Pensions

I wonder if anyone of the forum has experience of dealing with financial advisors in connection with their pension schemes after retirement? I have recently spoken to an IFA concerning my pension schemes and he has outlined his services and the fees associated with them. Unfortunately, I am still unclear how these can benefit me. What is your experience? Has working with an IFA benefitted you and if so, how? Regards, Chris

Pension triple lock anyone? (sorry American buddies, this is a UK issue. Feel free to start a rant of your own though)

I would like to know how you feel about paying income tax on your state pension. Since the new tax year, your state pension will be subject to income tax. This is because the Chancellor did not increase the personal tax allowance in the budget, so now with the increase we were given takes the pension rate above the personal allowance. So don't go on planning to spend your increase as the tax man wants his share first.

I do not know how many of you are that we now have to pay income tax on our state pension! This is because the state pension is now higher than the level of the personal tax allowance. So there was little point in giving us the 10% increase as with council tax and cost of living living rises are no better off.

I cant seem to find any info online specific to my question I'm hoping someone on here can help. A few years ago I was struggling with pain in my feet after an 8 hour shift (feet full of metal work and bolts). I was offered voluntary redundancy at age 57 so I took it and started living modestly on a personal pension. But now with the pandemic the war in Ukraine and the cost of everything going up my pension pot is depleting too quickly ( I need it to get me to 67 state pension age). So my question is can I reduce the amount of personal pension I draw down and apply for benefits? I currently don't get any benefits at all. Thanks for any info.

Hi, I'm about to recieve a lump sum and start a new pension with an old company I worked for in the 80's. Got the forms to complete and they want to know the details of my existing 2 pensions and the lump sums I got. Does anyone know why they want this info ?

I had done my research on several IFAs and then chose 2 that I negotiated with for my pension. Based on their fees I selected an IFA and transferred my defined benefit pension into a SIPP just over 2 years ago. At my last annual review the IFA stated that their fees were increasing due to rules which are in the FCA Consumer Duty which is being implemented in 2023. Has anyone else had this experience? and is it true that the FCA are giving an IFA an excuse to increase the fees that I worked hard to achieve through negotiation. I have not signed yet but feel pressured to do so.

Hi, I have a small workplace pension with Fidelity, apparently it has been invested as a medium risk. My company then switched to Scottish Widows, in which I have another very small sum. I thought the funds would be automatically transferred across by my company but they weren't, hence having two with two providers. My company closed down at the end of last year so neither pensions are being contributed into currently. ( I am looking to take the funds out at 55 so am not thinking about long term, My questions are; Should I put the funds into one company rather than having them in two? And how on earth do I choose which one to go with? I have just spent the last couple of hours on the phone to both but have come away none the wiser to be honest. They mentioned a personal pension instead of a workplace pension. Should I transfer to this or leave my funds where they are? Does anyone have any advice on whether Fidelity or Scottish Widows are better? I don't really want to take any huge risks. It turns out that my Fidelity pension lost nearly £2,000 in the last year, which when I have such a small amount is a big hit to take. I appreciate I cannot just move it into a savings account (although ideally I would rather do this) as it was explained all pensions are investments accounts. Any advice on the above from anyone who has experience of either very gratefully received. I will be 55 next year and am looking to take my pension out then so need it to be as healthy as possible. Thank you in advance for your help.

Hi, I'm due to retire in a few years. I need to find out how many years of NI contributions I've made so I will know whether to make any voluntary contributions. I can't find this out online as I don't have the relevant identification i.e passport or driving licence. I cannot find out by any of the tel numbers I rang this afternoon either (it's taken me hours!). The number 0300 200 3600 merely gets someone (after a 30 min wait) saying I have the wrong number and to ring the very similar 0300 200 3500. That number, in turn, eventually gets an automated voice telling me to ring 0800 731 0175 before cutting me off. This 3rd number, in turn, also gets an automated voice providing non-relevant info, that also cuts me off. I googled and came across 0800 731 0469 and got a real human being. But she told me to ring 0800 731 0175 (which is one of the numbers I had already tried). She put me through herself, but I got piped music, eventually followed by beeping and it hung up on me (for the 2nd time!). So, I'm now stumped as to how to get this info?

Please take a look at this petition and sign if you can. Please share with anyone else you might know. Pensioners power!! https://petition.parliament.uk/petitions/609243