-
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…
-
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.…
-
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.
-
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…
-
Not a full state pension plus a private pension
My wife is turning 70 this year, she has a civil service pension but only a partial state pension because she refused to fund more into it when she finished in the civil service at age 40. So her total pension comes just above the current income tax threshold for paying tax. With the current government plans to ensure…
-
100k+ earnings and max TFLS
Hi all Wanted to check my thinking age 46 current DC pot value £1.02mil Earn 104k basic + (typical) bonus 10-30k Company max pay in 10% at employee 5% sacrifice (Sal sac scheme) As I’m nearly at the max threshold for the 25% TFLS am I right in thinking that there’s no benefit in trying to stay under 100k earnings , and…
-
Invitation Code for new State Pension Claim
Hi, anyone else having trouble trying to obtain an Invitation Code to initiate a claim for State Pension? As advised to do so by the Pension Service, and being within 3 months of her due date, my partner went online, only to see a repeated message that the service was not working: 'Sorry, there is a problem with the…
-
Vanguard - Moving funds to drawdown and change to II
I have posted about this before last year, but I was given some incorrect information by Vanguard then. I usually keep 2-3 years money in a STMMF which I would like to use for drawdown, in case of market fluctuations. When you go through the drawdown process you specify which funds or cash to move the money to, but you…
-
Unexpected inheritance - views ?
I am unexpectedly about to receive an inheritance which will be in the region of £120k. This was not something I ever fed into my retirement planning. Appreciating this is a "nice to have" problem in financial ways, though not in emotional terms re the bereavement. I'm retired, not currently taking on paid work but I am…
-
The Pensions cashback and incentives discussion thread
Lots of coverage on incentives for current account switching, but none that I've seen for pensions. I kind of get it - bank accounts are a well oiled process, don't involve long waits, differing paperwork requirements, and potentially large sums needing to move. But given that the demographic of this board is made up of a…
-
DC Pension transfer
Hi All. Long time lurker. I have a question if I may. Wish to move a very old (small) DC pot from Royal London. They won't permit me to transfer to another modern Royal London plan. As it's old it needs to be processed manually so I'm looking for:-. A provider whom 1. Is reliable at transferring and receiving pensions…
-
Interesting TEDx talk on the 4 Phases of Retirement
Just come across this interesting 13-minute take on retirement 👍 (apologies if this has been posted before) The majority of threads here focus on finances, & whilst that is clearly very important, perhaps not enough time/thought is spent on the other elements of retirement 🤷♂️ His topics cover vacation, loss, trial &…
-
Looking to retire soon……best options?
I really want to retire this year…..current age 63, but not a lot of funds to play with. I’ve got £110k in savings….mostly in isas £40k in a Nest scheme. Also have an old (DB?) from 30-ish years ago which current statement is quoting annual payout just over £9k. I contacted them recently advising that I wish to start…
-
Bold leap into retirement
Morning all, I hope you have managed to find some time for yourself in what can be a busy period. We have enjoyed spending time with family over the last 3 days, it’s a quiet one today, then off to visit more family tomorrow. I’m not planning anything wild for NYE, but have been really starting to think about what I want…
-
Claiming tax relief on private pension
Hi there. I pay into my employer's workplace pension as usual but for the past few years I've also paid into a private St James Place pension. I pay £300 per month into the SJP pension on to which a further £75 is automatically paid in tax relief giving a monthly contribution to the scheme of £375. My financial advisor…
-
Erroneous Tax Code Notice due to duplicate Civil Service Pension
This is just for information in case it affects anyone else with a Civil Service Pension... A few days ago I received a Tax Code Notice containing a very large adjustment triggered by the addition of an extra non-existent pension. I receive a Civil Service Pension; the extra pension was a Civil Service Widows and…
-
Is it worth me continuing my SIPP?
Some years ago, after retirement, I set up a SIPP purely for inheritance tax purposes. I have no non-pension income, so I'm limited to £2880 net payment (£3600 gross). I've been 'fiscally dragged' into the 40% tax band. Reeves has snookered that plan, but I'm wondering if continuing to pay into the SIPP is worth it. These…
-
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…
-
Scottish Widows - Mercer master Trust Works Pension Question
Hi I want to transfer out of my Scottish Widows / Mercer Master Trust Adminstered Works Pension to iWeb/Scottish Widows.SIPP. However i'm concerned about the timing of the fund sales - does anyone have any experience with selling Mercer funds adminstered by Scottish Widows? What was the timescales involved, as in how long…
-
ready to retire & need to know her to invest
hi all im looking to retire at the end of 2026 my current pension is with Scottish Widows and I'd like to invest what I have (around £500,000) to get around 5% growth and allow me flexible drawdowns thanks
-
Can I retire now? (age 40)
I'm planning to retire in the next few months, and wanted to sanity-check that it sounds reasonable, given my situation: Equity: - house worth ~500k - ISA & cash, and shares ~500k - private pension ~600k (not accessible for 17 years) - state pension (not accessible for 28 years) (not guaranteed) - mum owes me 50k -…
-
Source of funds?
My wife is trying to withdraw a few thousand from a Wealthify savings account ironically to pay into a Wealthify SIPP (can't do it directly as Wealthify only allow one linked bank account across all your accounts). When withdrawal has been requested Wealthify are asking for proof of where the money came from. It was an ISA…
-
Pension advice
Hi im 48 and have a pension with standard life, it's worth about 71k at the moment. Ive just been looking and it's invested in a "Sustainable Multi Asset Annuity SLP (a lifestyle profile)". I can change this to 12 funds that I pick myself but I don't know which to pick and im not just going to pick at random, im going to…
-
Tax return income - with or without private pension contribution
Hello, I have to fill in my tax return for 2024-2025, I was an employee during this period but I paid towards a private pension fund. Do I have to declare the gross pay income but should I deduct the private pension contribution during this financial year or not? Because we receive child benefit, HMRC will tax this if my…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
731 discussions
6.4K comments
Most recent: Voluntary National Insurance contributions by pinnks
15 January at 11:27PM
