We'd like to remind Forumites to please avoid political debate on the Forum... Read More » This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Pensions, annuities & retirement planning

Archives for July 2018

Transfer out of Final Salary Scheme
I am trying to decide what to do about my pension. I am on here under a different name from usual as I am posting quite a lot of personal information. I am 63, husband 67, been together forever and share everything equally. We are both active and in reasonably good health (both on low dose tablets for blood pressure)…
Local Govt. Transfer out ?
I'm shortly retiring at the age of 60 & I am already in receipt of a final salary pension from the company I was outsourced from. Upon retirement I will also access two defined contribution schemes I also have & take the 25% tax free & drawdown the remainder. I also have a final salary pot from many years ago when I worked…
Serps pot
Firstly I know nothing about pensions / investments and just gone through life paying my way and cleared my mortgage at the age of 48 .. which has got me looking at my finances ( small though they are lol) Back in the day I opted out of the government pension scheme then back in which has left me with a transfer pot with…
Do I take all my pot?
Hi Folks I'm sorry for this post as its probably been asked a million times!!! I'm 55 and have a pension pot of £30,000. Ive looked at annuities and its basically worth nothing on this front! I work part time and and my salary is 15,000 per year! Should i take the lot by a big motorcycle and ride off into the sunset…
BT Pension Retirement Statement
Hi, I'm a deferred Section C member in the BT scheme and have recently turned 51, I left BT around 7 years ago. I raised a query about 4 months ago regarding my 'last day of service figure' as I believe it is slightly lower than it should be but in error they have sent me a Retirement Statement, and the figures have got me…
Annual Allowance, salary cap, SA101
Hello, I am in the fortunate position of having a reasonably large, mainly tax free lump sum coming to me this year (selling of a rental property that was previously my main residence for many years). I have an earned income from 2 jobs of about £60k. I have some other income too (another rental property). It is my…
Being Cautious
I had to retire early due to ill health but I can still work from home. I am taking income from a final salary pension and also earning from self employment. I am paying as much as I can into a personal pension plan while I still have a decent income to do it. I am 55 and my personal pension fund is my safety net to keep…
Whats your magic number?
I was just interested to know of those considering their retirement options/approaching retirement whether they had considered what their magic number is? Meaning do they believe their accumulated wealth will sustain their desired retirement lifestyle?
Partial TFLS advice.
Could, if it made financial sense, you take 10% TFLS at 55, another 10% at 56 and the last 5% at 57 and continue to dump £30k pa into your pension (via salary sacrifice) for those three years? Also, if you took 10% of your TFLS does the next 10% apply to the whole pot again, after it has (hopefully) grown for another 12…
pension fund to buy a house?
I have an old company pension that is worth about £163,000 and I'm currently getting my state pension and living in social housing. What I would like to do is take the whole sum and buy a house mainly to free up my social housing for a young family who may need it. But I'm told by my advisor that if I draw the lot (event…
Research for DIY drawdown
I'm 52 and have several DC and private pension pots, most of which don't allow drawdown. If I wanted to do a DIY management of my pensions and drawdown what are good resources for research into doing this?
Pension help
I am 55 in October and plan to retire . I am currently in a defined benefits pension. My latest statement says my pension is £15,000 with a £50,000 lump sum but as i am retiring 10 years early it is penalised for early retirement to £7,500 and similar lump sum Today the pension company sent me a transfer figure of…
Combining Pensions
I currently have several pensions - one with Scottish Widows, another Standard Life and another with Enhance. In total they add up to around £30k. My current pension with my employer is through Nest - would the wisest idea be to combine all these into one pension pot with nest. Any advantage or disadvantage to doing this -…
Have we saved enough to do this?
Have recently been spending some time analysing what my husband (49) and I (46) should have available as income in retirement. Was pretty surprised by the figures since it seemed to suggest that if we stopped saving now, we should have a joint gross income of c£50,000. This seems to be above what we would require, based on…
Years of full contribution are higher that my years on the NI system. How come?
Hello all, I've checked my National Insurance record and this it is says that i have 13 years of full contributions, from 2008. I came to the UK in late 2007 but only from 2008 and I started to pay National Insurance after I got my Master's degree. How it is possible that I have 13 years of NI contributions when I have…
ERRBO with NHS Pension
Hi Wonder if anyone can help (age 39 now) started late with pensions. Pension with 2008-2013 pension minimal for a few years as had two children. Started again in 2016 so 2015 scheme. Started paying max allowed additional contributions and AVC NHS with Prudential.Due to small pot trying to make up lost time :( My basic pay…
Consolidate multiple pensions? SHP/PPP vs. SIPP?
I'm 36 and have four previous and current work pensions. I'll keep my current pension but am debating whether to consolidate the others, and if so whether to keep them in a SHP/PPP or open a SIPP. Aviva personal pension £3.5k Legal and General stakeholder £20k University's own pension plan £5.5k - joined March 2017 USS…
Should I pay a contibution to make up NI gaps?
Hi everyone - some advice needed please. Is it worth paying voluntary contributions to make up full years of NI contributions? I am 26 and have four years where I didn't contribute enough. They've summarised this below: * 7 years of full contributions * 41 years to contribute before 5 April 2059 * 4 years when I did not…
Am I paying too much into my pension?
Hey Guys, I'm wondering what people are think about my situation. Over the last 2 years, I've really gotten into investing and pensions etc. It's really good and I enjoy reading people's thoughts and opinions. My situation 23, years old, salary around 23k. Pension 1) - Sipp £14500 2) - Workplace pension - £19500. total…
unable to work should i take out a pension
i use to work full time until i became ill 12 years ago it is highly unlikely i will ever work again due to my health. i am 50 years of age and concerned about my future and pension provision 1) can i still take out some sort of pension 2) should i take out a pension 3) if i can and do should i put in a lump sum 4) is…

★ ★ ★ Meet your Ambassadors

Confirm your email address to Create Threads and Reply

MSE News

Lloyds, Halifax and Bank of Scotland to cut overdraft rates for millions but hike them for others – here's what's happening and full help
If you're a Lloyds, Halifax or Bank of Scotland current account holder, the interest rate you're charged for using your overdraft could change soon as part of a fees shake-up. The Lloyds Banking Group, which owns all three brands, says millions of its customers will pay less after the changes – but a "few" will pay more.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more low-income households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Martin Lewis: At last a chance to fix Council Tax flaws impacting millions – debt collection, difficulty challenging your band, discounts and more
Major flaws in the Council Tax system in England could finally be fixed in future, as the Government has launched a wide-ranging consultation to review hideous debt collection practices, the difficulty of challenging your band, the overly complex and horribly-named Severe Mental Impairment discount and more. MoneySavingExpert.com founder Martin Lewis, who has long campaigned on these issues, shares his response and analysis.
Energy complaints to be dealt with more quickly and Energy Ombudsman to get new powers under Government plans
If you have a complaint about your energy firm, it may be resolved more quickly in future, as the Government has announced a raft of proposals to strengthen consumer protections in the energy market. The planned changes include giving the Energy Ombudsman new powers to force firms to comply with its decisions – but it's still very early days. Here's what we know so far.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Base rate held at 4.25% – here's what it means and when it might be cut next
The Bank of England has held the base rate at 4.25%. Below we explain why, when it might be cut, plus what it means for your mortgage and savings.
Applied for South West Trains 'boundary fares' compensation? Act now to claim it
If you applied for compensation from South West Trains before the deadline in January 2025, you now need to provide your bank details to the claim administrator so it can be paid to you. Here's what you need to know.
Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
All State Pensioners in England and Wales will receive a Winter Fuel Payment this winter, though those who earn over £35,000 will see it clawed back through the tax system. It means nine million pensioners will get the £200 or £300 top-up. Here MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis, and we include answers to your key questions.
Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
All State Pensioners in England and Wales will receive a Winter Fuel Payments this winter, though those who earn over £35,000 will see it clawed back through the tax system. It means nine million pensioners will get the £200 or £300 top-up. Here MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis, and we include answers to your key questions.

View All

Pensions, annuities & retirement planning

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free

Pensions, annuities & retirement planning

Discussion List

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free