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Pensions, annuities & retirement planning

For help with everything to do with pensions and retirement.

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…
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.
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.…
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 us know): * Can I cash in my pension? * Early-retirement wannabe * It's time to start digging up those Squirrelled Nuts!!!! 📝 And here's some…
25% Lump sum - MPAA
I'm 52 and have 3 separate pensions. I was thinking of taking a lump sum at 55 somewhere below th 25% tax free amount and continuing paying into my pension until i retire at 65 - Im i correct in thinking that if i do this I can only put up to £10k into my pension per year because of MPAA? My pensions are with Pru, Aegon…
Frustrating experience with Aviva's pension customer service
I’m very disappointed with the poor level of customer service I’ve received from Aviva regarding a simple pension query. I called to request a tax-free withdrawal of 25 percent across three pension policies. I explained clearly that I wanted to take 100 percent from one of the smaller, underperforming policies and then…
Can I retire - a stupidly simple method
So I know there are a multitude of retirement cash-flow planners out there that attempt to predict whether your assets are enough to support your retirement such that you don’t run out of money. There is a whole industry that has grown up around modelling these in cash-flow plans. BUT, retirement planning would be a simple…
Pension switching incentives
Lots of coverage on incentives for current account switching, but none that I've seen for pensions. I kind of get it - bank accounts are a well oiled process, don't involve long waits, differing paperwork requirements, and potentially large sums needing to move. But given that the demographic of this board is made up of a…
Paying NI for my last working year in time for my pension
I am due to retire in June 2030. My State Pension Summary says 'Forecast if you contribute another 6 years before 5 April 2030: <full pension amount>'. To achieve this, I will need to contribute for the 2029/30 tax year. BUT... I am self employed. Usually I get a bill for my Class 2 contributions after I have done my tax…
SIPPs/Pension Dilemma
I have a SIPPs since 2015 and it got hammered during Covid but bounced back and June 2021 was approx £455k, now June 2025 it is £470k. Due to Covid, Russia/Ukraine war and Trump it has only gained £15k ( after £30k fund fees in 4yrs). With fees now £7.5k annually Can anyone give me some advice on what to do? Inflation has…
Taking pension Drawdown
This discussion was created from comments split from: Taking pension Drawdown.
Which platform for separate crystallised and uncrystallised pots?
Currently mostly with II but it seems in drawdown you can't have separate crystallised and uncrystallised pots with different invest mixes, nor chose certain current holdings to crystallise. Any suggestions for platforms that provide this - or do people have a second provider (and set of fees) for their crystallised pots?
Inheritance Tax Threshold
Hi, I am dealing with my fathers estate following his recent death. He lived rent free with his partner, but owned a property that was let to tenants. I am the only beneficiary. Given that his rental property was his only property, would he be entitled to the additional threshold of £500K
Unchecked year in my NI record
There's a tax year on my NI contribution history 20 years ago marked as 'Year is not full. We are checking this year to see if it counts towards your pension. We’ll update your record when this is finished, you do not need to do anything.' I don't know why this year is still marked as unconfirmed. It would help towards my…
LGPS death in service grant
Please could anyone clarify what happens if there is no EOW in place at the time of death - specifically, do the regulations stipulate that the grant must be paid to the estate, or are they worded in such a way that the local authority still has some sort of discretion over the payment? I've looked at several websites for…
Paying income tax on your private pensions
Im currently debating on starting to take my defined benefit pension. Its not massive amounts (about £1,700 per year). Im 64 years old. Im still working full time, so any income would be taxed. I will probably invest the Tax Free lump Sum (about £10k) in a passive global fund tracker. What Im trying to get my head round is…
Pension Contribution Question
My workplace already puts 10% into my pension without any contribution from myself. If I were to contribute, is there a way I can work out how much I would be better off? I will try my best to explain, but basically I want to work out how much of a saving I would be making by contributing, given my tax bracket (40%). I'm…
Drastic reduction in CSP pension Gross amount
In May my Gross figure was £1940 per month, in June it was reduced to £1559, my future gross payment for July will be £595. I had assumed that it was connected to the start of my state pension, however that would only affect the net figure. I have contacted CSP, I wanted to know if anyone could shed some light on this and…
Pension Provider investing 30% of my Pension in a Fund performing worse than -20% for 3 1/2 years!!!
I don’t wish to name the TOP-10 UK Pension Provider just yet, (I will do if I do not have a satisfactory outcome to my complaint). I will just identify them for now as “[Pension-Co]” below. If Martin Lewis wants the actual name of this provider, I will provide it to him.…
Salary sacrifice for £150k+
Hi, a person gets a salary of £150k plus 10% annual bonus. The company contributes 15% into pension and employee contributes nil. Assuming the employee can afford to take a reduction in net take home, is it worth to cap the salary at £99k and put rest into the pension pot through company's salary sacrifice scheme? I tried…
DB pension transfer timing?
How long does it typically take from submitting documents to transfer taking place? I am about to do so and been told it could be up to 8 weeks. Seems like a long time and wondering if others have taken less in practice. This is a transfer from a major company to a very large well-known pension firm - not be to SIPP and…
GMP Equalisation
I am a retired pensioner receiving a state pension and also 2 company pensions built up in the 1990's with 2 different 'big' companies. This question relates to these 'commercial' pensions. I have recently received correspondence from the pension scheme of one of these companies regarding the conclusion of their GMP…
Just traced an old RoyalMail SPS DB Pension
Would appreciate some advice. Following Martin's Money programme topic, I've just traced an old RoyalMail SPS DB. I'd forgotten that that I worked for the Post Office for close to 3 years from 1990-1993. I contacted the RoyalMail SPS Pensions helpline number who confirmed I was in the scheme and they are preparing the…
Taking pension Drawdown
Hi, I have a Standard Life Pension, which was funded by "Contracting Out of SERPS in 1987" and need to convert it so I can start drawdown. They have pathway pension funds to switch to which allow drawdown. I don't want to actively manage my pension so is this a good option? I am age 61 and have been retired a year already,…

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MSE News

Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
All State Pensioners in England and Wales will receive a Winter Fuel Payment this winter, though those who earn over £35,000 will see it clawed back through the tax system. It means nine million pensioners will get the £200 or £300 top-up. Here MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis, and we include answers to your key questions.
Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
All State Pensioners in England and Wales will receive a Winter Fuel Payments this winter, though those who earn over £35,000 will see it clawed back through the tax system. It means nine million pensioners will get the £200 or £300 top-up. Here MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis, and we include answers to your key questions.
Which NatWest and RBS branches are closing from 2025? Here's the full list – and banking alternatives
NatWest and Royal Bank of Scotland (RBS), which are both part of the NatWest Group, will shut at least 108 of their bank branches in 2025 and beyond, after the Group announced a further 52 NatWest closures.
Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
Winter Fuel Payments will be reinstated to all pensioners in England and Wales this winter – but will be clawed back automatically from those earning over £35,000 a year, the Government has confirmed. It means nine million pensioners will get the £200 or £300 top-up. MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis.
Car finance mis-selling update: regulator prepares for compensation scheme – and warns against using claims firms
Payouts for mis-sold car finance could be another step closer as the financial regulator has set out the factors it will consider if it were to introduce an industry-wide redress scheme – though we won't know more about how this will work until after a key Supreme Court decision expected in July. In the meantime, the regulator has warned that you DON'T need to sign up with a claims firm to be included.
Winter Fuel Payments to be extended to pensioners earning £35,000 or less – here's what we know so far
Winter Fuel Payments will be extended to all pensioners with incomes of £35,000 or less this winter, the Government has confirmed. It means nine million pensioners will get the £200 or £300 top-up.
Winter Fuel Payments extension confirmed for this winter – watch Martin Lewis' instant response and his message to the Chancellor
Winter Fuel Payments will be extended to more pensioners this winter – though not to everyone – the Chancellor has today confirmed. However, exact details of who will now qualify still remain scant. Watch MoneySavingExpert.com founder Martin Lewis give his instant response, as well as his key message for Rachel Reeves.
Nationwide Fairer Share: Free £100 bonus confirmed for 2025 – here's who will get it
If you bank with Nationwide, you could get a free £100 paid into your account in June or July as part of the building society's 'Fairer Share' scheme. The bonus will be paid to millions of its current account customers who also have savings or a mortgage with it.
Forced onto a prepay energy meter? You may be due money back as 10,000s to be compensated
If you had an energy prepayment meter forcibly installed or your smart meter was remotely switched to prepay mode without your permission, you could be entitled to compensation of up to £1,000 and may even be eligible to have your energy debts written off.

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