
Wishing you all the best with the treatment.

Back to Pondrew's topic I really don't understand Private Pensions. I'm so glad mine were all Workplace Final Salary ones.

Not great to hear, best wishes to you, heartwarming you are sounding so positiveN4LLY wrote: Thu Dec 14, 2023 7:30 pmThanks you guy's for the well wishes. Most excellentPondrew wrote: Thu Dec 14, 2023 6:37 pm N4LLY. Oh s**t, that is horrible news. Good luck mate, thinking of you!![]()
PS: your Norwich Union SERPS pension should be with Aviva now (mine is). If you want to/ can be arsed give them a call, it will still be there!![]()
Mentally rock solid. Physically a wreck. Weight plummeted. 180 CM tall @ 64 KG![]()
Pondrew, Aviva, that's it. I just chuck the statement in a box. Will check see what last statement read like![]()
When you say doesn't allow the 25% withdrawal that you would like I assume that the plan isn't drawdown ready and will require you to transfer to facilitate your requirement for flexible access.Pondrew wrote: Thu Dec 14, 2023 12:57 pm I stopped paying contributions quite a few years ago, as put that money into paying off debts instead.
As I can now get 5% on savings/ ISAs, I am putting money in these rather than my pension.
I am now 56 and have been thinking of transferring all funds into a 'draw down' product. I don't need to draw on it yet but would like the opportunity to be there. I have always been a big fan of having any money I have (which has never been much TBH) easily accessible. It has cost me a bit in lower interest but I just don't like money being locked away; just in case.
My largest pension with Zurich doesn't allow me the 25% withdrawal which I don't like.
It's really sad to hear that is the experience you've had with your IFA. Anything recommended to you should be specific for your objectives and not a shoehorned recommendation into a product that suits the adviser.Pondrew wrote: Thu Dec 14, 2023 1:15 pmI have a financial advisor who keeps calling me every year or so to see if he can make a few quid by "arranging" my drawdown product. I always keep him on the phone for a while asking lots of questions. I am not paying him a penny; his fees are percentage-based which works out to thousands of my pot being thrown at him.obewan wrote: Thu Dec 14, 2023 1:06 pm Have a chat with a SOLLA financial guy (Society of later life advisors)
First chat is normally free
I don't like IFAs to be honest. Every one I have ever dealt with have always recommended products which pay them the most, not which are best for what I want.
I want a drawdown product which is simple to understand and easy to manage. Some of the suggestions my IFA has come up with are so complex for the sake of potentially making a couple of extra quid, which I would be paying ten times over to him for the privilege. No thanks!
Yes, I think so. I have other pensions with another provider (Aviva) so may look to transfer all into these when I want to change.M33 LMO wrote: Fri Dec 15, 2023 7:59 am When you say doesn't allow the 25% withdrawal that you would like I assume that the plan isn't drawdown ready and will require you to transfer to facilitate your requirement for flexible acces
Don't know if you have ever had to deal with inheritance tax cos that is a really good one.TitanTim wrote: Fri Dec 15, 2023 12:33 pm Since retiring you realise how robbing this country is for deciding to work hard all those years.
So sorry to hear about your mum. Mine passed away in 2014 on 17th December so coming upto that time again. I went through all the inheritance tax stuff at the time as I was executor of her estate. I remember getting her house valued and all her belongings and savings and was kinda thankful it fell below the inheritance tax threshold. All that stuff to deal with at one of the worst times of your life. Think I remember filling in all the inheritance tax paperwork but then handed it over to my solicitor to finish it off. Never a great timePondrew wrote: Fri Dec 15, 2023 12:48 pmDon't know if you have ever had to deal with inheritance tax cos that is a really good one.TitanTim wrote: Fri Dec 15, 2023 12:33 pm Since retiring you realise how robbing this country is for deciding to work hard all those years.
A person works all their life, pays income tax, etc, then if they happen to die with more than £325,000 to their name, the HMRC want 40% of the extra.
And if you sell the deceased's property for more than the probate valuation; that's 28% capital gains they take!
My mother died 6 weeks ago and suddenly has become a higher rate tax payer! She never was when alive!
The HMRC rules for inheritance tax are not black or white, though. Even on the .Gov website it reads "you may be able to claim the £500,000 threshold depending on the day of the week or the weather" and "sometimes the higher threshold can be claimed but we don't really know when".pvr wrote: Fri Dec 15, 2023 1:05 pm I am doing this in a parallel universe, in a diferent country and stressful is rather an understatement in dealing with any tax authority and the rules around it. Fortunately, not UK so no capital gains and no 40% which is such an insult.
If you ever want some guidance give me a shout. If one of your existing Aviva plans is drawdown ready and offers a reasonable range of underlying fund choice then you may be worthwhile using one of those rather than someone recommending you a new plan.Pondrew wrote: Fri Dec 15, 2023 11:48 amYes, I think so. I have other pensions with another provider (Aviva) so may look to transfer all into these when I want to change.M33 LMO wrote: Fri Dec 15, 2023 7:59 am When you say doesn't allow the 25% withdrawal that you would like I assume that the plan isn't drawdown ready and will require you to transfer to facilitate your requirement for flexible acces
It's actually not that complicated, it's just that HMRC don't publish user friendly guidancePondrew wrote: Fri Dec 15, 2023 1:27 pmThe HMRC rules for inheritance tax are not black or white, though. Even on the .Gov website it reads "you may be able to claim the £500,000 threshold depending on the day of the week or the weather" and "sometimes the higher threshold can be claimed but we don't really know when".pvr wrote: Fri Dec 15, 2023 1:05 pm I am doing this in a parallel universe, in a diferent country and stressful is rather an understatement in dealing with any tax authority and the rules around it. Fortunately, not UK so no capital gains and no 40% which is such an insult.
If they don't know for sure, how are we supposed to?
sorry to hear about your mum, I lost mine early September to a brain tumour. 7 weeks from diagnosis to passing. A whirlwind and surreal experience. I got to 51 years old with her around so it's taking time to adjust that she's not here.Pondrew wrote: Fri Dec 15, 2023 12:48 pm My mother died 6 weeks ago and suddenly has become a higher rate tax payer! She never was when alive!