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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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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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Dipping under the HICBC
Have we made under the HICBC and 40% tax? 99% sure are.
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Retired Early - Pension Options
I'm in my mid 50s, married and I retired a few years ago after selling my business. I have a few pensions, one of which is a Defined Benefit pension. I own my house with no mortgage, no kids, no debts and I believe I have enough savings/investments for myself and my wife to live a reasonable lifestyle without relying on my…
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Bus pass petition...
Just in case anyone is interested https://petition.parliament.uk/petitions/652985
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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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Prudential Teachers' AVC - Transfer or leave it where it is?
In the early 90's my husband started paying into the Teacher's AVC with Prudential. Within 2 or 3 years he became a local authority adviser and his teacher's pension was transferred to a LA scheme. The AVCs stayed where they were. Through neglect, these AVC's now amount to the princely sum of £13k (With Profits Fund) and…
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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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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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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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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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LGPS redundancy pension reductions
Hi, I started LA in 2000 and looks like there will be voluntary redundancies in my section next March. I will be 58 and will take it if my maths add up. I was planning to take ER at aged 60. My questions are, will all my pension accrued to date be paid in full or will there be any actuarial deductions? Or are there…
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State pension payments
OH just recieved her pension payment today. Only got 3 weeks not the normal 4. We are aware that it's only 3 weeks since the last payment, however, if she has to wait 4 weeks for the next payment then she is going to be in effect £170 short payment for the next 4 weeks. Can anyone explain please.
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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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2023-24 SIPP contribution
Hi all, As we near the close off of the 23/24 tax year I'm just trying to tidy things up and of course want to make the most of tax reliefs and remain within the 20% band. I just need to check my sums as math's is not my strong point. So Total earnings from all sources (paye,divs,interest etc) 68285.13 The way i have it…
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Clerical Medical - Extremely Poor Service
There's a few posts on here from a few years ago about Clerical Medical's poor service but I just wondered if I'm the only one having issues currently. I'm a trustee of some bonds from my late mother's estate and trying to get a partial encashment. I have already had one complaint upheld as the initial enquiries about how…
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National Insurance Contributions whilst on PIP
My OH has been on PIP and unable to work since 2019 - he now has 5 years of missing NI contributions. It says we can voluntarily contribute over £500 per year to make them up but we don't have that sort of money? Does anyone know what else i can do please?
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Pension
Hi so I'm 50 years old and left NHS Jan 2023 I have a 17 Yr pension with them. Now I work for a private company in their pension I want advice on what yo do with the NHS pension do I just leave it sitting their do I put them together and furthermore when can I access the NHS pension
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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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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…