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@RosieSmith-c5b 16 сағат бұрын
So I earn 129K so do I need to put 40k in to my company pension to get the tax relief and additional pension contribution?
@naumanzakir8005 Күн бұрын
I have a limited company with wife as a director! If wife opens a sipp account, can I pay from company account into my wife sipp account as her pension. If yes, how much can we pay in her sipp? Equal to less than yearly pay? Is this pension payment, taxfree for the company tax?
@cameronjamespensiontransfer 20 сағат бұрын
Hello. Thank you for your comment. All quite specific questions, with a lot of "it depends" answers. If you book in on our website, one of our advisers will be more than happy to discuss those questions and many more with you furrther.
@benshephard1800 Күн бұрын
Thank you for a great video. Do you know if this sounds right; I have a defined benefit pension, which I no longer pay into. It looks like it is increasing each year at around 2.5%, which seems low to me.🤔
@cameronjamespensiontransfer 20 сағат бұрын
Hi Ben. Thank you for your comment. What is increasing by 2.5% each year?
@benshephard1800 20 сағат бұрын
Hi@@cameronjamespensiontransfer . Thank you for your reply. My core credit is increasing roughly around 2.5% per year, which looks low even with my limited knowledge of pensions.
@karmanline2005 Күн бұрын
It is worth you mentioning that most DBs offer a "25%" tax free PCLS (Lumps sum) in exchange for around 50% of the annual pension. (The surviving spouse pension value being unaffected). This gives a reliable index linked pension, albeit reduced, and a useful lump sum that is inside your estate (DB pensions stop after the Spouse's demise). If you are likely to be paying income tax on the DB pension (very likely) then a simple calc is to compare the value (including growth) of the PCLS against the value of the DB reduction over (eg) 20 years net of the income tax. If the DB pension in question is big enough this can be a good each-way bet as you get both the indexed linked annual pension and a tax free sum that can be reinvested (eg ISAs but NOT in a DC pension) to generated a tax free income and a potential inheritance pot.
@cameronjamespensiontransfer 20 сағат бұрын
Hello. Thank you for your comment. The amount of commutation (the amount of annual income you give up for a lump sum) will depend on each scheme, but it won't be 50% of the annual amount, not in any scheme we have ever come across. Commutation is often poor value for money, but it does indeed on your unique individual circumstances.
@NathanJones-cq1dz 2 күн бұрын
I am a few years away from retirement but interested in what my CETV value is. I have no interest in transfering out so dont want to waste time getting a CETV value from my pension provier. I am however Intrigued on roughly what multiples are being offered for annaul DB statement values?
@cameronjamespensiontransfer 20 сағат бұрын
Hello. XPS Group have a DB CETV index, that whilst not always the most accurate, in our view, should give you a good idea of the levels of CETV offered for a certain level of income stream at a normal retirement date.
@user-es2fn1ki4v 3 күн бұрын
Suggest your answer on tax efficiency is liable to age badly on 30 October. One other observation... the interest gained in an ISA is tax-free. The growth on your SIPP is taxed at your highest discretionary tax rate if withdrawn. Hence your SIPP growth - portfolio or, currently, also interest on cash balances - has to exceed your ISA rate of return.
@jonathanpearce3927 3 күн бұрын
Agreed. Get the Tax Free Cash before they change the rules again. Hunt placed a max limit and it would be easy to reduce that limit to a ‘fairer’ one, as most peoples pension pots are small - tax the rich or some other excuse.
@cameronjamespensiontransfer 20 сағат бұрын
Hello. Thank you for your comment. Like a lot of these things, you can't give advice based on speculative changes to future taxation structures, but your general point about income tax is correct. But, if the tax you pay to extract money to reinvest in an ISA is not lower than the amount you will likely pay in the future, whilst also taking into account IHT, then it is likely a poor option, but there are no hard and fast rules, and will depend on your unique circumstances.
@tonydonohue2727 4 күн бұрын
Suggestion.... a couple of videos.... based on the average uk income for somone who has pension pots of 1000k 250k 400k 700k.... i.e. if thier pot is large they will typically have a larger income and expenses........So what strategies to use for drawdon, or mixed with annuity, to give the best income based on use of tax allowances....
@cameronjamespensiontransfer 20 сағат бұрын
Hi Tony Thank you for that. Unfortunately that is rather too close to advice for comfort, but something we provide all our clients on an ongoing basis
@tonydonohue2727 4 күн бұрын
Nice video, well explained....
@cameronjamespensiontransfer 20 сағат бұрын
Glad you liked it
@adrianmortimer3369 4 күн бұрын
Great explanation.
@cameronjamespensiontransfer 19 сағат бұрын
Thank you very much!
@porschecarreras992cabriole8 9 күн бұрын
How can I find how much carry forward allowance I have left? The last two years I paid over 60k and I keep increasing this but I don’t know how much I have left as carry forward
@cameronjamespensiontransfer 19 сағат бұрын
Unfortunately, it's rather manual, and you will have to calculate yourself, based on your gross salary/allowances.
@majorpentatonic2310 12 күн бұрын
Just don't do it!
@cameronjamespensiontransfer 20 сағат бұрын
Well, certainly not without great reasons!
@sr13500 12 күн бұрын
So if you receive a negative report, can you still proceed at your own risk, effectively removing any liability from th advisor and assuming the risk yourself?
@cameronjamespensiontransfer 6 күн бұрын
Hello Thank you for your comment. It will depend on the adviser, as many advisers won't help facilitate a transfer if the advice is to keep the DB, and given that we don't know of any private pensions that can accept such a transfer without an adviser to facilitate it, if you want to have that option, you need to confirm with the adviser beforehand that they do. We can help facilitate transfers against the advice, but it is on a case by case basis. And, also, the Ombudsman has made it rather clear that even when they advise against a transfer, it can still be the case that the adviser is responsible for facilitating the transfer, so is very risky.
@stephengandy4685 13 күн бұрын
My understanding has always been that you can't take out money in any pension scheme until at least 55, and that age is increasing in the next few years. Has this changed now?
@cameronjamespensiontransfer 6 күн бұрын
Hello No that has not changed. Transfers can occur before 55, but you still won't be able to access your pension until you reach the minimum age.
@terrybrown3486 13 күн бұрын
If your PCLS is equal to the maximum amount, it may be better to take it all asap and move it to ISAs over time. Growth on that then not subject to tax.
@cameronjamespensiontransfer 6 күн бұрын
Hello It very well could be, but always the risk that ISA tax rules change, and ISA's are also subject to IHT, so needs to be a well-thought-out decision.
@dominic8218 14 күн бұрын
Agree Dominic. Nobody gives you guarantees for nothing 👍🏻
@cameronjamespensiontransfer 19 сағат бұрын
Thank you for watching!
@douglasnisbet1189 16 күн бұрын
Hi. I would like to get in touch about this. How can I contact you?
@MarkGarrett-zr9qs 17 күн бұрын
I am semi retired but have some annual allowance carry over from previous years. When I use these allowances can I claim tax back at the rate I was paying (40%) or at the basic rate which is what I will be liable for this year (20%)?
@porschecarreras992cabriole8 17 күн бұрын
A good use of isa is at drawdown you take some of the ISA money and some of the pension so you reduce your tax bill. Most definitely have 10-20% of your savings in isa is not a bad idea. So I tend to save to both at about 85% on pension and 15% on ISA.
@cameronjamespensiontransfer 19 сағат бұрын
Yes, lots of different options on how to meet income needs, with pros and cons to all of them. Everything is a trade off!
@JB33-ji3uu 17 күн бұрын
June 23 - June 24 my CETV is down another 10%. That makes the total over 50% down over the last 3 years.
@cameronjamespensiontransfer 19 сағат бұрын
Hello. Yes, valuations are down considerably, although interest rates have been falling in recent days, so perhaps all the big drops are behind us, and we will see some recovery, but we shall see.
@dominic8218 17 күн бұрын
If I had the max tax free cash of c£268k. Could I take £26800 tax free per annum and £12570pa from drawdown to give me an income of c£39k pa without paying any tax for approx 10 years? Many thanks.
@cameronjamespensiontransfer 19 сағат бұрын
Yes, that would technically, under current rules work.
@marcusrh20 18 күн бұрын
Very informative video. I'm someone on 75k a year and contributing 5% per month towards pension. In order to avoid the 40% should I speak to my employer around increasing my monthly contribution? Correct me if I'm wrong but I believe this means I wouldn't have to settle the bill with HMRC come self assessment.
@cameronjamespensiontransfer 19 сағат бұрын
Yes, if your employer offers salary sacrifice, it would save you a lot of admin.
@thomasmcdonald5542 19 күн бұрын
Just subscribed. Thanks for the info. My wife’s DB CETV has fallen since last year by about 10%.
@cameronjamespensiontransfer 19 сағат бұрын
Thanks for the sub! Yes, that is consistent with what we have seen, although valuations might recover somewhat from here with interest rates falling.
@ginge7744 19 күн бұрын
Mines been falling significantly for last 3-years will see if this year its increasing (awaiting figures).
@cameronjamespensiontransfer 19 сағат бұрын
Keep us posted, and feel free to book in and speak to one of our advisers.
@ginge7744 19 сағат бұрын
@@cameronjamespensiontransfer gone down again this year - not viable to transfer out. About 33% of value it was 3 years ago.
@osipani9179 19 күн бұрын
Can a uK 🇬🇧 military pension be transfered to DC pension ?
@cameronjamespensiontransfer 6 күн бұрын
Hello Military pensions are usually unfunded, which means they can't be transferred to obtain flexible benefits.
@worma544 20 күн бұрын
Did I recently hear that the £30K threshold for financial advice required is possibly being raised?
@cameronjamespensiontransfer 19 күн бұрын
Hello Thank you for your comment. There is no official talk of such action, but there certainly is a fair bit of pushback on the £30k
@user-xu8mt3hw3b 20 күн бұрын
Interesting but I’m in the group where I shouldn’t move it I think
@cameronjamespensiontransfer 19 күн бұрын
Hello Thank you for your comment. If you would like to have a chat with one of our advisers, please feel free to book in on our website at www.cjfinance.co.uk. They can discuss your general situation in more detail, and help you put things in perspective
@kevinpalmer3340 22 күн бұрын
I took a fixed term 10 year annuity. Does this now mean I can not pay anymore than £10,000 into my pension and get tax relief.
@cameronjamespensiontransfer 19 күн бұрын
Hello Thank you for your comment. Annuitising a pension does not trigger the £10k MPAA, so no, you would still be able to use your full allowance should you annuitise a pension.
@joelcafeolai6201 24 күн бұрын
My understanding is that the pension is taxable at 40% ... so you are back to square one ..
@cameronjamespensiontransfer 23 күн бұрын
Hello Only if you are a higher rate taxpayer in retirement, but most people pay a lower rate of tax in retirement than they did in employment.
@chqshaitan1 25 күн бұрын
good video, maybe also mentioning that if your company contributes to your pension pre tax, you also save on national insurance. Every penny counts, nevermind long term compounding :)
@cameronjamespensiontransfer 19 күн бұрын
Hello Great point!
@chrisharris4223 25 күн бұрын
Nice video. I have been doing this since 2020 (Covid made me think twice about my finances) and now move 40% to pension. If you can afford to cut back a little on net salary then the benefits are enormous and you don’t feel like HMRC are robbing you every year 😀
@cameronjamespensiontransfer 19 сағат бұрын
Yes, lots of flexibility and options out there!
@sathim11 25 күн бұрын
Excellent information, could you tell us what is the tax we pay between £100000 -125000?
@davideyres955 25 күн бұрын
You pay 40% tax but they move your tax free amount down so you’re effectively being taxed at 60%. Add on national insurance to that and you’re paying even more.
@cameronjamespensiontransfer 19 сағат бұрын
Yes, as David mentions, tax on the portion above £100k is initially incredible painful, as you lose £1 of you annual allowance for each £2 over £100k.
@steve6375 25 күн бұрын
Why is it more difficult to do it outside an employer pension scheme? Wouldn't an S&S SIPP be almost as good?
@cameronjamespensiontransfer 25 күн бұрын
Hello Because with an employer scheme, it can be done through the salary payment system (PAYE) which means you get automatic tax relief, and have no need to engage with HMRC. If you are doing yourself in your private pension, you will only get basic rate tax relief (20%) and if you are entitled to more, you will need to go to HMRC to reclaim that extra relief, which can be a laborious process.
@porschecarreras992cabriole8 25 күн бұрын
I do the same. I put my salary and my bonus in AVC. Why give HMRC free money when you can safely invest it in your pension? Especially as I am 55 I put over 60k on pension last year and I can start taking pension now if I choose to. Having said that my P60 took a hammering as it shows very little income below 50k now so not sure what will happen when I remortgage next and proof of income is so small
@steve6375 25 күн бұрын
@@cameronjamespensiontransfer True, but the performance of an employer scheme needs to be examined. Some gain only 4% a year and don't allow you to change investments. Even a SIPP invested in single world ETF (SWDA) will return 10% a year. That makes a tremendous difference after 10-30 years!
@porschecarreras992cabriole8 25 күн бұрын
@@cameronjamespensiontransferI claimed the additional 20% tax relief by sending a letter to HMRC with the proof and 4 months later a check arrived. The process was easy and fast but you need to wait for the processing only.
@mattsennett 25 күн бұрын
Salary sacrifice into my workplace pension and monthly contributions into my SIPP is how I save for my pension. Agree with the comment below that if the rules could change then take advantage of them today.
@cameronjamespensiontransfer 19 сағат бұрын
Yes, if you don't need the money until retirement, then saving all that tax, and obtaining other tax benefits from pensions can be a great option.
@dominic8218 25 күн бұрын
Used this approach in my planning as it’s a no brainer. Think they will eventually equalise tax rates for pension relief, so would take advantage of this while you can.
@cameronjamespensiontransfer 19 күн бұрын
Great stuff!
@GLSALW 27 күн бұрын
Got a CETV in July 2020…and transferred based on that.
@cameronjamespensiontransfer 19 күн бұрын
Great timing! And where did you transfer to? Are you still using the services of the same adviser, or doing things on your own?
@GLSALW 27 күн бұрын
It took a year for my DB Pension Fund to agree to a transfer out. They had to change their rules.
@cameronjamespensiontransfer 19 күн бұрын
Hello Yes, it really is amazing how long it takes, and how much time and effort an adviser has to put it to get a transfer completed.
@wozzer0987 Ай бұрын
Thanks, exactly the clarification I need right now.
@cameronjamespensiontransfer 19 күн бұрын
More than welcome!
@karimmehraban5288 Ай бұрын
Hi Is it good idea to move your sipp from one provider to another one
@cameronjamespensiontransfer Ай бұрын
Hello Thank you for your comment. If you are in the UK and already in a modern low cost SIPP, then probably not. But if you are outside the UK, then a good chance yes, as many SIPPS become severely limited and/or unsuitable for Non-UK Residents.
@chrisraine4678 Ай бұрын
My company takes off 6.5% per year so although I retired early at 62 was not prepared to lose nearly a fifth of my pension so will take it in March next year when reached 65
@cameronjamespensiontransfer Ай бұрын
Hello Thank you for your comment. In theory, whether you take it early, at your normal retirement date, or late, the value you will ultimately receive will be the same, as that 6.5% reduction is designed to account for the additional year of payment. Of course, though, there are so many assumptions and things that can change in the future that mean that it's unlikely to be the case. But yes, if you did not need the income, which by the sounds of it you didn't, then no need to take it early, as perhaps the 6.5% was excessive.
@chrisraine4678 Ай бұрын
@@cameronjamespensiontransfer Thanks when i joined pension scheme it was final salary but then changed to average salary. Also the deduction for each year early was 4% but for many years the scheme has been in deficit so thisx% rate has gradually increased over the years.But as you say i was lucky enough to be able to wait till 65 although I had always originally planned to retire at 65. In fact the average salary scheme closed in 2009 as company felt it was unaffordable and we all were offered a money purchase scheme afterwards.
@julianbouchet7053 Ай бұрын
You didn't make it clear that you can't use carry forward if your relevant earnings are not up to the annual allowance each year
@mattsennett Ай бұрын
That was my question in comment 1 as I thought that was the case too.
@cameronjamespensiontransfer Ай бұрын
Hello Yes, commented on your post, that is correct, need to have the allowance available in the first place to have been able to carry it forward.
@dominic8218 Ай бұрын
Utilised redundancy payment to do exactly this. Looking back it was the best thing I ever did. Also reduced my income tax massively 👌🏻
@cameronjamespensiontransfer Ай бұрын
Great stuff!
@mattsennett Ай бұрын
Is the £200,000 example you used for carry forward irrespective of your earnings in this current tax year? For example you earn £70k this year but want to pay in £200k because you got some form of inheritance, want to invest your savings or won some money etc. Is that possible or do you need to earn in this tax year what you pay in during this tax year?
@cameronjamespensiontransfer Ай бұрын
You need to have annual allowance from the previous years to roll over, so if you need to take into account any previous pension contributions, and would have needed to earned enough in those years to have the full allowance available.
@ljjjones802 Ай бұрын
Are CETVS a true representation of what a defined benefit/final salary pension is actually worth? Especially if the pension is at maturity & could be claimed immediately? Would a pension actuary report show it to be worth far more or could it go the other way & show a decrease in value?
@cameronjamespensiontransfer Ай бұрын
Hello Thank you for your comment. Yes, CETVs are calculated by actuaries, and any report from another actuary is likely to be very similar. Each actuary will have their own specific views on the assumptions to use, but they will be very similar.
@ljjjones802 Ай бұрын
Thanks for responding so quickly, much appreciated. I am being told by my solicitor & also everything I have researched on pensions, is that the CETV is not a true representation of what a pension is actually worth. The solicitor won’t provide any advice on pension values, even with the CETV, without a full pension actuary report being undertaken. This is for divorce purposes & the splitting of assets. My dilemma is whether to financially invest by instructing an actuary to conduct a full report, only to be told the same value as what is already known on the CETV. These are public sector Defined Benefit pensions btw.
@cameronjamespensiontransfer Ай бұрын
@@ljjjones802 Hello I have to say, we don't really know what your solicitor is implying there, as that is quite literally by definition what a CETV is. It takes a guaranteed income stream, and then computes the value of those future expected income streams, in todays money. Perhaps he is alluding to interest rates being much higher than they have been in a long time, so CETV multiples are near decade lows, but otherwise I don't know what they are talking about.
@markhosbrough9180 Ай бұрын
Hi Cameron would it be worth it for me to pay for the nine years I am short for a full state pension. Reason I ask is some of my fellow brits here in America have said if I don't work 30 years or more before retirement I would fall foul of the windfall tax so my American state pension would be reduced by what I get from the uk
@cameronjamespensiontransfer Ай бұрын
Hello Thank you for your comment. That is one to ask your tax accountant, as the way the two state benefits systems interact with each other is complex, and not always consistent. You need more tailored guidance there we're afraid, just in case.
@Sabhail_ar_Alba Ай бұрын
Not all DB funds are suitable. The pension I will receive next year when I retire will be £1500 p.a for a CEV of £112k ( it was £146k, 3 years ago). It would work out better for me to transfer it out and purchase an annuity.
@cameronjamespensiontransfer Ай бұрын
Hello Thank you for your comment. Unfortunately however, you have some duff information there. One of those figures, at least, is wrong. A DB of c.£1,500 per annum would have a CETV now of c.£25-30k, not £112k. Perhaps you are looking at the income at the date you retired, and not the income revalued to now. It will never be remotely worth transferring out of a DB to buy an annuity replicating the benefits, unless you can get an enhanced annuity. I would ask for an Immediate Retirement Quote from your Scheme, that will show you the annual income they'd pay you now. If that CETV value is correct, then your quote will probably be c.4.5-6.5k per annum
@worma544 Ай бұрын
If you have a DB pension over 30K can you move it into a SIPP without financial advice?
@cameronjamespensiontransfer Ай бұрын
Hello All safeguarded benefits with values above £30k inside UK pension require advice from an FCA Authorised Pension Transfer Specialist. Most advise you retain the scheme benefits, and all but a handful of pension schemes, all of which are advised pensions i.e. an adviser needs to be involved to provide ongoing advice, will not accept it unless you are advised to transfer into their pension scheme. I presume you have such a pension?
@worma544 Ай бұрын
Hi. Yes I have a small DB pension worth around 30K. I will obtain a CETV within the coming months so that I can plan to either bring it to AU or leave it where it is. I am in the process of creating my own QROPS which I could transfer it to if it is under 30k. 30k seems low to be making it compulsory to get advice on.