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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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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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Fixed Term Annuities - where best to go
Fixed Term Annuities - I don't need advice, I am looking for an execution only service. I have been using Money Helper calculator to get some figures, I suspect these might be reasonably accurate, but i need to go to individual providers to get accurate quotes (where they deal direct with individuals), or go through a…
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Low Earner's Pension Payment - the snail approaches its destination
Back in the 2021 budget the government announced it would tackle the low earners net pay scheme tax anomaly, now called the Low Earner's Pension Payment. The anomaly was that low earners in a 'net pay' scheme (i.e a workplace pension scheme used by many employers where pension contributions are deducted from your salary by…
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Marriage Allowance
I have been claiming Marriage Allowance for the last two years. My wife is now receiving her State Pension and I assumed that as she is about to reach the Personal Allowance threshold, then the allowance would cease and that I would receive a revised Tax Code. I understand that this will result in me paying more tax.…
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you tube pension scaremongering??
there's a few pension video inc Ai junk or is it.I've not watch any of them. I get a state pension as my wife do. I get a small pension on top but not much. need we worry or is it just scaremongering.I don't see anything in the news or papers. HMRC Pension Shock: New 2027 Tax Projections Reveal Bad News For UK Pensioners
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The impact of inflation - yikes!
I retired 5 and a half years ago at 60. Since then I've been drawing on a private pension for income. Looking at purely numerical values my pension and savings have increased by a little over 31% in that period. I decided to see what impact inflation has had and…wow. Using CPI I'm worse off, using CPIH I'm treading water.…
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Best Management of DC Pensions After Retirement for Naive Investor
My wife and I are planning on retirement in the next couple of years. I am quite financially literate and set up a Sipp for my wife after she wound up her own business and also transferred one of her old workplace DC pensions into it and I have managed it for the last ten years. I have already taken some DB pensions at age…
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Annuity quotes
I got a quote through HL. I'm not sure whether to go the annuity route or not, I'm just looking into it. It would use the money in the HL sipp. The highest single life, no increases, no guarantee figures are Just. £9374 L and G £8654 Scottish Widows £7581 Aviva £7105 So, there's quite a variation. I'm not sure why anyone…
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Pensions with a Guaranteed Annuity Rate (GAR)
Hi all, I’m new to this forum but would like to ask if anyone has any experience with GAR pension policies. I have a relatively small but > £30k pension policy with a GAR, which I would like to transfer to a drawdown arrangement. I am in the fortunate position that I will not be reliant on this money to live on as I have…
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Timing the market!
I am interested to hear if anyone is thinking about de-risking their current pension portfolio in light of current speculation around a potential pending market crash? I am obviously aware of the dangers of doing this, not timing the market and also leaving investments as a long term project, however, i doubt people will…
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bond ladder - now or later?
been playing with bridges. I do plan to have this money mostly in fixed income. slowly moving into IGL5 with the view of maybe some CSH2 before retirement to fund the bridge each year as needed with low volatility funds or a bond ladder to lock in yields. However, the question then is ‘when’. playing with ChatGPT and…
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What happens if you straddle pension age increase?
On 6th April 28 minimum pension age increases to 57. My DOB is Oct 71. If I start accessing a DC pension from Oct 26 (age 55) can I continue? Or on 6th April 28 (age 56) will there be limits on how I can access my pension? What are the guidelines? I'm thinking I would be able to access crystallised funds in a drawdown…
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LGPS AVCs SIPPs
Thanks to encouragement and sound advice from the lovely people over on the how much to live on thread, I have decided to retire sometime between now and April 2027 next year aged 61. I already have a DB pension in payment, I pay tax on this via a BR tax code. I work part-time, earning £15Kpa and will take my small LGPS…
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What to do with old pensions
Hi everyone, I’m sure this would have been asked a thousand times before so I apologise. I’ve recently started a new job that has a workplace nest pension. I have 2 older workplace pensions that are both with different providers. There isn’t a great amount in them but the amount is large to me, question is what to do with…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
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Most recent: Delays for P55 tax refund fro… by dobbers
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