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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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Looking to Protect My 25% Tax-Free Lump Sum
Hi everyone, I’m hoping to get some views on a pension strategy I’m considering, especially with rumours swirling about possible changes to the 25% tax-free lump sum in the next Budget. I’ve got a defined contribution pension through my employer, and I’m able to transfer out up to 95% of it without affecting the employer…
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International retirement savings fund - tax implications of withdrawing lump sum - help needed!
While working abroad several years ago my employer set up a retirement savings fund with Zurich International for me. I am now back in the UK and have been asked what I want to do with this fund and I could really do with the lump sum however I don't understand the tax implications of withdrawing the funds. For reference,…
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NHS pension - not sure whether to take standard or maximum lump sum
Hi all, I've seen some good informed discussion about NHS pensions here (such as https://forums.moneysavingexpert.com/discussion/6464889/nhs-pension-1995-section-delaying-retirement which helped a lot) and hope you can help with this. Partner is 61, in both 1995 section and 2015 scheme and wants to go for partial…
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Carry forward's calculation
Hi all, Intending to use my carry forwards allowances this year and I would be grateful if someone knowledgeable would be willing to double check my calculations: Current annual salary £82.6k; Bonus £14k; 25-26 Available Annual Allowance: £108,938: 25-26 Pension payments to date: Salary Sacrifice £8,156; Bonus Sacrifice…
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UK Gilts (eg TR32) vs Bond Funds for Retirement Portfolio Balance (7-Year Horizon, Retiring at 57)
Hi all,I’m looking for insights on structuring the bond portion of my retirement portfolio, specifically whether to hold individual UK gilts like the 1% Treasury Gilt 2032 (TR32) to maturity or opt for bond funds with a similar duration. Here’s some context to help frame the discussion: Background:* Age and Retirement…
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Pension Lump Sum - Tax Raid
Hi All, What are the latest predictions on what the chancellor will do in the autumn budget? I am thinking of taking my 25% of my four current pensions sooner rather than later. I am working hence still paying in to one of the four.
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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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When did you feel financially secure?
Ok so I'm 49. Recently had an unexpected windfall and paid off the mortgage. I thought I would feel different, but nothing. I have probably about 7-10 years left at work. I don't really enjoy my job but it's secure and trying to match my current wage at nearly 50 is unlikely. Pension currently growing nicely with about…
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Civil Service Pension Savings Statement
I've just received my 2025 pension Savings Statement - I've spent many hoours working out what this should be , at least approximately - I have some in Classic (PCSPS) and some in alpha. The answer I was NOT expecting was that both should show Pension Input Amounts of £0.00 I'm obviously quite happy if they are both right…
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Standard Life Pension
Anyone any ideas on best investments for a standard life pension in drawdown? Don’t really want to transfer as it’s free to enter drawdown and charges are discounted (as it’s a group pension). Not one for taking significant risks.
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Pension reduced because of GMP recalculation.
My wife is 73. She has
just received the below letter from one of her pension providers. It
relates to a pension that she started taking in July 2014 at age 62. If I have understood
and calculated this correctly, her before tax pension will reduce by
£18.18 per month or £218.16 per year. As she pays 20% tax this…
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Salary sacrifice and carry forward
I appreciate I have asked a similar question previously but I just want to sanity check something. (these numbers are rounded for ease) salary £105,000 employer contributions £6,000 i am via salary sacrifice paying in £57,000 pa (54%) so with employer contributions I am at £63,000 pa so taxable income is £48,000 Am I…
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CMC SIPP / ISA cashback ?
HI, Has anyone received their cashback from the last offer? Was meant to be paid by today, but nothing for me yet Thanks
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How best to plan to use some of a (currently 100% equity) DC for an annuity in six years time?
Firstly, apologies for the long post - I’m not
great at brevity and have attempted to answer many of the typical questions I see
in similar posts here upfront. Planning to retire in around six years (at 57)
when I can access my DC company pension. I’m fairly confident I will have ‘enough’ saved by then across…
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Looking for some AVC & Pension advice
Hi everybody, For context, I am a 28 year old "community waste operative" for my local council & have been in the position for 2 years now. Currently, due to my salary, my contribution towards my LGPS is set to 5.5%. I am in a stable enough financial position to increase my pension contribution and following contact with…
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Taxation over £100,000
If you receive a previous employment defined benefit pension at age 65 which takes you over the £100,000 income taxation limit can you bring yourself back below this limit by using your AVCs in your current employment defined contribution scheme until retirement at 67.
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Help with Beneficiary Drawdown Option
Hi, I have just been informed, yesterday by Standard Life Bereavements, that I am to receive 50% (my sister the other 50%) of my deceased dad's SIPP. It has been offered with a choice of either a lump sum, a drawdown, an annuity or to transfer it to an existing pension pot. Im a bit confused as I cant find any information…
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SW charges and discounts - is this good value?
As part of generally getting my stuff together in financial matters, I've finally got around to looking at my various work pensions - in particular charges and whether they're good value. I was lucky that in my feckless younger days I was signed up to the (Scottish Widows) company pension, assigned to a middle-of-the-road…
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Lump sum pension
Retirement is 1st January 2026 Should I take a tax free lump sum out of my private pension please Thamks
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Transfer out or leave in, thoughts please
I have a pension pot with an employer that I left 20 years ago. The value of my pot has reduced drastically in the past 5 years from almost £400k to £200k. As it stands if I draw the pension now I would get £45k tax free lump sum and £6k pa. I have taken some financial advice and for £150k I can get an enhanced annuity…
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704 discussions
6.2K comments
Most recent: Retrospective Class 2 contributions by MarkwithaK
11 September at 5:52PM
