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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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GPPP is it Workplace or Personal - limited to 3 cash-ins?
Hi all, Going through some pension documentation for a friend. We're trying to trace some, update others with correct address and personal details. Basically, get them all registered for online access and see what is what. As my friend has worked a number of jobs over the years for fairly short periods of time, each…
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Employer's pension contributions - statements
Hi, new here, I hope I'm in the right place! I am in a workplace pension scheme, to which my employer makes a monthly contribution, as do I, directly from my salary. Recently I have had notification from the scheme provider that my employer has missed a number of contributions. I have a statement of contributions from the…
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Drawing from an inherited SIPP pot - MPAA is NOT triggered?
Anyone else read the article in today’s Telegraph? Quite apart from the imminent changes to the fee structure, I think what I’ve read this morning (assuming I’ve understood it correctly), is probably the final straw for me. Over the last few years, I’ve had cause to raise complaints about the service I’ve received - I…
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Switching from Hargreaves Lansdown due to new charges
I currently have a SIPP with HL worth less than £100K however am concerned around the new charges particularly the fund switching fees of £1.95 per trade which feels v high. Have other readers switched to other platforms. If so what ones did you switch too and are there services and charges better?
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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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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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Paying into SIPP and a workplace pension
I took a voluntary redundancy package in December and I'm now starting my retirement journey. I was paying into a workplace scheme via salary sacrifice (50% salary) and also sacrificed bonus plus redundancy amount above £30K (which went in as an employer contribution). Given this is the likely final year with significant…
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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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Most tax efficient way to draw down personal pension
I am 60, retired early and look forward to an NHS pension when I am 65. In the meantime I have a personal pension of about £70K which i would like to withdraw ALL as income between now and then (2030). I have no other income but living on my husband's pension. What is the most tax efficient way to draw down the £70K? -…
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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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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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Dreadful returns and dreadful service from Best Invest SIPP. Alternatives?
I am 79 with around £75k in a SIPP with Best Invest. The service is dreadful with them seldom replying to emails and the return is awful - just over 1% in the last year and only 2.8% pa over the last 5 years, when the stock market went up 13%. Can anyone suggest a better provider?
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Affairs in order (from a finance perspective)
Hi all While arguably could go elsewhere on this forum lots of knowledgeable organised people here and also definitely pensions is a major part of thing. Just been going through our legal affairs to address what should happen with everything in event of one or both of me and partner being incapacitated / dying. Checklist…
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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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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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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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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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AFPS 75/15
Please bear with me… I joined the UK Armed Forces 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…
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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…
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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