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Pensions Planning: The NUMBER
The NUMBER is how much income you need to "live comfortably" So What's your number? Very important for pensions planning, to know what you are aiming for. My Number? (for a couple) I calculated: £22,000 based on Food £5,000 Car/transport £5,000 Bills/Utilities £4,500 Holidays/Leisure £4,500 Clothing/Cash/Xmas/Other £2,000…
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Success Stories - Pensions
This is a bit of a light topic where the idea is to highlight what successes you had with your pension pots. Example - I contributed X and accumulated Y by Z year. Total appreciation was 'x' percent. Just trying to learn the following that could inspire a range of people - those with no pension, those who started late etc.…
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Good (and short!) explanation of COPE
There are lots of queries about COPE cropping up regularly. This is one of the better, not to mention shorter, explanations I could find which might help: https://www.wypf.org.uk/pensioner/all-about-my-pension/contracted-out-pension-equivalent-cope-amount/
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Acronyms etc..
Hello to all. As a fairly new forum user I would appreciate someone posting a key to the acronyms and arcane terms used when discussing pension issues. Thank you in advance.
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New board for state pension top-up / Future Pension Centre / voluntary NICs questions
Hi all Regulars on this board will well know how many threads we've seen in recent months about Future Pension Centre-related questions. As a result of a great suggestion from a Forumite (passed on by a Forum Ambassador) we've created a new sub-board for all these types of threads: ➡️ Topping up your state pension ⬅️ If…
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Pensions, Annuities & Retirement Planning Sticky
Welcome to the new Pensions, Annuities and Retirement Planning sticky! 👋 📖 Here are some Forum threads you may find useful (if there are any you think have been missed, please do let me know): * Can I cash in my pension? * Early-retirement wannabe * It's time to start digging up those Squirrelled Nuts!!!! 📝 And here's some…
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Any way to try and claw back my bad investment choices/don't laugh please.
I have a private personal pension and 2.5 years ago I was
only in Fund A. I then looked at the last couple of years performance of
alternative funds and although Fund A was good, Funds B, C and D had done
better. So I switch 75% of my investment out of Fund A and put 25% each into
Funds B,C and D. Putin invaded the Ukraine…
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Am I able to make voluntary National Insurance after decades of leaving the UK?
If I have accrued 4 years of National Insurance (NI) records in the UK and subsequently relocate to work and reside in another country for several decades, would I still be eligible to voluntarily contribute to make up for the remaining 6 years of NI contributions before reaching retirement age? This way, I can ensure that…
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Pension Illustration Error?
Hi pensions experts, I have a Defined Benefits pension - I won't say at this stage who the employer or the who the Pension administrator is. Upon retirement I have been planning on taking the 25% tax free lump sum and reduced annual pension. The pension administrators system has an illustrator that provides an estimate…
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DC Pension Contributions
I am 45 and earn £59,000 from my teaching job (been teaching since 2002) and around £7k from rental income. My current pension benefit statement indicates a around £17,000 at age 60 if I stop paying in. I'm now coming out of the TPS and into a DC scheme. The employer has offered to pay into this scheme at rates of 8%, 15%…
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LGPS and teachers pension
Hi all i have an old teachers pension with a mere £10800 in it, and an old LGPS pension with about £30000 in it. I'm paying into another LGPS scheme (different county) with not much in it at all yet. I've not transferred one to the other. I'm 55 and have a private pension too. I'm working and intend to do so for the next…
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How do I change my post address after submitting my online application to pay voluntary NI?
I've submitted my online application to pay voluntary National Insurance contributions. However, I hadn't anticipated that it might take several months, or even up to a year, to receive a response. Additionally, as I'll be relocating for the foreseeable future, I'd like to know the procedure for updating my postal address.…
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equity release draw down scheme and another valuation
I have had equity release as drawdown, for about 11 years I can release cash when I need it - not in one lump sum - which I find helpful. My lender has contacted me and said that as I have had the drawdown mortgage for some time now they need to do another valuation (why is this because they are going to up the amount I…
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Transition Arrangements for PCLS following abolition of LTA in April
Hi, What is the best source for info regarding the transition stuff? Any feed/stream I should subscribe to? David
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Downsizing and retirement planning
Reading posts on here is bitter sweet, I wish I had joined earlier! I may have missed a few opportunities to make a better retirement pot than I did. But I am lucky enough to be mortgage free at least. So on that theme, has anyone got any pointers on how to optimise for retirement any funds released from downsizing ?
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Small Pension Pot
I have a small 2nd pension pot worth £5500. This is standalone form my main pension fund. I have not yet taken any taxable pension payment, only a small portion of my tax free allowance. I am retired and aim to earn less than £12570 this tax year. Can i take the 5500 tax free if i stay under £12570? Are there other…
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TFLS - Self Assessment
I’m thInking of taking some of my TFLS whilst I’m still working, will this trigger me having to do a self assessment? Currently I don’t do one
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State pension increase.
My only income is my state pension, with the the increase in April, my yearly state pension will now be £12,658. is this now taxable ? and if so how much tax will I pay per month ?
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USS - growth fund
I started with the USS investment builder in 2016. My main aim was to preserve child benefit by
being under the income threshold and also get
some additional pension. I put the funds,
plus employer contribution to DC, in USS growth fund which was marked as high
risk, but potential high return and seemed an easy choice.…
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AVCs and the Open Market Option
Dear All, I would be grateful for any help with a query regarding my
employer’s pension scheme, particularly AVCs. I’m a member of the Network Rail CARE defined benefit
pension scheme (link) and I have started paying into AVCs in order to fund the
tax free lump sum and avoid commutation of the annual pension. Based on my…
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Interactive Investor TFC Withdrawal 25% value date
For anyone who has done this, and if I ask to take the full 25% TFC from my pot, can I ask whether II warn you in advance what will be the actual date that they will calculate the value of the 25%? It says on the website that they take approximately 10 business days to process the request. Does this mean I need to…
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finding an IFA for Pensions health check - info already consolidated - cost ?
Hi I have searched the internet, reviewed the guide on this website for finding an IFA, tried to use "free goverment services" but.. it still seem arduous for what appears to be a health check/comparison of my existing pensions for a fixed one off fee. In short, I am not looking to transfer out, look for new products, just…
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Taxed on private pension
Hi, Not sure where to post, so I'll try here. I recently cashed in a small PP, £39,000, however, from that amount £11,500 was deducted for tax, leaving £27,5000 😢 I'm in fulltime employment, working for the NHS as a HCA, I'm just curious, will I be able to claim any of that £11,500 tax back?
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Gilt Ladder building tool questions
A while ago on a thread someone (apologies I am not sure who) posted a page with a tool that someone developed to select a gilt ladder. https://lategenxer.streamlit.app/Gilt_Ladder Can anyone who knows about Gilt ladders comment on whether the data this is using is current as the help page for this tool seems to be empty?…
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Bold leap into retirement
Morning all, I hope you have managed to find some time for yourself in what can be a busy period. We have enjoyed spending time with family over the last 3 days, it’s a quiet one today, then off to visit more family tomorrow. I’m not planning anything wild for NYE, but have been really starting to think about what I want…
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Care home fee annuity versus pension annuity?
Talking to someone who is thinking of buying a care home fee annuity for an elderly relative using the proceeds from the sale of his previous residence, I am left puzzled as to the difference between a care home fee annuity and any other annuity such as that from a pension. Why are there apparently only 4 providers of care…