Pensions, annuities & retirement planning

anyone registered for this The MoneyHelper Pensions Dashboard can help you see your pensions (including your State Pension) together in one place. https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-dashboard/research-panel Just registered it found all my pensions apart from one,some of the values were a bit…

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…

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.…

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.

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…

Back in the 90s my wife was persuaded to take out a pension with an insurance company rather than join her DB pension scheme. A lot of this was going on then the poop hit the fan as these companies were considered to have mis-sold their pension policies by giving bad advice to their clients. Many of you will remember and…

I want to take a tax free lump sum from my pension now. I believed it would trigger MPAA but I am confused after reading everything my pension provider sent me! I have not retired yet and will continue to work and make pension contributions for at least 2 more years. I want to withdraw approx. 20% of my pension now, tax…

10 year targets are set and I'm aiming high and dreaming big. :) A bit of background. When I was young I grew up with a family of 4 children, Dad worked and Mum stayed at home. We had very little material things or new clothes and I remember I was always dreaming of how I could possibly become a millionaire. So why not…

Earlier this year at 55 I cashed in a small pension of £13k as I am out of work.Having trouble with finding work, i got some jobseekers allowance which the nice people at HMRC said is taxable and have now said I will have to pay some tax on as it has taken me over the standard personal allowance which I understand. I am…

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…

Lots of coverage on incentives for current account switching, but none that I've seen for pensions. I kind of get it - bank accounts are a well oiled process, don't involve long waits, differing paperwork requirements, and potentially large sums needing to move. But given that the demographic of this board is made up of a…

I am self employed and opened a stocks and shares 'Fully Managed' Lifetime ISA 5 years ago (risk level top/10), as a pension fund with JP Morgan (previously Nutmeg). It seems to be doing well, but so do other options. I have 17 years left before I can access it. I am wondering if anyone has any experience of using this,…

So I increased my personal contribution from 3% to 12 or 15%. Company pays in 3%. Is this a good idea. Think might be stopping me saving cash which I may need if I get injured. Anyhow this equivalent pension type to my friend who works for council and council pay in 15% ? What I mean is, is it an accumulated pot type…

Hello, After 27 years with BT I have just left and will be taking my BTPS shortly. As part of the paperwork to take the BTPS it states that at the age of 67 (state retirement age) my BTPS will reduce by £1,349 pa due to something called the State Pension Offset. I certainly dont remember agreeing to this? Is there anything…

I am 55 in January 2028. I believe that in April 2028 the age will increase to 57. I want to understand what I need to do in order to not miss out on claiming my private and local gov pensions. Where can I get advice. Thank you

A smorgasbord question for those who planned retirement and have retired. How well has your actual expenditure matched your modelling? Did you use your expenditure just prior to retirement to estimate your retirement expenses? I understand most research indicates that people spend a bit less, but similar than…

Hi everyone My LGPS fund are saying that the pension age to access your pension will rise to 57 in 2028 however they are awaiting guidance around who is protected. The government consultation read that anyone in the scheme in November 2021 would retain the 55 protected age. My calculator still lets me put 55 into it…

I have little confidence in the accuracy and reliability of the information displayed on the workplace pension website. Please offer any advice what to do. In my workplace pension 5k was added to my pension account - this was clearly a mistake. I notified my pension provider. No answer from them. For 2 weeks the higher…

I am interested to understand the gift from surplus income rules and wanted to ask if regular withdrawals - lets say 10k a month, for a couple of years - are regarded as income? If you can then gift most of this without it affecti9ng your lifestyle, does that qualify as gifts from surplus income?

Hi everyone I am trying to retire from a former workplace pension scheme but am having serious issues with the pensions administrator. I made a complaint a couple of months ago and in the absence of a response after eight weeks and escalation involving the Ombudsman and the Pensions Regulator, I have only received a…

The market is going to be very volatile, it already is. I need to get my money out of a very highly managed expensive SIPP and into a self managed one, the trouble is when I’m going to be able to do this without suffering a major loss as I know nothing will happen with my funds for weeks in limbo.. is there going to be a…

Have 2 kids 13 & 16, considering opening SIPP and/or ISA for each. Will be low values in to start say £50p/m ea or £25 p/m ea if open both a SIPP and ISA, perhaps increase a bit after a year or so. Objective is just to get the savings / SIPP started and kids can take over once working etc. Mrs not so keen on SIPP as thinks…

* I am approaching 75 years of age. I am a Spanish resident and Spanish taxpayer and I have not lived in the UK for over 30 years. * I have some old pension plans from the 1980s, now managed by AVIVA, worth about £50,000 total. * Because I am still working, I wanted to withdraw 25% of the funds now, and leave the balance…

I been in contact with Aviva believing I could simply start withdrawing a regular monthly sum from my pension but was told this 'old style' pension doesnt allow this.i asked if I could move it to something within Aviva that WOULD allow regular withdrawals and was told again NO but I could try transferring to other…

I retired earlier this tax year having had £11k of salary from which pension and usual deductions were taken. I was in a DB scheme with contributions via salary sacrifice, but without making additional AVCs. I now have my pension input amount (PIA) as supplied by the provider for 26-27. It is based on 19 times the DB…