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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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Vanguard 2030 Vs IFA?
Hello all I’ve always
handled my own pension affairs, but I had a chat with an IFA recently. I’m wondering
what they could add. Background I’m 54,
planning to partly retire at 62. I’ll get £5000 a year from defined benefit
pensions and will have £300k in a SIPP. Not a huge amount, but I intend to work
part-time. The SIPP…
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MasterTrust Pension Guidance - Please
Dear All I have an ex-employer pension scheme which is in a MasterTrust. Since I left that employment I have been contributing towards a private pension scheme with Aviva. My query is whether it is possible and perhaps cheaper to transfer the money in the Aviva scheme to the MasterTrust scheme? The obvious downside I can…
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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…
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Anyone cashed in a NEST pension?
Hi, I'm over 55 and have just £1,000 in a NEST pension for a job I diid over 5 years ago. This is not my main pension and I would like to cash it in and close the account to pay for a holiday. Have to say the process was straightforward on their website and have provided the bank statement they asked for. However, there…
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Taking cash from private pension (contracted out SERPS)
I am thinking of taking cash out of a smallish private pension from a job I did years ago when I turn 55 to pay off debt. It was contracted out and about a third of the money shows as "protected rights". I am not planning to retire for a good while (not before my 70s) so will be able to save money again between now and…
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The practicalities of commencing drawdown from MP pension pots
Good day! Im 50 and hoping to dip my toe into retirement waters in the next 18 months or so. My plan requires me to use some of my MP pension pots to fund myself from the age of 57 until the SP kicks in at 67. I have 4 MP pension pots of varying values, all of which are with Aviva. One is from a previous employer and there…
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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…
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Old Barclays DB Pension
Hi, I would appreciate some advice as I am trying to understand my pension and what it will mean at retirement age I have a Barclays Pension DB (1964 scheme) the transfer value has dropped over the last couple of years but I have learnt this will not affect the figures long term. I am 54 and the pension would be paid at…
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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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inheriting state pension
Hi, I am getting conflicting views on this, can anyone help? My husband passed away 2022 age 50yrs, we got married in 2009. am entitled to any of his state pension when I reach pension age?
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inheriting pre-2016 state pension
Prompted by a similar thread which I don't want to derail s that is dealing with the new State Pension rules...... My father died around six weeks ago. Both my mother and father reached state pension age pre-2016 (they were the same age, Dad reached SPA in 1999, mum five years earlier). It seems that he was getting more…
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Smart Pension
HI i have 2 small pensions one with nest the other with Smart Pensions, i don't know much about the latter. Generally speaking, is it better to put everything into one pension account? Can i ask my employer to put the monehy into an account that i wish to use?
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USS - options options options - what to do?
I am taking early retirement ( 55) from USS and will have a DB annual pension of £23k and a separate £9k pa widows pension but my dilemma is I will need an additional £17k pa for the next 4 years to cover short term additional expenditure (supporting children through uni, maintain current standard of living) and I need…
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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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Pension Dashboard - Distressing to see the reasons behind the interminable delays
https://inews.co.uk/news/business/pension-funds-dashboard-late-watchdog-warns-3048253 The article suggests a wholly inadequate and under resourced body was entrusted with this important task. For those who have been awaiting the eventual launch of this service, best bet for the duration is to try and identify, collate and…
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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…
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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.
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Teachers' Pension Scheme: Rollback Choices (Faster Accrual)
Is anyone good enough to offer some analysis? Not financial advice, but observations that might be useful to anyone in the pension schemes impacted by the McCloud and Sargeant cases, and who opted for Faster Accrual (FA) or similar flexibilities. Quite a few of these letters must just have gone out to teachers, and there…
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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…
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on going advisor charging to press a few buttons to move money within Prudential
Although I am happy with my Prufund Pension and the many benefits of the Prufund range, and also my advisor, I was shocked to find out that £100k of tax free cash came with an 8% additional cost i.e £8k from my advisor whom has/is been charging monthly ongoing fees for over 5 years Why so much? Why at all given the monthly…