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Windfall
STEMO:
I worked for Vauxhall motors in Ellesmere Port for about 8 months in the early seventies. During this time, I paid into a company pension. Today I received a letter informing me that this pension would now pay out.
I can take a lump sum of £38.80, the first 25% being tax free, but the remaining 75% being subject to income tax, which the pension company, Abbey Life, will deduct.
Or...I can take an annual pension of £1.94. This may be subject to income tax, depending on my personal circumstances.
They advise me to contact an independent financial advisor before making a decision.
What would you do? ;D
Lizzie Zoom:
--- Quote from: STEMO on 23 July 2018, 15:52:52 ---I worked for Vauxhall motors in Ellesmere Port for about 8 months in the early seventies. During this time, I paid into a company pension. Today I received a letter informing me that this pension would now pay out.
I can take a lump sum of £38.80, the first 25% being tax free, but the remaining 75% being subject to income tax, which the pension company, Abbey Life, will deduct.
Or...I can take an annual pension of £1.94. This may be subject to income tax, depending on my personal circumstances.
They advise me to contact an independent financial advisor before making a decision.
What would you do? ;D
--- End quote ---
Surprise, surprise........take the £38.80 and run!! ;D ;D ;D
STEMO:
--- Quote from: Lizzie Zoom on 23 July 2018, 16:00:11 ---
--- Quote from: STEMO on 23 July 2018, 15:52:52 ---I worked for Vauxhall motors in Ellesmere Port for about 8 months in the early seventies. During this time, I paid into a company pension. Today I received a letter informing me that this pension would now pay out.
I can take a lump sum of £38.80, the first 25% being tax free, but the remaining 75% being subject to income tax, which the pension company, Abbey Life, will deduct.
Or...I can take an annual pension of £1.94. This may be subject to income tax, depending on my personal circumstances.
They advise me to contact an independent financial advisor before making a decision.
What would you do? ;D
--- End quote ---
Surprise, surprise........take the £38.80 and run!! ;D ;D ;D
--- End quote ---
About £33 after tax...I could put half a tank of diesel in with that. :)
Lizzie Zoom:
--- Quote from: STEMO on 23 July 2018, 16:03:44 ---
--- Quote from: Lizzie Zoom on 23 July 2018, 16:00:11 ---
--- Quote from: STEMO on 23 July 2018, 15:52:52 ---I worked for Vauxhall motors in Ellesmere Port for about 8 months in the early seventies. During this time, I paid into a company pension. Today I received a letter informing me that this pension would now pay out.
I can take a lump sum of £38.80, the first 25% being tax free, but the remaining 75% being subject to income tax, which the pension company, Abbey Life, will deduct.
Or...I can take an annual pension of £1.94. This may be subject to income tax, depending on my personal circumstances.
They advise me to contact an independent financial advisor before making a decision.
What would you do? ;D
--- End quote ---
Surprise, surprise........take the £38.80 and run!! ;D ;D ;D
--- End quote ---
About £33 after tax...I could put half a tank of diesel in with that. :)
--- End quote ---
;D ;D
biggriffin:
Transfer the lot into your other provider.
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