-
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…
-
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.…
-
Good (and short!) explanation of COPE
There are lots of queries about COPE cropping up regularly. This is one of the better, not to mention shorter, explanations I could find which might help: https://www.wypf.org.uk/pensioner/all-about-my-pension/contracted-out-pension-equivalent-cope-amount/
-
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.
-
New board for state pension top-up / Future Pension Centre / voluntary NICs questions
Hi all Regulars on this board will well know how many threads we've seen in recent months about Future Pension Centre-related questions. As a result of a great suggestion from a Forumite (passed on by a Forum Ambassador) we've created a new sub-board for all these types of threads: ➡️ Topping up your state pension ⬅️ If…
-
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 me know): * Can I cash in my pension? * Early-retirement wannabe * It's time to start digging up those Squirrelled Nuts!!!! 📝 And here's some…
-
Claiming additional 20% pension tax relief in Self Assessment
I'm completely confused as to how I can claim the additional 20% pension tax relief I'm entitled to. As a higher rate tax payer I'd assumed the 40% relief would be automatically appled (Civil Service pension - Alpha scheme). However, I understand I'll only have had the 20% applied and need to claim the rest. Having looked…
-
Nest vs People's pension
Hi I've got a private pension SIPP in Vanguard Lifestrategy (best decision) however I need to sort my workplace pension as they are changing the pension provider and asked me if I want to move from Nest to People's Pension... If I had a choice I wouldn't pick either but because it's my workplace's pension I need to decide.…
-
Just can't decide between Drawdown, lifetime or fixed term annuity!
I just can't decide between Drawdown or a lifetime or fixed term annuity for two of my pension pots combined. I keep going round in circles. I don't want to take financial advice as I feel I should be able to work this out myself. Especially with a little help from my Forum friends! I don't think I would have the…
-
State Pension forecast updated for 2023/24 NI contributions
I’ve just seen that my 2023/24 NI contributions are now reflected in the HMRC app. So others may be updated now/soon. Nice to see that “You cannot improve your forecast any more” confirmed.
-
Dutch state pension
Hello all, I'm after some very specific information on the Dutch state pension (AOW) and hoping someone out there has some experience of it... My wife and I spent 9 years living in NL and have returned to the UK. We were both resident in NL. In terms of the AOW, I know we should be entitled to something but: * Is it as…
-
Changing fund in Aegon Pension
Hello all Am looking for guidance please. My husband has a small pension with Standard Life, maybe £10,000. He has another pension with just shy of £90,000 with Aegon. He wants to transfer the Standard Life to Aegon. As he has had the Aegon for some years now he needs to choose a fund to replace With Profits fund. The…
-
GMP question
Since turning 65 my RM section C pension increases have changed. Pre 06/04/1988 hasn’t increased at all. And Post 05/04/1988 has gone up by 3% CPI which is the maximum it could have gone up by. And the rest of my pension went up by 5% RPI capped at that amount. My friend who also retired 65 and is in the earlier Section B…
-
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…
-
Civil Service Pensions
What will be next years pension rise? And also what about PIP 10%? CPI can't see that happening
-
MVR Question and Factors? (Prudential)
Hi Hoping someone can offer some general advice here as I know very little about finance etc, so I may be being naive or ignorant of the basics. I know individual cases vary, but to provide some basic info: I have a private pension (with Prudential) which I began in 1989 and which I was written to by Prudential and…
-
Are we nearly there yet? Option for VR
It's been about 5 years now since husband and I got really interested in FIRE and it feels like we've made good progress in the last few years. Rough plan is to retire in 2 years time when we will be 53/55. We would be happy with a joint income of £40K per year. At the moment we have joint DC pots of £550K and cash / S&S…
-
Pension Withdrawal
I currently have a works pension with Royal London.I have withdrawn my 25% cash some years ago. I withdraw my maximum from my pension on monthly basis £1150 per month allowing myself and wife £13800 without any tax implications. My question to you fellow advisors is . If I was to withdraw £30k from this pension pot. What…
-
Bucket drawdown strategy, what to put in medium term bucket?
Hi to all you extremely helpful regulars. I've been retired for a couple of years now and so far our spending has been taken from Mrs LW's P/T earnings, rental income and drawing down cash. We have untouched SIPPs and ISAs. I am 59 and my wife is 57, she will retire in 3 years with a DB income that just about replaces her…
-
FIRE Girls Pension Diary - Aim High & Dream Big
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…
-
Multiple pension and ill health early access
If I request early access to one of my pensions does this get recorded by hmrc so that I also have immediate access to the 2 other pension schemes? Can I choose just to have early access to one pension?
-
Personal Pension advice please 🙏🏼
Good morning All I've been pondering over all the excellent advice received recently regarding pension and retirement. Many thanks to all who contributed their time and thoughts, much appreciated! From my own perspective I’d like to take up the advice offered of opening a personal pension in my own name. As I’m currently…
-
COPE impact on state pension
My State Pension forecast states that I can get £221.20 (full state pension) when I am 67. It also states that I have an amount of COPE. I understand that the COPE is paid as part of my other pensions, this is fine. What I am unclear about is whether the COPE amount will be deducted from the £221.20 paid by the government.…
-
Unemployed Pension Contributions
Can someone advise please? I only had gross salary earnings this tax year from April to 3rd May, having now left the job and I was in a salary sacrifice scheme, so contributed to my workplace pension for that period. On the assumption that I do not have any other employment for the rest of this current tax year, how much…
-
Interactive Investor SIPP question
I note there is a fee of 12.99 per month. Is this the II "platform fee"? You also have to pay a percentage fee - albeit smallish generally around the 0.2% mark - for the various funds that you decide to invest in??? Trying to do the numbers. My workplace pension offers a fee of 0.3% so by the time the platform fee and fund…
-
Military widow’s pension CPI increase?
I’m in receipt of a pension due to my husband dying in Service last year. My understanding was that my pension (and those for our young children) would increase in line with the CPI from April. However, I received my remittance letter for all of us today and it is only increasing by 2.79%, not 6.7%. It has now pushed me…