Self employed pensions advice

[Danishfurniturelover]

Pensions are a sire subject with me.

I have had a lot of issues with Legal and General trying to change access to it. My original one with then was not going to pay out to my wife on my death.

She has dealt with it all as I can't be bothered, but we had to pay a fee to change the type of pension.

I will not be alive to receive it so no longer really give a damn about it.

My only advice is to make sure you pay into one that allows easy access to it if you get serious or terminal illness.

 

[johnola]

Interesting
I need to check that out

You will be much more likely to have accrued full state entitlement at fifty if you had accrued state second pension entitlement (known as SERPs pre 1997).

The problem being the value of the state second pension entitlement I lost was significant and was added to my ‘foundation amount’ for the new flat rate state pension and I could then only accrue a couple more years before I hit the ceiling.

My state second pension could have been as high as £5k a year…..Mostly lost, mostly ignored by the media and other commentators as generation x had little sway at that time.

If you were in an employers pension scheme or contracted out otherwise of SERPs/s2p via an appropriate personal pension scheme then you might find you have a few more years left to meet the ‘35’ years they talk about in Marks note from CAB above.

One potential issue is that the state pension could become means tested here as it is in Oz !

 

[markysimmo]

One potential issue is that the state pension could become means tested here as it is in Oz !

Very likely indeed !!!

 

[Bedfordspurs]

You will be much more likely to have accrued full state entitlement at fifty if you had accrued state second pension entitlement (known as SERPs pre 1997).

The problem being the value of the state second pension entitlement I lost was significant and was added to my ‘foundation amount’ for the new flat rate state pension and I could then only accrue a couple more years before I hit the ceiling.

My state second pension could have been as high as £5k a year…..Mostly lost, mostly ignored by the media and other commentators as generation x had little sway at that time.

If you were in an employers pension scheme or contracted out otherwise of SERPs/s2p via an appropriate personal pension scheme then you might find you have a few more years left to meet the ‘35’ years they talk about in Marks note from CAB above.

One potential issue is that the state pension could become means tested here as it is in Oz !

I’ve not planned on having a state pension but targeting retirement in 13 years @61…

 

[Danishfurniturelover]

What I will say that I found interesting was that one of the Muslim chaps at B&Q made a request to not pay national insurance because apparently they perceive it as charity and they don't want charity and deal with everything within their community.

That is true despite what anyone on here will say, as I was witness to the conversation.

Not sure what he thought his parents getting social housing is. I liked him, young lad and arsenal fan but decent sort.

 

[Grays_1890]

What I will say that I found interesting was that one of the Muslim chaps at B&Q made a request to not pay national insurance because apparently they perceive it as charity and they don't want charity and deal with everything within their community.

That is true despite what anyone on here will say, as I was witness to the conversation.

Not sure what he thought his parents getting social housing is. I liked him, young lad and arsenal fan but decent sort.

If your sat in the C2C train from West Ham to Essex on "early pop" Friday you will hear plenty of builders, plasterers and sparkys boast about not paying tax on their wages, not sure it goes to their community....maybe the Albanians

 

[Muttley]

There are pitfalls with nino (some of which have been recycled) but I believe the principle was entirely to trace long since forgotten pots, schemes and contracts for which a person retained some benefit entitlement. That is you check the dashboard and contact the relevant administrator for information.

I used to write and authorise training material for those salesmen who did G60 then AFPC modules a long while ago and have built db pensions calculation and admin claims systems - and but I still don’t claim to be a pensions expert as it’s so damn specific to the specific scheme and time of accrual.

Make sense. That is why the IFA's do the proxy forms, so they do the due diligence for you on the pensions that you've accumulated over the years. With mine, I see APFS after his name and the words Chartered Financial Planners. I know St James Place run their own partner program and he runs a senior partner practice for SJP. I would assume that a good IFA are pension experts, and can look across the different schemes and see the twist or stick scenario more clearly than we can. Obviously, you're not affiliated to SJP unless you have a skin in the game to sell their products. That's the only caution.

There's also something quite interesting happening with these digital identities. The UK don't have a national identity scheme but they sort of do with these different unique identifiers we have. Your NI number is one of them. Your NHS number is another. Passport, driving license are another two. What we're gradually seeing is these government bodies create the interoperability between each other. I noticed when I got my new driving license that it had my passport photo on it. So the Passport Office and DVLA are integrated. You can definitely see a process building where if you had a pension in the past but it had a load of matches like Name, place of birth, NI number etc that they could have a confidence level that the pension belongs to a single match. It would also be great if, through legislation, that the pension companies have an obligation to digitally identify the pension holder every X years and it is not just down to the individual.

 

[johnola]

Make sense. That is why the IFA's do the proxy forms, so they do the due diligence for you on the pensions that you've accumulated over the years. With mine, I see APFS after his name and the words Chartered Financial Planners. I know St James Place run their own partner program and he runs a senior partner practice for SJP. I would assume that a good IFA are pension experts, and can look across the different schemes and see the twist or stick scenario more clearly than we can. Obviously, you're not affiliated to SJP unless you have a skin in the game to sell their products. That's the only caution.

There's also something quite interesting happening with these digital identities. The UK don't have a national identity scheme but they sort of do with these different unique identifiers we have. Your NI number is one of them. Your NHS number is another. Passport, driving license are another two. What we're gradually seeing is these government bodies create the interoperability between each other. I noticed when I got my new driving license that it had my passport photo on it. So the Passport Office and DVLA are integrated. You can definitely see a process building where if you had a pension in the past but it had a load of matches like Name, place of birth, NI number etc that they could have a confidence level that the pension belongs to a single match. It would also be great if, through legislation, that the pension companies have an obligation to digitally identify the pension holder every X years and it is not just down to the individual.

Yeah but many forgotten pensions schemes just do not have the money to do that. The admin is just a draw full of paper records in HRs storeroom and the money is actually just a share of a crusty old commercial building in Hemel Hempstead and the responsibility is with a few even crustier old trustees who want nothing to do with it.

 

[Danishfurniturelover]

If your sat in the C2C train from West Ham to Essex on "early pop" Friday you will hear plenty of builders, plasterers and sparkys boast about not paying tax on their wages, not sure it goes to their community....maybe the Albanians

Makes you think we are all mugs for doing the right thing for years.
My nearest town, shoreham by sea has 4 Turkish barbers and 2 vape shops. Wish the government would clamp down on that.