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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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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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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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Government control of pension pots
Lots of headlines today (and paywalled stories) about the government 'grabbing control of our pension schemes' If true how will these powers affect the average person in a company DC scheme, will it affect existing contributions or just future ones? Are we exempt from any powers if we've opted in to something other than…
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Deferred Civil Service Pension
Hi - wondering if anyone has intimate knowledge of the civil service classic pension scheme as were not getting much sense from Capita. My better half took redundancy from the civil service in 2006 after 18 yrs and became a deferred member of the classic scheme. The retirement modeller available under MyCSP showed options…
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HL to ii Final Transfer Summary
My wife has transferred her SIPP from HL to ii. The funds and cash have all landed in her ii account and she received a P45 from HL on 19 March. However ii say that she can't yet make withdrawals because they are awaiting a Final Transfer Summary from HL. She has asked HL to expedite this and received a holding response.…
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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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Pension lump sum recycling
Hello all, I’ve read through many of the posts on this. I think I’m Ok but would welcome your perspective. I’ve recently taken a lump sum cash free allowance (above the £7,500 limit), having retired end March this year. I intend to use the lump sum to help pay for a holiday home - the trail of the funds for this purpose is…
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Teacher's Pensions Transitional Protection Payment
Hello, I was just wondering if there was anyone here who has retired from teaching and have received their transitional protection payment. I returned my form nearly 6 months ago and have contacted TP asking if they were still on track to make the payments within the 6 month window they had allowed themselves. I have sent…
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Tax implications of pension pot after annuity purchased
Hi, I purchased an annuity with my pension pot last year and did not withdraw a lump sum. After this there were still a few months of contributions as I did not finish work immediately meaning there is still £4000 in the same pension scheme. The £4k is only worth a very small amount from the total annuity purchase /…
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True Potential redress offer
My wife and I moved our pensions to True Potential back in 2021, upon the (verbal only) advice of our IFA at the time. After a couple of years, I realised that this was a mistake and eventually moved everything over to a DIY platform and happily manage this all myself now. I didn't complain at the time, just wanted to move…
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Arbitraging pensions?
I would be interested to know if anyone is trying or thinking about this? I have two pension, pension A is my combined stakeholder from all previous employments. There are no contributions going into it but it's growing about 14% per year. My second pension is my current work pension, my employer puts in 9%, I put in 11%,…
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Old Aegon SIPP workplace pension
I have an old workplace pension from an old employer, it is a SIPP with Aegon 'Retiready'. I stopped paying into it in 2022 when I left the employer. I do check it regularly and it's currently worth just over £6,000. What I'm thinking is would it be better to transfer it to another platform with lower/better fees or just…
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Correct me if I have got this wrong TFLS (again)
I would be grateful for the hive mind to sense check my analysis of my “draw” from my SIPP with HL. I am 70 and never taken any pension benefits. Personal allowance used pretty much by SP. I want to draw out approx £75k from the SIPP. This is less than 25% of the value in the pot and there is enough cash in there. I don't…
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New Capita-run Civil Service Pension Scheme - problems (what a surprise!)
So, Capita have taken over the admin for the CSPS and their new website and members portal went live this week. I have just registered on the new portal and am not in the least bit surprised to find that the information available on the new portal is very scant and incorrect in terms of my length of service. With…
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Passing 'Surplus To Requirements' Pension To Grandchildren
I have an inflation linked DB pension, more financial assets than I will ever use and a house that is way too big for us so we should be downsizing. (This is just to illustrate that I am 'comfortable'). I also have a separate pension worth around £250K. I have kept this in case I died before my 75th birthday and, under…
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Capita Data Breach/Barings
I’ve just had an email from (Removed by Forum Team), Head of Data Breach at Barings Law advising that he is moving to Abbleys Solicitors and taking the Capital Data Breach case with him. Has anyone else received this? Wondering what the implications of this are? Thanks
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UC & Tax implications of cashing in small SIPP
Hope everyone is fine and dandy and getting some much needed sunlight. In a couple of months I'll be 55 and I have a small amount (£1600 approx.) in a SIPP. I am on UC and I get Standard + LCWRA + Housing My pickle stems from what my tax liability on withdrawing the lot. The back of the fag packet calculation for the…
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State Pension vs Income Tax Threshold
I don’t know if has come to the attention
of the DWP or the Treasury, but the increase due to come into force in April
for the State Pension, In some cases (ie pension +protected amount) ,
will result in the yearly Pension becoming more than the income tax
personal allowance. This means that I, for one, will be seeing an…
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42 Year olds diary for last min retirement planning and debt free living
I guess you get to a point in your life where you wonder what will my retirement actually be like? I am at that stage now…. This is going to be a long post!!! My plan for this diary is to update it weekly with what I have done, and keep a running total of side hustle earnings (i want to keep under the 1k limit) and the…
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slow pension admin
hi all can anyone help im 57 and have a db pension with avc's i signed all the paper work off end of jan to start claiming my private pension for start of the new tax year i dont have a passport so i had to send a copy of my driving licence and 2 bill inc bank statement the id is now still the hold up ive been on the phone…
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New option added
I was pleasantly surprised yesterday to receive news via the annual newsletter that my old workplace DC pension will offer drawdown as an option upon accessing it from this year onwards. Previously the only options were to buy an annuity, or take it all as a cash lump sum, otherwise transferring it out to a different…
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Advice On What To Do With 5 Small Work Pensions.
Hello Guys. I have had a chat with Pension Wise in the past, it was ok but they advised that i speak to a financial adviser regarding what to do with my 5 work pensions. Im 56 and i retire in 11 years, im not working due to multiple health problems. I get PIP and UC. I have always grudged paying into a pension, thats why…
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