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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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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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Good (and short!) explanation of COPE
There are lots of queries about COPE cropping up regularly. This is one of the better, not to mention shorter, explanations I could find which might help: https://www.wypf.org.uk/pensioner/all-about-my-pension/contracted-out-pension-equivalent-cope-amount/
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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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New board for state pension top-up / Future Pension Centre / voluntary NICs questions
Hi all Regulars on this board will well know how many threads we've seen in recent months about Future Pension Centre-related questions. As a result of a great suggestion from a Forumite (passed on by a Forum Ambassador) we've created a new sub-board for all these types of threads: ➡️ Topping up your state pension ⬅️ If…
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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 me 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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Timing of potential pension changes to tax-free lump Oct 24 Budget
I am looking to retire in 2025. I am concerned following speculation in the press that the government may announce changes to the amount of tax free lump sum that can be withdrawn from my pension. I am in the LGPS and have been saving money into an AVC pot that i can only access when I take my LGPS pension. If the…
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Thinking about retirement...
... And panicking! Hey folks. Long story short, I'm 34 in February and thinking about the future. I'm married, two secondary school-age kids, renting, in full time employment. Looked at my Peoples' Pension pot and it looks dire to say the least. I don't mind being completely transparent with current costs of living and…
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Land Registry overreaching Trustee
Hi, any advice most appreciated. My mum passed away approximately 7 months ago. We were not expecting her to pass as suddenly as she did. She was a young mum and her partner was only a few years older than me. A few weeks before she passed, mum shared that her partner had been trying to get her to agree to being removed…
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What does 'trading style' mean when describing an IFA?
I have been speaking with a couple of local IFAs about personal pensions, and they are all suggesting using set risk rated actively managed portfolios with Tatton and other similar investment managers. They are definitely all advertised as IFAs, but seem very reluctant to look at any other funds apart from their favoured…
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AVCs - which tax year for pension input calculation
My pension provider has given me the pension input value for 23/24 which was a combination of DB and AVCs. It was lower overall than expected and once provided with the detail I can see that they have only included AVCs contributions that they have received from my employer in the year, not that was deducted from my pay in…
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paying more into pension through salary sacrifice
Hi all I live in scotland where the 40% tax band starts at £43,600. I make roughly around £55000 a year and was wandering if i up my pension contributions monthly as part of salary sacrifice to bring my salary down to as close as £43000 as possible, would i be better off? essentially keeping all of the money earned over…
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Taking 25% taxfree cash lumpsum out of large DC pension pot
I have posted here a month ago about taking 25% taxfree cash lump and falling foul of possible pension recycling rules. Thanks to all of you who replied and clarified the various points around it. In this post, I wanted to list my reasons for wanting to take the 25% taxfree lumpsum from my DC pension. I already posted this…
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LGPS Max TFLS
I hope someone can help please. I thought i understood max TFLS to be based on the formula of (20xannual pension + PCLS + AVC)/4. My wife's forecast is suggesting a max quite a bit lower even though they seem to be aware of AVC. I can't see how they have calculated it (and we are querying) but does anyone know what formula…
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Transferring tax free pension to stocks and shares isa every year
I will be starting to withdraw my pension next year, (£15,080 as give the wife my marriage allowance), to make the most of my tax allowance and just wondered how people went about this. Do you just open a stocks and shares Isa with your same provider, pick the same funds and just buy once the pension funds have cleared for…
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SIPP tax relief delays (Freetrade) - anyone else?
Hi, so HMRC failed to deposit tax relief for Freetrade SIPPs in August, and we're coming up to what should be the September paydate. I received one message from Freetrade giving a semi-explanation, but I'm wondering if people using other platforms have experienced the same, whether this kind of thing is normal, or if…
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Civil service premium pension
I'm doing some forward planning looking into my pension prediction. I've recently checked my ABS for my civil service pensions and the premium calculation seems to be incorrect. Can anyone help me with the following questions? The premium pension value is based on: (1) Pensionable earnings in last 12 months(2) Best…
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AVIVA FUNDS
I have my retirement fund with AVIVA, all of my fund prices update Monday to Friday around 6-7pm and consist mostly of shares My question is when my fund prices update does it relate to the ftse/dow share prices the day before or before that or do they relate to live prices at that time ?
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Bold leap into retirement
Morning all, I hope you have managed to find some time for yourself in what can be a busy period. We have enjoyed spending time with family over the last 3 days, it’s a quiet one today, then off to visit more family tomorrow. I’m not planning anything wild for NYE, but have been really starting to think about what I want…
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Best option for monthly income ?
I will be taking my pension next year and this post is pretty much the start of my decision process. I do intend to take professional advice. It's a DC Pension. My plan was to take the 25% lump sum and use the rest for a lifetime annuity with the lump sum propping up my other incomes if / when needed until I draw my state…
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Retirement Planning Spreadsheet example
I have searched but can't find one. Can anyone please share your retirement planning spreadsheet or recommend a free download of one? Thanks a lot.
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Pension below allowance, will I pay tax at first?
I will soon be starting taking my company pension of approximately £8K PA. This will be my only income so will obviously be under the personal allowance. I haven't worked for years so have no tax code. The pension company have said they are applying an "emergency tax code" of 1257L, which is obviously the basic personal…
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SJP Exit Fees for Pensions
I’m considering removing my pension pot from SJP after boosting it in Nov 20 by circa £1m. Based on sliding scale of exit fees they’d charge 2% this year, 1% next year and nothing in 26. Given that they have removed this for new customers from mid 25 is there any likelihood of this being waived or negotiated?? Trying to…
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Change of tac, dying below the IHT threshold
With all this talk of chopping and changing pension allowances it's very difficult to plan. When I first joined this forum 3 years ago, I had a simple goal in mind. I wanted to be at 1.1m by 60, Buy a silly car, pull down around 3.5%pa, reduce that draw down when the state pension kicked in and leave a good chunk for the…
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Purchasing additional LGPS with excess AVC Pot
Good afternoon all, I've been reading various threads for many months but unable to find a answer/assistance to my query. I'm currently 54, been working in Local Government for 30years. Thinking of retiring in 2027/28. At the moment I have a decent AVC pot and if I carry on paying as I am until 2027 I will have excess to…
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Worth transferring from USS Investment Builder to SIPP?
I currently have a SIPP with Interactive Investor, fully invested in Vanguard's VWRP global fund. This fund is an index ETF that seeks to track the performance of the performance of the FTSE All-World Index. It costs, I believe, 0.22% pa plus some small annual fee to Interactive Investor (about £200 pa, I think for them to…