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Pensions, annuities & retirement planning

For help with everything to do with pensions and retirement.

Inc. or Acc. units in Retirement?
Hi, I am just looking for a bit of a steer here as to whether I should move all of my investment units to Inc. units. A little bit about my circumstances. I retired at 53 (nearly 4 years ago) and took my DB pension on my 55th birthday. My wife will take her DB pension in just over 3 years when she is 60. My DB pension will…
SIPP - Swap fund or not?
Approximately 18mths , I left my IFA and decided to opt for a 'fire and forget' approach on an 80:20 Equity/Bonds basis, with one of the tenets being that I would not tinker/try to play the market etc. Currently I'm invested as follows 41% Fidelity Index World P Acc 41% HSBC All World Index C Acc 10% Vanguard Global Bond…
Great Video on Investing
https://www.youtube.com/watch?v=D7BypzqdfqM By Tom Nash. Easy to watch. About 30 minutes.
Should I access my personal pension to make use of tax threshold?
I am a basic rate tax payer and I plan to retire later this year. I won't receive my state pension for another 3 years but I have sufficient money in my ISA plus I receive rental income (£8K guaranteed each year with no voids) that I won't need to touch my personal pension until well after that. As there will be 3 years…
Transfer of DB pension to SIPP - no brainer?
My partner (age 57) has a DB pension scheme from an old employer which looks like a no brainer for her to transfer into a DC SIPP. Am I right with my thoughts below? The pension benefits at date of leaving in 1997 is £2,400 a year - not index linked as far as we know. My partner thinks this will still be the annual pension…
Take VR and retire early?
Avid reader of this forum for ages, but now have a reason to post to see what others might do in our situation. Myself, 40. Full time, salary of ~£68K, rental income £5000 per year. DC pension currently at £250K. I pay 4% + £250 AVC monthly, employer £8%. Husband, 52. Salary ~£70k, rental income £5000 per year. DB pension…
Can I use my Pension tax free lump sum to buy Premium Bonds for myself and my wife
Hi All Can anyone Help me with this question. I'm just about to take my pension and have various options one is a tax free lump sum of over 100k. My wife and I have maxed out with isa's. Were both 20% tax bracket although our personal allowance tax codes have been reduced possibly by earning over the £1000 interest…
Nestle pension - not paid May 2025
I'm a Nestle pensioner and find that my pension for May 2025, due to be paid in on Thursday 29th May, was not paid in. When I've contacted them they say that the fault is with HSBC that didn't transfer the money. My question is - do I have any rights to compensation from HSBC? I've had to shuffle money around to cover…
USS Tax Free Lump Sum and IB
More questions as I begin to finally understand the USS pension landscape, which seems to mostly be a landscape of tar-pits, swamps and burning skips. Anyhoo....I'm aiming to flexibly retire at 60. I have a DB lump sum of about £65k (from final salary lump sum and Retirement Income Builder lump sum) and an Investment…
LGPS member wanting to contribute more. AVC, APC or separate SIPP?
My husband and I are both LGPS members but work part-time. Our current valuations are approx £2k and £5k per annum respectively. I am 43, husband 52. We have had a significant windfall and would like to start contributing more to our future. We are talking to a Financial Advisor who has asked us to gather information on…
Do you open a new pension when your pension fund exceeds £85,000
Pensions are fully protected upto £85,000. So to be 100% protected against bank failure is the solution to have multiple pensions at different providers?
Still not heard back from Pensions...
Hi, I'm 69, a WASPI, and receive the new style state pension. I was made redundant at 59 but due to aging parents who needed more help at that time I didn't sign on or try to get another job. I had 40 years NI contributions, and was contracted out for some of that time, so don't receive the full amount. On Martin's advice,…
Using part of DB lump sum (SAUL pension) to buy an annuity. Any good reason to do this?
I am already aware that the commutation factor for the DB lump sum tends to be poor. I don't need a large lump sum as I have other savings and no debts to clear. My instinct is to slightly reduce the default lump sum amount and get more as my monthly income. A financial advisor recently surprised me when he suggested that…
DB lump sum protection option - no brainer?
I intend to start my DB pension next year when I turn 57, 3 years before the scheme's normal retirement date).The latest early retirement quote I received gives me the following commencement options:* Option 1 - £27.5k per year with no lump sum * Option 2 - £22.2k per year + £148k per year lump sum * Option 3 - £27.5k per…
People’s pension Lump Sum Retirement Benefit
Hi there all my husband is almost 65 and The people’s pension has written to him advising him that he is able to take this tax free benefit on his 65th birthday onwards. This was a fund he paid into in the 80s that The people’s pension took over. He also has an ongoing pension pot with them with his current employer that…
Dwp
Hi, I have a private pension and also started getting State Pension a few months ago. DWP gave HMRC the wrong info regarding my pension amount. As a result I apparently owe HMRC money so they have put me on a K19 tax code for 25/26 tax year. Is it worth contacting DWP to complain.. assuming I can get hold of anyone...…
Incompetent handling of estate by previous executor means 45% tax now due on private pension!
Ive come over from the probate forum who have been very helpful indeed but I think I need some additional advice from the experts here! Long story short the previous executor was incompetent and although registered the death with the employer, they did nothing else afterwards, 3 years pass (dont ask!) & after us taking…
Nervous about starting salary sacrafice.
I wonder if anyone could help with some advice on salary sacrifice pensions. I would like to put roughly twelve thousand a year into a pension using salary sacrifice. Now having heard of many instances where small companies went bankrupt and later their employees discovered they hadn't been making the pension contributions…
Move pension/ take 25% ?
Hello all A friend, who is not yet at State Pension age, still works part time and also has a small NHS pension needs a bit of advice. He's already taken a lump sum from his NHS pension (about four years ago) and had forgotten, but has suddenly discovered, that he paid into a Standard life AVC for his NHS pension back in…
Drawing pension while working
Changed jobs last year and took a drop in income so drew my pension to top up my wage, took a lump sum to put away to pay off my mortgage next year. This amount took me over the 50000 tax band. Will I be hit by extra tax and do I have to let the tax man know or will they send me a bill. I'm earning 27000 a year and my lump…

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MSE News

Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
All State Pensioners in England and Wales will receive a Winter Fuel Payment this winter, though those who earn over £35,000 will see it clawed back through the tax system. It means nine million pensioners will get the £200 or £300 top-up. Here MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis, and we include answers to your key questions.
Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
All State Pensioners in England and Wales will receive a Winter Fuel Payments this winter, though those who earn over £35,000 will see it clawed back through the tax system. It means nine million pensioners will get the £200 or £300 top-up. Here MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis, and we include answers to your key questions.
Which NatWest and RBS branches are closing from 2025? Here's the full list – and banking alternatives
NatWest and Royal Bank of Scotland (RBS), which are both part of the NatWest Group, will shut at least 108 of their bank branches in 2025 and beyond, after the Group announced a further 52 NatWest closures.
Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
Winter Fuel Payments will be reinstated to all pensioners in England and Wales this winter – but will be clawed back automatically from those earning over £35,000 a year, the Government has confirmed. It means nine million pensioners will get the £200 or £300 top-up. MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis.
Car finance mis-selling update: regulator prepares for compensation scheme – and warns against using claims firms
Payouts for mis-sold car finance could be another step closer as the financial regulator has set out the factors it will consider if it were to introduce an industry-wide redress scheme – though we won't know more about how this will work until after a key Supreme Court decision expected in July. In the meantime, the regulator has warned that you DON'T need to sign up with a claims firm to be included.
Winter Fuel Payments to be extended to pensioners earning £35,000 or less – here's what we know so far
Winter Fuel Payments will be extended to all pensioners with incomes of £35,000 or less this winter, the Government has confirmed. It means nine million pensioners will get the £200 or £300 top-up.
Winter Fuel Payments extension confirmed for this winter – watch Martin Lewis' instant response and his message to the Chancellor
Winter Fuel Payments will be extended to more pensioners this winter – though not to everyone – the Chancellor has today confirmed. However, exact details of who will now qualify still remain scant. Watch MoneySavingExpert.com founder Martin Lewis give his instant response, as well as his key message for Rachel Reeves.
Nationwide Fairer Share: Free £100 bonus confirmed for 2025 – here's who will get it
If you bank with Nationwide, you could get a free £100 paid into your account in June or July as part of the building society's 'Fairer Share' scheme. The bonus will be paid to millions of its current account customers who also have savings or a mortgage with it.
Forced onto a prepay energy meter? You may be due money back as 10,000s to be compensated
If you had an energy prepayment meter forcibly installed or your smart meter was remotely switched to prepay mode without your permission, you could be entitled to compensation of up to £1,000 and may even be eligible to have your energy debts written off.

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