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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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State Pension vs Income Tax Threshold
I don’t know if has come to the attention
of the DWP or the Treasury, but the increase due to come into force in April
for the State Pension, In some cases (ie pension +protected amount) ,
will result in the yearly Pension becoming more than the income tax
personal allowance. This means that I, for one, will be seeing an…
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UC & Tax implications of cashing in small SIPP
Hope everyone is fine and dandy and getting some much needed sunlight. In a couple of months I'll be 55 and I have a small amount (£1600 approx.) in a SIPP. I am on UC and I get Standard + LCWRA + Housing My pickle stems from what my tax liability on withdrawing the lot. The back of the fag packet calculation for the…
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slow pension admin
hi all can anyone help im 57 and have a db pension with avc's i signed all the paper work off end of jan to start claiming my private pension for start of the new tax year i dont have a passport so i had to send a copy of my driving licence and 2 bill inc bank statement the id is now still the hold up ive been on the phone…
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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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New option added
I was pleasantly surprised yesterday to receive news via the annual newsletter that my old workplace DC pension will offer drawdown as an option upon accessing it from this year onwards. Previously the only options were to buy an annuity, or take it all as a cash lump sum, otherwise transferring it out to a different…
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Passing 'Surplus To Requirements' Pension To Grandchildren
I have an inflation linked DB pension, more financial assets than I will ever use and a house that is way too big for us so we should be downsizing. (This is just to illustrate that I am 'comfortable'). I also have a separate pension worth around £250K. I have kept this in case I died before my 75th birthday and, under…
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Advice On What To Do With 5 Small Work Pensions.
Hello Guys. I have had a chat with Pension Wise in the past, it was ok but they advised that i speak to a financial adviser regarding what to do with my 5 work pensions. Im 56 and i retire in 11 years, im not working due to multiple health problems. I get PIP and UC. I have always grudged paying into a pension, thats why…
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Correct me if I have got this wrong TFLS (again)
I would be grateful for the hive mind to sense check my analysis of my “draw” from my SIPP with HL. I am 70 and never taken any pension benefits. Personal allowance used pretty much by SP. I want to draw out approx £75k from the SIPP. This is less than 25% of the value in the pot and there is enough cash in there. I don't…
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Pension Shortfall
Hello, Last year i took receipt of my DB pension all looked okay until the end of the year when i worked out that over 12 payments there was a significant shortfall in agreed payment. This is estimated to be around £3k. Now you may ask why i did not spot this but i have had a horrible 12 months due to death in family and…
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SIPP contributions by HR pensioner
Having a bit of a debate whether a higher rate tax payer now aged 70, only income from pensions and savings, would still benefit from paying £2,880 into their SIPP. The SIPP is currently fully invested and is not expected to be drawn on in the next 7-10 years. The investor is in great health but has quite a low risk…
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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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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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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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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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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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Fidelity SIPP Personal Statement Issued to Employer - Data Breach?
I have a SIPP with Fidelity, into which I have a regular payment set up for my salary sacrifice from my employer. I discovered today, after finding a stack of documents on my desk, that Fidelity have sent my quarterly statement to my employer. This lists all of my investments and how they have performed in the last…
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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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Teacher's Pensions Transitional Protection Payment
Hello, I was just wondering if there was anyone here who has retired from teaching and have received their transitional protection payment. I returned my form nearly 6 months ago and have contacted TP asking if they were still on track to make the payments within the 6 month window they had allowed themselves. I have sent…
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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…
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: Total pension contribution years required by QrizB
15 April at 7:29PM
