Showing results for tags 'pension'.
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Hi Evry1, I am after some advice (obviously). This morning I received a letter from the DWP. They advised me that from March 2018, I will be eligible for pension credit. I curently received Conts ESA , basic rate due to private pension. I also receive Ind. Inj. Disability Benefit. . The DWP have not given me any advice in the letter, ie. How much I would receive etc. They have merely said if I dont wish to claim it, I need do nothing. However, get in contact with Pension Credit Office ; if I want to claim it. So now, I am wondering should I claim Pension Credit or stay with the ESA . A little background - I have a serious lower spine injury. I have had three lots of surgery on it. Hence I have been placed in the Chronic group and dont have to go for medicals anymore. My total benefits are £800 per 4 weeks. I also receive £800 net from my pension. Should I stay with the benefits or claim pension credit. I will be 65 yrs in September 2018 . Your thoughts plse. - Cheers - Scousegeezer
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I have been directed here by HB13. Thanks. We are having a bit of a hassle with my wife's occupational pension. Up to a week ago my wife received SSP but that has stopped so no income from her employer however she shoudl be on ESA. Up to now her pension was deducted from her SSP but obviously that cannot happen now. We have tried to pay a lump sum (4 weeks) up front but require a receipt for the DWP so that our benfits can be adjusted. Employer says that they cannot accept a payment fro various reasons. Pension company state it needs to come from employer so in a catch 22 situation. We do not want the policy to lapse through no payment. Employer has stated that they will continue to pay their contribution but this premium is directly related to the amount my wife pays in every month so this has left us very puzzled. We also have had an issue with the financial advisor that was suippose to be helping us but that will be on anothe thread.
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Just a quick question or two: My Mother, who's 80, has been overpaid by the DWP by around 1400 pounds, as she was kinda late in informing them of a change of circumstance. That I had moved in with her, as her carer, five months before. She's happy to repay the amount but we were wondering about how much to offer. I've suggested 10 pounds per week direct from her benefits. Does this sound like a reasonable amount? If not, can someone suggest what would be. Also, the DWP suggest we should call their 'Dept Management Team' , I'm kinda thinking that sending the offer by recorded delivery would be better. I really get stressed dealing with this kinda stuff over the phone, would that be acceptable? thanks in advance, bob
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Mine is a complicated tale and desperately need some advice. To make it easier I will break it down as even I have difficulty undestanding it 2006 Applied for Job Seeker's allowance but refused on I hadn't worked for the last 5 years which I had. After much backwards & forwards they told me they had lost my records then found them and wld now credit NI onto my records. Too late to get the JSA etc as now out of time 2015 Applied for a Pension statement & noticed not enough years on Guess what the original missing 5 NI not been credited. Sent letter & copies of original forms I filled in (to show income for each year) and assured they would update their records. Dawned on me that as they had not updated my records when they said they would they would also not have sent any pension contributions to private pension co (I was contracted out to L & Gen). Contacted L & Gen and was sent summary of contributions. No contribution sent from HMRC for the missing years which approx totals £5,000. Wrote to them again and they sent me a letter to confirm that they had put the NI back on BUT for some strange reason instead of NI basd on my wages at the time £48-50K they had said I only earned £5,000-£7,000. Want me to prove I earned it with wageslips/P45 etc from 2001-2005 :mad2: Just contacted Bank to see if I can have statements for that period which hopefully will show a weekly wage (by BACS) otherwise I am stuffed!!! Can any one please advise, I have spoke, written to every department in HMRC and they still are cocking up my records:-x Thanks
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Hi I have a Metropolitan Police preserved pension, does anyone know at what age I can draw on it please?
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I know this sounds strange, but if to date your NI contributions will give you a full state pension when you retire can you ask to stop your NI contributions up to retirement?
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My husband and myself both contracted out of SERPS in the 1980s. I was contacted earlier this year by Zurich to say I was entitled to my Husbands pension money. My husband died in 2005, and Zurich have told me that I must buy an annuity with the money, but unlike everyone else, I am not allowed to take a 25% cash lump sum. Is this correct? If so why? thank you for reading -
hi I received a ccj for a credit debt £450 I offered them £6 a month they have refused that I told them my only income is my state pension , they told me they will get attachment of my state pension can they do this thanks
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http://cag.tw/22e4 (link from original article contains banned word) -
Hello Friends, I have heard about the legislation on auto-enrolment of employees in pension scheme and the time by which an employer can chose to postpone auto enrolment etc etc. My understanding is that Auto-enrolment is meant for bare minimum contribution that both employer and employee must make to secure a future and that the postponement period is to give both employees and employer time to absorb the financial impact. My job contract says that my employer will make Pension contribution of 9% and an additional 1% will be taken from my salary. As simple as that. Now in this case, where/what is Auto-enrolment? Is the Auto-enrolment legislation applicable to such Pension Contributions which are part of benefit package of mentioned in job contract. Thanks. -
Hi. Long story short. I have outstanding debts with HMRC going back to 2005, mostly due to not filing my SA returns. Most of it is fines and assumptions of my earnings, even though I probably haven't earned more than £5-8000 a year since the first year. We've lived hand to mouth since then, and hidden from our responsibilities, and the debt is now over £9000. I accept that due to me burying my head in the sand, it is entirely my own fault. My question is this. I am about to take one of my private pensions as a lump sum (around £40k) and I need to know whether HMRC will help themselves to everything they say I owe, before I'm paid out. I realise that I will be taxed at the emergency rate, and that they may well keep the overpayment to clear my debt, but that wouldn't cover it all. Can they take any more to cover the balance owed? Thanks in advance for any advice.
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Hi everyone, I am just enquiring about my MPS that I am recieving. I claimed my pension 5 years ago when I was aged 50. I took a lump sum and then a monthly pension of £235. My question is, can i change the monthly pension I receive into a one off cash lump sum instead? I am being finished at work on friday due to ill health as I have polycistic kideys and am just waiting for my fistula to be sorted out for the start of dialysis and also a heart problem which they cannot sort out until I am settled on dialysis which could be at least 18 months away. I still have 4 years left on my mortgage and I am trying to sort out ways of trying to pay off my mortgage as this is the one major worry that I have, I dont want to lose our home due to not being able to afford the mortgage. I knew that this time would come but didnt expect it to start at 55 and thought my mortgage wuold be paid off by the time it started. I just wondered if anybody could help, I cannot see anything regarding this on the MPS website. Many thanks Alamand
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‘Where are my contributions?!’ Pensioner TAKES DOWN Government over £42,000 shortfall A BRITISH pensioner has taken the internet by storm after she demanded the Government reinstates her pension. http://www.express.co.uk/news/uk/793599/Pension-contributions-WASPI-Election-2017-payments-foreign-aid -
I've found myself in an odd situation which no-one seems to be able to give a straight answer on. I've googled endlessly and found no similar cases. I'm sure my situation can't be unique but maybe it is. I was made bankrupt in 1998 and as a result the forfeiture clause in my personal pension with Prudential (originally Scottish Amicable) kicked in. This just meant that they would hold my pension in trust while it carried on building as before. The only difference being that on redemption any lump sum would have to be paid to someone else. Now I want to take advantage of the new rules by taking small amounts as and when but the Pru are adamant I can only buy an annuity or have the whole amount paid out to someone else. They say they cannot transfer the pension to another provider and cannot pay it in installments, drawdown fashion. The problem with this is: The pot isn't big enough to make an annuity worthwhile. They say that payment of a lump sum will not qualify for any tax free element per the new rules. I have letters from both the OR and the TIB confirming they have no further interest in my pension and I am free to do as I please. The fund is worth about 80k. I am dealing with an independent financial advisor and he has been tearing his hair out from talking with the Pru. He feels the next step is to go to the ombudsman. I've dealt with ombudsman services before and know how long it can take. My question is basically are the Pru just being awkward or should it be possible to reinstate my pension and thus benefit from the recent changes in law, without having to lose half of the pot in tax? Will going to the ombudsman be likely to produce a result? I would be really grateful to hear from someone who knows about this subject. -
I’m writing this on behalf of a friend who has recently gone his separate ways from a council-employed job of many years. The last 36 years of that job he was paying into the “works” pension plan, and whatever he contributed, his employer, the council, paid the same (lately he was paying £120 a month). He was planning to retire in six months, age 55, as this was when he could take payments from his pension. However, the council decided to off hire him in advance – not literally, but by telling him his job was no longer available and that he would have to do another (one that was wholly unsuited to him). The “settlement agreement” was much less than what it would have been in six months, but more concerning to him is his upcoming monthly pension. He says that the council’s solicitor told him that although once he hits 55 he will get regular payments on his pension, these will be based only on his contributions. The contributions made by his employer, the council, will be null and void, despite their having matched his payments for years. Is this right?
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http://www.bbc.co.uk/news/business-39352654
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Hi there, I'm 55 and have a personal pension plan that has a value of £17600. Up until our disabled child was born I worked full time, when he was born I had to give up my job to become his carer. During this period of adjustment to our new financial situation we incurred some debt - £13000. I thought great, I can take it all as a lump sum and we can clear the debt... only we are in receipt of tax credits since our joint income, husband and my carers allowance = £21,000 per annum. However I've since realised that by doing this £75% of the lump sum will have to declared as income so basically will affect out tax credit award. So we would pay the debt off but have no tax credit income. So not really a viable option. The other option is to take the 25% tax free lump sum (to get the leaky roof fixed) and put the rest into the retirement savings account to pay the debt when I retire. If I do this, how will this this saving account be viewed for tax credit purposes. Will it still count as income even though we don't draw any money from it. It will be invested but could fluctuate wither up or down. Thanks in advance
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Low earners risk tax shock on workplace pensions There is apparently an anomaly on some of the auto enrolment schemes. You can read more in the article linked below. https://www.ft.com/content/40af7052-0361-11e7-aa5b-6bb07f5c8e12
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READ MORE HERE: https://www.gov.uk/government/news/war-pension-scheme-payments-increases-from-april-2017 -
Hi all My dad paid into a prudential work based pension type scheme for many years but sadly lost the paperwork to it (he has moved a number of times) As he is approaching 65 he has tried to contact prudential to have a look at the scheme to consider his options but despite giving them his old details (name DOB, old addresses, etc) they are insisting on an account number before they will do anything. Is there anything that can be done to make them play ball? BTW He has difficulty writing letters and arranging sentences due to dyslexia... -
READ MORE HERE: https://www.gov.uk/government/publications/war-disablement-pension-2017-rates
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Can anyone tell me if my child is eligible to make a claim on his late fathers army pension, we lived together but were not married at time of his death. He served 8 years in the army. -
Hi, I do hope someone can help. I have received a letter from the Pension Service which say it is about my Pension Credit. I have been getting my State Pension since I was 60 and I am now 67. I have never received Pension Credit but have received Pension Savings Credit. This letter calculates from £155.60 and then deducts my small private pensions. In the past it has always been calculated on my actual pension made up of my Basic State Pension, plus Pre 97 additional state Pension, less contracted out deduction, plus Post 97 ASP, plus Graduated Retirement Benefit. The way they have now done it apparently brings me below Savings Credit but the total they get will make me about £15.00 worse off. Have I missed some change in legislation?
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What will earn you a bigger pension? So what happens if statistically you are at risk of dying young - take a healthy increase in your pension income, but then live longer than they thought you would ? Will you still receive the extra income ?
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In order to qualify for the State pension you have to have made full NIC contributions for a number of years. Is this correct? If so, how many years? I believe the figure is 37 years. I have long been self-employed, low income, unmarried. I am fairly sure I have less than six years of contributions and will not achieve that State pension requirement by the time I reach retirement age, not even close. So, with regard to pensions, is there any point in making voluntary contributions?
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