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Interesting TEDx talk on the 4 Phases of Retirement
Just come across this interesting 13-minute take on retirement 👍 (apologies if this has been posted before) The majority of threads here focus on finances, & whilst that is clearly very important, perhaps not enough time/thought is spent on the other elements of retirement 🤷♂️ His topics cover vacation, loss, trial &…
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Maximum contribution to civil service partnership scheme
I am a civil servant likely to go in a VES at end of July. I am in the Civil Service Partnership DC scheme. I want to put the most I can into my pension from April to July for tax purposes. Is that 100% of my salary? I think I read somewhere that I have to be paid the equivalent of the minimum wage so I would need to…
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Looking to retire soon……best options?
I really want to retire this year…..current age 63, but not a lot of funds to play with. I’ve got £110k in savings….mostly in isas £40k in a Nest scheme. Also have an old (DB?) from 30-ish years ago which current statement is quoting annual payout just over £9k. I contacted them recently advising that I wish to start…
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Transferring pension pots question
I just wondered is moving a pension pot to another pretty much the same thing as moving your bank account or savings account? Ie, one then old ones closed its just money that's transferred,? So there is no record of what your old job was or any other info? I am referring to solely DC pots. Thanks
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Tax & pension contributions in retirement
I retired at 52 living on savings but hitting 55 now have been able to access 2 pensions. Total pension income looks like it will be £9190 per year with cpi increases each April. (This is not my SIPP which is still in accumulation mostly vls80 , invesco BIPS and money markets) My tax code is 1257LX. Does this mean I can…
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DC Pension transfer
Hi All. Long time lurker. I have a question if I may. Wish to move a very old (small) DC pot from Royal London. They won't permit me to transfer to another modern Royal London plan. As it's old it needs to be processed manually so I'm looking for:-. A provider whom 1. Is reliable at transferring and receiving pensions…
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Claiming tax relief on private pension
Hi there. I pay into my employer's workplace pension as usual but for the past few years I've also paid into a private St James Place pension. I pay £300 per month into the SJP pension on to which a further £75 is automatically paid in tax relief giving a monthly contribution to the scheme of £375. My financial advisor…
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Erroneous Tax Code Notice due to duplicate Civil Service Pension
This is just for information in case it affects anyone else with a Civil Service Pension... A few days ago I received a Tax Code Notice containing a very large adjustment triggered by the addition of an extra non-existent pension. I receive a Civil Service Pension; the extra pension was a Civil Service Widows and…
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Is it worth me continuing my SIPP?
Some years ago, after retirement, I set up a SIPP purely for inheritance tax purposes. I have no non-pension income, so I'm limited to £2880 net payment (£3600 gross). I've been 'fiscally dragged' into the 40% tax band. Reeves has snookered that plan, but I'm wondering if continuing to pay into the SIPP is worth it. These…
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ready to retire & need to know her to invest
hi all im looking to retire at the end of 2026 my current pension is with Scottish Widows and I'd like to invest what I have (around £500,000) to get around 5% growth and allow me flexible drawdowns thanks
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Can I retire now? (age 40)
I'm planning to retire in the next few months, and wanted to sanity-check that it sounds reasonable, given my situation: Equity: - house worth ~500k - ISA & cash, and shares ~500k - private pension ~600k (not accessible for 17 years) - state pension (not accessible for 28 years) (not guaranteed) - mum owes me 50k -…
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Pension advice
Hi im 48 and have a pension with standard life, it's worth about 71k at the moment. Ive just been looking and it's invested in a "Sustainable Multi Asset Annuity SLP (a lifestyle profile)". I can change this to 12 funds that I pick myself but I don't know which to pick and im not just going to pick at random, im going to…
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Tax return income - with or without private pension contribution
Hello,I have to fill in my tax return for 2024-2025, I was an employee during this period but I paid towards a private pension fund. Do I have to declare the gross pay income but should I deduct the private pension contribution during this financial year or not?Because we receive child benefit, HMRC will tax this if my…
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Pension contribution help? Confused
Hey all I’m going to need a bit of hand holding here as I’m not
really sure what I’m doing. Due to a change in circumstances, I’m starting a part time job
22.5hr at just above NMW. As I’ve always had well paid jobs, I haven’t really
had to think too hard about pensions before as its always been salary
sacrifice. Because…
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Claiming higher rate tax relief on SIPP
Hi, I'm looking for advice on how best to claim my higher rate tax relief on my SIPP. HMRC said to do it online but the form asks for the net contribution for 2025/26. I have a couple of questions about whether this is the correct/suitable path. 1) My current 2025/26 contribution that can be evidenced is Apr-Jan. I'm still…
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Fixed Term Annuity purchase pot holes!
Hi all , have just been reading one or two posts about purchasing an annuity and want to make sure I'm not overlooking anything basic in my plans , knowing that you lot are definitively the fonts of all knowledge thought I might ask just to put my mind at rest: There are 3 pots involved in the purchase: All SW Account A is…
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ILG to provide for basic needs
I have seen various folk in these boards recommend using ILGs - ladders or singly - as a means of preserving part or all of pension pots to provide for basic requirements during retirement - council tax/food/bills/etc. To me this sounds eminently sensible and I may dive in big time very shortly given many of my global/S&P…
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Has UC removed my NI credits a year into my pension?
My partner and I had a UC account from early days, a dozen years ago. This made sense as I was self-employed throughout that period. As I approached 66 years old at the start of 2024, I diligently checked and topped up my NI years until I had 35 full years. Only around £2k altogether, covering about 8 shortfall years. I…
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Consolidating pension pots - can I only transfer these as cash?
Turning 57 next year and probably hanging up my spurs by 60 and belatedly looking at my pension pots. Following various business sales etc in the last 8 years I've gone from one pot to 4 (including my current employer's scheme). Whilst none of the scheme rates are bad, per se, none of them are capped so I'm getting…
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not 100% sure about this stuff!!
I have a final salary company pension scheme that I can retire from at 65 in 2036, but in 2035 I will have worked at the place for 40yrs and I was thinking that is enough for me. But If I go one year early I get a 5% reduction in my yearly pension. my question is what do AVC's do as such? will they top up this 5% loss? are…
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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6.5K comments
Most recent: NI years are now full, existing OAP, when should I expect my monthly payments to reflect this? by Dazed_and_C0nfused
22 May at 1:38PM
