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Acronyms etc..
Hello to all. As a fairly new forum user I would appreciate someone posting a key to the acronyms and arcane terms used when discussing pension issues. Thank you in advance.
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Success Stories - Pensions
This is a bit of a light topic where the idea is to highlight what successes you had with your pension pots. Example - I contributed X and accumulated Y by Z year. Total appreciation was 'x' percent. Just trying to learn the following that could inspire a range of people - those with no pension, those who started late etc.…
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Pensions, Annuities & Retirement Planning Sticky
Welcome to the new Pensions, Annuities and Retirement Planning sticky! 👋 📖 Here are some Forum threads you may find useful (if there are any you think have been missed, please do let us know): * Can I cash in my pension? * Early-retirement wannabe * It's time to start digging up those Squirrelled Nuts!!!! 📝 And here's some…
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Pensions Planning: The NUMBER
The NUMBER is how much income you need to "live comfortably" So What's your number? Very important for pensions planning, to know what you are aiming for. My Number? (for a couple) I calculated: £22,000 based on Food £5,000 Car/transport £5,000 Bills/Utilities £4,500 Holidays/Leisure £4,500 Clothing/Cash/Xmas/Other £2,000…
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Drawdown Pension
I recently took my drawdown pension as income although I continue paying in. i have been advised by the company the max I can now put in one year is now 10000 including tax relief. I have also been told I cannot go back 4 years to use up unused allowances! Is that correct?
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First year of retirement
Dear diary and all, I am starting this diary as a record of my first year in retirement. OH and I both officially retire at the end of August, at the moment we are on annual leave until then. There is quite a lot of advice about the financial planning aspects approaching retirement, but I have found less about the reality…
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Pension drawdown and tax; now or later?
I am in receipt of the state pension, but have a pension fund that needs a decision. I will I draw out the 25% as cash and put it into savings or ISA. If there is little tax free entitlement left, am I better taking it and putting it into a savings account; 4.5% seems available, and pay the 20% tax now, or get an fixed…
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Three Old Pensions, what to do with them?
Hello, Sorry if this has been asked several times before, I am slightly overwhelmed with a lot of information that I don't understand. I currently have three 'old' pensions from previous employers that are not doing a lot. They haven't had any contributions into them for over a decade, and have been sat there with very low…
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Old Pensions, Advice Please
Hi, I have 3 old pensions with a single provider that are connected and I am not allowed to separate or add to. I currently am looking to draw down about half the balance which obviously I am not allowed to do. My query is, should I transfer all the funds to another pension and then draw down just what I need? Or Should I…
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Letters after transfer to nhs scheme
It's a long story. Joined nhs late 1980s but didn't join nhs pension. Took out private pension early 1990s. Joined nhs pension scheme mid 1990s. The private pension went under a review and found to be missold so it purchased a certain number of years of nhs pension. That went through nov 1997. On going through paperwork,…
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Quick sense check for my brother's fire service pension options
Hi My brother is being made ill health retired at 49 from the fire service (bad back) - below is snapshot of benefit options. It looks pretty clear to me which option he should take, but just want to check that there's only one real sensible option…. I believe he has a choice of being in Legacy or Reformed Benefits plan:…
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Bridge at 60 alongside Alpha DB Pension: SIPP vs ISA vs Mortgage?
Hi all, I'm looking for a sanity check on my long-term retirement plan before pulling the trigger. My wife and I are both late 30s/early 40s, with a young teenager. We're both full-time public sector workers with Alpha pensions (Defined Benefit) which we've paid into for more than 15 years. We earn around £97k gross per…
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NEST Flexi access drawdown
I read that nest is rolling out flex access drawdown and that once done you will be able to take 25% of pot tax free - anybody know when this is likely to be available?
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Finding a pension - endless dead ends
I worked at a prison for a couple of years, and I have payslips that show I was paying into a pension during that time. Part way through the employment the contract was taken over by a new company. I have two employee record numbers for this time. The first employer has now gone, they were taken over by another company. I…
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Should I start to empty my SIPP
I have just over 500k in my sipp. I'm 63 next April. No debts, kids, mortgage, don't go on holidays and don't really spend on anything apart from household bills.No plans for spending in the future. I have a ltd company with no other directors or employees. I stopped taking a wage last year. I already have 35 yrs NI…
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DB/state pension only - how much contingency kepts in savings/investments?
kind of parallel to my ‘death is expensive’ thread but this is more about day to day stuff. At state pension age I’ve estimated my DB and two state pensions will cover all our needs - essential and discretionary. so our DC funds (and early DB) is focused on the bridge. after all is said and done we estimate to stop needing…
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Pension overwhelmed
I am 56 hoping to retire at 60, very big chance of redundancy then if not year earlier. This would be 95k payout and my plan would be to take the 30k tax free and put balance into pension. I know not a guarantee but if it happens this is plan. I have one final salary which offers 11500 per year with tax free £75k which is…
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P45 after getting lump sum in drawdown
Hello I recently got a lump sum from a retirement investment account. They sent me a P45 with the payment. I am currently working. do I need to hand this P45 in to my employer?
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A guide to the UK Pensions System from the PPI
The Pensions Policy Institute have released their latest guide to the UK Pension System. It is up to date to 1st June 2026. https://www.pensionspolicyinstitute.org.uk/research-library/pensions-primer/ It is aimed they say at anyone wanting to better understand the UK pensions system, including policymakers and Government…
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Aegon Trustee Proposed Section 32 Buyout Policy - Fund Name WP Endowment (A)
I'm nearly 54 so looking at pension options etc for when I turn 55. I have an old pension mentioned above. My understanding is that this has a protected cash fund and that I may be able to take out more than 25% tax free and wondered if this is correct? There's also mention of GMP - which is think is something to do with…
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Drawing down pension next year. Move from cash to pension now?
I’m normally careful about putting my details online but I don’t think that I have any choice if I’m going to get useful answers. I’m 57 and have £535k in my DC pension. My mortgage is fixed until next June and will be in the region of £50k at that point. I plan to repay it then. I have around £38k cash, some of which is…
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Work place pension
Hello all I have just been auto enroled onto my works pension with "Nest" There sight says they invest in businesses which obviously means when I get to retire I may have lost money (I know it can go up or down BUT!) I don't know what to do as nobody in work seems to be able to tell me any detail atall. I am currently 63…
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Added Years missing and miscalculated - Civil Service Pension Classic scheme
Hi everyone, I've been happily purchasing Added Years on my CS Classic scheme pretty much since I joined in 1998 (Added Years arrangement was put in place in 2000). Given my age at the time, I was able to purchase the maximum available to me: 7 years. I've kept all the confirmation documentation (hard copy letters in those…
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Civil Service Pensions - Capita staff comments
There's a report in Computer Weekly on internal staff comments about management platitudes - not good news but reflects internal tensions:- https://www.computerweekly.com/news/366648014/Capita-CEO-receives-scathing-rebuttal-from-employee-over-botched-contract
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
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Most recent: If You Have Registered For A … by molerat
11 August at 3:06PM
