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Standard of living - minimum, moderate or comfortable figures released today (12 January 2023)
I see today they have released updated figures for how much you need (single or a couple) to live on for a minimum, moderate or comfortable standard of living in retirement. I'm just on a quick lunchbreak so grateful if somebody finds the details they could post them otherwise I'll post the amounts later on. I read the…
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No automatic pension entitlement for years of self-employment due to HMRC self assessment anomaly
In completing my self assessment for 21-22, I discovered that, although they are deducting Class 4 NI, the Class 2 NI is zero - so I don't get any pension entitlement for the year. I looked back at the previous returns and found that was also true for 20-21 and 19-20. I have since found out that there is an obscure rule…
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Government Pension Protection Fund New Calculation Formula
Hello Can the Government really change the Pension Protection fund Calculation Formula for Pension compensation. Note they have already stole a Full 10% of my pension Pot for entering the PPF. They now have announced that they are going to take another chunk of all the pension pots in the fund from 1st March 2023. This…
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16 years taking a DB pension and the Trustees seem to think they can change the rules retrospecively
Hi people, I have been taking my DB pension for 16 years based on RPI (max 5%), I have recently received a letter stating they are changing it to CPI (max 5%). I can understand such changes can be made at anytime, the members then have a choice to remain in or go elsewhere, but surely this change can only affect new…
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Moving DC to SIPP after end of service.
My current employer uses Mercer for our DC pensions that by default enroll us into its Mercer Moderate Growth Fund. The issue for starters is the fees at 0.71% which I'm not sure if huge but at least is way over what my old L&G DC fund charges or what I get charged for my Vanguard SIPP. In addition, fund's breakdown does…
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(Flexible/Individualised) Retirement Income Planning Tool
Hi folks, I've recently come across this fine forum and enjoyed perusing many of the posts. I think I will ask 2 or 3 more questions for helpful views in due course and post separately, but I wondered if anyone here can help with regard to pointing me to a retirement planning tool. More specifically, while I have created…
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How optimistic we all were back in the day
I was looking through old paperwork for some reason and found one of the projections from the time I started my private pension in January 1992. For monthly payment of £147 gross (no idea where that figure came from), the projection at age 60 was a pot of £305,000 giving an annuity of £35,600.
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Planning ahead: How to fund income gap from retiring at 62 to drawing DB and state pension at 68
I’m looking for opinions please regarding how best to bridge
the gap from when I hope to retire (aged c.62) to when I can draw my DB and state
pension (currently at 68 but who knows as to whether this will rise). By way of background I am 50 years old. I will share my current thoughts but would be very grateful
to hear…
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Please come back
So, according to the news, the government want early retirees to come back to work. Looking forward to loads of you on here, going back to 12 hour night shifts! https://www.bbc.co.uk/news/business-64083802
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IFS suggest higher taxes on inherited pensions
Normally the outpourings of "think tanks" are and should be ignored, by the public and politicians, but the IFS are perhaps an exception...they have a point, pensions are arguably a better vehicle for avoiding IHT than they are for providing a retirement income for some...…
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Timeline planning tool - tax model broken since update
I am not sure whether there are any paid subscribers to Timeline
planning on the forum, but if so you might want to inform their support team
that the update they rolled out on 6th December broke the tax
planning calculations when there is a combination of income / DB and fund
withdrawals happening in the same year. They…
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State Pension Forecast - Still confused
Despite reading numerous threads and the MSE guide I am still non the wiser as to what I'll get and whether to pay voluntary contributions to boost my pension. If I give the facts and figures could someone please simplify it for me, thank you? Sorry I can't do a screen shot on my Government Gateway account. So, National…
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Retirement planning dilemma
I have a retirement planning dilemma and not sure how I figure out the optimised way forward. Any thoughts welcome: My wife and I currently have £310K in DC Pension/SIPP/S&S ISA invested in 100% low fee stock index funds and hope to get to a combined retirement pot of £550K At that point, whenever that is, I plan to either…
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How much U.S. percentage?
Hi My wife’s pension pot with her employer is currently £150k. She's contributing £20k pa. As best we can establish,
it comprises the following mix: * UK equities 26% * US equities 25% * European equities 9% * Emerging markets equities 8% * Japanese equities 6% * Asia Pacific equities 3% * Small cap equities 3% * Emerging…
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Should I stay or should I go - teacher
Headteacher looking for the door....... stress of the job has become too much. Its not the kids - its the politics, OfSted, staffing issues and lack of funding which prevents me from meeting the needs of the pupils causing stress because I cant do the job the best of my ability (Outstanding in all 3 previous ofsted -…
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State Pension Forecast Sticky
Hi I asked for a sticky thread on 'How to read your state pension forecast' as we seem to be getting the same question a lot recently and I'd like to cut down on everyone's time pasting the same answer over and over. I'd appreciate it if those with a good working knowledge of how the calculation was done in 2016 and…
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Not taking lump sum..
I have state pension forecast and will be claimjng from early next year. NHS pension forecast (still to be confirmed) is c.8k per year. I am thinking longevity rather than high living(!) and plan not to take any lump sum at all. I would prefer to have cash on a monthly basis which will.. very slightly... increase year on…
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Exceeded LTA
Greetings all. Having reached 66 earlier this year was expecting to continue
working until end of 2022 (if only to savour the lack of NIC...). Employer knew
of this so somewhat surprised to be made redundant. Stupid corporate headcount reduction games trumped the
cost of paying me off a whole 3 months before I was going to…
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Ideas for retiring early (at age 40ish)
Hello, I've been super-lucky with my career in the tech industry, and am nearing the point where I could potentially retire (or semi-retire) early. I'd like to get some ideas for early retirement that could provide a small income with, let's say, on average, 1-2 hours of work per day. My current situation is as follows:…
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Lifetime Allowance Question
I am recently retired & I am under State Pension age. All of my pension savings are in Money Purchase pension funds which I have not yet accessed and in total these amount to £1,130,000. I have no Lifetime Allowance (LTA) Protection on my pension funds. As I currently have no ongoing income from any source, I may drawdown…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
737 discussions
6.4K comments
Most recent: Gaps in National insurance contributions by molerat
12 March at 10:53PM
