Ask a Scottish Widows expert your questions on pensions and retirement - 3 x £100 voucher to be won!

[EmmaMumsnet]

This activity is now closed. You can view the answers here.

We are working with Scottish Widows to help answer any questions you have on pensions and retirement. With minimum workplace pension contributions increasing in April, from 5% to 8%, we’d love to hear your questions or any thoughts you have, either on this or about pensions and retirement in general.

Scottish Widows Retirement Expert Jackie Leiper has volunteered to answer your top questions and is passionate in helping women plan for their financial future.

Jackie said: “We know women face their own unique challenges in saving for the future. With more women working part time and many of us going on maternity leave at various points in our careers it’s often difficult to know if you’re saving enough for your future.

With an increase to workplace pensions in April I want to help explain what the changes could mean for you and how a small increase now could really make a big difference to your future.

I’d love to hear your thoughts and questions on the changes or anything that’s in the back of your mind regarding saving for retirement.

To help get you started and explore the upcoming changes you can watch our Pension Basics film or visit our website to see how it could impact you.”

Whatever questions you have around pensions and retirement, please post them below and we will choose 10 for Jackie to answer. Everyone who posts a question below will be entered into a prize draw to win one of three £100 vouchers of their choice (from a list).

Thanks and good luck with the prize draw.

MNHQ

Terms & conditions apply

[Asuwere]

I'd like to know at what point/age is it too late to sort out a pension?

[wannabebetter]

I'd love to understand the yearly statements - most recent one told me my personal SW pension illustration was around £550 per year!! I've been paying into it for over 30 years and was a little, errm, deflated! Also, opted out of SERPS years ago (when everyone did) and have no clue what this means and whether I should go back in, whether I'll get less pension as a result, and whether the ads telling me I may have a claim are genuine or not!! Finally, why can't I transfer my fund to my workplace pension without having to pay a financial adviser to tell SW? I am an adult and capable of making my own decisions.....

[wannabebetter]

…. I should add (in relation to my first point about statements) it gave recent transfer value of approx. £50k so my reckoning is that I'm expected to live around 80 more years once I retire!!

[sharond101]

How can I merge different pensions together?

[tinofbeans]

If my husband has a really good pension then pops his clogs aged 66, will it pass to me?

[Laterthanyouthink]

I have multiple different pensions that I can start to take from age 55, how do I work out when I can stop work also bearing in mind DH is 11 years older so might not have much of a retirement together if I wait until 67 to retire.

[Moominmammacat]

Do I have to buy an annuity?

[Ribeebie]

Would it be problematic to opt out of my work pension whilst I'm on maternity leave and restart it when I go back to work?

[BristolMum96]

Is it worth contributing more than the minimum amount?

[MrsFrTedCrilly]

Would advise SAHP to pay into a pension plan?

[sarat1]

I definitely have a pension as a teacher but know nothing about how it works and whether I should do anything about it or let it do its thing. Is there somewhere I can find out more?

[m0jit0]

I will have a nhs pension but is it worth starting a private pension also? How do I go about doing this?

[dovebetty]

I have a small pension from a former job.
I am 57 so I have neglected this since I left the firm.
Will I have to wait until I am 68 (my official retirement date) to get the best result ?

[Coronapop]

How much tax do I pay if I cash in an AVC? I am already receiving the associated occupational pension and paying tax on that.

[Robbo93]

How does tax relief work? Do I have to notify Hmrc with how much I pay into a pension or do they know from my wages? How do I benefit from the tax relief?

[Mummymummums]

I've been in my current job only a few months. Will I get my contributions back if I leave? What about the employer ones? Or do they stay in what will be a very low value pension?

[bobsandboo]

What impact do you think the increase in minimum contributions under auto enrolment to 8% from 5%, 5% from 3% of that to come from the employer, will have on opt out rates? Do you think the way the rates have been introduced at a low level and increased over time has helped more people to understand how important it is to save for retirement?

[Enigma222]

Is it simple to start a pension scheme and keep track of once set up?

[beeyourself]

Will all companies have to pay 8%? I work in a small company than currently pays 7%.

Pensions don't seem to be performing well at the moment - am I better off overpaying my mortgage instead?

[Popcornandbuttons]

The increase in contributions is for the automatic enrolment scheme - do you think this will influence companies to amend the contribution rates in the their company pension schemes?

[Yeoldewoman]

I am 65 and missed getting my state pension at 60 by 1 month. As a result I decided to carry on working full time until I had saved the amount the government cheated me out of. Unfortunately I am still working but part time. When workplace pensions came in I enquired online if it was worth me contributing and was told yes but to look on it as a savings scheme. Is this correct and if I pack in work soon will it have been worthwhile? (ie was I given the correct advice?) Just an average earner- nothing marvellous.

[ilovesooty]

I'm leaving my paid employment aged just over 63. I have an occupational pension from previous employment but no mortgage to pay. I intend to take 25% tax free and draw down a sum to supplement my other occupational pension and last me until I can claim my state pension, while going fully self employed. Is this a better plan than buying an annuity - it seems like it to me?

[Mmmmbrekkie]

I took a long career break post children
I have lost track of the little pensions I had had with precious employers before then. From twenty years ago!

How can I confirm past pensions so that I can put them all in one pot?

Many thanks

[NotSuchASmugMarriedNow1]

Why have pension schemes performed badly this year?

[GetOffTheRoof]

I have two good public sector pensions - police 1987 scheme with 10 years in it, and civil service Alpha with 5 years in it so far.

I'm thinking about a private pension on top, but have no idea where to start. What would you recommend for someone already paying into an employer scheme who wants to increase their future payouts? Pensions or investments?