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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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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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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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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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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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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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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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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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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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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…
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Keeping things simple approach in an HL SIPP
I have recently retired and have a DB pension and 2 workplace DC schemes. I have just opened an HL SIPP to utilise more of my possible tax relief for the 25/26 tax year. I would like to aim for 60% global equities, 35% Fixed income/MMF and 5% cash. Any suggestions for a handful of funds to consider? Thanks.
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Calculating SIPP Contribution
Just trying to work out how much my other half would need to pay into a SIPP to get her out of the 40% tax bracket this tax year. Two sources of income with 25/26 tax codes and taxable pay for each as below: Taxable Salary of £19,920 taxed at BR Pension Income of £34,040 taxed at 342L Total income = £53,960 plus some…
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If you turn 55 in the next couple of years but not 57 by April 2028
I’ve just been reading up about the change in when you can start taking your pension, which I’m sure most will know is changing from 55 to 57 on 6th April 2028. I’m one of those people that will turn 55 years old within the next two years but won’t be 57 on 6th April 2028. So as I understand it, I can access and start…
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Pension lump sum contribution
Hi member of SMART salary sacrifice scheme with my current employer with salary of around 28k and on call allowance of 5k. I wish to make max lump sum contribution to my old employee scheme . What is the max I can put into this and take advantage of tax relief contribution? , do I need to allow for my salary sacrifice…
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Accessing PRU AVC (With Profits & MVR)
Hi I am looking to retire in two and a half years’ time (at age 60). I work in the public sector and am in two work place pension schemes. I will be taking my Final Salary pension at age 60. Will get approx. £15,000 PA & Tax-Free Lump sum approx £45,000. The lump sum and pension combined should give me a comfortable income…
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
