-
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…
-
Retirement Planning
The 'Savings & investments' board have suggested to post here and have edited this post. I am nervous about investing but need to get on with it. I have 12 years till SP age, an old work pension worth about £100,000 and a separate pot of savings to last till 12/2030 with no debt. My current spend all in is about £30,000 pa…
-
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…
-
Personal Contribution to Pension
Hi everyone, I just wanted to sense-check something. I’ve been looking at a few online sources and think I understand it now, but it’s taken me quite a while to wrap my head around it, so I’d really appreciate someone confirming whether I’ve got this right. Goal: Reduce the amount of 40% tax I pay. Context: I earn…
-
Prudential Investment Bond
Hi, I'm trying to help my mother-in-law out with her finances as her husband is in a care home and at the moment she is self-funding. She has a Prudential with-profits investment bond with added life insurance. It was taken out in 2001 with £63,000 and has 20 policies. It has grown over the years and is now worth about…
-
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…
-
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…
-
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…
-
£2880 pay from drawdown
Hello again, Retired, under 75yr, with only income from SP and DB ( plus savings). Does it make any sense to withdraw funds from my drawdown ac and pay into my pension account( subject to £2800 limit)? Money taken from drawdown would be taxed at 21% or thereabouts (Scotland). Payment is usually made from savings. Any…
-
Temporary partial ii SIPP transfer-out to reduce fees, pre-drawdown....
My partner has a modest ii SIPP that sits under the 100k account size currently but will go over it shortly due to additional contributions. In approx 2 1/2 years, the SIPP will be drawn down quite aggressively to empty it by state pension age. To avoid the ii platform fee increasing by £9/month when the 100k threshold is…
-
Can I still contribute £2880 per year once I'm retired, if I'm taking other taxable income
Good morning everyone. I retired at the end of September last year. From 6th April this year, I intend to start drawing down from my pension to tide me over until I reach state pension age (currently around 11 years away). Even if I'm taking taxable income from my pension, can I still contribute £2880 per year into my SIPP…
-
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…
-
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
-
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…
-
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…
-
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…
-
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…
-
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…
-
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…
-
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…
-
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…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
737 discussions
6.4K comments
Most recent: Gaps in National insurance contributions by molerat
12 March at 10:53PM
