Pensions, annuities & retirement planning

Lots of coverage on incentives for current account switching, but none that I've seen for pensions. I kind of get it - bank accounts are a well oiled process, don't involve long waits, differing paperwork requirements, and potentially large sums needing to move. But given that the demographic of this board is made up of a…

For those who want a regular income from their pension and know how much p.a (using £16k pa as easy example) am i right in thinking have two best options UFPLS once a year for £16k - Vanguard sell £16k from the pension, on one specific date , then £4k would hit our bank tax free and the remaining £12k would get taxed -…

I am currently in pension drawdown with ongoing anxiety about the future of the stock market. With this in mind i am always looking at viable options. I am surprised to see that a 5 year fixed term annuity is so attractive; £400,000 over a 5 year term returns £1,824 a month, paying out a total of £109,470 in total over the…

I been in contact with Aviva believing I could simply start withdrawing a regular monthly sum from my pension but was told this 'old style' pension doesnt allow this.i asked if I could move it to something within Aviva that WOULD allow regular withdrawals and was told again NO but I could try transferring to other…

My question is in 2 parts and related to the fact that now i work part time earning around £11k pa ie under the personal tax allowance . So first question is can I still put any funds into my personal pension (since I’m not paying tax note that I I do pay around £80 per month into my employer pension through a payroll…

Back in the 90s my wife was persuaded to take out a pension with an insurance company rather than join her DB pension scheme. A lot of this was going on then the poop hit the fan as these companies were considered to have mis-sold their pension policies by giving bad advice to their clients. Many of you will remember and…

Apologies in advance if this is a much answered query and I've just not got the terms right when searching the forum. My SIPP is almost entirely invested in Vanguard Life Strategy 100%. At a point in the current tax year when I think the fund is reasonably high I sell an amount equivalent to what I want to take out in the…

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,…

I am 57 years old and want to retire now due to hating my workplace. I have a pot of 640000 invested in a smoothed pru fund. I need around 35k a year from now to state pension at 67 then drop it to 20k a year plus SP. Mortgage free. Is this viable to go NOW !!

Hi, I'm a long time lurker, first time poster. I have been enjoying this forum immensely over the last few years, especially since I saw the road to retirement end date in sight. So last week I am pleased to say I handed in my notice and triggered early retirement (ER) commencing in just over 3 months time. I have a…

Earlier this year at 55 I cashed in a small pension of £13k as I am out of work.Having trouble with finding work, i got some jobseekers allowance which the nice people at HMRC said is taxable and have now said I will have to pay some tax on as it has taken me over the standard personal allowance which I understand. I am…

I am 55 in January 2028. I believe that in April 2028 the age will increase to 57. I want to understand what I need to do in order to not miss out on claiming my private and local gov pensions. Where can I get advice. Thank you

Hi everyone My LGPS fund are saying that the pension age to access your pension will rise to 57 in 2028 however they are awaiting guidance around who is protected. The government consultation read that anyone in the scheme in November 2021 would retain the 55 protected age. My calculator still lets me put 55 into it…

I want to take a tax free lump sum from my pension now. I believed it would trigger MPAA but I am confused after reading everything my pension provider sent me! I have not retired yet and will continue to work and make pension contributions for at least 2 more years. I want to withdraw approx. 20% of my pension now, tax…

The market is going to be very volatile, it already is. I need to get my money out of a very highly managed expensive SIPP and into a self managed one, the trouble is when I’m going to be able to do this without suffering a major loss as I know nothing will happen with my funds for weeks in limbo.. is there going to be a…

I am self employed and opened a stocks and shares 'Fully Managed' Lifetime ISA 5 years ago (risk level top/10), as a pension fund with JP Morgan (previously Nutmeg). It seems to be doing well, but so do other options. I have 17 years left before I can access it. I am wondering if anyone has any experience of using this,…

So I increased my personal contribution from 3% to 12 or 15%. Company pays in 3%. Is this a good idea. Think might be stopping me saving cash which I may need if I get injured. Anyhow this equivalent pension type to my friend who works for council and council pay in 15% ? What I mean is, is it an accumulated pot type…

Hello, After 27 years with BT I have just left and will be taking my BTPS shortly. As part of the paperwork to take the BTPS it states that at the age of 67 (state retirement age) my BTPS will reduce by £1,349 pa due to something called the State Pension Offset. I certainly dont remember agreeing to this? Is there anything…

I have little confidence in the accuracy and reliability of the information displayed on the workplace pension website. Please offer any advice what to do. In my workplace pension 5k was added to my pension account - this was clearly a mistake. I notified my pension provider. No answer from them. For 2 weeks the higher…

I am interested to understand the gift from surplus income rules and wanted to ask if regular withdrawals - lets say 10k a month, for a couple of years - are regarded as income? If you can then gift most of this without it affecti9ng your lifestyle, does that qualify as gifts from surplus income?