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serious pension advice
serious pension advice
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was 732 quid in contributions last year for a qualifying year
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The sort of people running a ltd will surely cover that. If they tried to give themself no salary and all dividends the tax man would be all over them, and Umbrella people are PAYE anyway.
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in the contracting game a lot of people on ltd company are poorly paid and ltd is just a way of boosting the rate up ,going into the y,s and wherefores of NI for something they or might not get in 30,40 years time is not high on their agenda
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Hindsight will hurt them
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I estimate that a 20 year old today will not get a state pension before 75, if one still exists
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todays young kids will probably be estimating the same thing so not bothered about their contributions
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But even if they are a director of the company they'll be paying themself PAYE for at least part of their income? Once they hit the threshold NI will come off.
They'll have to employ an accountant to check it over and have to submit a proper individual self assessment tax return ever year so their tax will be checked twice. Have you any evidence of what you're saying or is this just gossip/heresay/theory as I'm not seeing this at all. I've heard before the "water cooler" talk about how contractors are avoiding tax etc and it isn't true. |
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my pension has dropped 3% this year.
subprime it tanked 50%!!!!!!!!!!!!!! but a year later it recouped all its losses!!!!!!!!!!!! understanding the post crisis and why it recovered is very worrying for britain post brexit. if you could take all of the funds out and shift it to a country who will benefit from a hard brexit i would....a german fund |
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GI if you've an ISA (or outside) there is nothing stopping you pulling out of UK funds and shares and buying foreign shares or funds. I hold foreign shares and funds that are allocated abroad myself.
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You could e.g. buy a DAX tracker if you want.
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sadly cant take mine out or i would.
i can choose investment areas but would need a long time to research every country to make a good decision. also bit too busy for that atm. |
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which looking at that phrase "expected life for your age" again and the context in the post is perfectly clear.
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The largest holdings in the fund apart from (surprise!) SL UK Real Estate are high-yield blue-chip companies.
SHELL BP HSBC RIO TINTO BAT GLAXO Not one of these stocks currently pay dividends below 5% - Tax free in a pension Over the last nine years, the average performance of the above shares is a modest +16% Had you split your investment between these stocks nine years ago under the aegis of a SIPP, it would now be worth c £200,000. |
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If you're wondering where your money has gone, 1st time poster, you may be surprised to find that the "bloke" who facilitated your investment is probably still getting a % of the overall value. The AMC is a modest .65% but the management will be "active" switching in and out of stocks and bills, and you'll be charged twice each time this happens, for the stock bought in your name and the stock sold to balance the purchase, this will be happening weekly.
Your wife has a good pension; you would be better managing your own. You don't have to consult an IFA to switch. |
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thanks for the interest biscuit but although I,m no financial mug ,setting up my own fund is above my pay grade, I,m afraid
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Not at all: I recommend Xafinity simply SIPP. It's easy.
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1st time poster, the main work was done 9 yrs ago - it is easy to "take control" of your pension now.
As it happens, I am about to invest a DB pension into my preferred stocks with Xafinity, on Wednesday. Anyone can designate himself an Independent Financial Adviser. If you happen on a good one, still his advice will be predicated on a) His potential future liability and b) His kickback-club. If you pick your own horses and other bets, you are competent to pick your own investments, and 98% certain to do better than a "managed" fund. DM me if you are interested to know how my picks get on. |
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cheers
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^^
you won't be able to invest a DB pension of any significant value without a qualified adviser signing it off. |
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as the ftse reached record highs last year and has been on a bull since last crash, its depressing in the 1st week of the new year to realise you,ll have to keep on investing for at least the next 2 years with fingers crossed hoping for the best, just to recoup whats gone down the toilet in last 5/6 months.
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It's not a DB pension if it is invested in the SL POS.
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You're not referring to my DB pension, are you dave?
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you said
I am about to invest a DB pension into my preferred stocks with Xafinity If a DB pension is valued at more than £30k, it can't be transferred to a SIPP without authorisation from a qualified adviser. |
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Correct.
But 1st time poster doesn’t need to go through a Financial Adviser, which is a bonus. |
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i havnt read everything on thread.. .but....
if you have no income and a pension pot at age 60 you might speak to them about transferring some of your fund into a tax free wrapper they may be able to transfer 10k or so a year, using up your tax allowance, because when you retire you will pay tax on this extra pension...if your state pension takes you over limit. if you have £150k you can probs switch a quarter straight away too, then 10k a year....which gives you just over half of your pot tax free at retirement, instead of all of it being taxable less your 25% lumpa. just a thought...and i am not qualified to give financial advice, but if you speak to your pension supplier they may advise pros and cons of this action, or indeed advise you to seek paid advice i havnt found a single subject which affects all of us on which so many folk have had no education good luck 1st time poster, |
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you can find out what your future state pension is expected to be via
https://www.gov.uk/future-pension-centre |
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Donny
my problem Donny is I currently get a 4 day shutdown sat,sun,mon,tues, long hrs which I lift 800 a month,butisnt guaranteed and can stop at a [hone call or restart at a phone call a month later,very flexible and unreliable,but if I do something along the lines of what you say or activiate releasing money from my pot,i,m wasting 2 grand plus a year paying tax if the work continues, so far till the recent falls its worked ok for me and even if the work dried up ive got savings I can use that if needed would get me to 66 obvious problem been using savings whilst pots dwindling aint good news and when does a blip become a problem,then become a serious problem |
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no probs, didnt know you had some work.
you can review your situation at end of any tax year with your pension co. its good that you have an interest in your future, hopefully the markets pick up over next 2 years or so, and your fund does well. fingers firmly crossed, and keep on top of it! |
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to be honest as ive said above I,m not a greedy man or have any huge expectations and although annuities are horrendus value I,d get one and top it from savings till state pension kicks in 6 yrs time, but if anything happens to me it leaves the wife short before her state pension kicks in 4 yrs after mine
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in that case can you switch pension to a draw down fund?
take 25% tax free thats going to give you £500 or so a month for 6 years, to supplement your savings and earnings whilst the other 75% of your fund remains invested however you choose within your pension, and if the worst happened would be transferred to your mrs, then when state pension kicks in you can decide if you want annuity or start taking cash from fund? remember i aint qualified , but if you like sound of it, you can ask your pension co in case there are hidden charges or pitfalls |
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it is utter madness to take out an annuity in your 60s. You are simply locking in low interest rates for decades. A complete mugs bet.
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Your numbers don't look quite right OP.
.http://www.morningstar.co.uk/uk/funds/snapshot/snapshot.aspx?id=F0GBR06DZV&tab=13 Although this fund is far from a great performer, it has still achieved growth of 75% over the 9 years you've mentioned. Of course, you're drip feeding some but 50K original investment would be 87.5K less fees. What are (all) the costs of the fund to you? |
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I've been out of the game for a few years but it is my understanding that you need an IFA to effect a drawdown.
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To give Dave some credit here I worked out that I would need to live to my 90's to break even on current annuity rates and the death benefits are not so great either. Safe, yes, but my own personal circumstances proved that drawdown was best for me.
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On the flip side, drawdown is also dangerous in the wrong hands
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No IFA needed for drawdown (if not a DB obv). Need to be on a platform that offers it though.
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That depends who you're dealing with Cider... some companies will not accept drawdown without an IFA, Prudential certainly don't
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Yup, it's not a legislative requirement though. Just need to transfer to a platform where you can drawdown.
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Dangerous without professional advice though, especially when some get wind of the fact they can draw what they want, which is one of the reasons I think the government lightened up on the rules, for a hefty intake of tax
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