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Savings and Investments thread

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  • northstandsteve
    northstandsteve Posts: 14,328
    well let's hope I have won something because 3 months on the spin is getting on my tits
  • Rob7Lee
    Rob7Lee Posts: 9,595

    Just looked and both say results available 2nd October 2021.
  • golfaddick
    golfaddick Posts: 33,626
    Rob7Lee said:
    northstandsteve said:
    3rd effing month without anything on premium bonds draw despit having maximum investment, not happy
    Results aren't out until tomorrow
    Perhaps PB should be replaced by PE 😂😂😂😂
  • Rob7Lee
    Rob7Lee Posts: 9,595
    edited October 2021
    Nowt for me, £75 for Mrs R7L both on Maximum. Haven't checked daughters yet.

    Father in law.........£25 - his winning streak lives on!

    EDIT; what's interesting is both my wife and I have the maximum, but she's won roughly double me this year.
  • northstandsteve
    northstandsteve Posts: 14,328
    fuck all for me 3 months on the spin not happy
  • Chaz Hill
    Chaz Hill Posts: 5,217
    Good month here with the PBs. £100 for me, £50 for Mrs Chaz and £75 for junior (including a £50). Had to get results from the main site as the prize checker app says results not yet available!
  • Fanny Fanackapan
    Fanny Fanackapan Posts: 18,737
    £25 each for the Fanackapans  ! 
  • guinnessaddick
    guinnessaddick Posts: 28,623
    £25 for me.
  • LargeAddick
    LargeAddick Posts: 32,560
    £50 for me, nought for the missus.
  • Addickinedi
    Addickinedi Posts: 149
    £25 me and £75 Mrs and we are both maxed invested. Interesting to see how many big prizes went to 2021 purchases!
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  • Daarrzzetbum
    Daarrzzetbum Posts: 1,236
    Advice please, re the Money Purchase Annual Allowance, I have 3 pensions, one of which I am now getting a monthly sum, does the MPAA apply to my 2 other pensions I have not cashed in yet i.e. is it £40k or £4k I can get tax relief on from my combined contributions to these 2?

    hope that makes sense - morning all 
  • Rob7Lee
    Rob7Lee Posts: 9,595
    Daarrzzetbum said:
    Advice please, re the Money Purchase Annual Allowance, I have 3 pensions, one of which I am now getting a monthly sum, does the MPAA apply to my 2 other pensions I have not cashed in yet i.e. is it £40k or £4k I can get tax relief on from my combined contributions to these 2?

    hope that makes sense - morning all 
    Have a look here, it partly depends on what you did with the one you are now drawing, was it an annuity, final salary etc? Chances are it's £4k limit now but does depend on your exact circumstances with the one you are drawing.

    https://www.moneyhelper.org.uk/en/pensions-and-retirement/tax-and-pensions/money-purchase-annual-allowance-mpaa
  • Daarrzzetbum
    Daarrzzetbum Posts: 1,236
    Rob7Lee said:
    Daarrzzetbum said:
    Advice please, re the Money Purchase Annual Allowance, I have 3 pensions, one of which I am now getting a monthly sum, does the MPAA apply to my 2 other pensions I have not cashed in yet i.e. is it £40k or £4k I can get tax relief on from my combined contributions to these 2?

    hope that makes sense - morning all 
    Have a look here, it partly depends on what you did with the one you are now drawing, was it an annuity, final salary etc? Chances are it's £4k limit now but does depend on your exact circumstances with the one you are drawing.

    https://www.moneyhelper.org.uk/en/pensions-and-retirement/tax-and-pensions/money-purchase-annual-allowance-mpaa
    Cheers Rob7Lee 👍👍
  • RaplhMilne
    RaplhMilne Posts: 4,601
    edited October 2021
    Daarrzzetbum said:
    Advice please, re the Money Purchase Annual Allowance, I have 3 pensions, one of which I am now getting a monthly sum, does the MPAA apply to my 2 other pensions I have not cashed in yet i.e. is it £40k or £4k I can get tax relief on from my combined contributions to these 2?

    hope that makes sense - morning all 
    Pretty much you cannot draw pension money that’s had Tax Relief, and then pay it back into another pension and get Tax relief again. An saying that the money going in comes from salary, whilst you live on the pension doesn’t work. As that’s just basically the same thing. So I would say that if your drawing a monthly pension income, it’s likely you now only have the £4,000 allowance. But only my opinion. 
  • redman
    redman Posts: 5,285
    RaplhMilne said:
    Daarrzzetbum said:
    Advice please, re the Money Purchase Annual Allowance, I have 3 pensions, one of which I am now getting a monthly sum, does the MPAA apply to my 2 other pensions I have not cashed in yet i.e. is it £40k or £4k I can get tax relief on from my combined contributions to these 2?

    hope that makes sense - morning all 
    Pretty much you cannot draw pension money that’s had Tax Relief, and then pay it back into another pension and get Tax relief again. An saying that the money going in comes from salary, whilst you live on the pension doesn’t work. As that’s just basically the same thing. So I would say that if your drawing a monthly pension income, it’s likely you now only have the £4,000 allowance. But only my opinion. 
    Things may have changed, but this isn't the advice I received when I was made redundant and changed jobs. I started taking my DB pension simply because the discount factors that applied to "early retirment" were considerably better taking it on leaving the job than as a deferred pensioner. I was then able to open a new DC pension with my new employer. I was advised against taking tax free lump sum option though. Admittedly this was years ago and rules may have changed.
  • Rob7Lee
    Rob7Lee Posts: 9,595
    RaplhMilne said:
    Daarrzzetbum said:
    Advice please, re the Money Purchase Annual Allowance, I have 3 pensions, one of which I am now getting a monthly sum, does the MPAA apply to my 2 other pensions I have not cashed in yet i.e. is it £40k or £4k I can get tax relief on from my combined contributions to these 2?

    hope that makes sense - morning all 
    Pretty much you cannot draw pension money that’s had Tax Relief, and then pay it back into another pension and get Tax relief again. An saying that the money going in comes from salary, whilst you live on the pension doesn’t work. As that’s just basically the same thing. So I would say that if your drawing a monthly pension income, it’s likely you now only have the £4,000 allowance. But only my opinion. 
    From the link I posted;

    "The MPAA won’t normally be triggered if:  

    • you take a tax-free cash lump sum and buy a lifetime annuity that provides a guaranteed income for life that either stays level or increases 
    • you take a tax-free cash lump sum and put your pension pot into flexi-access drawdown but don’t take any income from it 
    • you cash in a number of small pension pots valued at less than £10,000. 

    The MPAA only applies to contributions to defined contribution pensions and not defined benefit pension schemes."

    So a number of variables which only the OP knows.

  • Daarrzzetbum
    Daarrzzetbum Posts: 1,236
    Cheers all 
  • Rob7Lee
    Rob7Lee Posts: 9,595
    Remember you can pay in whatever you like to a pension, it's just the tax efficiency we are talking about (and don't forget the LTA). That said, no real point unless you are filling up your ISA's putting into pension and not getting tax relief.
  • mendonca
    mendonca Posts: 9,405
    Shame to see such drops in indexes and funds of late! Focus on the long term and all that hey.

    Not a great Q3, or Q4 coming up for that matter. Struggling to see any good news stories for the short term.
  • Rob7Lee
    Rob7Lee Posts: 9,595
    mendonca said:
    Shame to see such drops in indexes and funds of late! Focus on the long term and all that hey.

    Not a great Q3, or Q4 coming up for that matter. Struggling to see any good news stories for the short term.
    I cashed out some profit a while back so am starting to trickle it back in again. If you are a regular investor you want the ups and downs, today you are buying at 5% less than a month ago etc. As long as the long term trajectory is up it really doesn't matter.
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  • RaplhMilne
    RaplhMilne Posts: 4,601
    Those who work in the industry or have their own experience of taking the CETF from a DB pension scheme. A few years back I was looking at taking a cash offer instead of my Lloyds bank pension, they basically offered me £32,000 in cash for each £1000 of pension I was entitled to. 

    A friend has just received and offer his pension trustees that is £211,000 if he gives up a £3000 annual pension. So that’s £70,000 cash for each £1,000 of pension.  I’m astounded is that really the sort of figures that are currently being offered…. ???
  • HardyAddick
    HardyAddick Posts: 1,637
    Very big offer. Maybe a special pension??
  • golfaddick
    golfaddick Posts: 33,626
    RaplhMilne said:
    Those who work in the industry or have their own experience of taking the CETF from a DB pension scheme. A few years back I was looking at taking a cash offer instead of my Lloyds bank pension, they basically offered me £32,000 in cash for each £1000 of pension I was entitled to. 

    A friend has just received and offer his pension trustees that is £211,000 if he gives up a £3000 annual pension. So that’s £70,000 cash for each £1,000 of pension.  I’m astounded is that really the sort of figures that are currently being offered…. ???
    It does seem a huge amount but DB schemes are trying to get the liability off their books & as Glits have dropped to their lowest values ever then I'm not surprised to see schemes offering "incentives" to get people to transfer away. 

    However, I will caveat that with this. Your friend will need to take advice from a DB  Pension Specialist & this will not come cheap. Our firm offers this advice (I dont personally) but I'd imagine you are looking at a £10k fee.....and that has to be paid even if the advice is not to proceed (which is the FCA's starting point) and the FCA have made it very difficult to transfer out of DB schemes.
  • Covered End
    Covered End Posts: 51,995
    edited October 2021
    I've very nearly completed transferring a Lloyds pension. £4785pa = £164K.
    Although £22K is AVC's and the remaining contributory pension ran from 2001 to 2011, so your friend was likely in a better scheme.

  • HardyAddick
    HardyAddick Posts: 1,637
    Covered End said:
    I've very nearly completed transferring a Lloyds pension. £4785pa = £164K.
    Did you approach Lloyd's? I am already drawing my Lloyd's pension so probably too late?
  • Covered End
    Covered End Posts: 51,995
    edited October 2021
    HardyAddick said:
    Covered End said:
    I've very nearly completed transferring a Lloyds pension. £4785pa = £164K.
    Did you approach Lloyd's? I am already drawing my Lloyd's pension so probably too late?
    I contacted an IFA from a CL recommendation. 
    I'm uncertain if you can transfer out once it 's already being drawn. I'd guess not. 
  • Rob7Lee
    Rob7Lee Posts: 9,595
    I got just over 38x when I transferred out of my Barclays pension back in 2014. Don't think you can once drawing though.
  • Covered End
    Covered End Posts: 51,995
    Rob7Lee said:
    I got just over 38x when I transferred out of my Barclays pension back in 2014. Don't think you can once drawing though.
    I just got the same on my Barclays. 
  • Rob7Lee
    Rob7Lee Posts: 9,595
    Covered End said:
    Rob7Lee said:
    I got just over 38x when I transferred out of my Barclays pension back in 2014. Don't think you can once drawing though.
    I just got the same on my Barclays. 
    Strangely when it came through they'd added a few thousand on, wasn't going to complain! Pension wise the best thing I've ever done, in the 8 years since I must have almost tripled it.
  • golfaddick
    golfaddick Posts: 33,626
    Rob7Lee said:
    I got just over 38x when I transferred out of my Barclays pension back in 2014. Don't think you can once drawing though.
    Correct. Once in payment it can not be altered or transferred.

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