The Retirement Thread
176 watchers
31 Mar
9:42am, 31 Mar 2024
62,979 posts
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alpenrose
Congratulations HB! 
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31 Mar
11:19am, 31 Mar 2024
8,531 posts
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westmoors
Congratulations HB. Sorry to spam the thread but I'm after a badge and need 9 more investors in Trader fetcheveryone.com/trader I can be bought for 315 credits and have 10 miles waiting in the wings! |
1 Apr
12:14am, 1 Apr 2024
32,315 posts
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macca 53
Congratulations (again!) HB -I hope it’s for ever this time 😁😁
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1 Apr
5:25pm, 1 Apr 2024
26,515 posts
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Bazoaxe
Does anyone have experience of transferring DB of less than £30k without advice ? I am trying to do so for three my wife has but looks like the two DC plans available dont accept DB transfers in. The amounts involved are so small its pointless taking 25% TFC and a pension of thruppence ha’penny a year and getting the lump sum into a drawdown is by far the best option |
1 Apr
10:08pm, 1 Apr 2024
26,170 posts
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Sigh
No, I don't think you'll be able to transfer any DB without advice - and the default position is to not transfer unless you can provide a good argument to the contrary. However, check with Pension wise.
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2 Apr
8:39am, 2 Apr 2024
8,321 posts
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um
However, pots of <£30k can just be closed can't they? Max £30k in on year, take the money, pay the tax and invest as you wish? Assuming you can manage it to avoid excessive tax? From gov.uk : A pension worth up to £10,000 You can usually take any pension worth up to £10,000 in one go. This is called a ‘small pot’ lump sum. If you take this option, 25% is tax-free. You can usually get: up to 3 small pot lump sums from different personal pensions unlimited small pot lump sums from different workplace pensions A pension worth up to £30,000 that includes a defined benefit pension If you have £30,000 or less in all of your private pensions, you can usually take everything you have in your defined benefit pension or defined contribution pension as a ‘trivial commutation’ lump sum. If you take this option, 25% is tax-free. If this lump sum is paid from more than one pension, you must: have your savings in each scheme valued by the provider on the same day, no more than 3 months before you get the first payment get all payments within 12 months of the first payment If you take payments from a pension before taking the rest as a lump sum, you pay tax on the whole lump sum. When my first DB pension closed (company closed it) 2005 ish, I needed an IFA to help with re-investing the (pitiful) payout. No one would touch it because of links to the past pension and risks of GMP being carried over. We've been with that IFA ever since. |
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2 Apr
11:09am, 2 Apr 2024
26,171 posts
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Sigh
Thanks um, I don't know if that applies to DB pensions though, it might just be for DC.
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2 Apr
11:36am, 2 Apr 2024
8,323 posts
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um
A couple of example web sites, although there are lots of people/companies keen to help you ... litrg.org.uk techzone.abrdn.com (my wife has a few small pots, but so far the IFA has recommended leaving as is, because there's no, or minimal fees, and advises it's better to leave as is unless we need it) |
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2 Apr
11:47am, 2 Apr 2024
26,172 posts
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Sigh
Bazoaxe, here's the pensionwise article on it: moneyhelper.org.uk |
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2 Apr
12:09pm, 2 Apr 2024
26,517 posts
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Bazoaxe
Thanks, will read all those tonight....its 3 small pots totalling c£22k with one employer from 3 separate times of service, but c£19k is from one period of service. taking as a pension is aboytut£500pa plus less than £4k lump sum so would be better getting the cash into drawdown IMO....
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FE accepts no responsibility for external links. Or anything, really.- Money Helper
- How Much is Enough to Retire On?
- Retirement Living Standards
- How much will you need to retire?
- Free Govt website for pension advice
- SIPP pensions
- ISAs
- Check your National Insurance contributions
- Check your state pension account
- Martin Lewis on pensions
- Support and advice for those widowed under the age of 50
- Power of Attorney information
- Making the most of your retirement
- 20 tips for a happy retirement
- Married Couple's Allowance
- Aviva guide to retirement planning
- U3A
- U3A Local Sites - map
- Make a Power of Attorney
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