Marc Gander - The Consumer Survival Handbook


A 220 page introduction to all things consumer related by our own BankFodder.

Includes energy companies, mobile phone providers, retailers, banks, insurance companies,debt collection agencies, reclaim companies, secondhand car sellers, cowboy garages, cowboy builders and all the rest who put their own profits before you.

£6.99



Patricia Pearl - Small Claims Procedure - A Practical Guide


An excellent guide for the layperson in how to use the County Court - a must if you are intending to start a claim.

£19.99 + £1.50 (P&P)


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  1. #1
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    Default Advice wanted about pensions and AOE

    Hi,
    My ex hubby has just asked to cash in a pension with Prudential and its value is 25,000.
    He has just had a terrible thought and now is panicking. He works full time with a wage of 25,000 a year and he has an AOE that goes out his wages every week for Bradfoed and Bingley. Will this pension money affect his AOE ( will he have to pay more)
    Will the cheque come with the Tax already taken off it or does he have to contact HMRC and pay them direct? Thanks in advance.


  2. #2

    Default Re: Advice wanted about pensions and AOE

    Hi.


    Has your ex asked the Pru about the AOE? They may have come across it before. When you say he's cashing in the pension what do you mean please?



    HB


  3. #3
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    Default Re: Advice wanted about pensions and AOE

    He turns 55 next week and he has a few pensions. He is in need of some money so he's taking one of his pensions as a lump sum. He spoke to the Pru but to be honest they wouldn't give him any advice but wanted to pass him on to one of there financial advisers that was going to cost a lot of money. He spoke to Pension wise but never mention the AOE as it never entered his head that it might affect it. He so worried now that Bradford & Bingley will get his money. Thanks.


  4. #4

    Default Re: Advice wanted about pensions and AOE

    Pension Wise/TPAS know their stuff, I think he should ring them again.


    HB


  5. #5
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    Default Re: Advice wanted about pensions and AOE

    Is it to late for him to change his mind, he only spoke to them at 5pm tonight. He's going to ring pension wise on Monday.


  6. #6

    Default Re: Advice wanted about pensions and AOE

    What might he want to change his mind about, DDicon? It's an important decision, he needs to take a bit of time.


    HB


  7. #7
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    Default Re: Advice wanted about pensions and AOE

    I don't understand why you've mentioned DDicon ? He wanted to know if it's to late to change his mind about taking his pension on one lump sum.


  8. #8

    Default Re: Advice wanted about pensions and AOE

    When I said DDicon, I meant you.

    Have you asked Prudential for more time?

    HB


  9. #9

    Default Re: Advice wanted about pensions and AOE

    What will happen is he will get 25% free of tax and pay tax on the rest at his normal tax rate. Now the problem is that this will be recorded by HMRC as income for the current year so he will get clobbered for 40% tax on a portion of it becasue of his other earnings.


    It wont affect his AOE though because that is done by his employer and takes no account of any other income or capital. the creditor could ask for a new hearing at court to redetermine his ability to pay but how will they know about the windfall and even if they did it is unlikely they would get their wish granted because they already have an order at an agreed rate.

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