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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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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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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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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 us 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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Best provider for inherited pension
Am able to transfer my late husband's pension (approx £110k) Options given to me by the current provider are 1. Take all as cash 2. Buy a guaranteed income 3. Transfer to another provider 4. Take a flexible income As he was under 75, I receive it tax free. I am 44. Provider is L&G atm. No idea what the current fees are.…
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Care home - how do we best look after my dad please?
Hi, we're after some advice on what to do here please. So very confused. My 79yo dad has severe dementia and after a fall a month ago has significantly reduced coordination in his left hand and left foot. He's been in hospital since and is moving to a retirement home on Monday. It's for at least 6 weeks while we see how…
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Annuities - why all the hate?
So I am getting ducks in a row with a view to retiring somewhere in 10-15 years time (was planning 15 but now thinking my job might only last more like 10, which would put me in my very late 50s). I have a reasonably sizeable DC fund and obviously 10 more years to pay in too. My current thinking is to use some of it (not…
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Sense check, Accumulation to Deaccumulation
We have been happy managing our own accumulation for retirement- with lots of help from this forum. But a bit less sure now we are nearly ready to retire and would welcome a sense check of the plan and if there are things we have not thought of. I have tried to include all relevant info but it has made the post very long,…
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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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Armed forces pension and divorce of German spouse.
I have a close friend who is a German citizen and is currently divorcing her ex forces British husband. (She lives in Germany). Her solicitor says they are unable to include his UK army pension in the divorce. Would anyone know if this is the case ?(is it because of brexit etc now?) Most of the advice given is for UK…
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State Pension forecast - quick question
I'm 58 and I've paid National Insurance for the last 40 years. I was just looking at my State Pension forecast at https://www.tax.service.gov.uk/check-your-state-pension/account One thing I'm not clear on. Is the forecast based on the assumption that I will continue to work and pay National Insurance from now until my 67th…
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Newbie - Pensions/ISAs and SJP
Hi, I've had an initial introduction to St James Place regarding tax free savings, pensions and ISA's. Basically, I need some confidence it's the right way for me to go. I have a Final Salary Pension and discovered the CETV is large. Basically I can manage on savings and ISA's without the pension so I'd be happy to move…
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Financial Advisor advice
Hi all I'm 55 and other half is 53 and I feel like I should get my finances in order and start planning when I want to/am able to retire? I get so many adverts on my social media feeds saying "Do you have a 250k pension - download our 9 must do things' or "Do you have a £750k pension - don't fall for these 5 mistakes,…
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USS - General discussion
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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NHS Pension Scheme Pays
I am looking at pension contributions in excess of the annual allowance of around £28,000 this year (even taking into account carry forward) and am trying to work out if it is best just to pay the tax on this or to use scheme pays. My understanding of how the annual allowance charge and how the scheme pays works is as…
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It is about time they changed the law, requiring a FA to deal with transferring away a DB Scheme
In certain circumstances, as my own, below, it is about time they changed the law on requiring a FA to transfer out a DB scheme. It is scandalous what a FA will charge, for, basically, what is just a form filling exercise. I am looking to transfer my DB scheme to purchase a Lifetime Annuity. An Annuity with Standard Life,…
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TFLS withdrawal before Autumn budget
I've decided to withdraw all of mine, and do a bit of recycling, well below the allowable limit, to take full advantage of the £268K allowance in case it's reduced, which I fear it will be. Doesn't take too long to use the money sensibly, pay off mortgage, ISAs, a bit of pension recycling, investment in growth shares (sell…
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Protected tax free cash
I had scheme level protected tax free cash of 41% in a pension scheme in 2018 I transferred to a SIPP as a block transfer, all done within the required timescale to preserve the benefit. No further contributions have been made to that SIPP, although it's increased in value by about 35% through growth. I plan to take my…
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Moving from Alpha to Partnership - tax code change question.
Hi all, I’ve switched from Alpha to Partnership. £2,800 a month is deducted by payroll. L&G add £700 for basic rate tax. My Department pays £1,500 direct to L&G. Total is £5,000 or £60k per year. Perfect. Total contributions are £2.8k x 12 = £33.6k, so I think I’m due an extra (40%-20%) x £33.6k = £6.7k refund. Ie my tax…
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Creating my own All-World Tracker with AVIVA
My pension has recently been transferred to AVIVA, and I now have more control over how it is invested than I did before. Ideally I would like to invest all of it in an all-world tracker based on something like the MSCI ACWI, which according to https://www.justetf.com/uk/how-to/msci-acwi-etfs.html is a combination of the…
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LGPS Scotland and Ill Health Retirement
Hoping someone may be able to advise on the following scenario. Been of work for 12 months when work arranged an "Ill Health Capability" meeting at which my employer terminated my contract on grounds of ill health and me being unable to do my job amd was given 3 months notice period. Ill Health Retirement was enquired…
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early retirement reduction factors CS pension scheme - different for active/deferred members?
I have a mix of Alpha and Nuvos pension - thinking of leaving the CS next year after 17 years. Checking my account and MyCSP doesn't have the retirement modeller on it any more? From memory it would be more advantageous for me to take Nuvos/Option A but I am still working things through. Are there any differences in the…
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The inevitable pre-budget speculation on pensions
In the
run-up to last year’s budget there was forum chat about whether the expected
rise in CGT would happen overnight. The majority thought it would probably kick in the following tax year. Anyone who sold assets just before the budget on
the basis they could B&B them back if the rise was delayed, is free to have
a little…
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Drawdown Query AJ Bell
Say you have £400,000.00 in your SIPP and you need £50,000.00 to pay off a debt, Mortgage etc. 50K represents 12.5% What do the remaining 87.5% balances look like in your SIPP control panel ? Will you be able to see a £150,000.00 crystallized balance which is taxable and an uncrystallized balance of £200,000.00 of which…
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Most recent: Do not follow gov.uk instructions - chase DWP if not heard anything before receiving 1st payment by p00hsticks
2 October at 2:45PM
