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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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Survivor Pensions
I am just starting the process of tying up my fathers estate and needed some advice on pensions. He is survived by his wife (my mother) - he was receiving a local Government scheme pension - I read online it has something called survivor pensions? I just want to know what questions should I ask and what should I keep in…
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If you turn 55 in the next couple of years but not 57 by April 2028
I’ve just been reading up about the change in when you can start taking your pension, which I’m sure most will know is changing from 55 to 57 on 6th April 2028. I’m one of those people that will turn 55 years old within the next two years but won’t be 57 on 6th April 2028. So as I understand it, I can access and start…
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Pension lump sum contribution
Hi member of SMART salary sacrifice scheme with my current employer with salary of around 28k and on call allowance of 5k. I wish to make max lump sum contribution to my old employee scheme . What is the max I can put into this and take advantage of tax relief contribution? , do I need to allow for my salary sacrifice…
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Accessing PRU AVC (With Profits & MVR)
Hi I am looking to retire in two and a half years’ time (at age 60). I work in the public sector and am in two work place pension schemes. I will be taking my Final Salary pension at age 60. Will get approx. £15,000 PA & Tax-Free Lump sum approx £45,000. The lump sum and pension combined should give me a comfortable income…
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Cash SIPP - HL still best option?
Apologies if this has been discussed elsewhere recently, but a search didn't turn anything up. I wish to open a SIPP before the end of the financial year to deposit £2,880 pa in until I'm 55. I don't plan to trade, and will just hold as cash for a few years. Is HL still considered to be the preferred platform for this? Or…
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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…
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Additional Pension Payments
I am retired and I have a Personal Pension with Scottish Widows which I understand I can add to it each year £2880.00 with tax relief £3600.00. Im 57 years old and I thought I had a D/D in place to do this annually and it appears I haven't so for the last tax years (24/25 and 25/26) I have made no additional payments. I…
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Transfer of NZ Kiwisaver to UK.
I have a private pension plan in New Zealand and am migrating back to the UK soon. I can withdraw the savings from the plan after being out of New Zealand for a year and intend to transfer the money into a UK pension plan before buying an annuity. Would the amount transferred be subject to taxation in the UK? Thanks
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Calculating SIPP Contribution
Just trying to work out how much my other half would need to pay into a SIPP to get her out of the 40% tax bracket this tax year. Two sources of income with 25/26 tax codes and taxable pay for each as below: Taxable Salary of £19,920 taxed at BR Pension Income of £34,040 taxed at 342L Total income = £53,960 plus some…
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Consolidating existing pensions and taking drawdown
I have unit linked pensions with Standard Life and Clerical Medical. Those are the main ones, although I have a couple of others. I'm getting on a bit and I would like some income. I'd also like to draw the 25% tax free lump sum. I need this in the next 6 weeks. I was thinking of setting up a SIPP. If I cash in the…
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Taking 25% tax free lump sum from DC AND DB pension. Is this possible?
Hi I'm around 1 year away from retirement. I plan to utilise UFPLS to withdraw money from my one DC pension pot. I also have a DB pension, which is a 'frozen' pot from a previous final salary scheme, where I plan to utilise an annuity for guaranteed income. My question is; given that I plan to use UFPLS for my DC pension,…
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LGPS Redundancy - Local authority
Hi, I started my LA on 3rd July 2000 and being made redundant aged 59 on 30 June 26. How many weeks redunduncy pay do I receive? My LA says 29 weeks but online im reading 30 weeks! Thanks
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Increase pension contributions and live off salary and savings.
Reading a comment on another thread just got me thinking. I am a 40% taxpayer this year and, all being well, will be a 40% taxpayer until I retire in 3-5 (hopefully not more) years. For 2026-27 and 2028-29, it looks like I can contribute 24% of my salary via salary sacrifice to remain in the 20% tax bracket, when factoring…
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SIPP contribution needed?
Having salary sacrified throughout the year, I am now down to gross salary of 112k and cannot put do any further pension contributions. I plan to put some money into a SIPP to get me under 100k. Will a bank payment of 10k from myself be enough in view of 20% claim back or should I pay 12k from bank account into SIPP?
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Transfer from HL to II
I am going to initiate my transfer this weekend I have been reading the information about transfers on both of their websites. However I have a couple of questions that I could not see answered in their FAQs. I will be doing an in specie transfer If I hold a OEIC with a different share class to that is available in II, do…
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LGPS - AVC or APC?
I'm 53 and would like to retire a few years early. My current salary is £43k. I've been paying into LGPS since 2003, with a break just short of 5 years when I moved into the private sector. Jic it makes any difference, I've linked my old LGPS pot to my new to benefit from pay increases. I'm not sure of the longevity of my…
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I asked ChatGPT to simplify and sort out my investments
I have been looking at sorting out the isa/pension investments for me and my OH as they are currently across 3 providers (Vanguard - OH, interactive investor (me) and L&G (me) (ex-employer master trust in drawdown). Total approx £1m and not really used for day to day as decent DB in play. My allocation for the last 5 years…
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Teachers Pension - Retirement Planning
Hello all, I am looking for some pension advice for my Teachers Pension and am not sure where to go. I have had some very brief discussions with the pension service but it was both too broad and went a bit over my head, and I believe I can't get advice from Pension Wise because they offer their free appointment for defined…
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Keeping things simple approach in an HL SIPP
I have recently retired and have a DB pension and 2 workplace DC schemes. I have just opened an HL SIPP to utilise more of my possible tax relief for the 25/26 tax year. I would like to aim for 60% global equities, 35% Fixed income/MMF and 5% cash. Any suggestions for a handful of funds to consider? Thanks.
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Has anyone had any experiences with ReAssure?
How do!. First time posting in the forum (I think) so apologies if I put this post in the wrong section. My question is this, has anyone had anything do with ReAssure? I ask because quite frankly they've been the worst company I have had to deal with and it's got to the point where I'm at my wits end. It started back in…
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: Pay old Class 3 contributions or just recent Class 2? by Suhusa
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