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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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Hoping to retire early- My plan
I am 49 this year and hoping that wife and I will retire next year once we are both 50 When we retire we would have the following Savings in mixture of shares/ cash / isa - £250,000 we will use some of this till we get to 55(£40k a year) DC Pension Pots totalling- £550,000 which we would take 25% Lump Sum then drawn down…
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Gilt ladder - How to implement
Just looking to see if a gilt ladder would be better than an annuity…….How would i implement a gilt ladder? I am a bit worried about the required admin. I currently have an II SIPP. I would be using about 20% of the SIPP value. Should I just buy all the gilts required and hold it all in my SIPP, or is it possible to set up…
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Checking State Pension increase
I wanted to check the 4.8% increase in State Pension had been correctly applied. So I took one of the payments from last year, increased it by 4.8% and compared it with a payment made this year. The payment I received was about £10 less than what I had calculated. I get paid every 13 weeks, and so I had to pick payments…
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FIRE Girls Pension Diary - Aim High & Dream Big
10 year targets are set and I'm aiming high and dreaming big. :) A bit of background. When I was young I grew up with a family of 4 children, Dad worked and Mum stayed at home. We had very little material things or new clothes and I remember I was always dreaming of how I could possibly become a millionaire. So why not…
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Consolidating pensions
Hi, all I currently have a pension with Scottish Widows (or whatever they are called now, it appears on my Halifax app) I don't contribute to it, it's currently around £112k I did take my tax free sum out of it a couple of years ago I'm now being told that because it's "crystalised" I cannot transfer it to another…
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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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Semi retirement at 46
Hi It has been just over 7 years since I posted on here with my plan to retire at 50. A lot has happened since then, the most dramatic was me having a cardiac arrest at the age of 39 in 2020 (not sure what caused it but I was with people that knew cpr and was incredibly lucky to survive), we have moved house to one worth…
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First year of retirement
Dear diary and all, I am starting this diary as a record of my first year in retirement. OH and I both officially retire at the end of August, at the moment we are on annual leave until then. There is quite a lot of advice about the financial planning aspects approaching retirement, but I have found less about the reality…
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SJP exit fee guidance - 6 year rule query
In brief, "encouraged" to consolidate my smaller pensions into a SJP pension in early 2020. All good until my advisor there moved on, I was assigned someone else and since then a number of issues have left a bad taste in my mouth. I have been contributing a small amount each month to my SJP pension plan. In reading other…
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44 and dreading the thought of working past 50
Retirement planning.... its something I've given a fair bit of thought too lately. I've spent off and on the last 20 years contracting of some sorts.. which means no company pensions. But I do feel for my age I'm in a pretty good position in life. Happily married with 3 kids, ages 12, 17 and 18. The eldest has just joined…
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Self Manage SIPP?
Just asking the question probably gives a hint to my lack of knowledge on investments etc. Due to moving abroad and my bank not allowing me to have a UK bank account, my financial advisor cannot continue to work for me. So the simple question is can I manage my own SIPP? As above I have very limited investment knowledge…
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Putting final touches to retiring at 53, and thinking of extending my lovely GILT ladder
JamTomorrow is getting closer to JamToday. 50 now, planning on retiring June 2029 at 53. Quick summary of where we stand: Assets: My SIPP: ~£1.2m — currently ~60:40 equities/bonds. The bond side includes one nominal gilt sized to cover a mortgage repayment (£200k) at the end of 2032 plus the first year's £50k spend, then…
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Pension Drawdown - HMRC are an absolute joke
I retired 5 years ago and as I am not yet state pension age have been living off Pension Drawdown (as has my husband, both with separate pensions). Every year when the new tax allowance comes in my husband draws out the maximum within his tax allowance and a couple of months later I do the same. This means that each year…
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Annual bonuses not added by AVIVA to an old FP policy
If you had a FP policy now Aviva perhaps you will read this. Bonuses have not been added to my policy. I questioned this on a telephone call and was told bonuses were not applicable to my policy. I checked back and FP used to pay them annually. I then got a letter in the post in June from Aviva saying sorry, you were given…
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Age 62, still working — thinking of pension drawdown due to cost of living — advice please?
Hi everyone, I’m 62 years old, still employed full‑time, but rising costs are really stretching my budget, so I’m considering starting to take money from my pension. My situation: Still working, receiving regular salary Divorced; paying maintenance for my 16‑year‑old son Concerned about how drawdown will affect my tax…
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Early-retirement wannabe
I would like to create a topic (don't see it at the moment - other than the NUMBER thread). Who is aiming for early retirement (or who has retired early already)? When did you begin planning and what drove the decision? What is the strategy for getting there? How much of a relative decline in income are you prepared to…
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Results of Government consultation re IHT on pension pots today
https://www.gov.uk/government/publications/reforming-inheritance-tax-unused-pension-funds-and-death-benefits/inheritance-tax-on-unused-pension-funds-and-death-benefits#general-description-of-the-measure Key point of departure from original announcement, the liabilty has shifted from the pension scheme administrators across…
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Early retirement next year, is it worth adding to my pension?
I am 54, looking to retire early next year when I am 55. I currently work part time and pay 5% into workplace pension, employer adds 3%. This pot has around £16k. I have two DB pensions, one which I plan to start taking next year which will be approx £6k per year. I will top this up with savings for day to day living,…
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Lifesight Pension - any good?
My DC pension pot is with WTW Lifesight. I've around £500K in there. I'm at the stage in life where I'm looking into moving into drawdown. I have protection for my tax free lump sum of 26.7% (from my previous employers scheme that was transferred in). I've seen very many bad reviews of Lifesight on the TrustAdvisor site -…
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Pension Tax Codes
I thought I was reasonably switched on with this stuff but my tax codes and predicted income on the HMRC site are a bit all over the place. Do I just keep an eye and hope it will sort itself out or should I be more proactive? Pension 1: Tax code 578T - my NHS pension made up of two elements, a smaller 1995 pension which…
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Most recent: Delays for P55 tax refund fro… by dobbers
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