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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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Inheritance Tax
Hi All I am lucky enough to be in a very nice position financially, 70 years of age with a pension pot of 600k I have already took the 25% tax free element . I also have 250k in a S&S isa and me and my wife have cash isa,s approx 140k . The pension and S&S isa has accumulated 105K this year , my question is could I draw…
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IFA to restricted adviser
Having spent many years as an employed Independent Financial Adviser (IFA), my employers have sold their business, and in three months' time I will become a Financial Adviser (FA). For a long time I have told clients, prospective clients, posters on these boards, and indeed anyone who will listen that if they are going to…
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Best remedy with early Classic, deferred Alpha
Can Alpha in remedy still be better when taking Classic around 57 (NPA 60) and Alpha (NPA 67) at 60? I get the feeling that the lower Classic figure will be generally evened out by Alpha when Alpha’s taken at 60. The higher Classic figure with Classic in remedy is tempting but the Alpha element starts off from a low base…
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Pension pots for over 75 year olds
I currently save into a workplace pension with Royal London. I will be 75 years old next year but am still in full time employment, I expect to continue in my job for a few more years yet. Royal London have my retirement age as 75 so I asked them if this could be changed to 80 but they replied that they do not accept…
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11 years of pension freedoms
So assuming people turned 65 11 years ago and took their pots, they're now 76, so approaching their eighties. I'm wondering how people plan to manage their finances in their 80s? Assuming they have reasonable assets then purchasing an annuity could be an option. I'm just not sure that in my 80s I'd want the hassle of…
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Higher Rate Tax Relief SIPP
edited to add Self Employment income £90k Hello. Hoping someone can offer some experience of entering SIPP on self assessment? This is the first time for paying a SIPP and so just filing my self assessment. I have entered the payments in the tax relief section £60k, and this obviously then increases my basic rate…
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winter fuel payment - anyone planning around it?
not sure about this one. Currently winter fuel payment is universal, but for this year onwards it is being capped at 35k income. I think its per person so not measured per household. If you earn more than 35k it’ll be clawed back via tax code (fun, they’re enough of a PITA already thanks) I think even without change we’ll…
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UK retirement planning tools
Hi,I'm looking for a DIY retirement planning and drawdown tool that can make suggestions, especially around tax. There are lots of options in the US, but in the UK I can only find a product from Retireeasy.co.uk. Does anyone have experience with this tool, or know of UK alternatives? Thanks,
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Does getting an annuity from pension after taking tax free lump sum trigger MPAA?
If I take the 25% tax free lump sum from my pension, then leave the remaining 75% untouched, and then at some point in the future, say 10 years later, I buy an annuity with this money, does that trigger the MPAA? We will have surplus income, and I’m trying to work out the most tax efficient way to pass it on. As my…
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When to switch a Gilt ladder from nominal to index-linked?
Hi everyone, I’m looking for some thoughts on when it makes sense to choose index-linked gilts over conventional nominal ones within a retirement ladder. I currently have a 9-year gilt ladder. I love the peace of mind and calm it brings me. Even if I’m foregoing higher equity returns in the long run, it mitigates sequence…
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SAL RSA Pension Scheme Wind-up
Today I received a letter giving first formal notice that as part of the buy-out process and wind up of assets for my deferred DB pension scheme with SAL. My question is: how do I know they will meet all the liabilities, apart from a promise that ‘they will’? How can I check? I was last able to request a quotation of my…
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Is retirement boring?
After counting years/ months down, I find myself thinking retirement will be boring - I get bored when it's a long weekend like this one (Scotland got an extra public holiday for the football). I've therefore decided to stay on for a year or so. After renovations to the house and travelling, what else do retirees do? I…
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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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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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AVCs Attached to a Final Salary Pension: keep as is or move to main pension pot?
Hi all, I (M43) have just obtained an illustration of benefits for a final salary pension and a small amount of AVCs. Summary if taken at age 55: AVCs: £6832 DB pension circa £4688 per annum. I’ve been given various options at retirement to use the AVCs including taking tax free cash, converting AVCs to a small annual…
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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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Funds for a short term sipp
Going to open a sipp for o/h. Hoping to get around £30k invested over next 3 years & then draw down probably around 7k a year for 4 yrs, until state pension arrives. I know options for investment over this short of term are limited. But does anyone has any thoughts on what to do? I use Hsbc GS balanced in mine, which has…
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Strategy Change in lieu of 2027 Pension and IHT legislation
I can't be the only one who is seething about the 2027 IHT changes next April. I am still trying to reconcile the impact. I have spent the last 30 years building up a sizeable pot to fund my old age and leave something to pass on to my children upon my death. I have been over multiple scenarios and keep coming back to the…
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Avoiding the 40% tax on pension pot withdrawal
My understanding is that at 55 (soon 57), I can start to withdraw from my pension pot. I can take 25% of the pot up to £268275 tax free and then £50270 per year at 20% tax (or less), assuming I have no other income. How big (small?) a pot do I need to avoid the higher rate tax in my lifetime and still withdraw the whole…
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Fidelity SIPP Personal Statement Issued to Employer - Data Breach?
I have a SIPP with Fidelity, into which I have a regular payment set up for my salary sacrifice from my employer. I discovered today, after finding a stack of documents on my desk, that Fidelity have sent my quarterly statement to my employer. This lists all of my investments and how they have performed in the last…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
751 discussions
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Most recent: Aged 72, didn't claim state pension at retirement age as NI credits Missing by Brie
16 June at 5:32PM
