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How to ensure annual allowance is fully utilised
Hi all, Asking for guidance on behalf of my son. For context, he's one month into his first job. Salary ~£35k plus possible performance bonus. DC scheme, employee pays 1%, employer 8%. Employee can increase up to 25% of salary but with no further employer contribution except for half of national insurance savings due to…
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Balancing pension and S&S ISA
I'll start this thread by saying I'm going to be 46 in a few months time, so it's going to be over a decade before I can access my pension. Bearing that in mind a lot of what I am looking at is theoretical, and by the nature of the beast involves making various assumptions which may or may not be true. Still, it's a…
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confused about pension summary
Hi everyone, sorry to have to ask this which is probably just me being stupid, but..... I retired aged 56 last month from local government and have had my summary today which says i have 16 years and 87 days pensionable service @1/60th's on a final salary of £38,578 gives me a pension of around £12k a year. That is as…
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Civil service pension modeller
Im thinking of early retirement 2026. Also thinking of giving up a little bit of my pension for slightly higher lump sum. I know the modeller figures are not 100% accurate.. but does anyone know how close they might be. Im thinking of basing my decision on what the modeller is showing for age 64 but working further 6…
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Net Pension Calculation
I am currently contemplating taking a voluntary severance package along with accessing my local government pension 7 years early. I am currently waiting for a pension forecast from the pension fund. My employer will be required to pay the strain costs to the fund. To help me make my decision I would like to know what…
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Short Term Money Market Fund or Cash ISA
I’m looking to de risk and set aside enough money to fund 2 to 3 years of spending to bridge until I can take my final salary pension in 5 years time enabling me to retire in 2 years time. Would I be better to use Short Term Money Market Funds or to transfer money out of S&S ISAs to a fixed Cash ISA? Also does anyone know…
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Private Pension when not working
Hi, I live off a widow pension, carers allowance for my daughter and interest from savings, total income is about £20,000. I was thinking I should start a pension and wanted to put in 2880 in a year but would the government add to this with tax relief as I don't work? From what I've read you have to earn under a certain…
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Money markets
How do people use these like the Royal London short-term money market which looks like it’s been paying 4.6% though I guess going forward, it’s gonna be more like 3 1/2 to 4% ? do you use them as an alternative to ISA savings, or for the short term between changes in your investments while you are waiting for a favourable…
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Pensioner frugality- not spending !
Wondering if anyone has been in a similar situation. I have an elderly relative in their mid 70's and still fully mobile and owning their home (lives alone) who has a large lump sum of approx 200k in a cash ISA. They spend little, and live off the state pension shopping in lidl and charity shops. We tell them to enjoy the…
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Annuity 5% increase per year or RPI
I'm thinking an annuity will be the way to go for one of my SIPPS (currently around 360k). I don't intend to take the tax free element (or maybe I should?), so 100% will be used to buy the annuity. if I do buy an annuity my conundrum is do I get a 5% escalation or an RPI? If the BoE target is inflation target is met, or…
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LGPS Lump Sum Standard benefits vs maximum conversion
Hello. My mum has asked me to make sense of her pension and I've proven a bit useless at understanding it so I'm here for help and advice The form begins with "A commutation form on which you elect to receive a reduced pension of £92.35 and a retirement grant of £615.55. However, after considering the compounding option,…
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Consolidate in Scottish Widows or NEST?
Combined total of 105k in Scottish Widows and NEST. No ongoing contributions. Which is best to put it all in for drawdown, or is it same difference? Thanks
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Civil service fixed term contract alpha pension scheme query
Hi there, im looking for some help please. I've been told that as someone on a 23 month fixed term contract that I would be ineligible to join the alpha pension scheme, but I can't find any documentation on the CS pension scheme to support this. Is this true? Could someone provide info on where to look? Thanks in advance…
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State Pension forecast vs actual payment
I am due to start getting my state pension next Feb. The forecast amount is £12695.05 per year. I have received the letter advising the amount I will be paid and that is £973.20 every 4 weeks. So 13x 973.20 comes to £12651.60 a shortage of £43.45. Can anyone explain why there is a difference? Thank you
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Annuities - safer and better? Bamboozled!
My head is spinning trying to predict the future amidst everything and amidst my reticence to have unknown things affecting my future due to stock market volatility and the actions of Trump and Putin and China etc So I have 639,000 that can go into an annuity (some from pension and some from a house sale) which seems to…
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Retirement planning advice
Hi I'm 56 working in ft employment, earning £56,000 p/a with a rental property bringing in £10,000 p/a. I have a local govt pension that I’ve deferred (25 years in local government) and some other savings. - Local govt AVC £65,000 - deferred since leaving local govt - Vanguard S&S Isa (Lifestrategy 60/40) £80,000 - not…
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Partial retirement lump sum
I am due to take partial retirement at the beginning of of next year. Am in the 1995 with scs and the 2015. Can I take both lump sums. Or if I take the 2015 one early what will be the penalty. On my TRS there is a standard and alternative amount what is the difference and which one can I take
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Kingfisher Pension Quote
Hi, I have a tiny deferred pension with Kingfisher and have been provided with a quote with 4 options. I would like to take a lump sum with a yearly pension (Option 2), but I’m confused about Option 1 which indicates it’s just a pension payment and no lump sum, but has a lower annual pension amount and a lump sum that…
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Pension Tax Free Lump Sum
I am due to retire soon, I have a work Stake Holder Pension with Aviva. I have decided to take my tax free lump sum and then an annuity with the rest, which I will get at the enhanced rate due to health conditions. Aviva told me previously that it takes about 3 months to set up the annuity. My question is how long does it…
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HMRC to go after pension savers who returned their lump sum
“HMRC to go after pension savers who returned their lump sum Savers who returned their tax-free lump sum to their pension face a surprise bill of up to 70pc, following clarification from HMRC on the use of tax relief...” Ouch! Well the forum did warn people not to make decisions based on pure speculation… Anyone reading…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
735 discussions
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Most recent: State Pension Forecast and Buying Years by DRS1
20 February at 8:13PM
