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Savings and Investments thread
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Believe so, yes, but ask an IFA ;-)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?0 -
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.0
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Thanks all.0
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This would be a cool way to earn 6-7.5%! Brilliant video.
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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??golfaddick said: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%.
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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.
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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.Showmetheway2gohome said: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?
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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.NapaAddick said:This would be a cool way to earn 6-7.5%! Brilliant video.0 -
Triviality rules I would say.LargeAddick said: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.0 -
You should see an IFA.Showmetheway2gohome said: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)1 - Sponsored links:
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Not enough info, type of pensions, how much in each etc.Showmetheway2gohome said: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)1 -
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.Showmetheway2gohome said: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)
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.0 -
Do you give independent paid by the client advice as an IFA or are you tied?golfaddick said:
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:
Many thanks.golfaddick said:
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.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?
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.
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.0 -
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.QatarNapsy said:
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??golfaddick said: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%.
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I'm an IFA.iainment said:
Do you give independent paid by the client advice as an IFA or are you tied?golfaddick said:
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:
Many thanks.golfaddick said:
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.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?
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.
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.0 -
Do you still think so? Shares nearly worthless now!Robbo on the wing said:Stick with Sirius.
The Poly should be out the ground in 18 months and that is when this monster will show its worth.0 -
Did anyone else,other than me,buy into the Saga dream at 1.85 per share,and is now feeling royally pissed off.0
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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.0 -
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.0
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just under 40p,thickandthin63 said:Did anyone else,other than me,buy into the Saga dream at 1.85 per share,and is now feeling royally pissed off.0 - Sponsored links:
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Funny that, because I work in the industry & never received the shiny brochure that you talk of.thickandthin63 said: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.
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.1 -
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.0
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golfaddick said: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.
Erm, 1990s console manufacturer = Segagolfaddick said: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.6 -
Thanks. Must be the over 55's insurance company then. Still wouldn't buy shares in them. I might be owning them in my pension via one of the UK equity funds though.....but I leave that decision to the fund manager, who has analysts to help him & who go and speak to the MD & CEO to find out the plans for the company. Silly me.0
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Oh, well, just had a haircut, looks like I'm going to get another, more expensive one.0
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Not just the fund, but the whole Company, based in Oxford, is going to shut.ImBetterThanShaun said:0 -
25-30p in the pound is the likely return apparently. Shocking.0
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Hopefully some legal types are preparing some collective lawsuits. If this were the US they would already be up and running.0
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I can understand the frustration and anger, but the reality is that apart from some degree of satisfaction from winning any lawsuit, the money isn't there.PragueAddick said:Hopefully some legal types are preparing some collective lawsuits. If this were the US they would already be up and running.
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https://www.youtube.com/watch?v=AlQCPRHHWdw
