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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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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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State Pension - amount
I still don't know whether I will receive a Full SP in 4 years (I am 63 next birthday) With 33 years Contracted out credits- with another 7 years ESA paid class 1 credits by 2030 !! According to Chat GPT "Maximum new State Pension 2026/27 maximum: £230.30 per week For someone who was contracted out for all their working…
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claim tax relief on pension: impossible! I need a professional...
Dear all, I've been trying to claim tax relief on my pension contributions for month with no luck. I've followed this page: https://www.gov.uk/guidance/claim-tax-relief-on-your-private-pension-payments after having contributed some considerable extra amount to my private pension for 3 years (within the tax-free allowance…
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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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Not Getting as Much State Pension as Expected
I checked my pension several times during the run up to receiving it and was told it was fully paid up and no top up was necessary. On receiving it in November I found it was around £30 less than expected because "In the past you paid into a workplace pension instead of the Additional State Pension". this is called being…
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Switching from Hargreaves Lansdown due to new charges
I currently have a SIPP with HL worth less than £100K however am concerned around the new charges particularly the fund switching fees of £1.95 per trade which feels v high. Have other readers switched to other platforms. If so what ones did you switch too and are there services and charges better?
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Exercising Share Options and Relevant UK Earnings for Pension Tax Relief
Slightly niche question. When you exercise non tax-advantaged share options from a current or former UK employer, the difference between exercise price and value on day of exercise is subject to UK income tax and NI at the prevailing rate (any further gains, if you don't sell, being subject to CGT). My question - is this…
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Would it be a good move to take the 25% TFLS?
I will be retiring at the end of March and will be just under the 40% tax band with my State and Defined Benefits pensions. I also have a DC pension with 500K in it. It has done well over the last couple of years and I am concerned about it falling significantly in the first couple of years of retirement. I am considering…
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De-risking before retirement
So, I plan (hope) to retire in about 18 months, when I will be 61. I have a works pension and the state pension from age 67, which seems okay. To bridge the gap of 6 years, I'll need about £150k, which I currently have in a combination of ISAs and a SIPP. I'm working for the next 18 months to build up a cash reserve and…
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Aviva group personal pension to SIPP
I've been doing some research into my Aviva pension, a former Friends Provident policy that's been deferred since 2014. It's done rather well, particularly since I invested the bulk of it in international and UK equities in summer 2000, and is worth about £185k, about £20k of which is in with-profits and which generates an…
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Pension drawdown
I have 2 private pension pots 1 from past 1 from current employment - I decided to take out 4K but ticked the wrong box so it is not from the tax free amount. I noticed the mistake & conatcted the pension co. Howver they said it cant be changed. This was prior to reciving the money. It was my mistale however it has now…
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USS DB Pension - claim early while working?
I will get my USS Pension in September 2027 - no option to defer, and my state pension two years later, at 67. I've recently found out that I can claim the DB pension early. I've done a few projections on their online calculator to get an idea what I can get at 65, 64 and 63 (I'm almost 63.5 now). If I had claimed at 63,…
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Normal expenditute out of income Vs Carehome deprivation of assets
It is my understanding that under HMRC inheritance tax rules, if my 88 year old mum was to gift to me and my brothers her excess pension money on a regular basis (ie set up a standing order) as a means of early access to our inheritance then that would be completely legal. Further, she could backdate money sitting unspent…
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State Pension/National Insurance contributions
Was a trainee driving instructor, but failed my final attempt to qualify fully. Was self employed. Checked online and have 37 years full N.I. contributions. Been refused Job Seekers Allowance as haven't paid Class 1 N.I. contributions. So, 2 questions: Are there any benefits I can get as will be looking for part time work…
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Providers that preserve protected pension age on transfer in?
Hi all, I'm about 3 years away from retiring and I've discovered that my main DC pension with Aviva (a TK policy) doesn't provide FAD. I'd need to contact them every time I want to make a withdrawal apparently. However, it does provide a protected pension age of 55 which will be really useful. Aviva's fees aren't super…
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Are my pensions going to be enough?
I'm 50 Top photo is from a place i worked at for ten months Bottom photo shows my Aviva private pension; pay £120/month into it. Payslip shows my current payments to a workbased pension, can I ask them to increase this? How much am I getting off it? Any good? How do these compare with police/pcso/nurse pensions I heard if…
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New Capita-run Civil Service Pension Scheme - problems (what a surprise!)
So, Capita have taken over the admin for the CSPS and their new website and members portal went live this week. I have just registered on the new portal and am not in the least bit surprised to find that the information available on the new portal is very scant and incorrect in terms of my length of service. With…
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Should I take out an AVC/APC or save up for early retirement
Hi, I retired from a job after 30 years at the age of 55 years with a pension. I have since gone on to work part-time, working 22'5 hours weekly. I contribute to the TW PF which is a CARE pension. Contributions are at 5.8%. I would like to retire at 60 years, which would mean that I have contributed for 5 years. I would…
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Old employer does not have salary details for pension company
hiya, I have a pension from a job i had ages ago. I want to take some of the benefits but my old employer does not have salary details for the pension company. The pension company say that they can't provide my benefit tax free (as is my entitlement)..because my employer did not provide these details.. I have a rough idea…
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Delaying annuity
Hi I have £50k in a pension plan. I'm 61, have Parkinson's and intend to retire at 67.I contribute£300/month..I have other savings for retirement.Im just canvassing views on whether to take a staged annuity now with the £50 k (as rates are good)and another at ,67 with the balance or take the whole amount at 67.Theres no…
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Avoiding triggering MPAA
My wife is considering taking about £4000 per year - but on a monthly basis. The MPAA rule I think we want to utilise is: Small Pots (Under £10,000): You can take up to three "small pots" of £10,000 or less (from non-occupational/SIPP schemes) in their entirety without triggering the MPAA. Does this mean she should take…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
734 discussions
6.4K comments
Most recent: Paid gaps in N.I a year ago, still not updated. by Bighitter32
6 February at 11:02PM
