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Interest on savings
Please can someone help me understand how the calculations around tax on savings interest are worked out. I am 63 and semi retired. I have a small DB pension of £276 per month. I also have a small amount of income from self employment. Currently for this tax year it's about £2800. I'm not expecting it to go much higher. On…
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SIPP Fund Choices
Hello. I am 40 and have been contributing to my pension via a SIPP as I have been largely self-employed. I have invested in a number of funds, mainly HSBS GS Dynamic (50%) and Vanguard LS 80 (25%). I also have Fidelity Multi-Asset Allocator Adv, BNY Mellon Multi-Asset Balanced and L&G Multi-Asset 7 (together 25%). I’m…
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State Pension - Married Woman's reduced rate election
After the announcement regarding Home Responsibilities Protection, I checked my Mum's NI contributions for the tax years between 1978 and 1988 (when she only worked limited times due to childcare). It says that she did not pay any NI contributions in these years. I completed the forms online to see if she is entitled to…
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Retiring - Pay rise
Good Morning ...Due to retire on 5th January 2024 on a final salary pension after 29 years service , we have just been informed that we will be getting an 8% pay rise as from the 1st of January 2024 ... am I entitled to this ? will it be included in my final salary ..albeit I am retiring 4 days later
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How much can I top my pension up
I am going on flexible retirement (3days a week) next year and will have a small pension with my 3 days working, I am also going to go back in a LGPS for my last 3.5 yrs of working before I start to claim my full state pension. My question is I have some savings 25k that are coming out of a 4% fixed account soon…
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Vanguard SIPP Payment Problem
Help, I’m looking for any advice please. I paid just under three thousand pounds into my Vanguard SIPP via debit card and they cannot find the payment. The money has definitely left my account and been sent to Vanguard and my bank has provided the transaction numbers as proof, which I passed on. I’m fobbed off everytime I…
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Discretionary Managed Pension charges
I’m currently paying a total charge of 1.57% for a Discretionary Managed Pension (handled by my FA on the Fidelity Platform). I contribute £4800 a year and the fund is currently worth £195K. I’m very concerned that too much of what I am putting is getting eaten away in charges. Am I right to be concerned by the charges?…
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Retirement drawdown: Use cash buffer first or drawdown proportionally?
I've been musing on the different ways to use a cash buffer in retirement when drawing from a DC pension portfolio. So, assuming you have 3 year's worth of drawdown requirements held as a cash buffer, which seems to be generally viewed as sensible in many posts I read. What is people views on how to deploy that cash? Would…
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Should my MIL start collecting her pension?
Does anyone else get lumbered with family members' financial quandaries because you having a passing interest in personal finance?! I thought I'd share the wealth and seek some pointers from the hive mind please... My Mother-in-law had a major stroke 7 years ago, such that she was left unable to work (mobility/speech…
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pension planning non UK resident
Hi, I’m a UK citizen currently living in the Netherlands. I currently pay into a private pension that automatically claims the HMRC top up (I was self employed in the UK until 2020), which I won’t be eligible for in the next few years. My questions are: 1. Can I still pay into a private pension? My current provider only…
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Are these DC pension charges reasonable and how to compare them?
I have a Standard Life Personal Pension Plan which I'm not currently paying into and from which I don't intend to withdraw anything until I have to (I can live on a DB pension of approx. £20k p.a. gross which I already receive and £11k p.a. gross of state pension which I'll receive from December 2023). A couple of years…
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DWP & HMRC systems incompetence
I qualified for my state pension in June of this year - and since then it seems that every time DWP or HMRC have to deal with anything to do with me their systems get it wrong!!! Firstly, it appears they are paying me an incorrect amount of state pension - my pension forecast in May 2023 showed I should get 197.01 pounds…
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Pension Investment Performance
I started a pension in 2015 which has had total growth of 5% (current growth/total invested). I received 4%fixed in a single year on a savings account just matured. Are pensions that are invested really worth the risk or does the government simply need people to invest? I won’t be surprised if the growth goes negative but…
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Aviva ESG exclusions : Fund change
Hi folks, Looking for a wee bit of sense check. I'm not particularly knowledgeable in the field and read a lot of helpful advice before choosing my pension fund a few years back. Aviva have now advised that they may be charging me if I chose to remain in the fund when they process the ESG exclusions.…
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Taxable income
Do savings count as taxable income and if so can put 60k in my pensions and use carry forward? i expect to inherit about 150k. I earn about 32k and also in previous tax years and paid around 6k in pensions therefore i would be 26k in unused allowances. Is this right or not? Am not sure as what i have read this backdated…
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crystallised
have to fill form in for hrmc asking amount crystallised i had alump sum of 101881.35 so is it 407525.40
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"Emergency Fund" in Retirement - How much?
Some of you may have read the thread about your "number" when planning retirement, but it got me thinking, what about the level of savings you would like to be able to hold, over and above your pension income, assuming that income is sufficient to meet all your day-to-day needs. Do you have a "hard deck" in mind, below…
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Pension fund returns
Can anyone help me understand the difference between the "Trailing returns" number and the chart information (for example on Morningstar). e.g. - looking at fund "HSBC FTSE All-World Index Fund Accumulation C", the 1 year performance trailing returns is 6.01 but if I set the chart screen to 1 year, it appears that it grew…
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18 months to retirement
I have been in a work place pension scheme (Aviva) since 2012 my fund dropped significantly from Dec 21 to May 23 around 33%. It was meant to be a low risk fund leading up to retirement. I transferred to a drawdown focus fund which does appear less volatile. I intend retiring in 18 months and have raised my contributions,…
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Breakdown of State Pension payments?
The State Pension amount I will receive from next year is £203.40 a week paid as £813.60 every 4 weeks. Over 52 weeks I work that to be £10576.80 a year. But the forecast on the government web site said £10613.05. And showed the monthly amount as £884.42. So does the odd £37 get added at some point? Or have I missed…