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1Dear Maureen,
Thank you for your question. With new rules that came into practice from the beginning of july 2011 every car now needs to be insured or have 'statutory off road notification'.
Unfortunately, we are unable to give individual advise as we are not authorised to do so by the FSA.
However, we have recently written a guide to 'Insuring your car - even if its off road' which should give you more then enough information on how to insure or SORN your partners vehicle.
Please Note: The answer above if for your guidance only and should not be acted upon without receiving professional advice relevant to your circumstances.
(Sourced: Moneyfacts.co.uk Insurance) -
1You can normally take up to 25% of your pension pot as a tax-free lump sum known as a Pension Commencement Lump Sum (some older pensions might allow you to take more).
The remaining 75% would usually be used to purchase an annuity (a financial product that provides you with a guaranteed income for life), or can be left invested allowing you to drawdown (take) a portion of your pot each year to provide an income.
However,if your pension pot is quite small you might feel that you would prefer to take all of it as a lump sum – this is what Trivial Commutation means.
It standard to take a 25% lump sum. So taking to lump sum's either side of the tax year may not be a possibility. However, this will be up to the discretion of your pension provider.
We strongly urge you to contact and independent financial adviser to assist you before making a decision.
(Sourced: moneyfacts.co.uk retirement)