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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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Annuity at 55?
Afternoon all! I turn 55 early next year and have a 45k pension pot from an old employer. I will have a decent pension from my current workplace when I retire at 67, however at the moment i'm not exactly 'comfortable' money wise - I have a reasonably decent salary but am single so all mortgage/bills etc are paid by me -…
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Ill health retirement
Hello A bit of advice would be much appreciated…. My partner is about to take ill health retirement in a defined contribution scheme. He has over ten years NPA His two options would be Take an annual salary of £42,500 and a tax free lump sum of £189,000 Or Take an annual salary of £39,008 and a tax free lump sum of…
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Passed probation at large corporation, now offered different pension, should I transfer to it?
Hi guys, I'm earning £65k per year and have recently passed probation at a large corporation, with this I am now entitled to a different pension, I’m currently on the company auto-enrolment level but am curious about the ‘Level 3’ option they offer. I am looking for maximum money in my pension but also don’t want my take…
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Group Income Protection Lump Sum Offer
Hello All - looking for a bit of guidance please - I have been offered a lump sum of £80k by the GIP insurer via my employer. I have been receiving gip for 22 years and have seven years left to run until I reach my retirement. My employer is currently making widespread redundancies and I can be made redundant even when in…
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financial adviser
hi all, I am on the lookout for a financial adviser who is good with pensions, assets split in divorce, etc... can you recommend a decent one from your own experience? TIA
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When is 268k not 268k?
This will it/won't it around reduction of TFC is doing the rounds at the moment as we all know. I've a thought on the TFC which I'd like to sanity check. So keeping numbers simple. With the [current] limit of 268k then if you made a 40K UFPLS withdrawal you'd chalk off 10k of your TFC off of your 268 limit. The 10K for the…
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BTPS pension offset & NI contributions beyond 35yrs.
Hi, i appreciate there are various posts around this topic but i’ve not found anything to specifically answer my query. I am a BTPS section C member and I noticed in a recent retirement quote a not so insignificant “pension offset” decrease when i reach state pension age. ive read all the BTPS blurb & fact sheets, several…
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Has UC removed my NI credits a year into my pension?
My partner and I had a UC account from early days, a dozen years ago. This made sense as I was self-employed throughout that period. As I approached 66 years old at the start of 2024, I diligently checked and topped up my NI years until I had 35 full years. Only around £2k altogether, covering about 8 shortfall years. I…
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Early retirement- capital to regular income
Hi I’m planning to retire in three years time when I hit 51. I’m hoping this can be to Cyprus but one of the rules there is ability to evidence regular income of £30k a year. I will have around £190k of shares to sell to fund the first 5.5 years in Cyprus until I hit 57 and can draw my pension. However, I don’t think…
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Starting a pension fund for adult children
My children are both in their early 20's and are currently both undertaking postgraduate study for at least the next two years. They both work part time, one on a "Bank" contract and the other in a small company, to support their studies. They're both back at home for another year at least, and we already help them…
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Help with working out balance remaining of pension lump sum allowance
I didn't crystallise any pensions before 6th April 2006. Between 6th April 2006 and 5th April 2024, I crystallised one DB pension. This was in March 2011. The total value of the benefits taken then was £475,506. The amount of LTA used then was 26.41% (the LTA ceiling then being £1.8 million). The tax-free lump sum taken…
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Civil Service Alpha - just joining at 53 and need some advice
Hi, I'm looking for some advise around my pensions (and whether finding an independent financial advisor would be any use) I'm 53 I have 4 different pensions from the various companies I've worked for over the years in total these hold about £200k in total (two have around £10K and two have around £90K) there's nothing…
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how to drawdown investment savings
I have about 150000£ spread over investments at H&L, Charles Stanley, and TD in Canada. I'm 71 and don't yet need this money but I would like to know how to access it when I do. Do I have to sell some portion of these investments every month/quarter to obtain the cash? Do I have to keep track of the 25% I can take tax…
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Should I take my LGPS early?
Interested in people’s views on this. What are some of the reasons other than Tax to not take your LGPS at age 55 ? Has anyone done a calculation of how the reduced income and lump sum might perform in a SIPP or trading account (or savings account at 4.6%) for 12 yrs vs leaving it with the government for 12 more years ? if…
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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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Interactive Investor SIPP
I'm looking at transferring a pension from L&G to II as we're unable to pay into the L&G one and there would be a saving on fees. However, I can see they have 40,000 funds but from what I can see there is no ability to look at the fund offering before opening the account? If anyone has a SIPP with II, would you be kind…
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Using an annuity to reduce IHT ?
Googling indicates it can, the capital used to buy the annuity is considered spent so is no longer subject to iht. So far so good. But when you die, the annuity stops, or passes to spouse which is iht exempt anyway..... So where's the annuity/IHT benefit...?
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SIPP Deposit Accounts OR SIPP Gilts
I have a pension pot (100k-ish atm) that -I believe- I wish to place inside a SIPP wrapper, although stocks, shares and the like are off the table as I don’t wish to depend on the swings of markets. SIPP Deposit Accounts OR SIPP Gilts is my question, together with what offerings and where are currently out there, and what…
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Partially retired civil servant paying higher tax rate
Firstly, I’m not at all sure if this is possible / allowed, hence the question. I’m a partially retired civil servant with a combined income + pension of ~£80k therefore on a higher tax rate. Not knowing whether tax contributions are ‘relief at source’ but if they are - can I make additional pension contributions to bring…
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Should I take extra out of my pension in early retirement and pay into S&S ISA?
A question raised on another of my threads got me thinking about the implications if my pension started to drift into higher rate tax. Planning to retire at 57 my target income is around £48k after tax. This is made up from £14k DB benefits plus UFPLS of roughly £41k from my DC pots. At this stage I could increase my DC…
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