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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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car purchasing in retirement
looking at info on what others are doing/plan to do regarding funding car replacement during retirement. We’ll likely drop to one car next year which will need both to be sold as her’s is too small and mine is too big for the other to drive :) so how to finance. logically we should estimate how long we keep cars for and…
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Gifting out of excess income re dc pension
I understand how to work out ‘excess income’ from a db pension, I guess if you are left with surplus money every month it’s quite simple and understand the rules about regular payments and keeping documentation but how do you work out ‘excess income’ when you basically have just a dc pot. Including State Pension I only…
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DB lump sum question
I am about to retire and claim my SAUL DB pension and will have to decide how much I want to take as a lump sum once the final quote arrives. I don't need a large lump sum as I have other savings/ISA. My instinct is to take about 50% of the lump sum offered or slightly less to use to spoil myself with a few more expensive…
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I have been left a £50,000 inheritance, I want to add it to my pension pot.
I have just turned 64, I have a part time job earning £1,200 per month and a small HM Forces pension and a little savings. I also have a personal pension with Aegon and have a pot in the £40,000's. I have just been left a £50,000 inheritance and I want to add this to my pension pot. Seems like a straight forward thing to…
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AFPS 75/15
Please bear with me… I joined up in ‘97 at 22 yrs of age. I served to ‘16 and elected to remain on the ‘75 scheme throughout. This 18.5 yrs served on AFPS 75 gave me an immediate pension of £14.5K p.a. but I opted to take full commutation so my annual immediate award dropped to £12K until I reach 55 yrs of age. I rejoined…
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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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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…
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Early-retirement wannabe
I would like to create a topic (don't see it at the moment - other than the NUMBER thread). Who is aiming for early retirement (or who has retired early already)? When did you begin planning and what drove the decision? What is the strategy for getting there? How much of a relative decline in income are you prepared to…
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Civil Service Pension & Tax
I was retired from the Civil Service on the grounds of ill health in 2013 (I was in the Classic Scheme). Due to circumstances, I didn’t claim it at the time; I am now looking at doing so. My annual pension will be 12k. MyCSP have confirmed that it will be back-dated (ie 12k x 12 years = £144000). What I was hoping to do…
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Deferred State Pension application - why the insistence re 4 Months?
I posted the completed relevant form re the above subject. Received a letter from the Wolverhampton office stating I'd applied too early. Oh, by one week. That was it - no forms returned, no advice, no personal name given by the brainiac who sent the letter (which is beyond infuriating). Fortunately I took photos of all…
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Advice for changing a new sipp and Isa platform
Thank you very much in advance! I have invested a sipp with one platform valued about 200000 pounds, but I would like to stop it as its charges or fees, and invest a new sipp with another platform such as trading 212, investengine, IG, can I just stop investing with the present platform before April, directly apply and…
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How to plan for arrival of 6-figure sum when deceased parents’ house is sold.
Hi all, apologies in advance for the waffle. I’m 53, married, with no children or debts. I’ve worked in local government for 25 years and earn about £36K. I’m in the LGPS and also contribute monthly to a SIPP. My wife, who is five years younger, works freelance, earns £20–25K, has limited savings, and contributes a small…
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What to do with old contracted out pension?
Hello. I'm seeking views on whether it makes much difference which pension to access first in the following scenario. My wife will be retiring shortly (turned 60 in 2025). All the pot figures given below are approximate for ease of calculation. All three of the pensions happen to be with Aviva and allow the usual options…
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How many funds should I invest in a SIPP?
Currently switching my wife's and my pension from Nest to a SIPP with Interactive Investor. How many funds would be the right amount to split it between? We have around 800k in total.
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Pension age
Hi my wife is 66 at the end of June 2026 and thinks she won't receive her state pension until September, she also thinks she won't get an interim payment for the period June to September. is that right ? Thanks Mark.
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Pension stopped
Mum's work pension didn't pay out this month. We phoned the provider and learned they'd sent a form out to her old address back in October, which obviously she hadn't returned. So that explains part of it, although we're none the wiser about why it was sent out in the first place. She's since received the form, which is a…
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State Pension taxable
I have just received 2 letters from DWP, 1 showing how much my State Pension will be from April 2026 and 2. what my tax code will be. They have stated that my State Pension will be ABOVE the personal allowance and therefore £58 of it will be taxed along with my private pension. Has anyone else had this? I understood that…
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Redundancy Payment Methods into a Company DC Pension?
Hi All I’m looking for a bit of clarity regards to how an employer pays redundancy into a DC company pension. My employer is offering to pay a defined amount above the tax free £30K, from my redundancy settlement pay, into my current company DC pension. This is good news apart from the payment method they are choosing to…
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DB Pension
Hello I am 54 yrs old and will be 55 in June. I started a works pension in July 2003 which was a Final Salary pension. My company stopped the the final salary pension in July 2012 and we started a Define Benefit pension up untill Oct 2021. Then my company changed the pension again but this time you could have a 2 year…
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Civil Service Premium & Alpha scheme member
Hi, I have been in the Civil Service since 11/2004 and was originally in the Premium scheme but was transferred into the Alpha scheme. Like others I’m tied up in the McCloud judgement. I turned 60 in July 25 and so have 3 options, continue working, part retire or continue working. I also at 60 started to receive a private…
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