2027 pension reforms - revising strategies for DC drawdown planning

BikingBud

I was considering paying retired fees but not yet over 65 so I will also drop the membership, money saving, and post nominals but I will always consider myself an Engineer, just not in active employment

Albermarle

LXdaddy said:

Excellent post covering a topic very relevant to me.  You've covered each of the options I had been turning over.  If our second death is after April 2027 (which I certainly expect), then our daughters are going to be faced with dealing with this.  We are already actively working on reducing the value of our estate, but I have to admit that after a lifetime of being "careful" (not frugal) with money, changing to not checking the price tag on everything is hard (nice problem to have).  Compounded by the fact that a long, successful career has left us with a good income in retirement and an investment portfolio that continues to appreciate.

One thing that really bugs me is the fiscal drag from the freezing of allowances and tax bands.

I think it has been recognised that the change will make life more complicated for executors, especially dealing with pensions they do not understand.
I think I read that there were plans to publish extensive guidance on Gov.UK and that pension providers, executors etc would all have to follow the same procedures.
This would be a change ( if it happens) from other changes in pension legislation.  where different providers can interpret the situation differently until it all settles down. Plus some are more on the ball than others.

Bostonerimus1

squirrelpie said:

BikingBud said:

@gm0
Engineers do not become ex-Engineers and I deliberately capitalise the term because it is a profession.

I was an Engineer but now I am retired I am no longer an Engineer, although my mind retains an engineering set.

By which I mean I stopped paying the fees to the Engineering Council and my professional society to maintain my registration, and thereby lost the right to put C.Eng after my name. I think that's true for most professions.

Being an astronomer I've never belonged to a professional body, just a group of nerds with sore necks from looking up...I'll always be a nerd.