-
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…
-
Charges
Hi I’ve just received a document giving me a thorough update on my pension performance , it’s currently sitting at around 430 000 and is invested through fidelity and is 3 cautious funds . as usual the first thing that jumped out was the charges, all in I was just over 7000 for the year, That’s for everything .does that…
-
Should we contribute to a personal pension after retirement.
I have been an occasional poster on here as I neared my retirement. I am fortunate to be about to take early retirement from Civil Service aged 59. I have been sent the figures by CSP. I intend to take my Classic pension, with the Mccloud option, plus a small Alpha pension from 4/22, immediately both reduced for early…
-
CS Classic lump sum - when paid?
Quick question - today (May 1st) is the very first day of my retirement (although have been off for a few weeks with leave) so I am expecting to get my first pension payment at the end of May as it is paid in arrears. I am however a little confused as to when I get the Lump Sum - I received a letter from MyCSP a couple of…
-
Care home annuities
Hi - My mum's 95, got dementia and has been in a care home for some years now. She's self-funding but at over £2000 per week she's getting through her savings very quickly. She's physically in pretty good shape so the family is a bit concerned she'll outlive her savings. We've heard that you can buy Care home annuities,…
-
My State Pension Documents?
I am receiving my state pension. My other half is sure I used to receive a letter around this time of year advising what the new payment is but nothing received yet. I may have stated that email or something would be acceptable but nothing there either. I've searched my Gov Gateway account and cannot find anything relating…
-
Help with lack of pension quandary
Hi all, I have a bit of a stupid situation I hope someone can help advise on. I am 42 with no pension - I opted out of my company pension about 3-4 years ago because I needed the cash. I've been at the company for around 6 years so I have about £3.5k in a pension pot thanks to the auto-enrolment but for all intents and…
-
Proximity to Retirement Jitters
This recent rally is giving me the jitters . I’m in lucky position to be considering retirement in 2 years time - Age 54. The recent rally and maximum pension contributions past couple of years have got us to a good number in DC pension + SS ISA + Cash ISA. Despite being pretty financially savvy , and knowing that “number”…
-
Lump sums @ 55
Good evening all, New poster here just wanted to get feedback from experienced posters of My situation please. 55th Birthday lands in August I currently have approx 30k of bad debt! * most are on higher APR due to poor credit history and its crippling more each Month. I've got no properties but am hoping to have a large…
-
Tax Relief question
So,, last tax year I paid an extra £26k into my workplace pension which then recieved £6.5k tax relief... no problems.... This year I am to be made redundant in July Can I only add up to the total of my pay when made redundant..?
-
Retirement Regrets
Top 5 regrets from those that have retired already (from a Canadian site). Seems a fair summary to me and I like the Phrase 'retire into something, not retire from something' https://youtu.be/uvm_1wXzeR0?si=w1mpGuMB-zWlNBHi
-
I did it… I’m retiring… no more dithering
Update… I’m officially retiring as of October, after much dithering! Plenty to sort out workwise, but also starting to allow myself to plan my retirement! Thanks to those of you who’ve helped along the way by commenting on my previous posts.
-
Sole Trader - ISA or Pension HELP ..
an anyone please give me some advice on my finances? I am a 50-year-old sole trader who earns around £28-30k a year with no pension. After years of renting, I had to move back in with my father after he took a few falls just before COVID. It was meant to be temporary, but years down the line, I am still here and some days…
-
LGPS when the AVC exceeds 25% of the total pension pot
Hi My position - age 56, 2 LGPS pensions and 2 seperate AVC pots. I have now sussed (thanks for the clarification everyone!) that I can claim these independently but I am now trying to work how flexible retirement will complicate the matter. As I am tempted to go via this route My first pension (deferred member) is larger…
-
Pension help
I am sorry but I just can't get my head around these pension calculators. In a nutshell can anyone recommend the amount or bare minimum you would recommend we put into pensions please. I currently have 2 pensions but not much going in a month and hubby has his work pension but I think only 3% is going in to that. Me,…
-
Being made redundant ....woohoo.....
I am 64 I am being made redundant in July or August (Or to be precise. I am being made volentary redundant. Which leaves my job open to a younger colleague who would otherwise be finished) So being retired 19 months early, helping a younger colleague, and getting a 'bung' ....woohoo... The redundancy will cover the lack of…
-
Cashing in an FSAVC
I am thinking about whether to cash-in my FSAVC at 55 in just over a couple of years. It is currently worth about £17k with a projected annual income of around £500. I am now a full-time carer, with little realistic opportunity to work at a level where I can make significant future pension contributions. I have a company…
-
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…
-
What to do with all your time?
I thought it might be interesting to get some perspectives from the hive mind here running: might help others. We all know that those who have bitten the bullet almost all wonder how they had time to work, but perhaps this thread could give others ideas? Not wanting to focus on the financial aspects - most threads here do…
-
French pension problems
I am a retired British citizen, ow living back in the UK.I worked in France for a few years in 1970s and had been receiving my French pension. This stopped abruptly three years ago. Since this time I have made contact with the pension department many times and submitted identical paperwork when repeatedly requested. This…
-
Old DB Scheme - sanity check required
I was a member of a Company DB scheme for nearly 20 years, before they closed it. The last statement I had (last year) says the estimated total annual pension at age 65 will be £15k But then it also says that in addition I transferred in 2 other old pensions from previous employees and the statement describes them as a…