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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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Drawdown pension care fee assessment
I'm trying to help a relative who has a husband in a nursing care home who has early onset dementia. He has a drawdown pension which the council are claiming counts the same as available capital wrt fees. She's been advised by Which that the council should treat it like an annuity which would greatly reduce her exposure to…
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What to do with 100k pension credit
Is anyone able to offer advice about what to do with 100k pension credit from a pension sharing order following divorce? It’s currently with Scottish Widows (SW). They’ve said I need to choose whether to transfer it to a new individual stakeholder pension with SW or transfer to another provider. Admittedly I don’t much…
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relating to possible 2nd pension drawdown, etc
Hi all, its just over a year since i posted on here last.. with some of the posters help it enabled me to get a better understanding so i could carry out a pension restructure and take my first drawdown.. i now have a crystallised (inactive in terms of payments goin in) pension with most of my funds in (this i intend not…
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Should I Delay Buying Gilt Ladder
I was intending to setup a 5 year index linked Gilt Ladder in the next couple of weeks with the first year maturing in 2035. The money is currently sitting in a Money market fund. With the strong possibility now of rising inflation and interest rates would there be any benefit in delaying the purchase? My feeling is for…
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SIPP and reaching age 75
My understanding is that if you die before reaching age 75, then a SIPP is inherited (let's say by your widow) and can be taken free of tax. But if you die after reaching 75 then she pays tax at her marginal rate on withdrawals from the SIPP. What I hadn't appreciated, but have recently read, is that in the latter case the…
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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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Due date vs Paid date for contributions
Hopefully an easy one to answer please… I'm working out the maximum SIPP contribution for my wife this FY, so looking at her company pension contributions (salary sacrifice so all EEs). The contributions have a 'Due' date, and a 'Paid' date, and for April 25 these straddle the start of the FY, with payment 'Due' 1/4/25 but…
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IFA vs DIY
I'd be interested to learn what are folks' views on DIY pension management vs. handing over to an IFA or similar? My immediate concerns would be handing over my life savings to a relative unknown and them scarpering off with the money, their ability to manage the risk, pick funds/bonds etc, fees, etc. On the other hand, it…
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State Pension and tax code 2026/27
Couldn't make my mind up if better in the Cutting Tax board or here but decided here. New tax codes are arriving for 2026/27. If on the full new state pension it should show 51 weeks of new rate of £241.30pw plus 1 week of old at £230.25pw. Total should therefore be £12,536. Assuming no other deductions/allowances, tax…
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Expression of wish form / beneficiaries for pension - changing when lost mental capacity?
I am an LPA attorney (finance and health) for my parent who is likely to lose mental capacity unfortunately. Their pension has a completed expression of wish form but we have agreed verbally that this might change next year, if the parent is still alive, given the pension estate changes from April 2027. Would the changes I…
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LGPS - Boosting My Pension options
Hi folks, Currently considering some LGPS APCs using salary sacrifice and looking for some opinion on whether it’s a good (or bad) idea. Situation: part-time, approx £16k, with marriage allowance tax code (1383). Not paying a great deal of tax or NI but was hoping to sal.sac. around £260 per month which will eliminate my…
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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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PensionBee Query
Hi all, I'll be honest and say that I have no idea about pensions. I'm 32 and I've had a few workplace pensions from previous jobs. I recently signed up to PensionBee and one of my pensions was transfered across with a balance of just over £7000 I've kept an eye and seen this balance go up and down recently as I can see…
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Inherited SIPP "Successor" Query: Avoiding 40% Tax Trap (Mother 75+)
Hi everyone, looking for some technical/tactical guidance on a SIPP inheritance. The Situation: I am inheriting 50% of a SIPP (approx. £127k). The SIPP originally belonged to my Father (who passed away several years ago under age 75). It then passed to my Mother as a nominee. My Mother has now passed away at age 77. My…
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Pension Newbie
Hi all, this is my first foray into the pension boards, please be gentle with me!!! I am a long time (and successful!) Debt-Free Wannabe and I'm trying to get myself and OH sorted for the future so would love some help/knowledge! Here's the situation: Both OH (early 40s) and I (mid 30s) are basic rate taxpayers, though…
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Civil Service Pension (and refund of WPS contributions)
Hi all I am trying to find out how much the WPS contribution part of my CS pension is? I appreciate it will not be paid out until I fully retire (I part retried in 2018- Classic). I have been single throughout my CS career. I don't currently want to raise a query due to the current mess the CS pension is in re Capita !…
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Mortgage, pension dilemma
I’m 65 in December and currently planning to work until 67. I took out a small mortgage just over 2 years ago for £50k, there is currently £29k left to pay at £968 month, the rate is 5.85% I have savings which I’m considering to use part to pay the mortgage off. The money that I’d be saving monthly on the mortgage I’ll…
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How valuable is my DB pension actually?
I am 37 and I have a DB pension currently worth £15k per year. A quick google search tells me that to draw down that much on a DC pension pot it would typically be a pot of £375-400k. This seems staggering to me since google also says the average pension pot size at retirement age is currently circa £150k. How can I be so…
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Help with knowing how much is 'needed' to retire?
Online calculators to me are quite worrying in that it seems to be unless you have a pot of £1million then you're going to struggle in retirement & while some will be fortunate enough to be in that position, I certainly wont. I doubt many of the people I know either will be fortunate enough for that yet they seem to do…
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CS 'Widowers Pension Scheme' refunds - any way to calculate amount?
Quote from CS pension website - 'All classic members contribute 1.5% of their salary towards a pension for their spouse or civil partner in the possible event of their (the member’s) death. If the member never married and remains single until the point of retiring, they may be eligible to receive a refund of these…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
736 discussions
6.4K comments
Most recent: Proof of Class 3 Validity - Working Abroad by sheramber
3 March at 11:25AM
