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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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Good (and short!) explanation of COPE
There are lots of queries about COPE cropping up regularly. This is one of the better, not to mention shorter, explanations I could find which might help: https://www.wypf.org.uk/pensioner/all-about-my-pension/contracted-out-pension-equivalent-cope-amount/
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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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New board for state pension top-up / Future Pension Centre / voluntary NICs questions
Hi all Regulars on this board will well know how many threads we've seen in recent months about Future Pension Centre-related questions. As a result of a great suggestion from a Forumite (passed on by a Forum Ambassador) we've created a new sub-board for all these types of threads: ➡️ Topping up your state pension ⬅️ If…
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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 me 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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Average household expenditure by Age
In my continuing quest for data to pore over as I refine my pension planning, I came across this UK household expenditure 2022 by age | Statista. I probably like it as it confirms my current bias towards taking as much out of my pension as I can early on, though the likelihood is that it's just a reflection of income by…
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Retiree's what is you typical day
On the 'what made tou pull the trigger' thread Bluenose1 posted a typical day... What is yours like now you have retired? At 64 my finger is gtting very itchy......
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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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Guyton-Klinger withdrawal model
What is the collective wisdom on this strategy? It certainly seems sensible and common sense. Obviously, no model can accommodate every possibility and all models will fail with a series of poor years early on, statistically unlikely though that would be. But generally speaking, what do people think? it seems "safer" than…
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Bus pass petition...
Just in case anyone is interested https://petition.parliament.uk/petitions/652985
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Target achieved, age 44
Hi Checked our balances in our various investments today and following some decent stock market growth we've now hit our arbitrary target of £1mil+ in savings. I am 44 and my partner is 39. It is split: My SIPP £767K My LISA £36K My S&S ISA £37K My cash ISA £10K Her SIPP £146K Her LISA £23K (When i say 'my' / 'her' its all…
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Vanguard SIPP Transfer (Out) Experiences
I just wondered what other forum members experiences' were with transferring out of Vanguard? My transfer was initiated at the end of February. An in specie transfer of current investment from Vanguard to Interactive Investor. Having read some feedback on other forums such as Citywire, I kind of expected the turbulent…
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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 personal pension to a SIPP or my NHS pension
Hello everyone. I’m a little conversant with pensions but far from an expert, and wonder if anyone could give me some advice re the following: I’m age 58. I work nhs and have done for twenty years, paying into pension since then. I have a prudential DC pension worth 31k. I have just started process of transferring that to…
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How does SIPP tax relief work?
My wife has just been paid a taxable £64,278 redundancy amount at the end of March 2024. She has been taxed to the tune of £24,536. She is normally a standard rate tax payer but it looks to me like she's been taxed at about £38% on this payment. I understand that we can get the tax paid back by putting the remaining…
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How do I combine several pension pots? Total beginner here
Hello, I'm 32 and began working aged 18. I've had many jobs and have always opted in to a workplace pension scheme. The trouble is, i've never kept track of them, and have no idea who some of the pensions are with (I can remember Scottish Widows for some of them, and NEST I think for some others, I also worked for the NHS…
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Help with L&G Workplace Pension Funds
Hi all, hoping someone can link me to the financial times market pages for the following L&G funds. L&G PMC 2050 - 2055 Target Date Fund 3 - L&G PMC Pre Retirement 3 Pen, GB00B4QJ1L64:GBP summary - FT.com ??? L&G PMC World (Ex-UK) Equity Index 3 - L&G PMC World Ex UK Equity Index 3 Pen, GB00B4QBYH95:GBP summary - FT.com…
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LTA - is this just sad or what...?
So with the current buoyant markets, I'm within a hairs breadth of breaching the LTA. Wouldn't it be cool to do that on exactly the day that it's abolished for good? Yes, as I said, possibly sad... and obviously academic given that going over doesn't matter until you withdraw the excess. But sort of interesting to me…
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Any way to vest an LGPS pension >1 year service, but <2?
Unfortunately we've learned that my wife's contract with an LGPS employer is going to be ended in a couple of months. She'll have about 22.5 months service at that point. Are there any little known ways of getting this scheme to vest rather than getting contributions back, or a relatively poorer value transfer into a…
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Transfer fire service 2015 pension to a SIPP?
Hi, Can anybody tell me if I can transfer my current fire service pension (2015 scheme) to a SIPP? I have asked the pension fund and they have replied in jargon 'the pension cannot be transferred to a scheme which it may be possible to acquire a right or entitlement to flexible benefits, such as a money purchase benefit, a…
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Defined Benefit pre 1997 Pension Increases
Dear MSE
Forum Members, This is my
first Post so please forgive if it is not to the best standards. I am
fortunate to benefit from a company Defined Benefit Pension but like many
others do not receive increases in the pension accumulated in the years before
1997. I have researched this topic and found a 17th January 2017…
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Question(s) about Form P55
Hi. The missus has been overcharged tax on her regular cash SIPP drawdown payments. We're now looking to complete Form P55 but here's the first question. Bear in mind that my wife's only income, this tax year, has been state pension plus a tax free 25% of the SIPP, plus ongoing monthly SIPP drawdown amounts. She does not…
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Help with claiming HRP
My mother is trying to clain hrp for her missing years on child benefit. Her state pension is only £180 a month because off it. She has filled in the claim from, but she didn't know the Ni numbers of her 2 ex partners and has being told she needs them to make the claim. One ex has passed away the other she hasn't spoken to…
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Value of 'one more year'? Is 5% more a year for life worth working an extra year for?
My workings are as follows: 12 months additonal pension = £2k pa* 12 months additonal salary = £26k** Spend from savings minus £10k 12 months fewer for pension to provide livelihood = 50k 50K + 26k - 10k x 3.5% swr = £2.3k So 'one more year' is worth £4.3k gross pa - say £3.5k after tax for 'the rest of my life' Does this…
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Pension income codes etc help
Hello , clarification required please, if anyone can assist. Next tax year my income is as follows: state pension £11500... company db pension £16000... drawdown dc pension £12500. Total annual income from all sources. Tax code allocated for next tax year S228M. I fully understand that the tax won't be taken from state…