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Which pension lump sum?
I need to access a sum of money from one of my pensions to help facilitate a house move/purchase. I have two Defined Benefit pensions and one Defined Contribution pension with Aviva that I’m currently still paying into at work. The amount I need (around £25-£30k) I could take from one of my Defined Benefit pensions by…
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Pension and retirement planning
Hi everyone, About two years ago I posted my situation and got some incredibly helpful and insightful advice that really helped me focus and improve my financial position – so a big thank you to those who contributed! I thought I’d post an update with my new numbers and see if the collective wisdom has any fresh…
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Switch pension from Aviva to ii
Hi, I have an IPP with aviva with everything turned off so it’s operating much like a SIPP now. I am thinking of switching to II because as the pension has grown the fees have become expensive and it looks like I could be saving around £100 a month on fees by switching to ii. I retired just over a year ago and I’m no…
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Optimum method of accessing a pension with a Protected Lump Sum?
I am planning on
retiring in June 2026 and my pension pot could reach the £1,000,000 milestone
by then. My plan was to
access my pension through a series of UFPLS payments but I have recently found
out that I have a protected pension lump sum with one of my pension providers. To make things
simple, assume that this…
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Workplace pension question
Can anyone answer a question please? If payment contributions by an employee are made via Salary Sacrifice (effectively appearing as payments made by employer), do these type of contributions benefit from tax relief? Thanks!
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Flexi Access Drawdown (FAD)
I have a question on FAD, sorry if this has been raised before. I have 2 pension pots Scottish Widows (private pension) NOW pension (current employee pension) I am 58 and still work When I reached 55, I took my full Tax free lump sum entitlement (25%) from Scottish Widows, the other 75% remains invested under the FAD and I…
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Newbie Pension Help.
Hi Guys, would appreciate your thoughts. I am an NHS employee with 34 years service.I am 57 years of age, my plan moving forward is partial retirement at 60. Taking my 1995 pension benefits, whilst continuing with vastly reduced hours and still contributing to my 2015 pension. I also have an old DC policy (with GAR) This…
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Was GMP reconciliation brushed under the proverbial carpet after our COPE figures were set in 2016?
The question is in the thread title.
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Retirement advice / de-risking investment portfolio
Help please forum. When I am 60, I plan to retire when my Civil Service DB pension kicks in; it is currently valued at 13K PA with a 40k lump sum. I will need about 26K PA to live comfortably between 60 and retirement age. I have 200K in the FTSE Global All Cap at present with Vanguard. Do I take 26-13 = 13K per year from…
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Pension planning advice before seeing an financial advisor
Basically last couple of weeks I've been going over my finances like many I haven't given my pension much thought. After being divorced and getting my feet back on track, now is this time to look at this. I'm 35, 1 dependent planning and intend to be mortgage free around 45. I'm now getting a pay increase which I don't…
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Mercer annuity fees
I should preface this by saying I know I could go to an IFA and I’m also aware that I should get quotes from more than one place. Having said that, this question is specifically about Mercer and their fees for setting up annuities. Mercer are about to quote me for an enhanced annuity. During email exchanges the subject of…
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When to reduce pension contributions?
My DC pension is currently at about £700k and I am contributing £60k per year. I am 42 and I'm conscious that if I keep contributing at this rate then I'm going to suffer tax at 40% when withdrawing much of what is being contributed at the moment. On one hand that isn't necessarily a problem as that is less than my…
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Tax on private pension
Good day everyone, I've recently retired early at 65 from a job with a local authorityand am taking an income from 3 pensions, I've taken the maximum tax free lump sum from each one and taken the remainder as drawdown. I can take my state pension next March. Private Pension 1 is a gross amount of £1000 per month for 10…
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Avoid higher rate tax in employment with additional SIPP UFPLS income
Hoping for any ideas please - early 60's (male) with an intention to work 4 or 5 more years. I've been taking UFPLS cash annually from a SIPP (ex SERPS, no new contributions) for a few years and putting most of it into a Stocks & Shares ISA, which has done very well while making it accessible for some large purchases/maybe…
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Thinking Early retirement , is it feesable
Not sure if this is the right forum But as a 60yr old , I am considering retiring in Jan 2028. as is my wife also 60.(no pension to speak of) I have tried to search online to see if it would be possible.. after banging my head.. I decided to create my own Predictions based on the following Currently I have 242,000 in SJP…
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DC to DB
My friend has a question. He is young and just has three tiny DC pensions from previous employers - sums are 2.8 K (Smart Pension) , 1 K (NEST) and 2 K (Smart Pension). Recently he started a new job in the council and received a letter stating that he has 12 months to transfer 'previous pension rights from a non-LGPS…
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Finding missing pensions
Hi there. My wife has had power of attorney over her mother’s estate for a few years now. Her mother is 74 and has had Parkinson’s and Dementia for about 5 years, and her husband died 19 years ago when he was 64. We know for sure that her husband, (my wife’s father) had at least one private pension scheme as he was self…
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Pension reductions
Hi, if you take your private pension early, there are bigger reductions the earlier you take it, the largest reduction being at 55. When the age you can take your pension changes from 55 to 57, will the reductions stay the same, or would they adjust them, meaning a bigger reduction at 57 than their would’ve been before the…
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L&G sent letters to change pension fund/scheme should I?
Currently in L&G pmv multi-asset fund 3 L&G (pension pot from my previous company). Received letter they will swap unless I opt out to L&G pmc lifetime advantage fund 2040-45. After some reviewing I understand the new fund would invest more aggressively until c. 10 years before my due retirement date may 2043 (though…
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Lifetime allowance query
I know lump sum allowance has taken over lifetime allowance, but I'm just helping my F-I-L understand his pension. At age 75 (01/03/20) his lifetime allowance was tested, and the figure was 92%. This included the TFC he took with his existing plan, BCE 5A & 5B, and 15% LTA used with a 3rd party provider. Now, post age 75,…
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