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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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AVC help
just after some advice. I have a part time job and a pension which push me into the high rate tax bracket. The 40% tax is taken from my pension. I am on a BR tax code for my part time job. I took out an AVC a couple of years ago to reduce my tax which comes out of my pay obviously. I therefore get the 20% tax relief on the…
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Pension higher-rate tax relief
Last month I submitted a claim for pension relief, for the following contributions: 2023-4: a one-off additional contribution of £6500 to my Nest workplace pension. I also flagged that I didn't receive higher-rate relief on regular contributions of c.£1400 2024-5: a one-off contribution of £13,500 to my Vanguard personal…
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Using savings or taking pension funds in early retirement.
Hello, I am 61 years old and have two pension pots. Both are Defined Contributions type. One (personal pension) I do not pay into any more so is only growing through standard portfolio investment and time, current value approx.£185,000. Whilst the other is a workplace group pension scheme which I contribute to via a salary…
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Government Pensions Dashboard
Early UI for those that are interested. Interestingly it's identified 2 legacy pension schemes that i have no details of…
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Pension advice
I got a pay rise in April and want to start putting the extra amount I get a month into the pension I am paying into at work, if I add extra money in manually will I still get tax relief on this money or do I need to get my employer increase the amount I pay in via my wage to get the tax relief? Many Thanks for any help
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Standard life staff pension CETV
I am looking for any help that someone might be able to give on standard life staff pensions. My ex partner was employed by standard life circa 2006. Does anyone have any idea how the CETV value for the pension is sent out as what I’ve been sent through the solicitor doesn’t like anything like mine from my employer. The…
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Effective Tax rate withdrawals
Thinking on my position along similar lines to this thread. Current Situation - Still a long way from retirement in age, if not money. 44 Married. Me - £750K in SIPPS - Contributing circa £30k a year to get down to BRT Missus - £150k in SIPPS - Contributing £3.6k a year. Salary £32k so could be a lot more Combined ISAs -…
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I asked ChatGPT to simplify and sort out my investments
I have been looking at sorting out the isa/pension investments for me and my OH as they are currently across 3 providers (Vanguard - OH, interactive investor (me) and L&G (me) (ex-employer master trust in drawdown). Total approx £1m and not really used for day to day as decent DB in play. My allocation for the last 5 years…
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state pension payment date
I live abroad, have claimed my UK state pension, and just received a letter of confirmation. It explains how much I will get (exactly what I expected) and how it was worked out, but it (oddly to me) doesn’t state the date when the payments will actually begin other than explaining it is paid in arrears at the end of 4…
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Found forgotten Workplace Pension
Hello. I have recently tracked down a workplace pension that I had paid into for a few years from some while ago. Long story short- Age 55 , self employed sole trader ( for a long time) and only just (rather late) started a SIPP following some great insight on this forum so literally just late navigating & understanding…
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Have we reached peak annuity rates?
Now that the higher interest rate medicine appears to be working and gilt yields are slightly down, does it look as though annuity rates have peaked for now? OH had a surprisingly good annuity estimate from Legal and General via moneyhelper, but when he went to the L&G website he got a slightly lower estimate using the…
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85 year rule
Hi, I would like some advice on the above. I qualify for the 85 year rule when I'm 60, currently 53. i understand that any contributions made before 2008 are protected. I have used the LGPS pension calculator and it makes very little difference whether I retire at 59 or 60, just the usual increase that you would expect to…
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My Wealth Private (Wealth At Work)
Does anyone have any experience of moving their savings and/or DB pension to My Wealth Private for them to manage? I'm approaching retirenment in BT. Their seminars and individual advice has been very good so far, but I'm undecided about transferring everything to them to manage, as I can find very little around their…
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Protected Rights pot (contracted out of serps)
I joined the nhs in the late 80s and stupidly didn't join the pension scheme. I took out a private pension in the early 1990s, with which I purchased nhs pension years in mid 1990s. A colleague told me she found an old contracted out of serps pension. Could I also have a similar pot from the early 1990s? Checking on…
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First SIPP with 100K lump sum allowed?
Could anyone clarify a question on SIPP contributions please? I would like to open my first SIPP and pay in a lump sum of about 100K I have my Nest contributions directly from salary which were approximately 2K last year. This is the only pension scheme I have been contributing to and it started 8 years ago. Given tha, am…
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Anyone else struggling to get answers about the new VNI rules abroad? Self‑employed in Spain
Hi All I’m hoping someone here might be in the same situation or has managed to get a clear answer from HMRC, because I’ve spent hours and hours going round in circles and still don’t know where I stand. I’ve lived in Spain for 21 years and I’m self‑employed here (autónoma). I paid 19 years of NI in the UK before moving,…
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Relationship between pension income, savings interest and capital gain
Hi All, I am trying to discover the impact of a significant capital gain on my pension income and savings interest taxation for planning purposes. I have a personal pension (so I can vary income drawn) and cash in the bank earning £5,500 pa. Historically I have kept my pension income at my personal allowance of £12,570 and…
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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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Pension Commission (interim) Report out today
https://www.gov.uk/government/publications/pensions-2050-evidence-and-future-priorities-interim-report The interim second Pension Commission report has come out today. This Commission is exploring the long-term questions of adequacy of pension provision and retirement outcomes in the UK. The Commission will publish and…
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Fiscal drag and withdrawal strategies
Hi all, Interested in the discussion on another thread here re. fiscal drag (freezing tax bands) and how best to get money out in retirement. My current thinking is start DB at 56 (about 12k, covers essentials, a sort of annuity feel…) and top up with SIPP (front loaded) until SP starts at 68. Aim is to empty SIPP (spend,…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
748 discussions
6.5K comments
Most recent: NI years are now full, existing OAP, when should I expect my monthly payments to reflect this? by Dazed_and_C0nfused
22 May at 1:38PM
