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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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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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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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USS Retirement Options
Hoping for some thoughts from those in the know as I move forwards. I'm retiring this summer from a university role and will be taking my small USS pension. As I'll be 56, I'm obviously taking a hit on actuarial reduction (reduced figures below), but overall household income and savings make this very affordable. What I'm…
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Downsizing and retirement planning
Reading posts on here is bitter sweet, I wish I had joined earlier! I may have missed a few opportunities to make a better retirement pot than I did. But I am lucky enough to be mortgage free at least. So on that theme, has anyone got any pointers on how to optimise for retirement any funds released from downsizing ?
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Comparison of UFPLS vs Flexi Access Drawdown using the TFLS strategically to avoid income tax.
I won't bore you with the fairly complex spreadsheet & calcs but I have just run a comparison of the first 10 years of retirement for my wife and myself starting drawdown at the beginning of tax year 2025. I was trying to determine the most tax advantageous way to drawdown from our 2 DC pensions using UFPLS vs FAD in the…
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Ex Airman Pension Queries
Hi everybody I'm 44 this year and now work in the Oil Industry where you can change jobs/companies often! I have a Scottish Widows pension with nearly 49K in it, i am just about to TUPE across to a new company and not sure what will happen with that L&G pension. I believe the new company pension scheme is a NEST one. I'm…
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Teachers' Pension — Flexibilities, Or Something Else?
I am in TPS. I've only ever worked part time, working part time for my company as director too. I'm mid forties. My statement shows £13.5k total pension (if I was retirement age today — career average and 80th combined) and a 21k lump sum (80th). I've always bought flexibilities when I can — units of £250 extra pension, of…
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Tax on lump sums
Hello, can I take 25% lump sum of my total pension pot every year or if i take a lump sum is only 25% tax free. For example if my pot was worth £40,000 could i take £10,000 tax free or would the tax free part be only £2,500. This is assuming all income would be under the personal allowance of £12,570 I took an initial lump…
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USS Projected DB Pension mostly worse Since April 2024
I knew there were changes happening to the USS DB pension from 1st April, so I made sure to take screenshots of my pension projections from ages 58 to 66 in March. The DB accrual rate has improved from 1/85 to 1/75, the salary threshold has been increased from just over £40k to just over £70k (my salary is just over £53k…
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Paying £2880 into pension when retired
Jamesd wrote in another thread the following: "She can make £720 a year tax free by paying 2880 net into a pension, having it grossed up to 3600 then withdrawing it. Can only do the withdrawing part from age 55. Can only pay in for this until age 75." I have just retired at 60 and have transferred my DC pension to a new…
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LGPS OAP & ISA ?
Older family member soon to be an OAP. They're a part of LGPS pension scheme which by default pays a lump sum at same retirement date as OAP starts. Can I ask if they could transfer some of the small LGPS to a simple ISA or am I right in reading that tax free lump sums can't go to a tax free ISA (as advertised as 20k tax…
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Teachers Pension Flexibilities, increased substantially today
Its costs nearly 30% more for APB and Faster Accrual has become extortionate. I presume this will be the case for all civil service pension flexibilities....
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Tracing pension
Does anybody know about a company called: Bricolpar Ltd or Brian Colquhoun & Partners? any information would be helpful, thank you.
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Missing with profits pension
Hi, way back in 1987 I took out a personal pension with the pru. It was a cash fund with profits, but according to the pru I don’t have the with profits bit anymore. I’m really confused as to why this has disappeared. The only thing I have noticed is that the original pension has a different account number to the one I…
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Monthly income suggestions - Switching from Invesco Monthly Income Plus
Which is the best fund to switch to for monthly income? I have had the Invesco Monthly Income Plus for quite a few years but now want to move my money from it since it is consistently underperforming. Thanks.
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Leaving work soon - SIPP or not worth it??
I'm 56 and earn £44000, single, no dependents. It looks like I will have to leave my job in the next 6 months/year. Assuming I leave in the next financial year, my DB pension will be about £19000 and I have a very small AVC pot. I can't take the pension or AVC without reduction until I'm 67. I will get the maximum state…
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SIPP - Money Market funds question?
Having opened a SIPP last month i'm in the middle of transferring my 3x works DC pensions. All transfers have to be in cash and the first one (325K) is now sitting in my ii SIPP. Until I decide exactly where to invest long term i'm considering parking the money in either the Royal London STMM fund or, leaving it in a cash…
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Pension v ISA
I've recently turned 60 and with retirement only a few years away I want to get the best out of my private pesion. I've been investing in a stocks and shares ISA since 2018 and the return have been really good. However, in 2020 I decided to amalgamate all my small pensions into one. I've been advised by an independent…
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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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Teacher's Pensions and widow's pension
My Dad had a pension from TP when he retired in 2001. When he died in late 2015, my Mum became entitled to a long-term widow's (dependent's / spouse's - not sure of the precise term) pension in a reduced amount. In May 2022, TP wrote to Mum asking her to complete and return a document to confirm she continued to be…