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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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Frozen USS pension query
I have a frozen USS pension, built up over 8 years and I left in 2013. Since then my modelled projected payments (both annual and lump sum) have not increased at all - they are literally frozen in time. In reality when I come to claim the pension, will inflation over these years be applied? Otherwise it defeats the point…
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Planning retirement
Not the boring financial stuff, but how much effort do you put into planning what you will do in your retirement? And maintaining that plan when you're in retirement? For those retiring or thinking about retiring in the next year or two what are your big plans/adventures, because I find that if you don't have any people…
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New Year Resolution
After reading many posts and absorbing all the very useful information - for which I am very grateful - I am minded to set up a 10 year ILG ladder in the New Year with the 50% of my total pot held with Bell. The other half will remain 100% equities ( global/US trackers mainly) held with HL. I am 61 and still working but…
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I've had confusing pension advice - help!
Hi All, I wonder if you can help. I have had two advisors state different opinions, and I could do with some clarity. In simple terms, is it better to pay £320 a month into my pension each month for the next 10 years, or is it better to put £38,400 (the equiilent amount over the 10 years) in straight away and then no more.…
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Tax on small LGPS pension
I took my deferred / reduced LGPS from Dec with an increased lump sum. They said they will pay it monthly and my tax code updated today to 1257LX. Currently no other income except interest on UK savings , total annual income below 17500 & I'm putting the max allowed each year into SIPP from savings. My understanding is I…
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Pension pot tiny at 52
Hi - I’ve had some rubbish years, raising disabled kids, taking redundancy and basically any money we’ve had has gone on the house, bills, illness despite earning decent ish (I earn £29k). Still a mortgage on a tiny 4 bed. can’t downsize (it’s not worth a lot, south east, kids all live here). Husband is 65 and I can’t…
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IHT changes!
I read more IHT rules being apparently getting changed before even getting changed in the 1st place. It appears a 1 million pound limit is being increased to 2.5 million pounds now. A nice 150% change or increase and IHT of only 20% instead of 40% for farmers. Maybe the IHT rules will change for DC pension pots as well,…
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Deferred pension poor performance
Hi all, I worked for Npower for around 10yrs, in that time I joined their defined benefit pension scheme. It wasn't great as they (Npower), paid 0 in. I left in 2019 & the pension then was £3985 pa lump sum £0 today when I have logged back in there is a retirement illustrator which calculates if I take my pension at 65…
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mccloud back money paid - confusion over taxable elements
afternoon all I have had and read very helpful advice on this section of the forum over the years. I'm hopeful someone can give me their thoughts on this please. I don't feel its an hmrc issue yet as its current year so I haven't contacted them. I'm not sure how far I'd get asking capita seeing the issues they are having.…
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A Seasonal Thank You
I just wanted to wish everyone a Merry Christmas and to say a big thank you to the stalwarts of this forum who continue to do so much to help so many people understand the intricacies of the UK pension environment. This help is invaluable, not just to those who ask the questions, but the countless more who learn from the…
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Pension switching incentives
Lots of coverage on incentives for current account switching, but none that I've seen for pensions. I kind of get it - bank accounts are a well oiled process, don't involve long waits, differing paperwork requirements, and potentially large sums needing to move. But given that the demographic of this board is made up of a…
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AEGON slowness?
Are AEGON worse than others for getting stuff done? A cash-based transfer to a SIPP is stalled, coupled with some fobbing-off blame-shifting to the receiving party. Frankly, I believe the latter. Basic admin at AEGON is also tortuously slow. I've seldom been impressed, however they appear to be getting worse. A previous…
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Paying income tax when taking money out of drawdown pension
I am retired and living off small pensions and savings, and a non tax payer, due to my income being below my tax code. Not eligible for state pension until 2030. I have taken my 25% tax free sums out of my pensions in previous years. I decided to take some money out of my drawdown pension, whilst keeping my total income…
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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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Advice on future investments
Hi All, I am in the fortunate position to have come into £300K. I work full time and earn £80K per year. I have a rental income of £1,180 per month (after costs) and my partner earns around £12,500 per year too. We don't have any debts or mortgage. I currently don't have any ISAs. Our monthly costs (which include still…
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What to do with all your time?
I thought it might be interesting to get some perspectives from the hive mind here running: might help others. We all know that those who have bitten the bullet almost all wonder how they had time to work, but perhaps this thread could give others ideas? Not wanting to focus on the financial aspects - most threads here do…
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Pension recycling calculation for soon to be retiree
Help required with Pensions recycling rules and allowances. 22/23 £11,695 23/24 £ 8,307 24/25 £ 7,430 25/26 £ 8,533 £77,575
Tax Free Lump Sum taken from Defined Benefit Pension 26/27 to
take early retirement in April 26 27/28 So, Pension payments for previous 2 years from the Lump sum year were decreasing. The max…
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Partial Sipp withdrawal.
Hi. In my 50s working very part time as a self employed gardener. This tax year will likely earn approximately 9k. I have a Sipp with about 250k in it. Would I be correct in assuming I could use my unused portion of my tax code up to £12570 to remove some funds from my Sipp free of tax and park it into an s and s ISA?…
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New SIPP with II - Does the £100 offer mean transfer £16,000 or £20,000 net to qualify?
I was planning on opening a new SIPP in January with II anyway and can see that II has an offer that if you transfer £20,000 into your SIPP you qualify for the £100. I know I could contact them to clarify this and I probably will have to for confirmation but wondered if anybody knew whether if I opened a new SIPP with them…
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Is II a no brainer
Hi I am gearing up to drawdown. I have SIPPS with Aviva and HL. Both have been easy use platforms BUT Aviva Annual fee £875 HL £1125 (+ £450 for spouse small pot) II £156pa on any size pot. (figures from Which) So where's the catch?
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
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Most recent: Voluntary NI contributions cut off 2025 by Silvertabby
19 December at 7:04PM
