-
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…
-
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.…
-
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.
-
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…
-
State/private pensions
Hi, When both of my parents have died what happens to their pensions do they just stop? Thanks
-
Paying SIPP charges
Does anyone know if I can pay charges from a personal bank account when the SIPP is funded from a business (limited company) account ?
-
"Small Pot" benefits question
A question I have on 'Small Pot" pensions. I have just handed my notice in at work (3 months notice). At the same time they have transferred to a new scheme provider. So if I do nothing, and don't combine the two pensions I will likely end up with a fund at retirement of less than £10k, so a "small pot" I think there are…
-
25% Tax Free, DB crystallised and Transitional tax free Certs, 2016 Protection
Appreciate I might need formal advice on this but at this stage Im trying to establish if I do. Im lucky/worked hard successful career, invested wisely in SIPP as well as have DB pensions started 10 years ago. Took out Fixed Protection 2016 in 2018 given growth in value of invested funds in SIPP. Started taking benefits…
-
USS - best options when a terminal diagnosis is received?
Hello A friend has a terminal diagnosis and is seeking to maximize their USS pension. Does anyone know what the potential options are because time is limited. Thank you.
-
Locking In Annuity Rates?
I have a friend who would be a perfect candidate for an
annuity. No dependents, very risk
averse, no existing DB pensions apart from the state pension. He’s reached the point where he almost certainly
has enough in his pension to fund his retirement, and now he’s looking to
downshift and just tick over until pension access…
-
Using carry forward
Hi, I’m planning to deposit my unused allowance (carry forward) from last year into my SIPP before the upcoming budget. I have a couple of questions: * Will I still receive 40% tax relief on the carried-forward contribution? * There are rumours that tax relief could be changed to a flat 30% rate in the next budget. If I…
-
Contracted out element
Apparently I was contracted out in 1964. I paid into a company pension for 2 years then left the company, I returned to the company 6 months later but didn't rejoin the pension scheme. I left in 1994, only now at the age of 91 do I realize that I don't get a company pension yet still have £6.38 deducted from my state…
-
How long should a draw down payment take?
I've decided to crystallise all my remaining uncrystallised funds in my pension and take the tax free cash (about £120K). How long should I expect the process to take from notifying my pension provider to the cash being deposited in my bank account. This isn't my first crystallisation so all the essential details should be…
-
Drawdown @ 55
Hi I am just seeking some advice regarding making a drawdown on my private pension. I reached 55 in January and I am wondering if need financial advice to draw on the pension as I think my provider states that if I drawdown the rest of the funds need transferring? Is this something people are confident to manage…
-
Avoiding higher rate tax
I would like to check my understanding of tax and pensions using a real life example: Simon receives £50,000 of pension income each year (£26K p.a. DB and £2K p.c.m. drawdown of DC).This brings him very close to the 40% tax threshold. He has already triggered the MPAA. Simon has potential to earn up to £10,000 per year…
-
Work Pension Contributions
I pay 5% and my employer pays 3% into my work pension. I have tried working out how the amounts are calculated using the Net Pay Arrangement and also the Relief At Source method but both ways do not give the correct amount that is going into my pension fund, it appears the amount going into my pension fund is less than it…
-
37 years old - My current situation and savings/retirement plan
Hi, I wanted to make this post about the journey I've been on in the last 15 years and how throughout the journey there are many times where I've felt off-track and wondered when will be the day I can see that my saving/retirement planning is beginning to work for me. It is a long thread and is meant to help others who may…
-
CAN I STILL GET UP TO 25% TAX FREE?
Hi I have been retired for 4 years now, and did not take all my 25% tax free allowance when I started to take monthly payments from this pension scheme. Now that I have reached state pension age, I have stopped taking monthly payments, and would like to know if I can somehow get the remaining 25% tax free allowance which I…
-
Pension Sharing Order - Help.
Hi. I have been awarded a pension sharing order as part of my divorce settlement worth £600,000. I currently have no pension of any description and I need to set up a pension fund so that the amount can be credited to it. I have made an appointment with a financial advisor as advised but really I have no idea why it’s all…
-
Delays to handover from Capita to Tata of Teachers Pensions
Retired member in Aug 2022, TP have until end of September to raise the affected members' RSS statements. However, a front of house call handler told me this week that there are delays to the handover from Capita to Tata. Does this mean there will be more delays to statements and payments? Does anyone know anything about…
-
GMP Equalisation settlement
FYI for anyone interested...... Mrs Tempest started to draw her small company pension at age 60 - virtually all was GMP Had a letter today to say the equalisation exercise has been completed and her monthly pension will increase by about 20% plus a lump sum back payment.
-
The inevitable pre-budget speculation on pensions
In the
run-up to last year’s budget there was forum chat about whether the expected
rise in CGT would happen overnight. The majority thought it would probably kick in the following tax year. Anyone who sold assets just before the budget on
the basis they could B&B them back if the rise was delayed, is free to have
a little…
-
25% tax free lump sum from pensions
I took the maximum amount from a final salary pension ~ 16 years ago; I also have a SIPP and have recently converted part of this into a drawdown account and taken 25% of that tax free. Read this weekend that you can only take 25% TFLS from two schemes - does that mean that I can't take any tax free cash from my remaining…
-
Drawing pension without income tax.
My wife has two smallish pensions. One is with Aviva and has a transfer value of £20000 and an AJ Bell SSIP with £7000. She is 65 and has effectively retired. Her state pension is due in July 2027. The Aviva pension only allows full withdrawal or transfer to another scheme. I've worked out that if she transfers the the…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
719 discussions
6.3K comments
Most recent: STATE PENSION FORECAST ERRORS by Papa_Roo
3 November at 5:45PM
