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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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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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Early Retirement Refused
I’m 55 and I have a deferred DB pension with Diageo, I started in 1999 and left in 2001. I had transferred in my previous DB pension from IMI who I worked for from1988 to 1999. I recently asked for a benefit statement and they mistakenly thought I had asked for early retirement (no plans to retire until aged 60). They sent…
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UFPLS regular automatic monthly payment possible?
Triggered by a recent Diane Sullivan video - warning that some providers aren’t flexible with UFPLS and often FAD is simpler as its a more embedded setup in slow moving pension providers. I don’t know that I’m needing to take a monthly withdrawal but I’d like the flexibility to choose. But trying to understand how the…
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Taxed on my already taxed savings
Middle manager, putting an extra £50 per week on top of my pension for the last 3 years, taken from whatever wages I had left after Tax and NI. So long story short, loose my job due to ill health, reach 55 years of age (I'm now 58 tomorrow) and decide to take my pension lump sum to take family on holiday to the states.…
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Aegon takeover
For info https://uk.finance.yahoo.com/news/standard-life-strikes-2bn-deal-072550360.html
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Maximising BR headroom while you can, vs mortality risk pre-75.
playing with optimisation strategies at the moment. Planning to retire at 58. If things go well, we should hopefully have some excess we can use to gift to kids while we’re still here and while they’re not too old. Some can be likely left to inheritance but with pensions going into the estate we want to avoid any massive…
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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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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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LGPS & State Pension Age
I and 43m and joined LGPS in 2017 on the CARE scheme - which I understand is tied to the State Pension Age. For me, this is currently aged 68. (with the increase from 67→68 scheduled for sometime 2044-46) The current implementation of the SPA rise to 67 got me thinking about the risks around this for planning for…
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Am I missing any tricks in my retirement plan
Hi All, I plan to retire this Sept aged 62.5. I believe I have a robust plan but do not want to miss anything simple that adds value to retirement income. I currently have a DB of £16,400 that is in payment with the usual RPI/CPI built in and my DC is currently at £370k and I have another 6 months of payment of £3550 to go…
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Bridge to state pension - ringfence funds in lower risk or just draw from overall pot?
Not sure there is necessarily a ‘right’ way but would like feedback. target is to retire in 3 years time. I’ll be 58 and a bit, wife will just have turned 59. 8 years for her state pension to kick in, about 8.5 years for mine. Have a DB pension that should pay £15.5k from april 2029. Income needs - 40k net initially,…
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Tax code for SIPP withdrawal
I just made my first crystallised SIPP withdrawal (I made a PCLS one earlier) of £13,700 but only received £9156.80. On a tax code of 1257LX that seems to make sense, albeit that my online HMRC account shows estimated tax for the year of £226. My question is whether every SIPP withdrawal will be taxed like this, and if not…
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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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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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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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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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ii website?
I just tried to login to the ii website. It says: "Due to planned maintenance work, this service is currently unavailable." but it doesn't say how long it will be offline and they didn't send me any warning in advance. How often does this happen? And is it acceptable?
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Cancelling tax free lump sum application (before payout)
I’m aware that once paid then then paying back the tax free Lump sum doesn’t negate the tax impact and can lead to negative tax consequences. My question is can you cancel the application before the amount is paid out, with no tax consequences/recycling impact? Many thanks.
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Confusing / contradictory Standard Life terminology
I have a Standard Life Personal Pension Plan (Personal Pension One). Part of this is invested in Standard Life With Profits One Fund. In the annual pension statements, under the heading 'Your with-profits guarantee', the first paragraph reads: "Your plan guarantees a minimum payment from any part of your with-profits…
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Tax Liability Regarding Terminal Illness
Just for the record..............I haven't got one but this subject came up during a recent discussion with some 'fellows' of a certain age :/ :/ I suppose there are 2 scenario's, before you die of a terminal illness diagnosis and after. My personal situation...... I have a state pension which i understand ceases when I…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
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Most recent: MSE NEWS: At or near State Pension age? Check NOW if you’re due missing Child Benefit credits by MSE_Isabelle
17 April at 12:12PM
