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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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Teachers pension for late Mum
Hello, My Mum recently passed away (91 years old) and I have let the Teachers Pension Group know of her passing. They have now sent me a link to claim Death Benefits but I am totally confused. I was not a beneficary. She has been retired for over 30 years. The form is asking for the Power of Attorney details which as she…
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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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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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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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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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Specified adult childcare credits
Can I fill in the form CA9176 needed to apply for specified adult childcare credits on an iPad or iPhone or does it have to be on a computer as when I tried it only goes as far as page 2
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help with tax please
state pension paid
369.95 on the 17th of April then 387.52 till the 1st April total 9688 for
25 payments i get paid every 2 weeks so total all to gather 10057.95 dwp have
told the tax office 10076 ware dose the difference come from thank hope this makes sence
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What is the point of paying into a private pension?
Hey all, I want to ask a general question, please. If the state pension age is raising to 71, and the average age of male fatality on the UK is 80 years, what is the point in paying 20% of salary per annum into the current NHS pension scheme (which starts paying when a candidate reaches state pension age) for 40+ years of…
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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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Early Pension and National Insurance Contributions
Hi all I'm hoping to retire in September with a teachers pensions and a drawdown from other pensions. As I will be 7 years away from state pension should I be thinking about National Insurance contributions from September onwards in order to get the full state pension in 7 years? Many thanks Jimmy Jazz.
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How do I find any/all of my pensions
Hope someone can help or advise please. I have a small pension plan that I feel has moved around a fair bit and I have lost track of it. Can I please ask how I can find out where all of my pension money is, preferrably for as little cost as possible? Thank you for your help F x
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Confused about new LTA rules
Hi, I have been trying to understand this Lifetime allowance stuff, especially since the new rules werwe introduced.and was wondering if anyone could assist please. The more I google and ask the more confusing it gets, and my priovider just bombards me with acronyms and other jargon I'm aware the old rules calculated…
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NHS 2015 Deferred Membership and increases
If a person leaves the NHS 2015 scheme and a pension becomes deferred, is there a set date they have to be employed after which the extra 1.5% is removed or is it applied as long as pension was accrued in the previous year? Or more simply, is it worth planning my "retirement" data to maximise that year's pension increase?…
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Immediate Needs Care Annuity - where to find and how to choose a provider?
I'm wondering about getting this for my mother so she can move to a retirement home. We'd use her house sale to fund it. If you google search for this though, you don't get links to any well known financial institutions, you get links to what look like 'middlemen' companies that say they get quotes from the large insurers…
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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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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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'Inefficiencies with the TeachersPension Scheme' - T-13 days!
I have recently finished teaching after (give or take) thirty years in the classroom. I have been planning this for a while, but especially after having a heart attack in 2018 and a triple heart bypass the following year. I applied for early retirement and my pension on November 2nd 2023 (giving the full maximum six…
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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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Vanguard are they a Ponzi scheme?
Evening. I've been trying to draw down out of my pension and also my ISA both of which are held with vanguard. There are constant delays asking for more information, upload bank details that I have already uploaded several times, asking for my passport details.( No other pension providers have asked for this) waiting 2…
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SIPP Management?
A friend took out a SIPP using a local financial advisor a few years ago. She had a handful of company pensions and the advisor transferred into an AJ Bell SIPP. She is paying the advisor 1% a year. Should she look to manage the SIPP herself? I use Vanguard for my ISAs and their SIPP seems to be inexpensive and they also…