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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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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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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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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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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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Aegon takeover
For info https://uk.finance.yahoo.com/news/standard-life-strikes-2bn-deal-072550360.html
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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…
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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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Old defined benefit pension choices
Hi. I'm about to retire and amount a few old terminated policy's I have a replacement policy for an old Norwich union now with Aviva. It's a defined benefit occupational pension with a guaranteed pension of 5 years and a death - after - retirement spouses pension and also an inflation increase of 3% compound a year. It's…
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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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Deferred Civil Service Pension
Hi - wondering if anyone has intimate knowledge of the civil service classic pension scheme as were not getting much sense from Capita. My better half took redundancy from the civil service in 2006 after 18 yrs and became a deferred member of the classic scheme. The retirement modeller available under MyCSP showed options…
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Passing 'Surplus To Requirements' Pension To Grandchildren
I have an inflation linked DB pension, more financial assets than I will ever use and a house that is way too big for us so we should be downsizing. (This is just to illustrate that I am 'comfortable'). I also have a separate pension worth around £250K. I have kept this in case I died before my 75th birthday and, under…
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Teachers Pension Scheme and CPI increase
Hi, My wife will be taking her pension this Friday (10th April) which is obviously after the 6th April when the 3.8% rise applies. I understand that any rises when the pension is in payment will have their first increase apportioned. As her pension was NOT in payment on 6th April 2026, and I assume she was still a deferred…
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Early Retirement Hopeful - Sense check and thoughts
Hello, Long time reader here and would value thoughts on my plan: Age 54, married but we are working through separate finances (he is all DB), two kids aged 21. Am I able to retire at 55, end of next March? Would like £3,500 a month after tax. Own our home and have no debts. Pension pot W is DB from aged 65 at £4,292 a…
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Tax implications of pension pot after annuity purchased
Hi, I purchased an annuity with my pension pot last year and did not withdraw a lump sum. After this there were still a few months of contributions as I did not finish work immediately meaning there is still £4000 in the same pension scheme. The £4k is only worth a very small amount from the total annuity purchase /…
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
