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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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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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Small pots £10k rules - the latest mse email
Just read the latest email email explaining pensions. Read the low incomes tax reform group website too. What's to stop someone who is age 55, working and in the 20% tax band from starting a small pension say £6000, getting 25% tax relief making it £7,500 Then cashing it in. Getting 25% tax free £1875 and paying 20% tax on…
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Relationship between pension income, savings interest and capital gain
Hi All, I am trying to discover the impact of a significant capital gain on my pension income and savings interest taxation for planning purposes. I have a personal pension (so I can vary income drawn) and cash in the bank earning £5,500 pa. Historically I have kept my pension income at my personal allowance of £12,570 and…
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what percentage of equity do you hold in your retirement pension ?
https://global.morningstar.com/en-gb/personal-finance/how-make-your-money-last-retirement i know some posters on here say they have 100% equity , and 60:40 seemed to be most common, but this gives food for thought , for once retired , if your exposure should be lower Mick
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Pension Transfers
My wife is 68 and has a Personal Pension with Octopus (formerly Virgin) called a Self Drive. . Octopus do not permit the taking of a 25% tax free lump sum and also only pay out as lump sum. They suggest she transfers it to a company that does. Do anybody know of a company that permits transfers in - then a 25% She has her…
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How is ill health efficiency worked out in CSPS (Nuvos/Alpha) ?
I have a link to the various CSPS guidance Notes but I am struggling to see how to work out my reckonable service from the guidance notes. Edit - removed identifying detail
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Pension Commission (interim) Report out today
https://www.gov.uk/government/publications/pensions-2050-evidence-and-future-priorities-interim-report The interim second Pension Commission report has come out today. This Commission is exploring the long-term questions of adequacy of pension provision and retirement outcomes in the UK. The Commission will publish and…
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Pension to savings ratio
I'm hopefully thinking of retiring in 2-3 yrs time. Will be around 65 at that time. For a years, I've been able to both save in Isa's & contribute to my pension (sipp) Self employed sole trader, if it helps. Lower rate tax payer. I'm a bit unsure which to contribute to more. Atm I have around 130k in pension & 110k in…
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Vanguard Funds' withdrawal allocation.
I have an UNcrystallised SIPP with Vanguard, worth £90k. It comprises £64k in FTSE Dev World ex UK & £26k in VLS60. For the first time, I have requested to crystallise £20k of VLS60 in order to take £5k as a TFLS. This would leave VLS60 with £6k uncrystallised & £15k in drawdown, or so I was led to believe. Vanguard sent…
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Effective Tax rate withdrawals
Thinking on my position along similar lines to this thread. Current Situation - Still a long way from retirement in age, if not money. 44 Married. Me - £750K in SIPPS - Contributing circa £30k a year to get down to BRT Missus - £150k in SIPPS - Contributing £3.6k a year. Salary £32k so could be a lot more Combined ISAs -…
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First SIPP with 100K lump sum allowed?
Could anyone clarify a question on SIPP contributions please? I would like to open my first SIPP and pay in a lump sum of about 100K I have my Nest contributions directly from salary which were approximately 2K last year. This is the only pension scheme I have been contributing to and it started 8 years ago. Given tha, am…
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Advice for Aviva Pension
Hi, I have an Avival Personal Pension Plan that I've had since 1989 so it's the old style plan with limited retiremnet options. I'm 64 and my pot is around £140000 so not that great and would give a low annuity. I'm interested in drawdown as I work for myself and am happy to contunue working part time. Any advice on…
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True Potential redress offer
My wife and I moved our pensions to True Potential back in 2021, upon the (verbal only) advice of our IFA at the time. After a couple of years, I realised that this was a mistake and eventually moved everything over to a DIY platform and happily manage this all myself now. I didn't complain at the time, just wanted to move…
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My Wealth Private (Wealth At Work)
Does anyone have any experience of moving their savings and/or DB pension to My Wealth Private for them to manage? I'm approaching retirenment in BT. Their seminars and individual advice has been very good so far, but I'm undecided about transferring everything to them to manage, as I can find very little around their…
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sense check my plan?
hopefully this kind of thing is ok. I’ll try and keep it specific - any questions I’ll do my best to answer. I’m at the point where I’ve refined as much as I think is reasonable without going around in circles. Potentially willing to do a paid IFA pass but that is around 2-3k so might wait until closer to retirement date…
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Deferred DB Pension
I am being made redundant (statutory) on 31st May after 36 years service. I have a deferred DB pension (2011) and another pension with a pot of £60,000. Both pensions can be accessed in August this year when I am 63. I have poor health and no financial dependents, 1 adult daughter, and I am divorced (ex is deceased). I…
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85 year rule
Hi, I would like some advice on the above. I qualify for the 85 year rule when I'm 60, currently 53. i understand that any contributions made before 2008 are protected. I have used the LGPS pension calculator and it makes very little difference whether I retire at 59 or 60, just the usual increase that you would expect to…
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Where do I start?
So I've never worried about my retirement savings or pensions - I've been paying into a Civil Service pension for over 20 years and thought that would be all I needed to do. Then I was widowed a couple of years ago and now my financial situation has changed a fair bit. I've covered off the big things: Mortgage is paid, no…
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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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Missing NHS pension.from the year 2000.
I was a nurse at a london hospital. I worked there for two years and I joined the NHS superannuation scheme in 1999 ish. Fast forward to today and I am trying to locate my NHS pension. I contacted the NHS pension tracking system in Newcastle and they said, they have NO RECORD of me being in the scheme, even though I showed…
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Fixed Term Annuity Tax Question
I am planning to purchase a fixed term annuity and want to understand if there is any difference in tax treatment between, for example, an annual income of £30,000 for 10 years followed by a maturity value of £30,000 OR an annual income of £30,0000 over 11 years? I am not quite sure of the correct terminology for that…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
748 discussions
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Most recent: NI years are now full, existing OAP, when should I expect my monthly payments to reflect this? by molerat
12 May at 5:13PM
