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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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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…
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25% Tax Free Lump Sum or whole amount used in annuity?
Hi all. I have an employer’s
retirement savings plan (not Final Salary just to be clear) and I am 67 so would
like to take the pension. The dilemma I
have is whether to take the TFLS or use the whole amount to buy an annuity. I don’t want income drawdown as pots
can go down as well as up and I'm risk averse. I could take…
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Civil Service - Alpha Pension
Hi, anyone have any ideas if the Annual Adjustment of Pension contributions is the same as the Pension Increase? For example for 2023-24 2.32% of pensionable income built up, but that figure also gets adjusted to take into account cost of living. I can find info about the increases for folks taking their pension, but not…
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Drama Trivial commutation NHS Pensions
I decided to take my 2008 NHS pension as a trivial commutation, it's capital value is around 22k. I plan to buy a camper this year and have some fun. I duly filed the AW8 form, the form to request trivial commutation AND two cover letters requesting a trivial commutation. I have chosen to retire and return so that I can…
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Bucket drawdown strategy, what to put in medium term bucket?
Hi to all you extremely helpful regulars. I've been retired for a couple of years now and so far our spending has been taken from Mrs LW's P/T earnings, rental income and drawing down cash. We have untouched SIPPs and ISAs. I am 59 and my wife is 57, she will retire in 3 years with a DB income that just about replaces her…
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state pension tax
was payed 17/04/2023 369.7 then 01/05/2023 387.5 then same about every 2 weeks till 01/04/2024 totel 9688 + 369.7 so all to gather 10057.74 they should be 5 days more added to this if taken to the 6th of april 138.4 the dwp has told tax office 10076 this is the bit i dont under stand how did they get this the amount for…
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Nearly 3 Years On..
Hi Everyone On this rainy BH I thought I'd give an update on these two threads I started in 2021 and 2022 to show the direction of travel and our decision to PTT (pull the trigger!). Are we on the right track? Advice welcome Thinking of Transferring to Interactive Investor - Page 2 Me: 55. Earn £49,950 plus £4k car…
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Find help for Pension
Hello all Am looking for guidance please. My husband has a small pension with Standard Life, maybe £10,000. He has another pension with just shy of £90,000 with Aegon. He wants to transfer the Standard Life to Aegon. As he has had the Aegon for some years now he needs to choose a fund to replace With Profits fund. The…
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Unemployed Pension Contributions
Can someone advise please? I only had gross salary earnings this tax year from April to 3rd May, having now left the job and I was in a salary sacrifice scheme, so contributed to my workplace pension for that period. On the assumption that I do not have any other employment for the rest of this current tax year, how much…
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Amount needed vs Amount wanted for retirement
I've been reading this and other financial forums on and off for years, and I've appreciated what I've learned, but I find I'm sometimes taken aback by the conversations about money needed for retirement. Some of you, maybe many of you, have millions set aside or you're on track to have millions. It makes me wonder, do you…
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Reporting In - 5.5 Years post-FIRE
Hi All, I've been off this forum for a while, good to see all the old regulars still here :) I retired back in October 2018, but ended up staying on one day a week. I thought it might be instructive to relate the impact of that. We had an 11 to 15 year gap before DB (£25k between us) and SP came on line, which would be…
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Just can't decide between Drawdown, lifetime or fixed term annuity!
I just can't decide between Drawdown or a lifetime or fixed term annuity for two of my pension pots combined. I keep going round in circles. I don't want to take financial advice as I feel I should be able to work this out myself. Especially with a little help from my Forum friends! I don't think I would have the…
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Pension and Tax Question .
Retired 3 years ago and immediately claimed my private pension and oap . I started paying income tax straight away . My wife retired at 63 three years ago and claimed her private pension which was just over the tax allowance of 12.5k [ 13 k ] and so paid a little bit of tax . On april 29th this year she made 66 and so her…
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SIPP Charges are these ballpark?
Hi Folks, once again looking to pick a few brains here. I'm currently in the process of releasing my SIPP and I receive the SP in 2 months. I'm entering a drawdown as this meets with our current financial goals. My SIPP is with Aegon at present and they are quoting per annum as follows: Investment costs 0.25% Service costs…
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Contacting Banks by email without having an account
I've been instructed by a pension finding company to contact a previous employer to see if I made any pension contributions through them. Please could someone tell me how I can contact the Halifax Building Society by email. I'm trying to find out if I contributed to a pension when I worked for the Leeds Permanent Building…
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Taking money out of SIPP.
I have around 6k in a SIPP which I want to withdraw, my only income is the state pension. How much tax will I have to pay on the 6k?
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Personal Pension advice please 🙏🏼
Good morning All I've been pondering over all the excellent advice received recently regarding pension and retirement. Many thanks to all who contributed their time and thoughts, much appreciated! From my own perspective I’d like to take up the advice offered of opening a personal pension in my own name. As I’m currently…
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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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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
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Transferring 8 Pensions into Vanguard SIPP - Good Idea?
I have been lazy with my pension pots over the years through different employers and those pots have just been sitting there with exorbitant fees and poor growth. I am now planning to do something about it before it is too late, I am in my 40s. The pensions I have are a combination of small and big pots with the likes of…