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I am in the military and have served 21 years. We have been married for 12 years and separated 2 years ago. She is asking for 40% of my total pension. Is this fair?
I've seen these figures quoted a number of times.I think that they are too high.There are plenty of families who earn less than this but still go aboard on holiday each year, have a mortgage & look after 2 kids.Having spoken to a number of retirees they all said the same, you don't need as much as this Just my POV.
Hi Teresa, Thanks for reaching out to us! A Pension Sharing Order is a court order that allows couples to divide their pension funds upon divorce. It can only be used to share a pension with a former spouse or civil partner. You can find out more about how Pension Sharing Orders work on our website at: www.pensionbee.com/uk/pensions-explained/pension-rules/pension-sharing-order Alternatively, if you'd like some guidance about your assets, you may wish to reach out to Money Helper, a free government advisory service or your local Citizens Advice Bureau. Here are their links: www.moneyhelper.org.uk/en www.citizensadvice.org.uk/ We hope this helps! Kind regards, Team PensionBee
I emigrated to Australia 12 years ago, I most defo had a UK pension but can't remember any details the only thing I have is my national insurance number is there a way to find it with just this.?
Hi there, Thanks for your message! We have some information on our website about finding old pensions that you may find useful: www.pensionbee.com/uk/pensions-explained/find-transfer-pensions/find-my-pension Please feel free to reach out to us at contact@pensionbee.com if there's anything else that we can help you with! Warm regards, Team PensionBee
My PAYE tax code / Personal Allowance has been adjusted to reflect my income drawdown payments but what I don't understand is that it is already being taxed at source by the pension company ?
Get a government gateway account and look at your personal tax account, if you have paid too much it is hmrc who owe you the money, the pension provider has to tax you as though you are getting paid wages.
I’m self employed & I only earn around £10k pa (thus I don’t have to pay any tax), so will I also be entitled to the Government Contribution of 25% towards my Pension?
Hi @rawdah786, Thank you for your query. To be eligible for tax relief, you must be under the age of 75 and classed as a ‘relevant UK individual’, you can see more information about this by following the link below: www.pensionbee.com/uk/pension-tax-relief-calculator#am-i-eligible-for-tax-relief-on-my-contributions- Please note however, if you're still unsure, you may want to get in touch with HMRC or Money Helper (0800 011 3797) - www.moneyhelper.org.uk/en/pensions-and-retirement/tax-and-pensions/tax-relief-and-your-pension Kind regards Team PensionBee
When I was self employed I took out a couple of pensions. Unfortunately at that time when I gave up self employment you were not allowed to continue paying them. The Govt of the day stopped you doing this for tax purposes.
Hi @rawdah786, Thanks for getting in touch. We do have a pension specifically designed for self-employed individuals. It’s very flexible, you can contribute as much or as little as you like! www.pensionbee.com/self-employed-pension In terms of plans, we currently have 8 to choose from including Shariah - these differ in terms of investment type, money manager and fee. You can also switch your plan at any time and all of our plans allow you access to flexible-drawdown. www.pensionbee.com/uk/plans Kind regards Team PensionBee
At 27 years old im married, have 1 son and another one on coming, i have paid my mortgage last year. And yes, money support all of that but its not the main thing in life. People nowadays think that a family or a children it's like a luxury device or something. 5 years ago I was broke, and without this kind of motivation, or obligation better said, I wouldn't have achieved anything.
How can you tell me I can you tell me I can not take my hard earned money if I want to takes it the only scammers I see is the government and your business
I understand largely about fees and charges. What i do not understand is that when paying into a pension the allocation rate can be 102 % or even more. Is this related only to unit based funds where the provider already gains from the spread ?
Hey @reabo If you’re self-employed and making a personal contribution and you’re eligible for tax relief, you’ll also receive a 25% tax top-up. For every £100 you put into your PensionBee pension, the government will add another £25. We’ll automatically claim your 25% tax top up and add it to your balance. www.pensionbee.com/contribute I hope this helps Kind Regards, Team PensionBee
@@PensionbeeTV It's quiet confusing this. The money from self employment is untaxed when i put it into the pension. If i put £100 and you topped it up £25. id have to pay back the £25 in tax correct?
Hi @reabo, If you're a sole trader, you can only make personal contributions, and PensionBee only accepts personal contributions that are eligible for tax relief. The amount you receive depends on your income tax bracket, so if you’re a basic rate taxpayer you get a tax top up of 25% on your pension contributions, up to an annual limit. You can find out if your contributions are eligible directly below: To be eligible for tax relief, you must be under the age of 75 and classed as a ‘relevant UK individual’. To be a relevant UK individual, you’ll need to be in at least one of the following categories: • You are/were a UK resident for tax purposes at some point during the current tax year • You are/were a UK resident for tax purposes at some point during the last five tax years, and when signing up to PensionBee • You have a spouse/civil partner with general earnings from overseas Crown employment, subject to UK tax • You have ‘relevant UK earnings’†, subject to income tax *†Relevant UK earnings are normally your total taxable earnings from UK-based work. This includes earnings from employment, self-employment and bonuses. It generally doesn’t include any investment income. You are generally unable to claim tax-relief on contributions above your relevant earnings. If you earn less than £3,600 annually or don’t earn anything, the maximum amount you can contribute to your pension whilst receiving tax-relief is £2,880 net, bringing your total annual contribution to £3,600 gross once tax relief is added.* We hope this provides clarity. As we offer a non-advisory service, if you'd like some guidance on tax relief in relation to your personal circumstances, you may wish to reach out directly to HMRC or a free government advisory service such as Money Helper for assistance. Money Helper - www.moneyhelper.org.uk/en / 0800 138 7777 Warm regards, Team PensionBee
This is very interesting advice to me, thank you 😊.. I'm trying to trace my late husband private pensions he's passed away suddenly on Friday 12th April 2024
Hi Stella, Thank you for contacting us. Firstly on behalf of everyone here at PensionBee, my condolences on the loss of your husband. If you would like us to search our customer database, please get in touch with us at contact@pensionbee.com I hope this has been helpful, If you have any further questions in the meanwhile, please do let us know. Kind regards Team PensionBee
Do you mean PCP not hire purchase? As a personal contract purchase has a lump sum at the end of the agreeement tailored to those that like to part exchange the car for another around 3 1/2 years onto the 4 year plan. Lower repayments due to the lump sum at the end. If that was the case you were given a Guaranteed Minimum Future Value safeguarding you from devaluation and the option to simply return the car at the end. May be worth claifying which plan you took as these videos scaremonger people into thinking all puchase plans are tailored to screw over the consumer. Hire purchase (HP) has no balloon ( lump sum) at the end.
Hi there, Thanks for getting in touch! Generally speaking, your employer chooses the pension provider for your workplace pension scheme, but you will have an individual contract with the pension provider. However, at PensionBee we do accept employer contributions and, if you wish, you can ask your employer if they’d be happy to pay their contributions directly into your PensionBee pension. Your BeeKeeper will be able to help you set this up. We hope this helps and would be happy to assist if you have any more questions! Kind regards, Team PensionBee
