I will be 55 in October and I am torn between moving my old pensions to pension bee or get the money and take the tax hit with the irs and invest what is left after the irs take their chunk and invest for retirement here in the states
Hi Jospeh, Pensions are an investment and the past performance of an investment is no indication of their future performance. To learn more about our plans performance you can chek out the factsheets of the plans on our page: www.pensionbee.com/plans As a pension provider, we can’t provide information on ISA’s. Hope this helps! Have a great weekend. - Ari
Hi Peter! We've partnered with Legal & General to provide an annuity to PensionBee customers, which means that you may use your pension pot to purchase an annuity directly with them. Please see the following web page to learn more www.pensionbee.com/annuity I hope that helps. Many thanks, Demetri
After taking Benefits from a Final Salary DB scheme can I continue to invest in a DC scheme ? If I'm working part time whilst drawing benefits from a Final Salary scheme , can I pay up to the value of my earnings ( £40,000 maximum) into a DC scheme ? Presumably the £4000 MPAA doesn't apply ?
Hey there, thanks for getting in touch. You may make contributions to your personal pension when working part-time too, but limits set by the HMRC to how much you can pay into would apply. You can currently get tax relief on gross contributions up to £40,000 or 100% of your income(whichever is lower). You can learn more about pension contributions on our Pensions Explained page: www.pensionbee.com/pensions-explained/pension-contributions/paying-into-pension MPAA is applicable to DC(defined contribution) pension schemes and triggered in certain circumstances. If not sure, please do reach out to an IFA, PensionWise, or The Pensions Advisory Service for further pension guidance. They'd be happy to help. I hope that helps, but please let me know if you've any further questions. Many thanks, Demetri
I'm currently working and paying a large contribution into a DC scheme. I'm also taking benefits from a DB scheme. My understanding is that the MPAA only applies once you've taken from a DC scheme. A DB withdrawal doesn't trigger the MPAA.
@@garyrichardson8934 That’s always been my understanding . U can take benefits from a DB scheme and continue to pay into a DC scheme so long as U are working . The MPPA limit just doesn’t apply. It only kicks in when U draw Benefits from a DC scheme
@@Broatch6 Exactly~ What I'm doing, is in effect, using my DB pension to fund my DC pension, as I couldn't defer taking my DC pension and don't actually need it while I'm still working.
@@garyrichardson8934 Best to check with Pension Wise but my understanding is that U can continue to pay into a DC scheme whilst also taking Benefits from a DB scheme . And the 4000 MPPA limit don’t apply so U can pay in up to £40,000 every year and get all the Tax Benefits I’d be careful about talking about using DB Benefits to pay into a DC scheme . The Govermint won’t like that. U are using income U have earned by working to pay into the DC scheme. U not recycling one Pension into another for Tax Benefits which the Govermint won’t like Government don’t like people trying to game the system by getting Tax Relief twice on the same pot of money. Don’t let them think U are re-cycling a lump sum from a DB payout They won’t like that
With my current pension I can do things like nominate a Death Grant. If I combine my old pensions on Pension Bee, presumably I lose all those kinds of options?
Hi Simon, if you die before the age of 75 without having accessed your pension, your PensionBee pension will pass to your beneficiaries, usually without inheritance tax deductions. If we find your old pension has any other guarantees or an exit fee over £10, we will let you know and ask you to confirm before transferring too. I hope this helps! Thanks, Tom
why doesn't Pensionbee add earnt interest to any drawdown that you take, I had at the time approx £40,000 interest , £40000, i made a withdrawal, and the money came initial deposit, no interest involved, same happened to me last year, I complained, to no avail, just the markets rise and fall blah blah blah,,i realize this, ive taken screen shot right up to the day the money was deinvested
Hi Hachi, although we don't offer a monthly direct debit yet, our customers are still able to make withdrawals every month. This is something we're working on, so do keep an eye out for updates. Thanks, Tom.
Hi this is too long in duration. suggest a more structured approach, broken down into bite-sized chunks. A series of webinars, shorter in duration (20 mins) across key themes would be good. Plenty of useful information, so appreciate the sentiment of the webinar :)
Hi Karle, thanks for reaching out and for taking your time to leave a feedback! I've forwarded it to the team. It's also great to hear that you've found the information and the webinar helpful. If you've any further questions, please do get in touch. Many thanks, Demetri
I will be 55 in October and I am torn between moving my old pensions to pension bee or get the money and take the tax hit with the irs and invest what is left after the irs take their chunk and invest for retirement here in the states
Can you publish how much interest will be paid when leaving the money in the account , versus the isa interest rate
Hi Jospeh,
Pensions are an investment and the past performance of an investment is no indication of their future performance. To learn more about our plans performance you can chek out the factsheets of the plans on our page: www.pensionbee.com/plans
As a pension provider, we can’t provide information on ISA’s.
Hope this helps! Have a great weekend. - Ari
Are there any charges after taking an annuity payments
Hi Peter! We've partnered with Legal & General to provide an annuity to PensionBee customers, which means that you may use your pension pot to purchase an annuity directly with them. Please see the following web page to learn more www.pensionbee.com/annuity
I hope that helps. Many thanks, Demetri
After taking Benefits from a Final Salary DB scheme can I continue to invest in a DC scheme ?
If I'm working part time whilst drawing benefits from a Final Salary scheme , can I pay up to the value of my earnings ( £40,000 maximum) into a DC scheme ?
Presumably the £4000 MPAA doesn't apply ?
Hey there, thanks for getting in touch.
You may make contributions to your personal pension when working part-time too, but limits set by the HMRC to how much you can pay into would apply.
You can currently get tax relief on gross contributions up to £40,000 or 100% of your income(whichever is lower). You can learn more about pension contributions on our Pensions Explained page: www.pensionbee.com/pensions-explained/pension-contributions/paying-into-pension
MPAA is applicable to DC(defined contribution) pension schemes and triggered in certain circumstances. If not sure, please do reach out to an IFA, PensionWise, or The Pensions Advisory Service for further pension guidance. They'd be happy to help.
I hope that helps, but please let me know if you've any further questions. Many thanks, Demetri
I'm currently working and paying a large contribution into a DC scheme. I'm also taking benefits from a DB scheme.
My understanding is that the MPAA only applies once you've taken from a DC scheme. A DB withdrawal doesn't trigger the MPAA.
@@garyrichardson8934 That’s always been my understanding . U can take benefits from a DB scheme and continue to pay into a DC scheme so long as U are working . The MPPA limit just doesn’t apply.
It only kicks in when U draw Benefits from a DC scheme
@@Broatch6 Exactly~ What I'm doing, is in effect, using my DB pension to fund my DC pension, as I couldn't defer taking my DC pension and don't actually need it while I'm still working.
@@garyrichardson8934 Best to check with Pension Wise but my understanding is that U can continue to pay into a DC scheme whilst also taking Benefits from a DB scheme . And the 4000 MPPA limit don’t apply so U can pay in up to £40,000 every year and get all the Tax Benefits
I’d be careful about talking about using DB Benefits to pay into a DC scheme . The Govermint won’t like that.
U are using income U have earned by working to pay into the DC scheme.
U not recycling one Pension into another for Tax Benefits which the Govermint won’t like
Government don’t like people trying to game the system by getting Tax Relief twice on the same pot of money.
Don’t let them think U are re-cycling a lump sum from a DB payout
They won’t like that
With my current pension I can do things like nominate a Death Grant. If I combine my old pensions on Pension Bee, presumably I lose all those kinds of options?
Hi Simon, if you die before the age of 75 without having accessed your pension, your PensionBee pension will pass to your beneficiaries, usually without inheritance tax deductions. If we find your old pension has any other guarantees or an exit fee over £10, we will let you know and ask you to confirm before transferring too. I hope this helps! Thanks, Tom
why doesn't Pensionbee add earnt interest to any drawdown that you take, I had at the time approx £40,000 interest , £40000, i made a withdrawal, and the money came initial deposit, no interest involved, same happened to me last year, I complained, to no avail, just the markets rise and fall blah blah blah,,i realize this, ive taken screen shot right up to the day the money was deinvested
why do peeps draw out pension and stuff it in a savings account ?
becos u dont offer a monthly direct debit probably
Hi Hachi, although we don't offer a monthly direct debit yet, our customers are still able to make withdrawals every month. This is something we're working on, so do keep an eye out for updates. Thanks, Tom.
Hi this is too long in duration. suggest a more structured approach, broken down into bite-sized chunks. A series of webinars, shorter in duration (20 mins) across key themes would be good. Plenty of useful information, so appreciate the sentiment of the webinar :)
Hi Karle, thanks for reaching out and for taking your time to leave a feedback! I've forwarded it to the team. It's also great to hear that you've found the information and the webinar helpful. If you've any further questions, please do get in touch. Many thanks, Demetri
Anyone about to retire should watch this
no disrespect intended but if you can't focus on a topic for more then an hour and your not a child, you have problems