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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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Taxed on SP due to late husbands SP
I receive the new SP and approx £7 per week of my late husband pension and do not pay tax, I do have a draw down private pension but not taking it and haven’t used my full 25% tax allowance yet. Today’s I’ve received a new tax code K35 which if I’m reading it correctly it says I’m due to pay tax on £362 in 26/27 which…
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Taxable state pension query
My mum is 80 and living only on her state pension which is a little higher since my dad passed away last year and is now around £1200 but she doesn’t have any other income. We’ve just had a tax bill for £600 . She wasn’t made aware she needed to pay tax on her state pension so this is quite a shock. I am going to call them…
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Scheme specific protected tax free cash questions
Hi, first time poster, long term lurker, so please be gentle. I have a ring fenced Scottish Widows, protected tax free Retirement Acc pension, of which I was told several years ago by SW that the tax free portion was 34. something %. Its current value is £173000. As this is ring fenced, no contributions are made, just…
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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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What's the lowest income that still permits me to pay class 2 NI?
Background… I'm retired, age 60 but 2 years NI contributions short of full state pension. I've been asked to do a small amount of self employed work that will earn me around £1k for a couple of years. I was thinking of using the opportunity to get 2 years contributions with voluntary class 2 NI. I've not been self employed…
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Sanity check
I would be grateful if someone could please check my cunning plan for pension withdrawal possibilities prior to my appt with Vanguard? I have topped up state pension to max and will start that in 2029 I am 64 and have circa £200K in Vanguard sipp and £55K in with profits with old CGU, now with Aviva. Aviva have confirmed…
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State Pension - amount
I still don't know whether I will receive a Full SP in 4 years (I am 63 next birthday) With 33 years Contracted out credits- with another 7 years ESA paid class 1 credits by 2030 !! According to Chat GPT "Maximum new State Pension 2026/27 maximum: £230.30 per week For someone who was contracted out for all their working…
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Providers that preserve protected pension age on transfer in?
Hi all, I'm about 3 years away from retiring and I've discovered that my main DC pension with Aviva (a TK policy) doesn't provide FAD. I'd need to contact them every time I want to make a withdrawal apparently. However, it does provide a protected pension age of 55 which will be really useful. Aviva's fees aren't super…
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Exercising Share Options and Relevant UK Earnings for Pension Tax Relief
Slightly niche question. When you exercise non tax-advantaged share options from a current or former UK employer, the difference between exercise price and value on day of exercise is subject to UK income tax and NI at the prevailing rate (any further gains, if you don't sell, being subject to CGT). My question - is this…
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pension minefield.
I am employed by the NHS and contribute to their pension scheme via my wages. I have a pension from a previous employer and applied to transfer it into my NHS pension. I was informed that this was not possible because the NHS scheme only allows a certain amount of time to do this and I was out of time. Would it be possible…
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Taking flexible retirement from a LGPS while still working
Hi there, hoping to get some advice on behalf of my partner
who is a member of the West Yorkshire Pension Fund (Local Government Pension
Scheme). She’s 55 and has recently been looking to reduce her hours
from five days a week to four. When she requested this from the HR department,
she was offered the option of taking…
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Civil Service Pension Switching
Hi, After reading through many posts I figured I would post my own question rather than trying to find answers in other's situations that might be similar. I am currently 47 years old and have been employed in the Civil Service for 9 years. When I joined, I had previously been part of a Stakeholder Pension with a previous…
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Are my pensions going to be enough?
I'm 50 Top photo is from a place i worked at for ten months Bottom photo shows my Aviva private pension; pay £120/month into it. Payslip shows my current payments to a workbased pension, can I ask them to increase this? How much am I getting off it? Any good? How do these compare with police/pcso/nurse pensions I heard if…
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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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Tax on pension arrears
Hello. I'm wondering if anyone has experience / knowledge about tax on pension arrears. My father recently gave up work at the age of 75. He had a Royal Mail workplace pension that he didn't claim until now, and they will be paying him 16 years of arrears that would have been paid to him whilst he was still working, if…
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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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Not Getting as Much State Pension as Expected
I checked my pension several times during the run up to receiving it and was told it was fully paid up and no top up was necessary. On receiving it in November I found it was around £30 less than expected because "In the past you paid into a workplace pension instead of the Additional State Pension". this is called being…
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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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Would it be a good move to take the 25% TFLS?
I will be retiring at the end of March and will be just under the 40% tax band with my State and Defined Benefits pensions. I also have a DC pension with 500K in it. It has done well over the last couple of years and I am concerned about it falling significantly in the first couple of years of retirement. I am considering…
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De-risking before retirement
So, I plan (hope) to retire in about 18 months, when I will be 61. I have a works pension and the state pension from age 67, which seems okay. To bridge the gap of 6 years, I'll need about £150k, which I currently have in a combination of ISAs and a SIPP. I'm working for the next 18 months to build up a cash reserve and…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
734 discussions
6.4K comments
Most recent: Paid gaps in N.I a year ago, still not updated. by Bighitter32
6 February at 11:02PM
