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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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Paying £2880 into pension when retired
Jamesd wrote in another thread the following: "She can make £720 a year tax free by paying 2880 net into a pension, having it grossed up to 3600 then withdrawing it. Can only do the withdrawing part from age 55. Can only pay in for this until age 75." I have just retired at 60 and have transferred my DC pension to a new…
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State and private pensions have gone up, but I'm worse off
This discussion was created from comments split from: State Pension and Private Pension.
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Need a fixed fee IFA for sipp drawdown advice
Hi, I’m in the fortunate position of having a sipp which will provide the 25% tax free max LTA amount. I would like to pay a fix fee to an IFA, who can give me the pros and cons of how manage a drawdown strategy ,taking into account my specific circumstances. Can anyone recommend an IFA they have used ? I spoke to a couple…
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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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AVC-PSE-Mimimum Wage
I have been paying AVCs through payroll for the last number of years. It has been on the Gross side of my payslip as my company have been using PSE. However with the mimimum wage rising it had moved to the net side. (I think it would work out that I could pay £10 AVC and still be in PSE). I want to pay £50 or so and am…
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Wealthify Drawdown - application process
Mrs GenX is attempting to drawdown from her Wealthify SIPP. In order to start drawdown you first have to complete a paper/pdf form and upload it back to Wealthify. The form provides options for: A) A tax free PCLS with options to drawdown later B) A lump sum now of 25% tax free and the remain 75% taxed C) A defined gross…
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SIPPs and gifting
I wish to regularly gift money to my adult children funded by withdrawals from my SIPP using UFPLS. Can these withdrawals be counted as “gifts from surplus income” according to HMRC’s gifting and inheritance tax rules? I had previously asked ChatGPT about this and it gave advice that only annuities counted as income from a…
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Pension Advisor would want £21,000 for a failed transfer
Company pension scheme suggested this chap. So far after two hour's chat I've established that: 1/ He is someone recommended by my complex company pension administrator (DC with DB underpin) because he has successfully transferred many pensions out of the scheme before whereas "other companies have had less success with…
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42 Year olds diary for last min retirement planning and debt free living
I guess you get to a point in your life where you wonder what will my retirement actually be like? I am at that stage now…. This is going to be a long post!!! My plan for this diary is to update it weekly with what I have done, and keep a running total of side hustle earnings (i want to keep under the 1k limit) and the…
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What does "forecast" mean here?
On the Gov pension website, it says my retirement date is 2032. It has given me an amount, but is this the amount as per this years pension amount, or is this the amount the website thinks I will get in 2032? Thanks.
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salary sacrifice to pension, and top up income from savings pot ?
Is it better to pension salary sacrifice your salary and make up your monthly income from a low interest savings to reduce income tax, or does the tax on pensions when you withdraw, cancel this out… I currently earn roughly £6200/month or gross £74,400 I already salary sacrifice ~ £200 holiday exchange, £720 / month into…
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Where to start...
Hello, I wonder if anyone can spare the time to read this and give me some advice please? I am a 52 year old woman and have spent the majority of the last 23 years caring for my family. I have worked throughout but for myself (Avon type selling) and part time as a TA in a school for 3/4 years. I have 2 very small work…
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Retiring Early - Incomplete NI Years for State Pension - Options?
Hi there, I'm retiring at 48 with a modest income (really modest, I'm a bit of a Spartan) however I'm shy about four years of NI contributions to get the full state pension at aged 68 should I actually make it that far. What can I do to top up those remaining years? I can pay them outright I suppose, but I'm sure that if…
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Underpayment of Tax on Small Pot
I just took the whole of a 6k small SIPP with AJ Bell (1.5k Tax free, 4.5k taxable), but they only charged a tax rate of about 16.36% on the taxable bit. I'm assuming this is because they don't know about my other pensions. Will HMRC automatically adjust my tax code with my largest regular pension to fix this? I should…
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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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SIPP or Managed Portfolio
When in pension drawdown which do you prefer?
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TPS vs LGPS
Hi everyone are there any pension geeks out there who know the ins and outs of the Teachers Pension Scheme vs the Local Government Pension Scheme? I work at Sheffield Hallam University and the management are proposing moving most of us academic staff out of the TPS and into the LGPS. Are we going to better or worse off in…
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Early Retirement Refused
I’m 55 and I have a deferred DB pension with Diageo, I started in 1999 and left in 2001. I had transferred in my previous DB pension from IMI who I worked for from1988 to 1999. I recently asked for a benefit statement and they mistakenly thought I had asked for early retirement (no plans to retire until aged 60). They sent…
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Trying to transfer my pension but Royal London being awkward
Hi all i have a pension with Royal London that has a GAR but it is way below 30k its not even 5k I am in the process of transferring it to PensionBee because i want to be able to access it easier and now i have received an email from PensionBee saying that Royal London are saying i need to get advice from a financial…
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Am I missing any tricks in my retirement plan
Hi All, I plan to retire this Sept aged 62.5. I believe I have a robust plan but do not want to miss anything simple that adds value to retirement income. I currently have a DB of £16,400 that is in payment with the usual RPI/CPI built in and my DC is currently at £370k and I have another 6 months of payment of £3550 to go…
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Most recent: MSE NEWS: At or near State Pension age? Check NOW if you’re due missing Child Benefit credits by molerat
22 April at 3:08PM
