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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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Auto enrolment postponement
I have started a new job and my earnings are above the auto enrolment threshold and will continue to be so. My new employer has sent a letter to me saying they are using postponement and if I meet the criteria in April I will be enrolled in the work place pension. However, if I wish I can write to my employer and request…
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Is referral through an IFA necessary?
My wife recently retired and has a pension pot she wants to draw an annuity from. We’ve done the research, and we know who we want to use, but they are telling us we must go via an IFA. This might be good for the ifa, but I’m not sure it adds any value for my wife. If we needed the advice, it would be a different story.…
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Withdrawal from SIPP.
Hi, I was wondering how long people have to wait between asking for a withdrawal from a SIPP and receiving it? Thank you.
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TEACHER'S PENSION ADVICE - Additional contributions to mitigate losses from coming out of TPS?
QUESTION: £49,000 + TPS = £49,000 + £?? + Aviva Pension What percentage increase might be fair to ask for to replace the lost value from coming out of the TPS? --------------------------------------- I have moved schools to take up an equivalent teaching role elsewhere. My old school was a part of the TPS and the new one…
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Early Pension and National Insurance Contributions
Hi all I'm hoping to retire in September with a teachers pensions and a drawdown from other pensions. As I will be 7 years away from state pension should I be thinking about National Insurance contributions from September onwards in order to get the full state pension in 7 years? Many thanks Jimmy Jazz.
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RANK MONEY PURCHASE PENSION SCHEME
Hi, Spent around 4 months and many, many hours trying to trace above pension, been to Pension Tracing Service, HMRC, .Gov, about 15 companies. My wife left the pension in 1997 but have all paperwork/statements etc. including letter advising Abbey National will be responsible for 'some aspects' of the pension as being…
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Frozen tax allowances - draw full standard rate allowance now to avoid HR in future?
For those who given inflation and frozen allowances might in future become higher rate tax payers, does it make sense to draw down to the full standard rate band from day one putting funds above planned expenditure into an ISA? I know normally the advice is that a DC pot is outside of the estate for inheritance but are…
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Pension Drops.
Hi - I'm a nervous person when it comes to money, probably because I grew up in abject poverty. My accountant recommended I finally open a pension as a good way of getting money from my LTD company for the future. My financial advisor recommended True Potential, the low risk pension category to start with, so i brought…
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Transition Arrangements for PCLS following abolition of LTA in April
Hi, What is the best source for info regarding the transition stuff? Any feed/stream I should subscribe to? David
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Question re Money Purchase Annual Allowance
Hi, I have a question about the Money Purchase Annual Allowance and a transfer to a SIPP if anyone could help please. Scenario 1) 25% tax free cash already taken from a SIPP with Hargreaves Lansdown, the rest moved into drawdown and then take £1,000 a month from the drawdown pot. (This will have no tax liability with a…
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Most efficient drawdown method
I have DC pot with Royal London that I no longer contribute to. I’m going to take a tax free sum of £60k from a pot of £295k and I don’t plan on any further drawdowns for 4-5 years when I retire. Have I understood this correctly? I can crystillise 4*£60k = £240K, take the 25% TFC (£60k) and leave the remainder invested…
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When does a negative period officially end?
Often we hear that after a big drop in markets, they usually recover within 2 years. If I looked at my portfolio, after the big drops at the end of 2021, it recovered to the same nominal value in mid March this year. (after adjusting for contributions and changes obviously). However, this has only lasted a month and it is…
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Aviva Pension Transfer Headache
Hi All I have a DC Pension Pot of £100,000 ish with Aviva, I now want to withdraw the 25% tax free cash and leave the rest in a drawdown policy until I retire without accessing any of it until then. I qualify in terms of age etc. I made an initial enquiry about accessing the TFC, and was told that the policy I held through…
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Teacher's pension - Online Illustration versus Statement of Benefit
Hi , I'm thinking of taking early retirement from teaching. My Benefit Statement gives me Annual pension and Lump sum figures much higher than the online illustration calculator on the TP web site . Example - Automatic Lump sum on calculator £46k . On Statement of benefits £60k. This concerns me. Now, I understand that the…
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Pension - Cash Park
Hi, I am looking to pay a lump sum into a private pension and then to transfer this into my work defined benefits pension. I have been employed less than a year so can do this but I would like to avoid investing the money as it would be subject to market forces and I would not be able to wait for any losses to recover. I…
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Advice on moving away from Hargreaves Lansdown please.
We've come to the end of our tether with HL having botched my wife's paper based UFPLS payments on so many occasions. I've had it out with them over the phone and I can go through weeks / months of complaints, however all we want is a reliable service. So, do St James, Vanguard, a n other allow electronic (HL insist on…
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Paid holiday pay after my P45 and paid tax :(
I wonder if anyone has had a similar problem and can advise or knows a little bit about it? I worked part time for a small nursery and recently handed in my notice with no plans to find employment elsewhere (lucky I know!). I received my P45 ok, stating my leaving date. However, the following month I received a payslip and…
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FBU & other Unions - Public Sector Pensions Judicial Review
In July, The Fire Brigade Union were granted a Judicial Review hearing. This related to the Government's decision to make public sector pension scheme members foot the bill for the cost of remedying the Government's age discrimination (as per the McCloud judgement), when they reformed the various public sector pension…
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Immediate Needs Care Annuity - where to find and how to choose a provider?
I'm wondering about getting this for my mother so she can move to a retirement home. We'd use her house sale to fund it. If you google search for this though, you don't get links to any well known financial institutions, you get links to what look like 'middlemen' companies that say they get quotes from the large insurers…
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Should I take my state pension?
I am nearly 66 and still working, at the moment I am putting around £20000 a year into my pension. If I take my state pension and carry on working does that mean I will only be able to put £10000 max yearly into my pension? Is taking the state pension classed as accessing my pension? Which would then mean I will not be…