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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 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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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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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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Diabolical pension inheritance tax on death 2027.
So this new 40% tax on any pension inheritance is apparently coming in 2027. What is the inheritance tax if a family member were to inherit their parents savings in an ISA or ordinary savings account? [Some text removed by Forum Team] Thank you.
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Is what I am doing sensible? What would you do
Age 46, partner 41 We've hit and then exceeded our 'number'. We live a relatively modest lifestyle, no debt other than £167K mortgage on house worth 500K+ Our retirement provision is: A LISA each, combined value £100K+ in 100% passive global equities Partner is in LGPS (albeit low paid and only 3 years service to date) We…
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Musings by the FIRE-side
Hi all, I’ve been a long time follower of these forums, but for some
reason having been away for a few months, my account seems to have been lost,
so I’m starting from scratch with a new profile. I’ve got a big decision to make over the next couple of
months and, aside from finding that writing these things down always…
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Planning for retirement in 5 years while living overseas
I am sure elements of this are covered in many other threads, and I know I really need to speak to a financial advisor, but you guys have so much experience and good advice I thought I would throw the question in here. My current situation: I recently turned 56, debt free with no young dependents (my wife has her own…
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The Lifespan Fund plan - a state pension idea from the Tony Blair Institute for Global Change
Nothing like an idea to change the State Pension to get some discussion flowing: https://institute.global/insights/economic-prosperity/the-lifespan-fund-reforming-the-state-pension-for-a-more-affordable-flexible-and-fair-future In summary their plan recommends this be introduced in 2030: the pension (or fund) increases…
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Looking for a pension that can be funded by family
hi I am trying to find the right product and failing Our adult stepson is going to open a pension but it will be funded by family so he had something . Currently he is self employed is there a product we can use ? Aviva said would need a financial advisor to set it up is there anything simple where we can then set up a…
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Moving pension to low risk fund
I've been slowly building up my defined contribution workplace pension knowing that I will want to start to take it relatively soon, however the pension funds are still classed as 'balanced', which probably means moderate risk. I'm nervous about a stock market crash and a big chunk being wiped from the value of my pension.…
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Should I attempt to drain my DC pension pot before reaching state pension age?
I am currently retired with a USS DB pension of approximately 36.5K/year. I also have a USS DC pension pot (the so-called USS "investment builder") of approx. 45K and a SIPP pot of about 18K. I also have in the region of 2K to 3K/year of taxable interest and/or dividends from non-tax sheltered investments. I will reach…
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New Capita-run Civil Service Pension Scheme - problems (what a surprise!)
So, Capita have taken over the admin for the CSPS and their new website and members portal went live this week. I have just registered on the new portal and am not in the least bit surprised to find that the information available on the new portal is very scant and incorrect in terms of my length of service. With…
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Financial Planning
Hello Group, I would like advice about how to bridge my income until my state pension kicks in. I am 63 now with a mortgage left of £21,500. I have 7 years left to pay it off and have a monthly payment of £309. I am however claiming Universal credit (LCWRA) which provides me with insufficient income for my expenses. I have…
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Where / How to find out Tax Year State Pension payments?
I am trying to find the total (gross) state pension payments I received for year 2024_25 and what tax was deducted. This seems difficult to locate. I can see a summary for my company pension but not the state one. Where or how do I get this info online or do I have to contact the DWP / HMRC or whoever? Thanks.
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(Bit niche!) - Finanzamt/german pension tax portal - offline for ages?
Hello there - I'm trying to help a parent with their German pension tax payment, which is usually made via the Finanzamt Neu Brandenburg online payment portal. However, this has now been ' currently unavailable due to a maintenance window' for several weeks, with no obvious suggestion how else to make payment. I've emailed…
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Pension fund comments
Hi all, looking for some pointers. I’m 42 and have been assessing my retirement fund following the recent sudden death of my father (aged 72) which has made me look at my own plans. I’m now considering taking an annuity at about age 60 with part of the pension and drawing down on the rest in an attempt to use it all up…
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Have we reached peak annuity rates?
Now that the higher interest rate medicine appears to be working and gilt yields are slightly down, does it look as though annuity rates have peaked for now? OH had a surprisingly good annuity estimate from Legal and General via moneyhelper, but when he went to the L&G website he got a slightly lower estimate using the…
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Civil service ill health pension, Alpha upper tier
Hi, I’m in receipt of civil service ill health pension at alpha upper tier and was told it is reviewed every five years - my five year point is next month. Can anyone tell me what to expect, eg do I need to provide more documents, investigations etc? I had a terrible time with my original application and finally got the…
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NHS 1995 PENSION
I am leaving my current post as I need to have less pressure. I will be going down a grade which affects my final salary. I understand it is the best of the last 3 years so I can only stay in new job for 2 years to keep max pension unless I opt out. Can I take job and opt out of pension before 2 years is up? or should I…
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SIPP help please
I’ve joined a new company and my employer have asked for pension details to set up my salary sacrifice (to keep annual under £100k) They don’t have one so I need to choose one myself. I am thinking of Aviva or Aj Bell. I’m not very pension clued up and just want something easy but to have a good return. I am planning of…
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Yet another retirement plan
Hi Folks, Hoping for any pointers/views on the following 20+ year plan. Context: Age 55, plan to retire in 5 years. Cautious investor. All income requirements covered by DB & SP pensions from age 76. Currently have £450k in SIPP/AVC/ISA/Savings Stage 1 - Age 55-67: Accumulation of growth portfolio (VWRP or similar) Stage 2…
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IFA initial cost and ongoing fees
Had a chat with an IFA who has quoted an ititial 3% tranfer fee to a SIPP from an old Royal London workplace pension with ongoing fees of 1% annual and 0.7% platfom fees, quoting an Aviva plan. Speaking to a few people who have done the same thing they say it seems quite expensive, any comparisons?
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Self Employed and Freelance workers...... PLEASE READ
Question: What's the difference between 2 and 3? Answer: 640. Yes, the difference between the annual payments for Class 2 and 3 National Insurance contributions is £640… £160 for Class 2 and £800 for Class 3. In order to pay Class 2 contributions, you need to be registered as self employed for National Insurance purposes,…
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: HMRC: Answer to my application to pay Class 2 contributions to buy NI gap is after April's deadline! by homebysea
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