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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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ILG ladder query
Below shows ILG ladder costs and GRY for 100K withdrawal each year for 5 years as a means of preserving wealth until SP kicks in. I understand the assumed inflation rate is 3% - and is currently 3.2%. The first 2 gilts show a negative GRY in real terms - I assume at 3% inflation. Q then - Assuming the above is correct, and…
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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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IFA vs DIY
I'd be interested to learn what are folks' views on DIY pension management vs. handing over to an IFA or similar? My immediate concerns would be handing over my life savings to a relative unknown and them scarpering off with the money, their ability to manage the risk, pick funds/bonds etc, fees, etc. On the other hand, it…
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Transfer of SIPP to self managed fund
I consolidated a few DC pensions a few years ago under the advice of my FA. Having done the Rebel Finance School course, I now want to leave my FA and transfer to a self managed SIPP. I'm 60, don't need to start withdrawing for a few more years unless I need to access the lump sum. How do I go about finding out which fund…
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HRP
My son was born in 1985. I went abroad (non EU country) in 1986 with my son to accompany my husband who had taken up a job there. My son and I returned in 1996 and my son started school in the UK. My NI record does not include the years 1985 to 1996. My State Pension started last year and I do not get the full amount. Am I…
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Defined Benefit pension transfer advice
I have a Defined Benefit Cash Balance Scheme pension with a transfer value of c.£70k. I would like to transfer this to an existing SIPP. In order to do so, I need a suitably qualified advisor who can sign a Pension Transfer Advice Declaration for me. All of the advisors that I have approached either aren't suitable…
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Help with transferring defined benefit cash balance scheme
Having turned 60 with Royal Mail I have to take my first pension with them (I have 2 more with them) I have 2 choices:- 1, take the money and pay tax. 2, transfer the money to another provider. I wanted to do option 2 and transfer it to my Royal London pension but they won’t do it without a financial advisor. I don’t know…
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Annual Allowance and Salary
Question about the amounts I can put into a pension and annual allowance. I know I am limited to my annual paid salary. So… If I earn, say, £57,000 and am in defined benefits scheme. My pension grows by £2000 in a year and there is no automatic lump sum and CPI for the sake of argument is nil. So my pension input amount is…
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CS Alpha -
I am trying to understand a number of questions with regards to my Civil Service Alpha Pension. My quandary is do I take my pension at 60, which means there is a reduction for every year before my NRA (67) if I do, or defer it until 67. Also if I do take it at 60 am I wasting money by continuing to keep overpaying into it…
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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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CS Alpha - early reduction factors
I've been looking at what I think are the reduction factors for taking Alpha early: Factors Guidance Hub | CSPS_GB My NPA / SPA is currently 67. I have also been buying EPA -2, but not for the whole duration of Alpha, so I will have two parts with different nominal retirement dates (age 65 and 67) but which must be taken…
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Tax year end 2026 is a Sunday - Easter Sunday
For anyone planning to make last minute contributions to a pension, ISA or whatever where falling into the tax year 2025/26 is important, and hasn't yet clocked the fact, 3 April is Good Friday, 4 April is a Saturday, 5 April a Sunday and 6 April Easter Monday. Paying a little earlier than you might otherwise have in mind…
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Soon to retire - how to take my saved money
I am 66 and will be retiring at 67 in a few months time. I am already benefiting with a full state pension. I have a very small NHS DB pension of £700 per year. I have £80K in savings , 60 in ISA's rest in fixed term bonds. I have 2 DC pension pots , £600,000 and another will be £12K. I am a saver but I want to spend the…
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Searching for critical mass
I wanted to send this out as a pulse check to see if we are on the right track, generally, and if there is maybe other things we should consider. Married, 2 kids, just turned 40. My partner and I have £390,000 invested across ISAs & pension. Combined we are putting away around £2500 a month into these, and mainly into…
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Messy pension contributions
Good morning. Could someone please advise what's the easiest way to check if my current pension pot would have been higher if my contributions were being added on time? My employer had some delays with sending contributions last year but on top of that the pension provider had a disastrous, non working processes for nearly…
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Why is HMRC giving me a tax allowance for 26-27 for SIPP now 75
Says it all in the title really. Doesn't the Gov know that I cannot contribut AND get tax a;llowance once 75???? Not really expecting any comment.
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Tax treatment on starting drawdown from SIPP
I appreciate this question will have been asked here many times before, but I wanted to find out how the tax will be handled when I start drawdown from my SIPP (held with ii) in April. I’m self-employed and still earning but only around £15k a year and I plan to take £12,570 a year (the tax-free allowance) from my SIPP -…
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Private Pension Company - Drawdown - Is this correct?
When I started my application to drawdown 25% (tax free) from my pension, it was early Feb, this year. I was assured the process would take 2-3 weeks and funds would be in my bank account. It's now 7 weeks and I have a concern having received the following Friday afternoon last week: '… the speed of the actual bank payment…
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Capita Data Breach/Barings
I’ve just had an email from Adnan Malik, Head of Data Breach at Barings Law advising that he is moving to Abbleys Solicitors and taking the Capital Data Breach case with him. Has anyone else received this? Wondering what the implications of this are? Thanks
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LGPS - BUYING EXTRA PENSION
Hi, If i was to buy extra LGPS pension of 2k (A surplus after AVC TFLS) will the amount of £132.98 from the LGPS calculator be a monthly or annual amount? I am taking VR aged 59, will that make a difference to the figure? Thanks
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: Gaps in National insurance contributions by molerat
12 March at 10:53PM
