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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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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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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…
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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…
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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…
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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 ?
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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…
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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.
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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…
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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…
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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…
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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…
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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…
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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…
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USS benefit modeller accuracy around the 'cliff edge' before 60
I have a query around the USS Benefit Modeller and its accuracy in the Defined Benefit projections before and after age 60. I am looking to retire from my institution around age 60 (Nov 2026) and am using the Modeller to gauge options for leaving either before 60 in summer 2026 (I have concerns around getting the push at…
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Transfer into SIPP or stay?
My wife has a pretty dormant pension plan from her previous employeer. Its very low annual charge at about £25 and its not performing badly. Over recent years 20%/annum on average and since she left to become self employeed its 100% up. Its not mega bucks at about £15k but we want to start getting the benefit of the 20%…
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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…
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Tax code - drawdown across separate pots - unforeseen consequences of higher/imbalanced income
I am reviewing my drawdown approaching 4 years into my plan. So very short timeframe in investment terms. A normal rebalancing, income setting activity. I ALSO wish to reduce the depletion rate of assets/savings outside pension with a view to using some of that differently family need and side eye to the revised 2027…
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Understanding yields
This is a follow-on on from my other recent thread, but it's a separate question so I've started a new thread - hope that's OK. Talking about 'yields', I'm not sure I fully understand them. To give an example, I've been looking at the stated historic yields of my existing funds, and the fund that has done the best for me…
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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…
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Missing Pension
Hi All, This is possibly a hopeless cause but I am trying to locate a missing pension from 2013 when I worked for a company called Ben Sherman. The track my pension on the government site didn't get me anywhere and I cannot find any paperwork from the time. I have contacted the business to no avail. Is there anything else…
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Brokers Commission Question
I have retired from work this July at 67, I have worked an extra year, and have been contemplating taking out an annuity. I have had a few quotes a couple of weeks ago from HL and Money Helper, Money Helper quotes were highest. Searching through annuity information online, I have found a couple of conflicting answers…
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Drawdown time and going forward
I've recently reached state pension age and am now receiving the state pension. I have also put my pension account into drawdown to give myself a decent monthly sum to live on. The assets in my fund are split between equities, mixed assets and cash. I feel the need to review my holdings at this point to ensure that I'm all…
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Most recent: STATE PENSION FORECAST ERRORS by Papa_Roo
3 November at 5:45PM
