Search found 470 matches

by DrBunsenHoneydew
August 30th, 2019, 3:46 pm
Forum: Pensions - Practical Problems
Topic: NHS Additional Pension
Replies: 4
Views: 775

Re: NHS Additional Pension

I am trying to help my sister in law decide whether to purchase an NHS Additional Pension (AP). The AP currently works out at 6% for her. ie £500 AP costs about £8,300. She is reasonably comfortable with this, provided the AP increases with CPI . But the AP increases not by CPI, but by "Treasu...
by DrBunsenHoneydew
August 29th, 2019, 7:09 pm
Forum: Pensions - Practical Problems
Topic: Final salary pension and MPAA
Replies: 5
Views: 734

Re: Final salary pension and MPAA

... As far as the Lifetime Allowance goes I presume if taking the pension 5 years early I would multiple £22,027.39 by 20 and not £25,000 by 20? Do I need to re-evaluate the lifetime allowance due to any yearly inflation increase in the pension? Yes the amount of LTA used up is calculated on the ac...
by DrBunsenHoneydew
August 29th, 2019, 6:20 pm
Forum: Taxes
Topic: Exceeding the lifetime allowance
Replies: 12
Views: 1203

Re: Exceeding the lifetime allowance

Major changes to the tax charges that apply to benefits paid on the death of a pension scheme member took effect from 6 April 2015. It is the age of person who dies at their date of death that affects the tax treatment of the benefits; there is no difference for crystallised and uncrystallised fund...
by DrBunsenHoneydew
August 29th, 2019, 2:59 pm
Forum: Taxes
Topic: Exceeding the lifetime allowance
Replies: 12
Views: 1203

Re: Exceeding the lifetime allowance

Since when has one been able to leave pension funds to children without IHT being imposed? My late husband and I were not aware of it when he converted his Equitable Life drawdown into an annuity after the debacle and or (so far as I am aware) my self employed children when they put money into the ...
by DrBunsenHoneydew
August 27th, 2019, 6:43 pm
Forum: Retirement Investing (inc FIRE)
Topic: When to stop/reduce pension contributions and rely on growth?
Replies: 21
Views: 1375

Re: When to stop/reduce pension contributions and rely on growth?

Sorry cross posted. What is the proposed timetable for increasing the access age, JohnB? I’m 53, SP age will be 66 before I turn 55. Am I likely to have to wait a year? The proposal is to move to age 67-10=57 in 2028, with no change to the simple age 55 rule before then. But the legislation has not...
by DrBunsenHoneydew
August 26th, 2019, 3:10 pm
Forum: Does anyone know?
Topic: Satellite channel costs?
Replies: 26
Views: 1301

Re: Satellite channel costs?

Does anyone know how much a satellite channel presence costs? By this I mean the (presumably) channel rental and the upload/download maintenance costs - NOT the channel content. This question is prompted by the controversy over the BBC scrapping of the over 75s freebie. By their own estimates (whic...
by DrBunsenHoneydew
August 24th, 2019, 5:36 pm
Forum: Mortgages
Topic: Remortgage with non-guaranteed income
Replies: 2
Views: 572

Re: Remortgage with non-guaranteed income

Banks normally want to see at least 2 years of professional accounts and tax returns for that sort of employment. If there's a reasonably "steady" income, it'll be OK.
by DrBunsenHoneydew
August 12th, 2019, 4:33 pm
Forum: Legal Issues (Practical)
Topic: EPA, LPA query
Replies: 43
Views: 2244

Re: EPA, LPA query

If true, that would surely also apply to a LPA, so I am still not clear why a LPA would be needed for the healthcare side of things in a situation like mine. My decision was also accepted on starting and ending a care home residency, and to release my mother from hospital when there was some instit...
by DrBunsenHoneydew
August 12th, 2019, 4:02 pm
Forum: Legal Issues (Practical)
Topic: EPA, LPA query
Replies: 43
Views: 2244

Re: EPA, LPA query

Yes, the unregistered EPA I used for my mother included the ability for me to make a DNR decision when the time came. That said I got the sense at the time that it was as much the fact that I was the next-of-kin that was relevant, as well as the EPA. But the attorney might be an unrelated person, a...
by DrBunsenHoneydew
August 5th, 2019, 1:19 pm
Forum: Investment Trusts and Unit Trusts
Topic: Vanguard
Replies: 47
Views: 2902

Re: Vanguard

One small issue with ETFs is that they are often counted as "Foreign income" when dividends are paid, which potentially means extra effort in completing a Tax Return. Some ITs do this too.
by DrBunsenHoneydew
August 5th, 2019, 11:12 am
Forum: Pensions - Practical Problems
Topic: A little help
Replies: 7
Views: 1416

Re: A little help

Thanks chaps. So, assuming death happens after age 75, when a pension company tries to distribute a pension, is it at that point that they contact the beneficiary and give them the option of either taking taxed cash, or opening a pension and have it being put into that? It's that point I'm not real...
by DrBunsenHoneydew
July 10th, 2019, 12:14 pm
Forum: Does anyone know?
Topic: Who follows up on housing requirements in deeds etc?
Replies: 3
Views: 1484

Re: Who follows up on housing requirements in deeds etc?

The Council might well have put a Tree Preservation Order on the initial planted mini-tree. There need be no mention of a TPO in deeds - it stands separately. Enquire of local council about current TPOs Tony see if any mention in their records/planning consent; they usually take a "dim view&quo...
by DrBunsenHoneydew
July 7th, 2019, 10:44 am
Forum: Bank Accounts Savings & ISAs
Topic: Hargreaves Lansdown Active Savings
Replies: 4
Views: 4518

Re: Hargreaves Lansdown Active Savings

The HL list is much more competitive nowadays. Where available to compare, the rates are now the same as by direct access. In fact for the 3 and 5 year fixed rate bonds from Charter Savings they are better - but hurry - the rates have already gone down on the direct access and the HL version says th...
by DrBunsenHoneydew
July 7th, 2019, 10:19 am
Forum: Bank Accounts Savings & ISAs
Topic: Hargreaves Lansdown Active Savings
Replies: 4
Views: 4518

Re: Hargreaves Lansdown Active Savings

Have been looking at HL's Active Savings. Seems like a useful "Switching Service" for cash accounts. They do the account openings (no id docs for a new opening, just once for HL and not necessary to repeat if you're an existing HL customer), provide one annual interest summary for all acc...
by DrBunsenHoneydew
July 6th, 2019, 6:40 pm
Forum: Pensions - Practical Problems
Topic: Trivial Commutation Delay
Replies: 3
Views: 2084

Re: Trivial Commutation Delay

An appeal for help please. My sister died recently aged 55. My brother in law survives her, he is 66, he has learning difficulties and very poor health and few assets, I am helping him to try to sort out his finances. My sister had an occupational pension and we contacted the provider to find out w...
by DrBunsenHoneydew
July 6th, 2019, 5:07 pm
Forum: Pensions - Practical Problems
Topic: LTA and tax
Replies: 1
Views: 2018

Re: LTA and tax

Having saved for a long time into my pension and had the benefit of good investment returns I have a fund of £1.7m with lifetime protection of £1.25m. I'm 57 and am thinking of taking the 25% TFLS of the 1.25m and moving the balance into flexi income drawdown. Does this crystalise the whole of my p...
by DrBunsenHoneydew
July 6th, 2019, 12:41 pm
Forum: Investment Strategies
Topic: Will inherited wealth help or hurt those you love?
Replies: 33
Views: 3612

Re: Will inherited wealth help or hurt those you love?

We have 2 sons now in their early 40s. The elder is very normal, has a decent profession and a happy family life. The younger, however, has a lifelong tragic history of irresponsibility, addiction, unemployment and profligacy. He is currently receiving psychiatric help after a suicide attempt. A ne...
by DrBunsenHoneydew
July 3rd, 2019, 5:47 pm
Forum: Retirement Investing (inc FIRE)
Topic: I think i can retire early?
Replies: 47
Views: 5564

Re: I think i can retire early?

Dr BH. Thank you. I thought that 26 years did not seem long enough for someone of 55 but on the other hand one or two life companies have actually released some provisions because life expectancy had not increased as much as expected so maybe there is an actuarial slowdown. I think the evidence is ...
by DrBunsenHoneydew
July 3rd, 2019, 3:36 pm
Forum: Retirement Investing (inc FIRE)
Topic: I think i can retire early?
Replies: 47
Views: 5564

Re: I think i can retire early?

A recent poster tells us that a man of 55 has a life expectancy of 26 years. That may be so but 26 years is a long time and I know of a number of people who are still living a relatively independent life and driving in to their 90s so you need to plan for much longer than to age 81! A man of 55 now...
by DrBunsenHoneydew
June 18th, 2019, 11:32 am
Forum: Pensions - Practical Problems
Topic: Flexible pension drawdown confusion
Replies: 22
Views: 3969

Re: Flexible pension drawdown confusion

There is also an LTA test at age 75 if there are remaining uncrystallised funds. Another clarification: There is a test at age 75 even if you have previously crystallised the whole pot. The pot could grow to exceed the available LTA whether or not crystallised. If you have crystallised but not take...

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