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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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It's time to start digging up those Squirrelled Nuts!!!!
Hi Everyone and welcome to my new thread. Original thread can be found here... https://forums.moneysavingexpert.com/showthread.php?t=5631875 As you may know, DH has already finished work and I am also due to finish in 3 weeks time :j:j. We hope that our FIRE pot is now enough (our IFA seems happy!)...and so I have made the…
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Labour proposing NI raid on pensioners?
Not sure where i read it…..but commentary was along the lines that the Shadow Chancellor Rachael Reeves was proposing NI payments from pensions. Any thoughts…..
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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 Illustration Error?
Hi pensions experts, I have a Defined Benefits pension - I won't say at this stage who the employer or the who the Pension administrator is. Upon retirement I have been planning on taking the 25% tax free lump sum and reduced annual pension. The pension administrators system has an illustrator that provides an estimate…
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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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Best place to get Annuity quotations
I have got some quotations from Money Helper, is there any where else better or are they all the same? Also, any pitfalls to look out for?
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Will we need more????
Hello all. Thank you as always for your help. I have increased my pension contributions by £150per month now . I'm a part time police officer and would love to retire at 55 ( i will have just shy of 20 years part time contributions at 55) but suspect it will be closer to 60 - which will be 25 years - when I can retire. We…
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Adviser: Possible Complaint
BACKGROUND I had a few IFA over the years and the last IFA until 2022 when he retired and he assure me that he would arrange on-going advice with a new adviser with no cost to me (He was a one-man band). Great! Met the new guy and all was good until end of January this year when it dawned on me that the adviser is…
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Paying Voluntary NI contributions.
My wife had gaps in her NI record and we have been paying these off. Last year 2021/2022 it cost £800’ish and this year it was £824.20 for 2022/2023. We made the payment 10 days ago and her NI record shows 2022/2023 now paid up/full years NI. She now has 34 years of NI paid and I understand she is now 1 year short of the…
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Finding an IFA
I’m looking at retiring this year and need to decide what to do with my pensions. I have a smallish DB pension (circa 7-8k) that will start paying at the end of this year and I don’t really need advice on that but I have a SIPP plus a DC pension with my current employer that I will want to put into flexible drawdown at…
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pension - target age
Hi I have a workplace pension and it's now worth around £400k. I pay the maximum contribution and AVCs in order to get the tax break thing with the employer contribution so quite a lot is being invested each month. I'm 51 and the default Target Retirement Age is usually 65. But in 2020 I changed the TRA to 55 being rather…
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Tax-free SIPP Withdrawal
Just wanted to share my personal experience. I recently retired (early) and made my first SIPP withdrawal at the start of this new financial year. Apart from my pension I have no other income and plan to rely on savings / ISA / premium bonds to supplement this. To help my SIPP to go further I want to minimize the amount of…
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pension transfer taking 12 weeks and counting - is this normal??
And what can I do about it?? Started a transfer of my pension from Virgin Money to Fidelity in December 2023. A smaller pension was transferred from Scottish Widows to Fidelity at the same time and went through in days. Virgin Money requested signed forms (fine, get that they have to be careful) and they received the…
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SIPP and earnings from employment or inheritance
If in any given tax year you receive an inheritance and also earnings, is there any reason why you can't put more of your earnings than usual into the SIPP, and declare them as earnings? Even though the reason you can suddenly afford to do that is because of an inheritance? There is a bit of a delay in receiving my tax…
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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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GMPE Past Transfers - GMP equalisation claim form
Dated January 9 2024, I received a letter referring to my transferred out benefits on 21 May 2007. 'Mercer' identified an underpayment in relation to the transfer value being undervalued as it did not take account of GMP equalisation. I duly completed the claim form on January 12 2024. The amount is relatively small.…
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Pension Payment Following Redundancy
Been told this week that I've at risk over redundancy and likely to apply for VR I would have liked to pay some of the redundancy into my company pension but awaiting a pension sharing order to be completed so that's not possible. If I received my redundancy and then paid it into a private pension, would that get my tax…
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New free SIPP platform (until the end of April) - Prosper - anyone else on this?
I noticed this offer here: www.joinprosper.co.uk Applying before the end of April for zero platform fees for life. Seems pretty good? I've opened an account and put £100 in it while I look at it further, but considering moving over a bunch of Vanguard ETFs in my SIPP, that are in a Hargreaves Lansdown account (which I…
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Pension Advice Please
Hi All I'm currently 55 and can access to my local government pension pot which is deferred since I left my previous employer about six years ago. I'm currently employed full-time and have a pension through my employer with a reputable pensions company. My local government pension scheme is worth about £38k lump sum and…
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Non-UK resident + Defined Benefit plan
Just wondering if anyone has been in the same boat as me. I am a non-UK resident outside of the EEA with money of around £100K in a News International Pension Plan. The plan's benefits are intended for the purchase of an annuity, and pension draw-down is not supported. The trustees tell me they are not aware of any UK…