjoyed myself between 58 and 65.
Go for it, its been mentioned a lot on here, time is more precious than money.
Darlo1973
Striker
Vanguard is good choice if you just want to keep things simple rather than having hundreds of funds to choose from. They've also been around forever so have more of a track record than these app-only startups.
Gyrotechnician
Goalkeeper
I've just increased my voluntary contributions to my pension but not sure if it was the right choice. I get my tax back each year(seafarer tax) would it make more sense to keep it at the minimum contributions and then add the lump some each year? Im lucky that I can max out my isa each year as well. Would it be better to to add some of it to the pension instead? Im 35 but because of circumstances never paid in to a pension before so have very little in the pot starting to worry about bit
I hope you work it out so you can retire and spend some time as you both wish too.
We lost my sister in law at 47 (also cancer,) and whist we can't afford to retire just yet early 50s,, we both dropped to 4 days a week as we realised life is to short. If you decide the dinN es aren't quite right perhaps part time could be an option
Best wishes to you both.
