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have I missed something?
Thanks in advance I have taken early retirement at 55 I have approximately £700k in 2 pension funds I currently have an income of around £30K I am assuming once I take my state pension and private pension I will be paying tax at 40% I don't need to take my tax free lump sum yet I want to make the most of the next 17 years…
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Why Am I Forced To Use An IFA to Convert My Personal Pension Into A Flexible Drawdown ?
I have a personal pension plan that I want to convert into a flexible drawdown. I have tried to do this myself on-line but every provider insists that I do it through an IFA. I am being quoted around £5000 for an IFA to do this for me which is ridiculous given that I know exactly what I'm trying to acheive and need very…
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Basic state pension
Posting for a friend Hi I was wondering if any of you guys could help me. I am 80 years old and I received the basic state pension, the old style pension.
I also get savings pension credit on top. Around £12.
If I make money in addition to getting my basic state pension, would my pension be affected or compromised in…
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Withdrawal Spreadsheets ?
Does anyone know of any Excel withdrawal spreadsheets available for forecasting pension withdrawals using different scenarios or any online services?
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SIPP beneficiaries
This also applies to the auto-enrollment pension provided by my employer at the minimum 5%/3% level and operated by "Creative". I'm over a decade off state pension age so not looking to drawdown any time soon. My SIPP (with HL, though I don't think that matters) asks me to nominate one or more beneficiaries to pass the…
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Taking flexible retirement from a LGPS while still working
Hi there, hoping to get some advice on behalf of my partner
who is a member of the West Yorkshire Pension Fund (Local Government Pension
Scheme). She’s 55 and has recently been looking to reduce her hours
from five days a week to four. When she requested this from the HR department,
she was offered the option of taking…
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Pension fund tax free lump sum then drawdown.
I have two finals salary pensions and on death my wife will get 60% of them. My wife will also inherit my pension fund of £270,000 (current valuation) that is untouched. This will be tax free as I will die before age of 75 unless there is a medical miracle cure to my blood cancer. We have own house worth about £500,000…
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Lifetime Allowance to Lump Sum & Death Benefits Conversion??
Would appreciate some guidance as to how the conversion factors work as I've had a strange message from HL having just converted £300K of my crystalised pension pot into an Annuity. I retired in 2015 and fully crystalised my pension pot in 2021 taking the full 25%. On reaching 75 HL published the following figures…
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Civil Service Pension - Alpha - Added Pension Limit explained
Hello, Please can someone explain the Added Pension Limit for the Civil Service Alpha Scheme? I have read other posts, articles, and the guidance on the scheme website but I am still utterly confused. I know the limit (in terms of value) for 2025/26 is £9200 and for 2026/27 is £9600. However: 1) How does the limit apply -…
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Pension, Final Salary - My Brain Hurts!
Dear pension braniacs, I`ll try to keep it brief! I am teacher 63 and could have claimed a final salary (1/80th) pension and lump sum at 60. But TBH I am not a big spender, dont really need any extra income just thinking about retiring in 4 years at 67 ie. just ticking over ... (the odd beer, holiday etc. ie. not a big…
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Rate my SIPP - ITV high conviction
A note about diversification: I know it’s important. I’ve done it all my life. Had plenty of bits and pieces of ETFs like VWRL. But sometimes you have to just go for it. That’s what high conviction means to me. “Diversification may preserve wealth, but concentration builds wealth. - Warren Buffett A note about dividends:…
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Effect of Civil Service Pension on Private Pension
Hi I'm unsure as to how a civil service pension can affect a private pension or are they classed as completely discreet? I have asked the question to the CSPS but they have not answered. I left the Civil Service 10 years ago draw my CS pension with lump sum at 60 next year but I'm still working in the Private Sector. Will…
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Life Expectancy Calculators and Prediction Tools
I know most of the regulars on here are fully aware that life expectancy is much longer than most people think. For an average person with no other information this is probably one of the best…
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Civil service- Premium Alpha pension advice for my Dad!
Hi all, Long story short I'm helping my dad manage his pension as he's not clued up on pensions and is close to the retirement age. I've done lots of reading on his pension (Civil service- alpha & premium) but still have a number of questions. Looking for your expert advice as know there's lot of knowledgeable folk here.…
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IHT 403 and use of capital
Looking at IHT 403 I need to declare all expenditure and income. If I spend £3000 on a holiday and I pay for it by taking money from a savings account does this need to be reported in the Income and Expenditure sections and if so under what category?
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Civil Service Pension Forecast Query
I have submitted a query to MyCSP but they are currently taking months to reply, wondered if anyone here might know the answer. My Annual Benefit Statement shows my classic pension to be worth £406 less than it was last year when my P60 and Earnings as at end of March both show increases as would be expected due to a pay…
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Retirement , have I planned correctly or …not!?
Hi, looking for some affirmation on my ‘plan’ or advice if I have missed something. I’ll list my situation and then ‘the plan’ . 60 retirement age 67 Not working - left of own accord so am not claiming anything.(I know I could but..) Full NICs - so done and dusted can’t improve on c£12.3k. House - paid up (current value…
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Lump sum portion and recycling
Hi, I've turned 55 and can now access DC pension pot. I am thinking about taking some of the tax free lump sum to use against a debt in order to free up cash flow. It's a personal loan that I took in 2022 and wanted to pay off aggressively but inflation hit shortly after and beyond and pay hasn't followed suit. I am…
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spouse pension help
hi, my wife moved here 26 years ago, got British citizenship and has worked part time in various places and full time for a while in an old folks home. she stopped working at 60 years of age 9 years ago. she hasnt got a pension nor state pension. can she pay up for more pension creds from the gov, or use any of mine as ive…
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Annuity change of calculation from RPI to CPIH
As many of you will be aware, in February 2030 the calculation for RPI will be changed to be the same as CPIH. The term RPI will remain in existence but it will effectively be CPIH. CPIH typically runs between 0.5% and 1.0% lower than RPI. For long term holders of RPI annuities it is unclear if there will be any redress to…
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