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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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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, 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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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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State pension age review
This article has come up in my Google feed. https://flyeptportugal.com/state-pension-age-update-2025/ It's saying that the state pension age isn't going to be increased to 67 as planned after 2026. Seems too good to be true. Does anyone know anything about this please ?
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Paying DB pension payments into a SIPP
Having had some sage advice from the good people on here before, I'm after some more (thank you). I'm still working (for TfL) which has a DB scheme and paying £540PM (the max) into AVCs (TfL doesn't offer this via salary sacrifice). I'm 40% tax rate, 59-and-a-bit years' old, and expecting to retire at 62, so effectively…
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Taking annual UFPLS lump sums
I've just spent too much fun tapping away into an online pension withdrawal tax calculator. It's telling me that if I were in the position right now where I *could* take a tax-free lump sun on a yearly basis without triggering the income tax threshold, I could take £16,760.00 each year without having to pay any tax as long…
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State pension award
There's often a lot of stick for DWP, but I'm impressed with their speed and efficiency of my state pension. I received the invitation to claim letter on the 8th August. Applied online same day. Today, 16th August, received the state pension amount letter. £34 payable on my 66th birthday, then exactly £952 every four weeks…
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Interactive Investor - calculation of 25% tax free cash when holding Index Linked Gilts
In common with many platforms, Index Linked gilts are shown in my Interactive Investor portfolio value at the clean price. Obviously, the market price is much higher. When I come to take out 25% of my portfolio as tax free cash, do the Index-Linked gilts get uplifted to the current market price in determining the value of…
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Transfer Advice Complaint - Do I have a leg to stand on here?
Hello All I recently transferred my DC pension that had some guarantees which meant I needed to take advice to do so (technically it was classed as a DB for transfer purposes but in reality it was a pension consisting of several normal funds that I could buy and sell at will). I paid for the advice and the transfer went…
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Trying to understand pension changes and feeling out of my depth
Hello all. I've just been notified by my company pension provider, L&G, that they are going to change the fund my pension is in.It's currently in L&G PMC Multi-Asset 3, and they have notified me that they plan to change it to the L&G PMC 2030 - 2035 Target Date 3. They have not explained why, other than a very generic 'we…
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Nest triggered MPAA on a pot less than £10,000
Earlier in the year my wife took her whole NEST pension of £4,000. It should have been under the small pot rules. After numerous letters we have now found out that they triggered the MPAA without informing her. They should have written to her within 31 days. It was not a flexible draw down so should not be classed…
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Is it better to invest in pension at start of the financial year, or towards the end
Hi Any estimate available what is the typical growth of a pension fund over a year. I have funds available for investment and to gain maximum tax benefit I deem investment into a private pension fund is the best option. There is a 20% relief at source, and if I am in the 40% tax bracket I get a further rebate of 20% when I…
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Crystallising my pension - tax implication
I have a money purchase pension scheme from years ago with a company I worked for - value is low £10,000s. I was always told to keep it for a rainy day and if not used could be left to dependents. In these taxing times that's no longer an option. I understand the 25% tax free bit and that the rest might be left in a…
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Maxed out TFC what to do with small uncrystallised pot
I have maxed out my TFC from my SIPP (moving funds into drawdown) and have a small uncrystallised pot left over. I am wondering whether to move that into drawdown or leave as is? Is there any difference? It seems to me there is not on basis of current rules, but I suppose gov could decide to fiddle with the laws in a way…
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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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Tax relief for buying NHS Additional Pension and paying lump sum
After spending weeks calling NHS pensions and tax office for weeks, any advice at this site is my last hope. I will retire from NHS 1995 pension scheme next week after working 15 years. I bought additional pension and paid about £42,000 lump sum for £2000 a year additional pension. I am hoping to get about £9,500 a year…
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State pension amount
Hi, I'm 70 next month, married for 40 years, and started receiving my state pension in June 2021. I actually retired at the end of March 2017, after 42 years in local government. Looking at my NI record on HMRC website, it says full year contributions for every year since 1975 ( and 4 years prior to that ) I'm was just…
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Coming Up to Retirement - Portfolio Changes
I am looking to retire in 12 months or so. I am 58 and have a large SIPP (£895k), an ISA (£356k) and a Section 32 policy (£3.2k at 65 years). My state pension forecast is £12,034 when I am 67. My partner is retired and is drawing a small income from a SIPP until next April, when it will be exhausted, and she will then…
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Private Medical Cover
I had AXA private medical cover through work, apparently I can continue that cover without having to declare any pre existing medical conditions. Anyone done that and have any views on whether it provides a useful discount over separate cover? I only used it twice when working but my creaking bones may need a little help…
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Pension Guaranteed Annuity Rate
Hello, I have a couple of (old) UK based company pensions managed by Ageon and Rothsay. They quote projected annual annuity amounts in my annual statements which seem alright - even based on an "average" market performance, although one seems much higher than the other. One is £6300 p.a. with a current transfer value of…
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Taxation of one off drawdown pension withdrawal
Hi. I would be grateful for any advice about potential tax implications regarding one off drawdown pension withdrawals. By way of background I have already taken my tax-free lump sum and have subsequently been making monthly withdrawals from my drawdown pension for just under 12 months now. I have been under the tax…
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McCloud Remedy
I joined the NHS pension scheme in 2003 and left the service in 2022. So a large proportion of my pension is affected by the McCloud Remedy. I am now 60 and was hoping to take my pension this year, so I need a comparison between the standard pension and the remedy. I have been in contact with the NHS Pension, but with no…
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Most recent: How long before your state pension increase actually comes through? by patchydoodle
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