Attention: Please take a moment to consider our terms and conditions before posting.

Savings and Investments thread

13940424445296

Comments

  • iainment said:
    Pension statement enquiry.

    I received a statement from an old dormant pension today which gives a transfer value of £240000.

    Does this mean I can take 25% of this as my tax free lump sum? i.e. £60000.

    If not how is the lump sum calculated?
    Very most likely. However, it may depend on exactly what type of scheme it is.....if very old you might be able to take more !  However  it also all depends on the total amount that you have in pensions when  measured against The Lifetime Allowance.

    Seeing as you mentioned it being "old" & "dormant" can I ask if its an old employers final salary scheme as that again could be different too.
  • iainment said:
    Pension statement enquiry.

    I received a statement from an old dormant pension today which gives a transfer value of £240000.

    Does this mean I can take 25% of this as my tax free lump sum? i.e. £60000.

    If not how is the lump sum calculated?
    Very most likely. However, it may depend on exactly what type of scheme it is.....if very old you might be able to take more !  However  it also all depends on the total amount that you have in pensions when  measured against The Lifetime Allowance.

    Seeing as you mentioned it being "old" & "dormant" can I ask if its an old employers final salary scheme as that again could be different too.
    Many thanks.
    In 1982 I transferred my council pension into a private pension. Since then it's dormant inasmuch as I haven't put anything else in.
  • iainment said:
    Pension statement enquiry.

    I received a statement from an old dormant pension today which gives a transfer value of £240000.

    Does this mean I can take 25% of this as my tax free lump sum? i.e. £60000.

    If not how is the lump sum calculated?
    On the face of it, yes you can. 
  • iainment said:
    iainment said:
    Pension statement enquiry.

    I received a statement from an old dormant pension today which gives a transfer value of £240000.

    Does this mean I can take 25% of this as my tax free lump sum? i.e. £60000.

    If not how is the lump sum calculated?
    Very most likely. However, it may depend on exactly what type of scheme it is.....if very old you might be able to take more !  However  it also all depends on the total amount that you have in pensions when  measured against The Lifetime Allowance.

    Seeing as you mentioned it being "old" & "dormant" can I ask if its an old employers final salary scheme as that again could be different too.
    Many thanks.
    In 1982 I transferred my council pension into a private pension. Since then it's dormant inasmuch as I haven't put anything else in.
    If its an old retirement annuity plan then the tax free cash could be 30%......but you'd have to check with the pension co. 
  • iainment said:
    Pension statement enquiry.

    I received a statement from an old dormant pension today which gives a transfer value of £240000.

    Does this mean I can take 25% of this as my tax free lump sum? i.e. £60000.

    If not how is the lump sum calculated?
    Believe so, yes, but ask an IFA ;-)
  • recently I was traced by Aviva who had taken over an old pension from 1986 that I never knew existed. Only £600 but I was able to take it all tax free, not sure why.
  • Thanks all.
  • This would be a cool way to earn 6-7.5%! Brilliant video.

  • Just rememberd why I came on here................Bad day for investors.


    Stock markets falling. FTSE100 down almost 2.5%, mid 250 by 1.3%. France down by 2.1%, Germany by 1.7%, Spain by 1.6%.


    Or from a positive angle, a not so bad one if you have a lump sum ready to invest. I know its wrong to try and time the market, but should i hold out another day or two and see if it drops further?? 
  • Had a had a letter from Aviva saying that could not invest anymore into my old company pension. 
    So that’s prudential that have shut down my current company pension and made us start a fresh pension scheme and now Aviva are stopping theirs
    why is this?
    is there benefits in these old schemes they don’t want you to have now? 
  • Sponsored links:


  • My understanding is that Aviva have done this as it's not worth their while to manage a particular fund/scheme and it will just become unmanaged. It will continue to gain/lose, depending on how it's been invested. You just won't be able to add to it with additional contributions.

    I've got one of these, which appear to have gone down a bit since the announcement, but then I suspect even the most profitable funds haven't been performing that well over the past quarter.
  • Had a had a letter from Aviva saying that could not invest anymore into my old company pension. 
    So that’s prudential that have shut down my current company pension and made us start a fresh pension scheme and now Aviva are stopping theirs
    why is this?
    is there benefits in these old schemes they don’t want you to have now? 
    More likely to be that its unprofitable or high charges rather than the benefits on offer. Might be limited fund choice  with that particular plan or they want you to go onto their platform. 
  • This would be a cool way to earn 6-7.5%! Brilliant video.

    On a slightly different note.......There are banks in Denmark offering a 10 year fixed rate mortgage at 0%. Swiss banks are charging customers to deposit money with them. QE hasnt worked & Central banks are now shitting themselves as to what to do next. There is a recession coming & they cant put interest rates much lower. 
  • Me and my wife have 3 frozen pensions now 2 are growing at £2000 a year and the other is growing £11000 a year but I think some of this is bonus which is not guaranteed and you don’t get to your 65.
    If consolidating my  pensions would it grow more than this.? I know the growth goes up and down each year on performance but seems to have grown this much last few years consistently. 
    Thinking of when 55 in few years could do with £20000 for home improvements nice holiday and trading in old car. If it lasts another 3 years 
    if I took it out my pensions 25% tax free I would lose some of my bonus and growth for the next 10 years to 65 yes.?
    can you take 25% tax free out of more than one pension at 55 ?
    so if I take 25% out of these pensions they wouldn’t grow £2000 and £11000 a year 
    so would I not be better taking a loan for £20000. (M&S  bank have one 2.9% over 60 months and it cost £1800ish  extra to repay) 

  • recently I was traced by Aviva who had taken over an old pension from 1986 that I never knew existed. Only £600 but I was able to take it all tax free, not sure why.
    Triviality rules I would say.
  • Me and my wife have 3 frozen pensions now 2 are growing at £2000 a year and the other is growing £11000 a year but I think some of this is bonus which is not guaranteed and you don’t get to your 65.
    If consolidating my  pensions would it grow more than this.? I know the growth goes up and down each year on performance but seems to have grown this much last few years consistently. 
    Thinking of when 55 in few years could do with £20000 for home improvements nice holiday and trading in old car. If it lasts another 3 years 
    if I took it out my pensions 25% tax free I would lose some of my bonus and growth for the next 10 years to 65 yes.?
    can you take 25% tax free out of more than one pension at 55 ?
    so if I take 25% out of these pensions they wouldn’t grow £2000 and £11000 a year 
    so would I not be better taking a loan for £20000. (M&S  bank have one 2.9% over 60 months and it cost £1800ish  extra to repay) 

    You should see an IFA.
  • Yes probably will do in end but asking questions to find out what I can myself before seeing one 
  • Me and my wife have 3 frozen pensions now 2 are growing at £2000 a year and the other is growing £11000 a year but I think some of this is bonus which is not guaranteed and you don’t get to your 65.
    If consolidating my  pensions would it grow more than this.? I know the growth goes up and down each year on performance but seems to have grown this much last few years consistently. 
    Thinking of when 55 in few years could do with £20000 for home improvements nice holiday and trading in old car. If it lasts another 3 years 
    if I took it out my pensions 25% tax free I would lose some of my bonus and growth for the next 10 years to 65 yes.?
    can you take 25% tax free out of more than one pension at 55 ?
    so if I take 25% out of these pensions they wouldn’t grow £2000 and £11000 a year 
    so would I not be better taking a loan for £20000. (M&S  bank have one 2.9% over 60 months and it cost £1800ish  extra to repay) 

    Not enough info, type of pensions, how much in each etc.
  • Me and my wife have 3 frozen pensions now 2 are growing at £2000 a year and the other is growing £11000 a year but I think some of this is bonus which is not guaranteed and you don’t get to your 65.
    If consolidating my  pensions would it grow more than this.? I know the growth goes up and down each year on performance but seems to have grown this much last few years consistently. 
    Thinking of when 55 in few years could do with £20000 for home improvements nice holiday and trading in old car. If it lasts another 3 years 
    if I took it out my pensions 25% tax free I would lose some of my bonus and growth for the next 10 years to 65 yes.?
    can you take 25% tax free out of more than one pension at 55 ?
    so if I take 25% out of these pensions they wouldn’t grow £2000 and £11000 a year 
    so would I not be better taking a loan for £20000. (M&S  bank have one 2.9% over 60 months and it cost £1800ish  extra to repay) 

    IFA here. No-one,  not even an IFA , can answer your question. We would need to know what type of pensions you are in & where they are invested (although it sounds as if one is a with-profits type plan). Also need to know your ages & when you would ideally like to retire. Also your attitude to risk & how much inckme you think you will need on retirement.  And that's just for starters. 

    To answer a couple of basic questions though. You can access 25% from all of your pensions from age 55, although I doubt you can from.the with-profits one as to do this you need to go into a drawdown plan. Also, by doing this you will be restricted to only being able to pay in £4k pa into your pension rom then on.....all of them, not just those ones but any company scheme that you maybe in. And that is forever more. 

    As for your question on growth;  I hope you realise that growth is usually stated as a % and not as a flat amount. The ones growing at £2kpa could be doing better than the one growing at £11k pa if the first 2 are only worth £4k each & the latter one worth £110000. 

    As I said........you REALLY need to speak to a financial advisor. Everyone's situation is different & what could suit one poster on here would not suit you. 
  • iainment said:
    iainment said:
    Pension statement enquiry.

    I received a statement from an old dormant pension today which gives a transfer value of £240000.

    Does this mean I can take 25% of this as my tax free lump sum? i.e. £60000.

    If not how is the lump sum calculated?
    Very most likely. However, it may depend on exactly what type of scheme it is.....if very old you might be able to take more !  However  it also all depends on the total amount that you have in pensions when  measured against The Lifetime Allowance.

    Seeing as you mentioned it being "old" & "dormant" can I ask if its an old employers final salary scheme as that again could be different too.
    Many thanks.
    In 1982 I transferred my council pension into a private pension. Since then it's dormant inasmuch as I haven't put anything else in.
    If its an old retirement annuity plan then the tax free cash could be 30%......but you'd have to check with the pension co. 
    Do you give independent paid by the client advice as an IFA or are you tied?
  • Sponsored links:


  • Just rememberd why I came on here................Bad day for investors.


    Stock markets falling. FTSE100 down almost 2.5%, mid 250 by 1.3%. France down by 2.1%, Germany by 1.7%, Spain by 1.6%.


    Or from a positive angle, a not so bad one if you have a lump sum ready to invest. I know its wrong to try and time the market, but should i hold out another day or two and see if it drops further?? 
    I am feeding in a portion of my excess cash holding in my SIPP every month on the same date/ Way better than all in one go, which is basically gambling.
  • iainment said:
    iainment said:
    iainment said:
    Pension statement enquiry.

    I received a statement from an old dormant pension today which gives a transfer value of £240000.

    Does this mean I can take 25% of this as my tax free lump sum? i.e. £60000.

    If not how is the lump sum calculated?
    Very most likely. However, it may depend on exactly what type of scheme it is.....if very old you might be able to take more !  However  it also all depends on the total amount that you have in pensions when  measured against The Lifetime Allowance.

    Seeing as you mentioned it being "old" & "dormant" can I ask if its an old employers final salary scheme as that again could be different too.
    Many thanks.
    In 1982 I transferred my council pension into a private pension. Since then it's dormant inasmuch as I haven't put anything else in.
    If its an old retirement annuity plan then the tax free cash could be 30%......but you'd have to check with the pension co. 
    Do you give independent paid by the client advice as an IFA or are you tied?
    I'm an IFA. 
  • Stick with Sirius.
    The Poly should be out the ground in 18 months and that is when this monster will show its worth.
    Do you still think so?  Shares nearly worthless now!
  • Did anyone else,other than me,buy into the Saga dream at 1.85 per share,and is now feeling royally pissed off.
  • No......because I would never buy a single company's shares. Unless you are a trader in the City then its just not worth it. 

    That's why mutual funds exist. 
  • Unfortunately for me and no doubt many others,I have no knowledge of the financial markets.Like thousands of others ,I recieved a shiny brochure convincing me to invest my money which I did,and of course have now been well and truly shafted.Only saving grace is I applied for far more shares than I was actually allocated.
  • Did anyone else,other than me,buy into the Saga dream at 1.85 per share,and is now feeling royally pissed off.
    just under 40p, 
  • Unfortunately for me and no doubt many others,I have no knowledge of the financial markets.Like thousands of others ,I recieved a shiny brochure convincing me to invest my money which I did,and of course have now been well and truly shafted.Only saving grace is I applied for far more shares than I was actually allocated.
    Funny that, because I work in the industry & never received the shiny brochure that you talk of. 

    And if, as you say, you have no knowledge of the financial markets, what possessed you to buy these shares...?  Do you randomly buy things that you have no knowledge of. 

    Jeez......the FCA make me jump through hoops to make sure my advice is sound, that I have spoken to my clients about what levels of risk they could take, and that they understand the concept of loss. But don't worry, Joe Soap over there will just buy one  direct off the page without ever thinking about taking advice.
  • edited October 2019
    Btw.......who or what is Saga...?? Are we talking about the insurance people who deal with the over 55's or the 1990's game console...?? Neither seem to be a good punt in any case I would say. 
Sign In or Register to comment.

Roland Out Forever!