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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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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/
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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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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…
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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 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…
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To defer State Pension or not ?
Would there be any point in deferring my State Pension by a year ? Approaching pension age with a private pension already paying £15k pa and a part time job paying £12.5k pa i cant see any tax benefit in deferring my pension or am i missing something.?
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Bus pass petition...
Just in case anyone is interested https://petition.parliament.uk/petitions/652985
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Civil Service pension: alpha v. partnership & voluntary topup
Hi all. I've accepted a job offer which pays a Civil Service pension and am trying to get my head around the options: alpha and partnership. People say it is a no-brainer, alpha is far better. It is true that Alpha has an employer contribution of 28.97% - but this seems to be practically meaningless as it doesn’t go into…
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SIPP Cash Buffer Handling
I think a similar question has come up before but I couldn't find the threads so apologies if it's coming up again. I retired last April and started taking my works DB. Come next month I intend to crystallise my SIPP and start taking a monthly top up from that. I will keep 3 years worth of drawdown held in cash in the…
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Salary Sacrifice NHS 2015 Scheme
There are still a couple of salary sacrifice options available for NHS staff. Some NHS organisations support the cycle to work scheme and some electric car schemes are still tax efficient. However, it seems difficult to judge the real impact of salary sacrifice. Does anyone have any thoughts. I've made a stab below but…
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remarrying after having ex husband pension share
What is the law on remarrying after taking part of my exes pension?
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Pension Payment Dates
Electing for Annuity payments in Arrears results in them being paid at the beginning of the following month. How does this affect tax assessments? For example in which financial year are payments made in April which are actually earnt in March. Can anyone help?
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How does SIPP tax relief work?
My wife has just been paid a taxable £64,278 redundancy amount at the end of March 2024. She has been taxed to the tune of £24,536. She is normally a standard rate tax payer but it looks to me like she's been taxed at about £38% on this payment. I understand that we can get the tax paid back by putting the remaining…
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Higher rate tax relief on pension contributions
I would love to sense check my
calculations with you good people (as HMRC seem to think different to me!)
about the tax relief I should expect on the below. I have done this for the
last couple of years and my calculations and HMRC’s returns have been similar,
but the latest is quite far out. Basically I do not do a…
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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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LGPS - TO APC OR NOT TO APC?
Husband (48) hasn't planned for retirement (scared of numbers and has buried his head in the sand), but is finally letting me have a look at it for him. He's been a member of the LGPS through the council for the last 2.5 years and assuming he works until NPA, if reading the projections correctly, it looks as though he'd…
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Draw DB Pension and work still
Hi Team, New joiner -my details; Age 59 Working - Salary circa £38k Deferred DB pension - can be drawn from age 60 without reduction - approx. £23k pa- commencing September . No DB restrictions. Q. Is there any financial reason why I shouldn’t start drawing on my DB pension, whilst still working. It will no doubt take me…
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What happens if you straddle pension age increase?
On 6th April 28 minimum pension age increases to 57. My DOB is Oct 71. If I start accessing a DC pension from Oct 26 (age 55) can I continue? Or on 6th April 28 (age 56) will there be limits on how I can access my pension? What are the guidelines? I'm thinking I would be able to access crystallised funds in a drawdown…
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Does taxable benefit in P11D count towards total earning limit for pension contribution?
I thought the P60 gave the total earnings for the tax year. I was also advised here that taxable benefit counts towards to the total earning limit for pension contribution. I might miss it but I found from my calculation that the taxable benefit (private medical insurance in my case) is not included in P60 (or salary…
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Transfer personal pension to a SIPP or my NHS pension
Hello everyone. I’m a little conversant with pensions but far from an expert, and wonder if anyone could give me some advice re the following: I’m age 58. I work nhs and have done for twenty years, paying into pension since then. I have a prudential DC pension worth 31k. I have just started process of transferring that to…
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Question(s) about Form P55
Hi. The missus has been overcharged tax on her regular cash SIPP drawdown payments. We're now looking to complete Form P55 but here's the first question. Bear in mind that my wife's only income, this tax year, has been state pension plus a tax free 25% of the SIPP, plus ongoing monthly SIPP drawdown amounts. She does not…
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Average household expenditure by Age
In my continuing quest for data to pore over as I refine my pension planning, I came across this UK household expenditure 2022 by age | Statista. I probably like it as it confirms my current bias towards taking as much out of my pension as I can early on, though the likelihood is that it's just a reflection of income by…
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Retiree's what is you typical day
On the 'what made tou pull the trigger' thread Bluenose1 posted a typical day... What is yours like now you have retired? At 64 my finger is gtting very itchy......
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Guyton-Klinger withdrawal model
What is the collective wisdom on this strategy? It certainly seems sensible and common sense. Obviously, no model can accommodate every possibility and all models will fail with a series of poor years early on, statistically unlikely though that would be. But generally speaking, what do people think? it seems "safer" than…
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Target achieved, age 44
Hi Checked our balances in our various investments today and following some decent stock market growth we've now hit our arbitrary target of £1mil+ in savings. I am 44 and my partner is 39. It is split: My SIPP £767K My LISA £36K My S&S ISA £37K My cash ISA £10K Her SIPP £146K Her LISA £23K (When i say 'my' / 'her' its all…