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Drawdown, Capital Burn and Inflation
18 months ago I had a thread going regarding the psychological difficulties of burning through capital in the period between retirement and the kicking in of DB and SP pensions: https://forums.moneysavingexpert.com/discussion/5571971/drawdown-psychology-and-capital-burn&page=6 The thread got a bit derailed by people…
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state pension notification
Hi - can anyone help me please. I recently applied for my state pension. I have not had any notification of the application to say when I will be paid it. Is it paid in advance or arrears? Also, should i have heard from them to confirm that the application has gone through? Thanks for any help you can give on this.
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Old tiny NHS pension - will it still exist?
I worked for the NHS for about 4 years between 2003 and 2007 in a part time capacity until we moved away and I had to leave. I paid what must be a tiny amount into the pension scheme and I've been wondering if I should contact anyone about it's existence at some point. Would the amount have just sat there doing nothing or…
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Financial Advice
I am seeking advice on how best to setup a solid savings plan now for retirement and firmly putting money away over the next 20+ years - am 41 now. Previously I have managed my finances independently investing through a trading ISA but am at a stage now that I want to hand over to a 3rd party to manage and grow. I just…
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US/UK tax on USA pension for British citizen and resident?
I'm British, resident in UK, retired and filling a UK tax return every year. In the 20 years until 2010 I had worked and was a resident alien in USA. I have both traditional and Roth pension pots rolled over to a USA brokerage company. Since 2010 I have not filled a US tax return. I've taken distributions and no US tax has…
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Mr Money Mustache
Has anyone else come across the Mr Money Mustache website? e I've been reading it for a few weeks now working my way through the posts. It specifically looks at reach financial independence at an early age. The main point is to spend less and save more, easier said than done for most. Off the back of it I've upped my…
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LGPS scheme
Back in 2014 I asked a similar question, things have now moved on Male 66 Early last April, decided to carry on working at 65, time was not right and I enjoyed what I was doing. Feel that now is the time to go. Have been in a LGPS since I was 21 Now it is decision time I can take part of my pension as a lump sum (£12 for…
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Final Salary Pension - transfer out
Wifes final salary pension from an ex-employer has a cash transfer value of £260K. True potential investments seem to offer the best value 'advice service' - £500 - albeit with the expectation that you invest in their selection of funds with an annual combined charge of around 1.2%. though it seems possible to move away…
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choosing an IFA
so, I went to see two IFAs this week, with lots of things to discuss - LTA, IHT etc. Should I crystalise? what would I do with the tax free lump sum? which drawdown provide would I use for the rest ? and other questions Both of them broke their fees down into three basic steps 1 - Advice about strategy 2 - one-off charge…
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FSCS Limit on SIPP
Hi As i understand it the FSCA has a protection limit on my invested funds in my SIpp If for example i have a 300k sipp invested with Halifax in Vanguard lifestrategy 80. I am protected for £50k if Halifax or Vanguard go bust. If i decide to split the pot 3 ways How do i go about choosing a new "different" provider. If i…
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Pension taper - what next?
I'm a long time lurker on this thread and hoping for some advice! Three years ago I moved into a very lucrative job which automatically put me into the additional rate tax band. My earnings also mean that the full taper applies so I am limited to £10,000 of pension contributions per annum. I probably didn't twig on to the…
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Should I voluntarily cover gaps in NI record?
I basically have 10 years worth of gaps in my NI history from when I was a student, gap year, and working abroad. I'm 32 years old, I have 6 years of full contributions, and according to the HMRC website, 36 years left to contribute (assuming they don't move the goalposts by then). I'm not going to pay nearly £700 per year…
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Check Your State Pension Website
Does anyone know how quickly the website updates when your pay in a voluntary NIC?
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Switching Providers
Went to see my Employer today about upping my Pension Contributions made by myself, currently only on the Auto-enrolment minimums. Was told of course just need to let them know what percentage. However they also asked if I had considered a Private Pension and to possibly seek advice, however before I do this I was just…
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Tax Breaks
I understand that as a recent retiree with no future earnings i am entitled to contribute £2880 to my pension pot annually till i'm 75 to take advantage of the tax break. However, this tax year i have also earned one months salary in April. Can i also contribute this gross amount to my pension pot to take advantage of the…
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Pension or isa?
This title comes up often but I haven't found one that matches what I need to understand. I am 55, have taken an inflation-linked final-salary pension early and have another income source (largely inflation-linked but not a wage) that brings me within a few pounds of the personal allowance. Going forward, my 'other' income…
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Question about wills
Really not sure if this is the correct thread but couldn’t find an exact match. I made my will a good few years ago. I have no reason to change it as I’ve aged but wanted to check a couple of things. It was drawn up by a Legal Services company ( a local company). My husband now has concerns that because this was not a…
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LTA questions
I might be fortunate when I retire in 4 years to have a sum likely to be very close to the Life Time Allowance (LTA) on reaching the age of 66 in a defined contributions scheme only, I have no defined benefits pension scheme apart from a survivors spouse pension should my wife die before me. However I am still a little…
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Does Pension Payment really make this much difference or do I have it wrong?
I am just looking at company pension payments against Salary. I know that Directors should take low salaries, etc.but this is an example that I just want to check I have understood. SCENARIO 1 INCOME: Salary = £48,000, Dividend = £16,000, Total = £64,000 DEDUCTIONS: Salary Tax = £7,560, NI = £4,587, Dividend Tax = £4,550,…
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Ok, 38, no savings, no pension started...
...where to begin!! I am...was totally clueless of the importance of a pension. As I changed retail jobs regular, I never signed into one as I didn't understand you could have multiple. I never understood how I would access the fund on retirement, I basically didn't understand. Now, I am keen to start. In a year or two I…
