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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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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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DB Lump Sum - Future Planning
I am currently 53 and plan to retire at around 57-58 if my financial plans are met, as this will fall in with the retirement of my slightly older wife. I am fortunate to know what I need based on current spending patterns, and have the luxury of having a DB pension. With that in question, and based on the knowns of today.…
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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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Pennies short of full State Pension-but would like to make it up to full.
Hi folks, I am about 17p short of the full State Pension, been getting it now for over two years, its not a great deal, to be that small amount short, but still I would like to bring it up to the full amount, just probably for the sake of thinking I actually get the full amount. As I pay tax, I know I am probably only…
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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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UFPLS withdrawals from a SIPP with two funds.
I'm thinking of moving two separate pensions to a well-reviewed company, who will allow regular UFPLS withdrawals without the high minimum amounts (e.g. £5k) many impose. They are fine with doing this monthly, whatever amount I want, but said I'd need to sell some pension fund units to create the cash balance, which will…
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How to claim back Tax Overpayment on Drawdown via SA
At the end of TY 2025-26 I took a lump sum out of my Pension of £30K, this used up the remainder of the standard rate tax band for the year. I was expecting this money to be fully taxed by the pension provider at 20%, but they taxed it at 40%, resulting in an overpayment of £6000. I know that I can reclaim this tax via my…
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Has anyone taken their B&CE Lump Sum Retirement Benefit (LSRB)?
Hi all, My husband has a legacy B&CE Lump Sum Retirement Benefit (LSRB) worth around £8,000, built up through employer holiday stamps between 1982 and 2001, now administered by The People’s Pension. He’s still actively contributing to his pension and we want to make sure that taking the LSRB won’t trigger the Money…
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Pension payout by mistake?
Not sure if this is a scam or true. I assisted a person who had lost her husband with a pension pay-out that she was unaware of and she successfully received it last year. She got a lump sum and receives a monthly income for life. They had contacted her about it as she wasn't aware of it until then, this was march 2024 and…
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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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LGPS & State Pension Age
I and 43m and joined LGPS in 2017 on the CARE scheme - which I understand is tied to the State Pension Age. For me, this is currently aged 68. (with the increase from 67→68 scheduled for sometime 2044-46) The current implementation of the SPA rise to 67 got me thinking about the risks around this for planning for…
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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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What happens if you straddle pension age increase?
On 6th April 28 minimum pension age increases to 57. My DOB is Oct 71. If I start accessing a DC pension from Oct 26 (age 55) can I continue? Or on 6th April 28 (age 56) will there be limits on how I can access my pension? What are the guidelines? I'm thinking I would be able to access crystallised funds in a drawdown…
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AVC's or SIPP?
Hi, I just wondered if anyone can offer me any advice. I have a SPP with around £6K in it that I stopped investing in a few years ago. I have been offered a Local Govt AVC with Prudential, it works via salary sacrifice and plan to put £50 in there a month. I understand you get tax relief and NI relief. The Money Helper…
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Age 42, what should I invest for for retirement?
Hello, I am Age 42, what should I invest for for retirement? Should |I go for all equities or equities and some EFT's? Thankyou,
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Self Assessment: Baffled by State Pension figures
I am attempting to complete my Self Assessment for 2024/25. The State Pension figure on the online form is already filled in by the system. The figure given is £13031. I may be being stupid here but I cannot understand where that number comes from. The HMRC website only gives weekly figures for the state pension.…
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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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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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Paying pension contributions with savings
There's been some talk about paying into pensions vs paying off a mortgage. While this is useful, these were from 2021. The economic situation has changed - my question is similar and different. Self-employed, currently out of work in my late 50s. Is it better to keep paying into my pension with savings? I've taken a…
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Advice On What To Do With 5 Small Work Pensions.
Hello Guys. I have had a chat with Pension Wise in the past, it was ok but they advised that i speak to a financial adviser regarding what to do with my 5 work pensions. Im 56 and i retire in 11 years, im not working due to multiple health problems. I get PIP and UC. I have always grudged paying into a pension, thats why…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
744 discussions
6.4K comments
Most recent: Have permanently stopped working is it worth paying off the final remaining gap in NI contribution? by flaneurs_lobster
23 April at 9:26AM
