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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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Freetrade - has anyone undertaken a Uncrystallised funds pension lump sum (UFPLS) withdrawal?
I've been trying from the start of February to get a UFPLS withdrawal from Freetrade. The process is ponderous with every step by Freetrade taking a week or more – and that’s with chasing via the “calling into the void” that is its on-line messaging system. Things aren’t helped by Freetrade misplacing my application nor by…
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When Can you Pay Into a SIPP
I’m working for a few months at the start of the new financial year, after which my salary stops and my pensions are my only income. Won’t be going in to high tax bracket. Currently receiving workplace pension and state pension, but not drawing down on my AVC. Thinking of opening a SIPP to transfer my AVCs into. If I…
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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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Stepped Pension
Hi I had to
stop work due to ill health and am due to take a small BAe pension this year
aged 65. The pension has a stepped option which makes sense for me because my
analysis shows taking the stepped option pays the most over 12 years which is
probably all I have got. The figures: Basic
pension £5000 Stepped
pension…
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LSDBA calculation
Unfortunately I'm in the position of looking at a quote for serious ill health commutation of a DB pension. I'd appreciate help in understanding the LSDBA calculation. The quote has 3 elements to it: (a) Commutation of the DB pension that would have been received if service had contined to retirement; (b) the standard lump…
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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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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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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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SIPP for holding cash (interest bearing?) for last minute 25/26 contributions
Helping a family member. They are winding down with work, likely to have a final tax year of earning salary before retiring permanently aged 61. They have never really thought about pension and have paid in modest amounts to a DC pension. The plan currently is to withdraw as much as possible within personal allowance/basic…
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State Pension Explanation/Help please?
I have been in receipt of state pension for a few years now and have just had a letter about the increase. BUT I don't understand how it is made up and why it differs so much from my OH's when we have both worked continuously since the age of 16. No Home Responsibility payments due or included. He is a little younger than…
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Is the maths of my pension planning correct?
I wanted to walk you through my pension planning calculations to see if there is anything incorrect or missing about my calculations? Background I'm 40, and pay into a direct benefits pension scheme and have done for around 15 years. I have no other pensions. I'm a basic rate tax payer. I have a partner, who cannot work…
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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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Yes I know these are basic questions but......
I can't for life of me find the answers already on the forum. I was auto enrolled in a Nest pension with my employer. I’m paying the basic 5% of the qualifying amount and the employer 3%. If anyone is able to answer it’ll be bound to generate a few more questions. 1.I understand that I’m not paying income tax on my…
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Any tips for selecting an IFA for pension retirement
I’m looking to book an appointment with an IFA to get advice on taking my pension and putting a best plan together for retirement finances, so best way to use my pension, ISAs and other savings. I’ve read through the advice on Moneyhelper, looked at the FCA register and looked back at old threads on the forum, but still…
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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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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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Financial planner to test my retirement planning?
Hi everyone, I've been planning for my retirement for a long time, but especially in the last 4 years. I'll be 52 in May and always had an ealiest retirement date of 53 years old based on my numbers. So I'm getting very close to pulling the trigger. In the back of my mind age 53 was always the earliest I'd finish but I was…
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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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NHS pension statements in light of McCloud
My pension statement has very recently been updated to reflect the McCloud judgement and my membership prior to 2022 has reverted back to the 1995 scheme. As I had anticipated, this actually leaves me worse off (though the specific and currently unknown age I retire will affect this calculation). I'm not concerned about…
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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…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
740 discussions
6.4K comments
Most recent: Pay old Class 3 contributions or just recent Class 2? by Suhusa
26 March at 5:54AM
