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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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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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Bus pass petition...
Just in case anyone is interested https://petition.parliament.uk/petitions/652985
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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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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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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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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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Does taxable benefit in P11D count towards total earning limit for pension contribution?
I thought the P60 gave the total earnings for the tax year. I was also advised here that taxable benefit counts towards to the total earning limit for pension contribution. I might miss it but I found from my calculation that the taxable benefit (private medical insurance in my case) is not included in P60 (or salary…
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State pension payments
OH just recieved her pension payment today. Only got 3 weeks not the normal 4. We are aware that it's only 3 weeks since the last payment, however, if she has to wait 4 weeks for the next payment then she is going to be in effect £170 short payment for the next 4 weeks. Can anyone explain please.
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Clerical Medical - Extremely Poor Service
There's a few posts on here from a few years ago about Clerical Medical's poor service but I just wondered if I'm the only one having issues currently. I'm a trustee of some bonds from my late mother's estate and trying to get a partial encashment. I have already had one complaint upheld as the initial enquiries about how…
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SIPP Cash Buffer Handling
I think a similar question has come up before but I couldn't find the threads so apologies if it's coming up again. I retired last April and started taking my works DB. Come next month I intend to crystallise my SIPP and start taking a monthly top up from that. I will keep 3 years worth of drawdown held in cash in the…
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National Insurance Contributions whilst on PIP
My OH has been on PIP and unable to work since 2019 - he now has 5 years of missing NI contributions. It says we can voluntarily contribute over £500 per year to make them up but we don't have that sort of money? Does anyone know what else i can do please?
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Pension
Hi so I'm 50 years old and left NHS Jan 2023 I have a 17 Yr pension with them. Now I work for a private company in their pension I want advice on what yo do with the NHS pension do I just leave it sitting their do I put them together and furthermore when can I access the NHS pension
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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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Civil Service pension: alpha v. partnership & voluntary topup
Hi all. I've accepted a job offer which pays a Civil Service pension and am trying to get my head around the options: alpha and partnership. People say it is a no-brainer, alpha is far better. It is true that Alpha has an employer contribution of 28.97% - but this seems to be practically meaningless as it doesn’t go into…
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Draw DB Pension and work still
Hi Team, New joiner -my details; Age 59 Working - Salary circa £38k Deferred DB pension - can be drawn from age 60 without reduction - approx. £23k pa- commencing September . No DB restrictions. Q. Is there any financial reason why I shouldn’t start drawing on my DB pension, whilst still working. It will no doubt take me…
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Higher rate tax relief on pension contributions
I would love to sense check my
calculations with you good people (as HMRC seem to think different to me!)
about the tax relief I should expect on the below. I have done this for the
last couple of years and my calculations and HMRC’s returns have been similar,
but the latest is quite far out. Basically I do not do a…
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Income tax on 2 pensions
Any help to understand this would be much appreciated!! I have recently taken early retirement and I will have pensions from 2 different pots. The first is an RAF pension, which I have been claiming for a while and the 2nd is a local council pension which starts paying on 6 April 2024. The total from both will be approx.…
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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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To defer State Pension or not ?
Would there be any point in deferring my State Pension by a year ? Approaching pension age with a private pension already paying £15k pa and a part time job paying £12.5k pa i cant see any tax benefit in deferring my pension or am i missing something.?
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Salary Sacrifice NHS 2015 Scheme
There are still a couple of salary sacrifice options available for NHS staff. Some NHS organisations support the cycle to work scheme and some electric car schemes are still tax efficient. However, it seems difficult to judge the real impact of salary sacrifice. Does anyone have any thoughts. I've made a stab below but…