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Author Topic: Pension question.  (Read 3132 times)

solarish

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Pension question.
« on: 05-08-17, 07:41AM »
Hi,  I am 70 years old still working for Tesco. If I take total value as cash from Tesco defined closed pension can I still continue to pay into The new LG pension.  I have worked out if I take cash cash I would only break even at 90 years old and I have other pensions so not a problem.

Mozzer

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Re: Pension question.
« Reply #1 on: 05-08-17, 09:27PM »
Ring the pension line so you know for sure,but I'm sure you can

lucgeo

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Re: Pension question.
« Reply #2 on: 05-08-17, 09:32PM »
Dear god!! Take the money and run, my friend!! Do you want to end up the only self funding nursing home resident??  :-X
Live for today. Learn from yesterday.

Mozzer

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Re: Pension question.
« Reply #3 on: 06-08-17, 06:43AM »
I did take a private pension from doing it when I was a 20 I ended up paying 40% on a part of it,25% of it is tax free when you're over 55,

stockrotateman

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Re: Pension question.
« Reply #4 on: 06-08-17, 10:33AM »
You cannot take the old pension as a cash lump sum, only 25 per cent tax free the rest as a monthly payments which you will be taxed on. Ring or email them ask for a statement on your options on taking your pension now. The new pension has nothing to do with the old one, that's run by L&G the old one is still run by the trustees, just make sure you tell them you are going to carry on working.

cosmosmallpiece

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Re: Pension question.
« Reply #5 on: 06-08-17, 11:50AM »
Stockrotateman why can you not take a lump sum from your old pension ? Do you know thanks

AlexM

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Re: Pension question.
« Reply #6 on: 06-08-17, 01:20PM »

blutopia

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Re: Pension question.
« Reply #7 on: 06-08-17, 01:43PM »

stockrotateman

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Re: Pension question.
« Reply #8 on: 06-08-17, 02:12PM »
It's 25 per cent  :thumbup:

blutopia

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Re: Pension question.
« Reply #9 on: 06-08-17, 02:24PM »
The quote I received wasn't 25 per cent.

stockrotateman

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Re: Pension question.
« Reply #10 on: 06-08-17, 02:26PM »
I would question that then every pension I have received has been 25 per cent.

lucgeo

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Re: Pension question.
« Reply #11 on: 06-08-17, 02:40PM »
« Last Edit: 06-08-17, 02:43PM by lucgeo »
Live for today. Learn from yesterday.

blutopia

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Re: Pension question.
« Reply #12 on: 06-08-17, 02:42PM »

AlexM

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Re: Pension question.
« Reply #13 on: 06-08-17, 08:35PM »
www.barnett-waddingham.co.uk/comment-insight/blog/2014/08/06/what-is-commutation

This is a good read, if you can get your head around the pension jargon. If not, then skip to the bit titled Full Commutation & it'll explain how & why Tesco (&HMRC) may allow you to take it all out as a cash lump sum.

Welshie

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Re: Pension question.
« Reply #14 on: 01-08-19, 10:17PM »
Does anyone know how I increase my pension  contributions  ?

NightAndDay

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Re: Pension question.
« Reply #15 on: 01-08-19, 10:22PM »
The ourtesco website links you to the pension website where you can adjust your contributions.

Welshie

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Re: Pension question.
« Reply #16 on: 01-08-19, 10:39PM »
Great thanks