Zicoladud Posted April 4, 2015 Share Posted April 4, 2015 need some advice on the new pensions rules Quote Link to comment Share on other sites More sharing options...
jock strap Posted April 4, 2015 Share Posted April 4, 2015 State pensions or your employment pension Alan ? Quote Link to comment Share on other sites More sharing options...
EddardStark Posted April 4, 2015 Share Posted April 4, 2015 Which have issued a free pensions guide covering all the need to knows. There is a number you can call for your free copy. Quote Link to comment Share on other sites More sharing options...
Orraloon Posted April 4, 2015 Share Posted April 4, 2015 Go to citizens advice bureau at they will put you in touch with a financial advisor if they can't help you themselves. Quote Link to comment Share on other sites More sharing options...
Zicoladud Posted April 4, 2015 Author Share Posted April 4, 2015 State pensions or your employment pension Alan ? del your so funny nae wonder bernard mannin canny get a gig in scotland.works pension obviliously Quote Link to comment Share on other sites More sharing options...
Orraloon Posted April 4, 2015 Share Posted April 4, 2015 del your so funny nae wonder bernard mannin canny get a gig in scotland.works pension obviliously Make sure you apply for your bus pass, it could save you a lot of money. Quote Link to comment Share on other sites More sharing options...
Eisegerwind Posted April 4, 2015 Share Posted April 4, 2015 I saw a financial advisor on the the telly once. He was on of those 'buy a property abroad things'. Twas about 10-15 years ago he had lots of money, retired at 50, advised people on mortgages,presumably endowment schemes.Oh sorry, you're on the other side of the fence, probably not relevant. Quote Link to comment Share on other sites More sharing options...
teecee- Posted April 5, 2015 Share Posted April 5, 2015 Probably the biggest issue is the tax paid on pension funds when withdrawing cash. After tax free 25%, any other "lump sum" withdrawal is classed as income and you will be taxed at the rate it puts you into. Quote Link to comment Share on other sites More sharing options...
Armchair Bob Posted April 5, 2015 Share Posted April 5, 2015 If you're thinking of a lump sun, gift it all in trust to your kids, then you won't pay tax Quote Link to comment Share on other sites More sharing options...
Orraloon Posted April 5, 2015 Share Posted April 5, 2015 If you're thinking of a lump sun, gift it all in trust to your kids, then you won't pay tax That wont do much good if he wants to spend it himself. Quote Link to comment Share on other sites More sharing options...
perthTam Posted April 5, 2015 Share Posted April 5, 2015 The pension changes scream "next mis-selling scandal" to me - tread carefully! Quote Link to comment Share on other sites More sharing options...
Eisegerwind Posted April 5, 2015 Share Posted April 5, 2015 The pension changes scream "next mis-selling scandal" to me - tread carefully! Don't be ridiculous. Have you no concept of the high moral and fiscal standards of our current capitalist financial institutions. Quote Link to comment Share on other sites More sharing options...
mariokempes56 Posted April 5, 2015 Share Posted April 5, 2015 Probably the biggest issue is the tax paid on pension funds when withdrawing cash. After tax free 25%, any other "lump sum" withdrawal is classed as income and you will be taxed at the rate it puts you into. Is it tax free 25% or £25k ? Quote Link to comment Share on other sites More sharing options...
Orraloon Posted April 5, 2015 Share Posted April 5, 2015 Is it tax free 25% or £25k ? 25% Quote Link to comment Share on other sites More sharing options...
Swindon Rob Posted April 5, 2015 Share Posted April 5, 2015 25% of the fund value can be taken as tax free cash, with the rest taxed at emergency rate, if taken as a one off. This means any taxed lump sum of over around £3k will initially be taxed at 40%, with anything over around 13k @ 45%. You will get that tax back from the revenue, but worth bearing in mind if you have plans in short term with the money. Quote Link to comment Share on other sites More sharing options...
mariokempes56 Posted April 5, 2015 Share Posted April 5, 2015 So can you just take 25% and leave the rest as is/? Quote Link to comment Share on other sites More sharing options...
Swindon Rob Posted April 5, 2015 Share Posted April 5, 2015 Not unless you go into something called drawdown, that enables you to take the tax free cash only, leaving the remainder in the pension environment. To do that you'll need proper (paid for) advice from a qualified adviser, it'd be worth it if you have a reasonably sized pension pot. Quote Link to comment Share on other sites More sharing options...
Orraloon Posted April 5, 2015 Share Posted April 5, 2015 So can you just take 25% and leave the rest as is/? Aye, but it doesn't apply to all pension funds. Although you could be forgiven for thinking it does from listening to the TV news programs. The new rules don't apply to defined benefit pension funds. Quote Link to comment Share on other sites More sharing options...
mariokempes56 Posted April 5, 2015 Share Posted April 5, 2015 Thanks forks Quote Link to comment Share on other sites More sharing options...
Orraloon Posted April 5, 2015 Share Posted April 5, 2015 Read this first then see a financial advisor. https://www.pensionwise.gov.uk/?gclid=CPuk95SZ4MQCFeKv2wodmYcA7w Quote Link to comment Share on other sites More sharing options...
Orraloon Posted April 5, 2015 Share Posted April 5, 2015 Aye, but it doesn't apply to all pension funds. Although you could be forgiven for thinking it does from listening to the TV news programs. The new rules don't apply to defined benefit pension funds. Having said that there were already rules in place which allowed you to take 25% of a defined benefit pension fund tax free. I don't think those rules have changed. Quote Link to comment Share on other sites More sharing options...
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