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Pensions, annuities & retirement planning

For help with everything to do with pensions and retirement.

Market Value Reduction confusion
Got a couple of questions about a letter I have just received. I have a guaranteed unitised with-profit series 1 fund of 4% per annum up to aged 75. i have just received the following summary. Intended Retirement Date Mar 2030 Pension Savings Value as at 27 Dec 2024: £22805.32 It then states "At Pension Savings Value date…
NHS pension lump sum decision
Hi all, I'm taking partial retirement from the NHS next year, I'll be 55 (I have MHO status). I plan to take 100% of my 1995 scheme and continuing working 60% of my full time hours. My big decision is what to do about my lump sum? I'll will automatically get 90K with a £32k a year pension, but have the option to commute at…
Ex husband blocking pension
Hi, My ex husband and I used to have a small business, and had a private pension with it. When we divorced He took control of the business (I had stopped paying into the pension some time beforehand). Since then I have heard nothing from him at all. We have zero contact and it was a bitter divorce. I have had no updates…
Help please ? Understanding my transfer in estimate value quotation from NHS pensions
Hi I am sorry to say a bit confused trying to understand.... What the transfer in estimate value quotation from NHS Pensions is actually worth in simple terms? What would this pay me as a yearly sum when I retire? I am 64 on 28/01/25 and have been with the NHS for nearly a year I plan to work maybe max 3 years, scaling…
Taking USS benefits
As a member of USS I've been playing with the benefit modeller. I have both the DB part and the DC part. Everything seems very sensible except that with the option to take all benefits, it appears to give me all of my DC part as tax free lump sum. I always thought that only 25% of this was tax free. The other options don't…
Tax code on DB pension
I have some unpaid tax from several years ago, and in September HMRC gave my DB provider a new tax code to recover the shortage in the current tax year. Assuming the unpaid tax is cleared this financial year, will HMRC automatically send the DB provider a new tax code to put things back the way they were, or is some form…
Proportions of Tax Free and Non Tax Free Payments in Drawdown
Good Morning Could anyone advise about the below please? I am a non tax payer. My proportions are Tax Free 35% Non Tax Free 65%. These proportions were recommended by my IFA. I no longer have an IFA and manage my pension. I give my husband the Marriage Allowance. I think I am getting confused about tax! As I get £825 a…
USS or Civil Service Alpha?
Hi all, Currently looking at a role which offers a USS pension. I am currently a civil servant and pay into the Alpha scheme. In the past, I was under the assumption that USS was a very good pension but, reading into it, it doesn't look all that great compared to the Alpha scheme. I believe USS has a contribution rate of…
Advice on SIPP needed
I have no taxable income for 2024-5 and expect the same for 2025/6, I'm currently living comfortably on savings and expect to be doing so until my state pension begins in May of 2026.I intend to open a SIPP and pay in £2880 for 2024/5 and the same amount for 2025/6 in order to get the £1440 in tax relief. (£770x2)As this…
Anuities Research
I am looking at understnding all the pros and cons of getting an Anuity for a small part of my SIPP pot. As we are now advised to shop around, I found a web site which aims to check the whole market and get you the best deal. The site says it earns a commision on the money paid to the anuity provider. My question is: Where…
Opinions on pension planning
Over the Christmas break I did my annual check of our pension provision, and I’d welcome people’s thoughts on our initial thinking. I appreciate no one can give investment advice. I'm 52 years old this year (edited), salary c.£100k but likely to drop to £70k later this year. Two deferred DC schemes with £317k aggregate…
Retired - Future Investment Strategy
Hello Knowledgeable Members, My wife and I retired recently and we’re trying to decide where to effectively invest our “portfolio”, details are as follows: * My uncrystallised DC pension pot is £600k invested 30% US, 30% Islamic, 40% cash residing with my former employer’s DC provider, Aon. This pot increased by 25% last…
Mothers entitlement to my deceased fathers pension
Hello, We have been chasing DWP for awhile with no luck and not even a response or reply from them after 2 signed for recorded letters and emails. My dad was born 1st September 1950 My mum received a state pension forecast on 18th August 2023. We promptly challenged the amount via telephone based on the following reasons:…
Annuity upgrade?
Hi.I have a friend in his early sixties who has never married and is looking towards retirement. He has a decent pot , 600-700k. He therefore has no dependants. I have suggested he look at single life annuities for peace of mind. He then asked, "what if i buy the single life annuity , but then meet the woman of my dreams…
Teachers Pension UK Online Calculators that are now personalised...
Just wondering, now we all have personalised calculators on there. I pay for 3 year buy out and also have bought Addittional Pension Blocks of £250. If I get an online quote of my retirement income, it takes me to age 68. I presume the value is the value I will get at age 65? So if I want to retire at 60, I take the…
CETV, How much is it really worth?
Hi, This is my first post and I'm going to keep it simple as I'd like a simple answer, if possible. I'm going through a divorce, we've been to mediation and the mediator has told us that when negotiating how to split the equity of all our finances, the pension would not be valued as its full CETV value. The pension would…
SIPP Platforms
Hi Fellow Forum Members, I've been researching SIPP Platforms for several weeks now but struggling to find websites that are truly unbiased and comparative. Context - I am a single 55 year old and have a defined benefit LGPS (Local Government Pension Scheme) with 8 years contribution and hope to work within this scheme…
£100k Tax Trap - AVC payments Net salary Gross?
Hi all, I recently received a bonus which tips me into the £100k tax trap (yes I know, boohoo me). I would like to reduce my salary by making additional payments into my pension. Only problem is, my pension requires additional payments to be made from my bank account, i.e. post deductions, not pre-deductions. And so I dont…
SIPP drawdown fund
Hi all im currently in sipp drawdown and i want to just take monthly income from one fund only. i have been taking profits from across my portfolio but I now want to use 1 fund first to save cost. i am stuck between holding cash 3.5 % interest on my a j bell sipp, or buying a short term money fund like a blackrock liquid…
Changing bank details for state pension
I had two 123 accounts with Santander. I have changed one to 123 Lite but the other one I am closing. All DD's etc have been transferred over automatically but the second 123 account I have to do myself. One is my pension and the other is a DD for the Council Rates. I am have terrible trouble (as expected and accepted)…

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MSE News

Ofgem proposes new 'no standing charge' Price Cap – but Martin Lewis warns vulnerable customers need to be opted in or it won't work
Ofgem has today launched detailed proposals for a major shake up to its Energy Price Cap that dictates the price over 80% of homes in England, Scotland and Wales pay for their energy bills.
Lloyds, Halifax and Bank of Scotland to cut overdraft rates for millions but hike them for others – here's what's happening and full help
If you're a Lloyds, Halifax or Bank of Scotland current account holder, the interest rate you're charged for using your overdraft could change soon as part of a fees shake-up. The Lloyds Banking Group, which owns all three brands, says millions of its customers will pay less after the changes – but a "few" will pay more.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more low-income households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Martin Lewis: At last a chance to fix Council Tax flaws impacting millions – debt collection, difficulty challenging your band, discounts and more
Major flaws in the Council Tax system in England could finally be fixed in future, as the Government has launched a wide-ranging consultation to review hideous debt collection practices, the difficulty of challenging your band, the overly complex and horribly-named Severe Mental Impairment discount and more. MoneySavingExpert.com founder Martin Lewis, who has long campaigned on these issues, shares his response and analysis.
Energy complaints to be dealt with more quickly and Energy Ombudsman to get new powers under Government plans
If you have a complaint about your energy firm, it may be resolved more quickly in future, as the Government has announced a raft of proposals to strengthen consumer protections in the energy market. The planned changes include giving the Energy Ombudsman new powers to force firms to comply with its decisions – but it's still very early days. Here's what we know so far.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Base rate held at 4.25% – here's what it means and when it might be cut next
The Bank of England has held the base rate at 4.25%. Below we explain why, when it might be cut, plus what it means for your mortgage and savings.
Applied for South West Trains 'boundary fares' compensation? Act now to claim it
If you applied for compensation from South West Trains before the deadline in January 2025, you now need to provide your bank details to the claim administrator so it can be paid to you. Here's what you need to know.
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.

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