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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 me 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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Transfer out to Freetrade SIPP - de-registration risk
I'm in the process of transferring a SIPP to freetrade. Before proceeding, the current provider has sent me an alert to say that "At present, Freetrade only offers a form of withdrawal called an “uncrystallised funds pension lump sum”." As a result, they are warning me: "However, we thought it would be prudent and wanted…
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Maximising for later years
Hi all, I am 36 and my husband and I are almost debt free. Except our mortgage, we want to both focus more on saving for later years and retirement. He has been hired by Kent police for 2 years now and his pay increments are starting to go up more now he has become a Detective. I will also be joining Kent Police this…
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DB transferred.
My OH had a DB pension with his employer which closed around 2016 when the company moved to a new provider. He has since built up a 2nd pension with this new provider which is a DC and stands at around £45K and is still paying in. About 4 years ago, a few of his colleagues took financial advice from an IFA and were advised…
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% fees pensions
With off-the-shelf pensions with fees of 0.5%, eg Pension bee, how are the fees worked out? Pension Bee says it charges monthly but takes one annual fee, which is confusing. Do they a) take 0.5% of what's in the fund each month (a new contribution being added each month plus compound interest) and add the 12 figures to…
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Pension Transfer Issue
Hi, I'm in the process of transferring my pension pot from LV to Hargreaves Lansdown, to make use of the cashback deal. As I was just above the £100K I thought it best to move the money into cash within my pension so as not to risk losing anything on me investment. However it looks like they've withdrawn my whole pension…
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Pension or ISA for Retirement Savings
Can I start by saying, I'm not in financial services. These are my simple observations of my pension options. I've made a comparison list for debate. Pensions; Tax Free savings ISA; Tax Free savings. Pensions; percentage of earnings. ISA; Max £20k p/a Pensions; Accessed at 67 (Drawdown from 55, but with tax to pay) ISA;…
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Variable Pension / annual allowance
Hi all. My husband was made redundant a few years ago and therefore is entitled to receive his defined benefits pension when he is 55 in the new year. We’ve received the different options as to how to split a lump sum and the annual payments etc. one of the options is a Variable Option, in which you receive a higher…
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house trust
Hi everyone, can anyone tell me if it is wise or even safe to put my house in trust for my two sons aged 48 and 52. my husband and I are 75 and 77years old and in relatively good health.
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£100,000 Pot taken as drawdown.
I've got a £100k put that I'm looking to use to cover a 6 year period between now and when the SP kicks in and I release other funds. What I want to do is take one sixth of the £25k TFLS each year and one sixth of the £75k taxable each year. How does this work in reality? Do I take £16,600 at the start of each financial…
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Limited Company, spread out dividends
I've just had a realisation !! and want to check that I'm not overlooking something. I'm 56, gave up salaried work at 40. Lived frugally for 15 years, self-employed and not earning much, self-assessment tax returns. Have recently done projections and realised that I have enough expected wealth that I need to start spending…
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Teacher Pension - reducing hours
Good evening - first time post! I'm a UK teacher with 9 years experience. Next year I go onto UPS3, along with a head of dept TLR. I became a teacher in 2014, so my pension will come under the average salary scheme, with my best average over 3 years in the last 10 I think. I'm 54 and looking to retire at 62-65 years old.…
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Accessing 1 pension without affecting tax relief
I have a small pension fund that has been sat for many many years. It has a value of £12k so I can’t take it as a small pot. Can I take 25% without it affecting the tax relief I get on my work pension contributions. I can’t find anything definitive online
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Drawdown Approach - Anything I am missing, are my assumptions correct?
In the process of helping a friend out as they are about to
move into drawdown. Can someone check my
logic to make sure my assumptions are correct and flag any issues or additional
things to consider. Age : 66 SIPP with HL : ~£600k ISA : £0 State Pension 2025/2026 : £11,042 Goal - £36k after tax income each year, whilst…
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USS Growth Fund performance vs Vanguard passive global fund performance
Hi, For the past 2 years Ive been making big monthly AVCs into my USS pension scheme (USS Growth Fund). Ive also been making much smaller monthly contributions to my SIPP (Vanguard LifeStrategy 100% - Accumulation). I might be wrong, but it seems the LifeStrategy 100% (and many other passive global trackers) have performed…
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Pensions
I have 3 pensions and still working no plans to retire just now. One of my pensions was a final salary which I am would not touch as still high rate tax payer but sitting at 75k lump sum tax free and 12k per annum. I have another frozen pension as moved job under tupe scheme which has 29k and one current sitting at 92k…
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Divorce - PSO or cash or mix
Hi, We are divorcing for a number of reasons (I understand which are irrelevant to the financial settlement). I have unfortunately over the years (without intention) turned into the main breadwinner and paid for pretty much everything in our marriage (again, I know largely irrelevant in the eyes of the law), despite hoping…
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A 'not fully' independent financial adviser
I'm trying to find an independent financial adviser regarding starting up a pension. I am 59 and self employed. I had an online meeting with an adviser at Fairstone, who operate across the country. Their website says they are completely independent but he said he was not fully independent. Are they fully independent or not?
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How much pension income to break even
I was talking to a pensioner yesterday , a widow who never paid into any pensions. She was telling me how with pension credit, council tax and water rates reductions, fuel allowance, free boiler, insulation, and various other benefits such as free dental, optical, tv licence taxis for medical appointments - the list is…
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DB pension Inflation protection
My deferred DB pension is protected from inflation (part at 5% part at 3.5%), and when I looked into it a couple of years ago it could withstand 3 or 4 years of 10% inflation, due to the protection being cumulative since deferment (not year by year). What is that type of protection called ? The question I want to ask my…
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NOW pensions emailed with log on details - no knowledge
My partner recently (early this year) consolidated 2 small work pensions (Zurich one from 20 years ago and another) into an AJ Bell SIPP. shes just had an email from Now Pensions with a log on for her to use, with a log on code. We’ve never heard of Now Pensions, yet it’s addressed to her, both names, her email address…
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: State Pension: Option to Stop paying once reaching 35 qualifying years by pinnks
4 December at 10:16PM