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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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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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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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Early Retirement Hopeful - Sense check and thoughts
Hello, Long time reader here and would value thoughts on my plan: Age 54, married but we are working through separate finances (he is all DB), two kids aged 21. Am I able to retire at 55, end of next March? Would like £3,500 a month after tax. Own our home and have no debts. Pension pot W is DB from aged 65 at £4,292 a…
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Bridge to state pension - ringfence funds in lower risk or just draw from overall pot?
Not sure there is necessarily a ‘right’ way but would like feedback. target is to retire in 3 years time. I’ll be 58 and a bit, wife will just have turned 59. 8 years for her state pension to kick in, about 8.5 years for mine. Have a DB pension that should pay £15.5k from april 2029. Income needs - 40k net initially,…
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Thoughts on Delaying Claiming Civil Service Classic Pension
Hello, first post here, as I noticed some great advice on Civil Service pensions in the forum. I would be grateful for any thoughts or experience on my current dilemma as to when to claim my preserved civil service classic pension. Here's the situation: I turned 60 this year, so am eligible to claim my preserved Classic…
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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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Aviva pension policy disappeared from MyAviva
Hi, Posting here out of desperation as Aviva are unable to correct an admitted 'error'. I have a pension with Aviva which was originally with Friends Provident that Aviva took over 10 years ago. It has a different policy number than the standard AVxxxxxxx format. There must be many many thousands of people with similar…
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Over 75 move to flexible drawdown.
I have a pension pot with Standard Life of about £80K. I've just turned 75 so it seems sensible to crystallise at this point to protect my TFLS (tax free status would be lost if I die before my husband). We don't need additional pension at the moment, and we have other assets, but when one of us dies the other will need to…
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42 Year olds diary for last min retirement planning and debt free living
I guess you get to a point in your life where you wonder what will my retirement actually be like? I am at that stage now…. This is going to be a long post!!! My plan for this diary is to update it weekly with what I have done, and keep a running total of side hustle earnings (i want to keep under the 1k limit) and the…
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HMRC higher rate relief online form - confused by 'total net contributions'
I'm completing the HMRC online form to claim higher rate relief against pension contributions. I'm not clear what the form wants when it asks for 'total net contributions'. If, for example, I have added £12k contributions to a SIPP, had £3k automatic basic rate relief and am claiming £3k higher rate relief, is the 'total…
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Freetrade SIPP - Payment of tax relief
I've just topped up my Freetrade SIPP and would like to know when I can expect the tax relief to hit my account. Does anyone have any experience to share? From memory I think with HL, for example, you can work out the payment date (something along the lines of contribution up until 6th of the month then tax relief is paid…
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Self Assessment / pension / tax calculating
Hi, I've searched for something like this for a few days now but nothing quite fits. Basically as you can't use the Gov.UK website to run a simulation of a self employed return prior to the end of the current tax year what I'm looking for is some kind of simulator or calculator that allows you to input profits, interest…
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Capita Data Breach/Barings
I’ve just had an email from (Removed by Forum Team), 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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Transferring part of a SIPP
I have an ii SIPP and a 212 stocks and shares ISA. I much prefer the 212 platform and the lower fees. I would like to leave my stocks/holdings in the ii SIPP and transfer the cash to a 212 SIPP. Is that allowed? I do not want to go into drawdown.
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SIPP tax deadline day 25-26
I am thinking of starting a SIPP this tax year 25-26 to take the advantage of the tax break of investing a lump sum as I am no longer working paying 20% tax on my two company pensions, on ii website it states has to be done by Sunday 5th April but also seen online that for tax purposes it’s has to be done today Thursday…
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LGPS & State Pension Age
I and 43m and joined LGPS in 2017 on the CARE scheme - which I understand is tied to the State Pension Age. For me, this is currently aged 68. (with the increase from 67→68 scheduled for sometime 2044-46) The current implementation of the SPA rise to 67 got me thinking about the risks around this for planning for…
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USS log on
Can I ask those who have a USS pension, are you having problems logging on to the site? I have tried over the last couple of days and keep receiving the following message: Sorry, something went wrong... We seem to be experiencing a few technical issues in My USS. Please try again, or maybe come back later.
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Pension consultation
Hi, we have been informed at work that there is going to be a change in our pensions and that this will be changed to a net pension scheme, and asking if we want to opt out of this. At the present time our contributions go in from our gross pay. This is due to the national minimum wage increasing and breaches that may…
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United Communications Group Pension
Hi, my husband has an old pension that he hasn’t paid into for years but it has grown into a decent amount. He asked to take it out as a lump sum but was told he wasn’t able to because he had already exceeded his his lump sum allowance! So he can get a small annual pension only. Is this correct? He is still working so this…
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Overpayment into a private pension
Hi,having read a few articles on overpayment into a sipp and back dating for last 3 years. What is the actual benefit being as you get taxed on drawing it eventually from the pension after the initial 25% non taxable amount. My situation is a pay a nhs pension thats deducted at source,with other investments for the first…
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Earliest retirement date change in April 2028, am I affected?
Hi there, Apologies for the lengthy first post. Hopefully someone can offer advice if they've perhaps asked the same question and had a more informative answers than my local government pension service was able to give me. Basically, I have been in my LGPS since around 1993. Earliest Stated pension age to take benefits…
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claim tax relief on pension: impossible! I need a professional...
Dear all, I've been trying to claim tax relief on my pension contributions for month with no luck. I've followed this page: https://www.gov.uk/guidance/claim-tax-relief-on-your-private-pension-payments after having contributed some considerable extra amount to my private pension for 3 years (within the tax-free allowance…
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