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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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Good (and short!) explanation of COPE
There are lots of queries about COPE cropping up regularly. This is one of the better, not to mention shorter, explanations I could find which might help: https://www.wypf.org.uk/pensioner/all-about-my-pension/contracted-out-pension-equivalent-cope-amount/
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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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New board for state pension top-up / Future Pension Centre / voluntary NICs questions
Hi all Regulars on this board will well know how many threads we've seen in recent months about Future Pension Centre-related questions. As a result of a great suggestion from a Forumite (passed on by a Forum Ambassador) we've created a new sub-board for all these types of threads: ➡️ Topping up your state pension ⬅️ If…
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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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Small Pension Pot
I have a small 2nd pension pot worth £5500. This is standalone form my main pension fund. I have not yet taken any taxable pension payment, only a small portion of my tax free allowance. I am retired and aim to earn less than £12570 this tax year. Can i take the 5500 tax free if i stay under £12570? Are there other…
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Gilt Ladder building tool questions
A while ago on a thread someone (apologies I am not sure who) posted a page with a tool that someone developed to select a gilt ladder. https://lategenxer.streamlit.app/Gilt_Ladder Can anyone who knows about Gilt ladders comment on whether the data this is using is current as the help page for this tool seems to be empty?…
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Taxed on private pension
Hi, Not sure where to post, so I'll try here. I recently cashed in a small PP, £39,000, however, from that amount £11,500 was deducted for tax, leaving £27,5000 😢 I'm in fulltime employment, working for the NHS as a HCA, I'm just curious, will I be able to claim any of that £11,500 tax back?
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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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TFLS - Self Assessment
I’m thInking of taking some of my TFLS whilst I’m still working, will this trigger me having to do a self assessment? Currently I don’t do one
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State pension increase.
My only income is my state pension, with the the increase in April, my yearly state pension will now be £12,658. is this now taxable ? and if so how much tax will I pay per month ?
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Care home fee annuity versus pension annuity?
Talking to someone who is thinking of buying a care home fee annuity for an elderly relative using the proceeds from the sale of his previous residence, I am left puzzled as to the difference between a care home fee annuity and any other annuity such as that from a pension. Why are there apparently only 4 providers of care…
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Any way to try and claw back my bad investment choices/don't laugh please.
I have a private personal pension and 2.5 years ago I was
only in Fund A. I then looked at the last couple of years performance of
alternative funds and although Fund A was good, Funds B, C and D had done
better. So I switch 75% of my investment out of Fund A and put 25% each into
Funds B,C and D. Putin invaded the Ukraine…
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Willis Towers Watson - Lloyds - HBOS Final Salary Pension Scheme
I have a pension held by the above. It is a old work pension with the Bank of Scotland who transferred it to Lloyds. It is under the HBOS Final Salary Pension Scheme I turm 55 in October and would like to take 25% in cash, the pension pot has a value of £104k. I have asked Lloyds by email if I can take the 25% but can…
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Interactive Investor SIPP question
I note there is a fee of 12.99 per month. Is this the II "platform fee"? You also have to pay a percentage fee - albeit smallish generally around the 0.2% mark - for the various funds that you decide to invest in??? Trying to do the numbers. My workplace pension offers a fee of 0.3% so by the time the platform fee and fund…
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State Pension Amount - More Than Anticipated
Hi all. I regularly see the state pension amount quoted in the media as £221.20 per week or £11,060 per annum. I'm registered on the HMRC website. I logged in and checked what I can expect when I reach 66 in September 2025. The amount is £13,923 per annum which is more than I see headlined. That is what I would get if I…
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True potential issues
Hi guys I have left true potential and very happy at a j bell chalk and cheese
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Allocation of funds in Pension
Hi all Interested in opinions and thoughts on the weighting given to funds in pensions. I have a pretty generous scheme with my employer, with 20% of salary going in to my DC pot. The default allocation (I think) is 50/50 Global Equity fund - being made up of 50% Vanguard FTSE Developed World ex UK Pension Fund and…
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finding an IFA for Pensions health check - info already consolidated - cost ?
Hi I have searched the internet, reviewed the guide on this website for finding an IFA, tried to use "free goverment services" but.. it still seem arduous for what appears to be a health check/comparison of my existing pensions for a fixed one off fee. In short, I am not looking to transfer out, look for new products, just…
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USS - growth fund
I started with the USS investment builder in 2016. My main aim was to preserve child benefit by
being under the income threshold and also get
some additional pension. I put the funds,
plus employer contribution to DC, in USS growth fund which was marked as high
risk, but potential high return and seemed an easy choice.…
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Late Change to Tax Code FY23/24 On Achieving State Pension Age
I retired from the RAF in March 2023 when reaching age 65. I started FY 23/24 on a Tax code of 1396M based only on personal allowance, marriage transfer allowance from my wife and a professional subscription. My income for the year was solely an RAF pension well within the upper limit for 20% basic tax. However, when I…
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Back Dated Payments
I have a state pension query if anyone has knowledge or experience please? Currently x years short of full state pension which I can pay up to sometime in 2025. I’m due to get mine this July. If I was to buy those years after I get my state pension will the additional payments be back dated to July or from when I buy back…
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Sipp starting one late
Hope a poster can clarify for me. Background. Feel quite fortunate. Retired with employer FS pension income and nearly full state pension. Basic rate tax payer. This year will be able to fully top up ISA and a Savings account to get max tax free interest from them. Plenty of pension headroom so not going to reach the…
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Transferring local government pension to teachers pension
I have a deferred lgps I am currently in the teachers pension scheme. Can I transfer the lgps in to teachers pension scheme. It seems to suggest this in the letter.i have from lgps. I'm thinking of transferring as the rate the pension goes up every year in the teachers scheme is more. CPI plus 1.9%.
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Teachers' Pension Scheme: Rollback Choices (Faster Accrual)
Is anyone good enough to offer some analysis? Not financial advice, but observations that might be useful to anyone in the pension schemes impacted by the McCloud and Sargeant cases, and who opted for Faster Accrual (FA) or similar flexibilities. Quite a few of these letters must just have gone out to teachers, and there…