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I asked ChatGPT to simplify and sort out my investments
I have been looking at sorting out the isa/pension investments for me and my OH as they are currently across 3 providers (Vanguard - OH, interactive investor (me) and L&G (me) (ex-employer master trust in drawdown). Total approx £1m and not really used for day to day as decent DB in play. My allocation for the last 5 years…
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Close to LSA and likely higher rate in retirement -- am I overlooking anything?
I'm a USS member. At present the USS benefit modeller suggests that at my planned retirement age in around 7 years time I would be able to take an income of £37k and lump sum of £250k. The modeller gives figures in 2026 terms (subject to a lot of assumptions of course.) What the modeller does not model is the changes to…
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Relationship between pension income, savings interest and capital gain
Hi All, I am trying to discover the impact of a significant capital gain on my pension income and savings interest taxation for planning purposes. I have a personal pension (so I can vary income drawn) and cash in the bank earning £5,500 pa. Historically I have kept my pension income at my personal allowance of £12,570 and…
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Genuine mistake?
Hi, I recently applied to make a withdrawal of £3000 from a drawdown account. Unfortunately, the provider’s confirmation letter was put in my junk folder, so my first knowledge of the transaction was when payment was made, but the payment was incorrect, the provider had transferred the full balance of the account, nearly…
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Rate my SIPP - ITV high conviction
EDITED 04/06/2026 : Please see page 26 for a SIPP holding update since the image below. :) 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…
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Seeking retroactive higher tax rate refunds through SIPP contributions
Good afternoon, I would like to understand if I can pay into my SIPP in order to reclaim tax I've paid in the higher rate tax bracket over the past few years. I've been with my current employer for 10 years and I currently earn £66k. I've always been enrolled on a workplace pension scheme but have not invested towards my…
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Can this be correct regarding 25% tax free withdrawal?
I have two DC funds and a DB pension I haven't touched. My DB pension was closed to further accrual some years ago. I'm still working. I've made enquiries about taking out my 25% tax LFS. I have been told the following: £1,073,100 x 25% = £268,275. This is known as the Lump Sum Allowance or LSA. This is the maximum…
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National Insurance
Hello... apologies if I've got this in the wrong place. My wife ( 61) just retired early and will be receiving a NHS pension of £17500 per year. She also will be receiving approx £2000 annually as "bank shift" working income. So a total of £19500 I have transferred my marriage allowance to her so anything over £14100 is…
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Private pension as source of main income for HMRC
Hi All, a quick question regarding my preserved armed forces pension. I receive around £600 a month but am then taxed at 20% due to my state pension using up my allowance. My question is, is it possible to get HMRC to class my RAF pension as my main source of income and make it part of the £12,570 allowance? Therefore,…
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Inherent annual incorrect reporting of State Pension by DWP to HMRC
Each year, HMRC rely on the annual state pension figure reported to them by DWP for tax purposes.. State pension payments are always in arrears so the first payment on or after 6th April is always less than subsequent payments because a proportion of it always includes an element at the previous year's rate (most…
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Financial adviser for a DB transfer
Afternoon. I'm looking for recommendations for a financial adviser to sign off on a final salary transfer to a sipp. I've try the government's unbiased. Co.uk but all I get is spam. TIA
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Inheriting basic state pension - SERPS?
A widower friend of mine has just asked me a question & I have no idea of the answer! His wife died 20 years ago when she was 59, he is now 80. So he is a basic state pensioner & she would have been at aged 60. Someone has told him he can inherit part of her state pension. Does anyone know if this is true? Thank you.
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pension over-contribution repayment?
Hello, I understand that if you have overpayed into a Sipp by the end of the year you then have to pay a charge. Could anyone explain what this charge is and how it is collected? Using the example below (all values after tax relief added): A's salary is 40K, giving him a total of 40K he can personally contribute. He…
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Quick question re: annuity quote
I just had a quick question in relation to accepting an annuity quote. If you accept an annuity quote, can you before it starts, make an amendment to it? For eg can you change the guaranteed period from 5 to 10 years? Obviously the income would be reduced but would the insurance company allow it or would you have to do a…
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Collective Defined Contribution (CDC) Pensions - Coming Soon Earn 50% more in retirement!
Not sure if we have discussed these yet so apologies if we have and please merge or delete. Retiring at 67, part of the reason that an SWR is about 4% is because we need to make sure that the money lasts even if we live to a 98th percentile age of 97, so a 30 year retirement, rather than just budgeting for average…
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FIRE Girls Pension Diary - Aim High & Dream Big
10 year targets are set and I'm aiming high and dreaming big. :) A bit of background. When I was young I grew up with a family of 4 children, Dad worked and Mum stayed at home. We had very little material things or new clothes and I remember I was always dreaming of how I could possibly become a millionaire. So why not…
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AVC help please
I’m selecting an AVC with my employer through Prudential and have 2 options to consider. (I’m 16 years away from retirement) Either the default option which is Prudential with profits fund or the lifestyling option of Prudential Dynamic Growth. Any help would be appreciated as I’m baffled!
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Probably really messed up. Need advice.
I had a career and lost it due to ill health and several surgeries and resultant problems. Since then I've been unwell and in hospital numerous times. This has been going on for many years now. My health has been badly affected. Tried to work as self-employed as I want to work but earnt a severely low income. Just been…
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Mid-life musings
I've started this thread for me to try to gain a bit of clarity on what I am aiming for pension wise and whether we're heading in the right direction. I'm not sure my thread fully fits here as I / we really are working towards being mortgage free, financially independent, being prepared for retirement and hopefully pulling…
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Has HMRC got it wrong, or is just me being thick?
Divorce left me as a single father of two, ages 14 months and 3 years. I spent a number of years bringing up my children. I claimed benefits as a single parent and was not required to sign on each week as I did not have to seek employment. It has just been brought to my attention that I should have received National…
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751 discussions
6.5K comments
Most recent: Aged 72, didn't claim state pension at retirement age as NI credits Missing by Brie
16 June at 5:32PM
