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How close am I to my early retirement?
Age: 48 Annual Gross Salary = 75k 160K Accidental Landlord = 1,450 monthly (since this year) Workplace pension pot = 250K + 100K SIPP = 75K. 100K Spouse SIPP = 30K 70K ISA = 40K 60K (as an emergency fund, will be moved to Share ISA) Saving = 30K Pension contribution since this year: 45% + 5% = 50%. 20% + 10% = 30% NI…
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💬 Early access to PSO pension credit due to ill-health – any experience?
Hi all, I'm helping someone close to me who is in a difficult situation and could really use some guidance from anyone who’s been through something similar. They were awarded a Pension Sharing Order (PSO) as part of a divorce. It’s from the Civil Service Classic pension scheme, and the PSO has now been implemented. The…
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Looking for views on performance of ISA portfolio
My mother in law recently asked me to take a look at her investment portfolio. This is all held in an ISA by a medium sized national firm of wealth managers on a discretionary basis. She has no interest in or knowledge of investing. As long as she sees the regular income she draws she is happy and has never considered how…
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Best Source Of Funds
Hi, Not sure if this is one for a pensions forum or a savings forum so please move if I have posted in the wrong area. I'm 59 and receive a DB pension so all of my 0% tax band is used up. I want to access £20k of savings for a building project, what is the best source of funds? Take it from an ISA? I won't be able to…
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Gifting from SIPP
I am in the fortunate position of having two SIPPS from which I have no need to take income. An existing works and state pension are sufficient to enjoy a comfortable retirement. With the proposed IHT charge on unused pensions I am considering options to mitigate this. One which I am considering is to commence drawing an…
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Increase to Minimum Pension age from beyond 57
Hello I ive read this huge thread regarding the raise in age from 55 to 57. It seems that some of you have locked in a SIPP with fidelity who it sounds like may have enact the protected age and allow you to obtain your pensions at 55 irrespective of the age rise. I missed the boat on a fidelity account back then. But i'm…
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Home responsibilities protection
Hello, last year my wife paid 4 years of national insurance gaps, she retires July 2026, this amounted to a few thousand pounds, now looking at her gaps for the years between 1981 and 1989, when she was looking after her children, it’s saying that the years are not full. we have completed an enquiry form online and HMRC…
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Thinking about defering State Pension
I'd appreciate any comments on my thinking here. I'm retired. Age 64. I have a DB index linked pension currently paying me £31K per annum. I have a DC pension which I have had the 25% lump sum from currently there is £133K in there. I decided to start taking as much as I could from the DC pension whilst keeping my income…
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Mortgage vs Pension
Hi. I am 50, single, medium income. There is a potential opportunity to buy a house, but this would be on a 100% mortgage, with a friend as a guarantor. Obviously this would take me to 70 years of age, at an affordable monthly repayment. It would also mean I would struggle to manage bills - for example, I will soon need…
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Gross Salary or qualifying earnings
Hi, When the site discusses the % you should add into your pension depending on when you start, is it based on Gross salary amount or qualifying earnings? I have just moved from a company that gave me 6% of my Gross salary to a company that gives me 3% of qualifying earnings. Trying to work out how much % i should put in.…
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Lump Sum or Regular Payments
I'm hoping to take my works Pension soon. Should I take a lump sum and small monthly payments or just take a larger monthly payment as if I was getting paid every month? Is it as simple as that?
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Was I opted out while self employed?
Hi, I worked for a company for several years and was opted out but then I left and became self employed for many more years. Q. During my self employed years I think I paid NI so do these self employed years contribute to my state pension entitlement along with the years in employment but prior to my opting out?
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Isa vs pension, which is best?
Hi I am in need of some much needed advice here, as when it comes to pensions its a bit of a minefield to me, I am trying to learn as at the tender age of 55, I now live alone due to having to place a parent in a nursing home as they got dementia, so I have to know these things now, anyway I have a workplace pension that…
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To pay off mortgage before retirement, or not?
I currently work full time with take-home pay approx £2200 a month or £26400pa. For personal reasons I want to retire at the end of 2029 when I’ll be 60. I have DB pensions (3 deferred, one active) which on current values will give me an income after tax of between £15k and £26k pa depending on the size of lump sum I take.…
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Pension Review & Opinions
Evening, This morning I received a letter from the company pension provider, Aviva, saying they could not longer accept any further payments in to the pension scheme. Which I assume is to do with the company I work before beginning to winding down over the next 12 months or so. This prompted me to go in to the Aviva app to…
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Put £20k in additional nhs pension or SIPP?
I intend to work another 2 years till age 60. I'd like to boost my pension. If I buy £1250 additional nhs pension, it's a lump sum of £20k. I think I wouldn't be able to gain the full benefit of the extra £100 a month till age 65 - is this correct? I'm thinking of taking the 1995 portion at age 60 and leave the 2015…
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Tax on US Social Security Retirement Benefit
Hi, I'm a British citizen living in the UK. Back in the early 80's I worked in the USA for a few years. Now that I am retired I submitted an application to the US Social Security Administration to find out if I was entitled to any retirement benefit. To my surprise they have come back and said 'yes' I can receive a small…
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Increase to Minimum Pension age from 55 to 57 on 6th April 2028
Latest position:24th February 2022: The Finance Act which contains the legislation making the change receives Royal Assent. Discussion of this starts from page 22 at this link. Most pension schemes have not yet made clear whether they are protected or not.…
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Pension credit to state pension
moved to benefits
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5% or RPI increases - any crystal balls?
Last year I bought an annuity and chose 5% increases over RPI. I had buyer's remorse pretty quickly - second guessing myself. So this year I am buying another annuity and have the same choice 5% or RPI. I am tempted to pick RPI this time. The starting annuity is nearly 15% higher with RPI than with 5%. How would people…
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721 discussions
6.3K comments
Most recent: Delays for P55 tax refund from HMRC by leosayer
21 November at 11:44AM
