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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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How long does it take the survivor to receive the widow pension?
Hello, My friend's husband retired 6 years ago and they moved to another country. Yesterday he died after a fall. They don't have children together but he had two adult children from his previous marriage. My friend doesn't know whether he had a will but he used to say he would leave everything to the survivor. My friend…
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Tax on one-off SIPP withdrawal
My wife is 55 and a non-taxpayer. She will start to draw a DB pension at 60 that's just over the current personal allowance. She also has roughly 60k in a SIPP and we intend to withdraw that over the next 4 tax years to use her PA and therefore take it all out tax-free. The proceeds will go into her ISA. So later this week…
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NHS/Lloyds/Scottish Widdows missing pension
Hi Everyone My wife was an NHS pension when she started nursing in the late 70’s,In 1989 she was one of many who was advised by Lloyds to leave the NHS pension and move to theirs! Fast forward to 2002, they promised to reinstate her pension in the NHS which doesn’t appear to have happened. They also sorted annuities as…
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Aviva reconnect letter
Both my wife and I received letters from aviva relating to an address we last lived in around 40 years ago. The letters stated that they believed they held an unclaimed Life Assurance or Pension policy taken out with one of Aviva's previous companies. Has anyone had a letter like this? We are pretty certain that we have no…
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Teachers Pension Refunds before 2016
I've requested a refund from the Teacher's Pension Scheme as I didn't qualify for the benefits (less than 2 years service). I received a letter today stating that I can only be repaid for part of the money I put in from April 2016 as, prior to this, the scheme was contracted out and I paid NI contributions at a lower rate.…
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Tax Implications in UK on Australian Superannuation funds.
We are returning to retire in UK after 30 years in Australia. What are the tax implications in UK if we transfer some or all of our Australian Superannuation funds to UK, either as a lump sum or an income stream?
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Should I get pension contributions from employer?
Under 22, but earn up to £202.35 per week. Don't currently pay tax, so wondering if pension is a good/bad thing to look into and if the 'tax relief' aspect is even applicable (i.e. would it accrue for when I start to pay tax etc.) please? Thank you
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Pension Release
Hello All, I hope someone is able to help. This is my situation. Myself and my wife are thinking of putting in an offer for a house. We fall short of the asking price by 150k. I was thinking of withdrawing one of my pensions worth 60k in order to reduce the shortfall and therefor save interest on the monthly payments which…
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Claiming pension contribution tax relief for previous years
19 years ago my wife became disabled, overnight out income was halved so it was a busy time. She opened a pension plan because her employers pension pays out under £2k a year because she was only working for a couple of years. The equivalent of her DLA goes into the pot. As I had to retire soon after we are not wealthy!!…
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RANK MONEY PURCHASE PENSION SCHEME
Hi, Spent around 4 months and many, many hours trying to trace above pension, been to Pension Tracing Service, HMRC, .Gov, about 15 companies. My wife left the pension in 1997 but have all paperwork/statements etc. including letter advising Abbey National will be responsible for 'some aspects' of the pension as being…
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Pension advice needed please!
I hope someone can help me. Im in the enviable position of having an old defined contribution pension and a live defined benefit pension with the NHS. I would like to use the defined contribution pension to settle some debts and lend it to my daughter for a house deposit. If I was to cash in the old pension in total, would…
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It's time to start digging up those Squirrelled Nuts!!!!
Hi Everyone and welcome to my new thread. Original thread can be found here... https://forums.moneysavingexpert.com/showthread.php?t=5631875 As you may know, DH has already finished work and I am also due to finish in 3 weeks time :j:j. We hope that our FIRE pot is now enough (our IFA seems happy!)...and so I have made the…
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USS pension - what has been updated in the income builder?
Looks like the USS income builder (DB) has been updated recently. I have more in it that I had last time I logged in. But I can't tell what has updated? Is this just the adjustment to correct the valuation error of the last few years? Or does it include anything else? The date still says 31st March 2023. Hard to tell…
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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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State Pension
I was 66 on the 17th April this year, I completed the on line form after receiving a letter from DWP to claim my pension, since then I have heard nothing, I tried to log in on line to find out when and how much I will be getting, but once you start the process, the site then asks for even more personal information, I only…
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Interactive Investor UFPLS
Having transferred from Standard Life to II last year, it's approaching time to take the first UFPLS from II... I've been through their guides, but can't seem to find out how you designate where the withdrawal is taken from........is it just a case, as with HL, where it's your responsibility to make sure there is enough…
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Confused about new LTA rules
Hi, I have been trying to understand this Lifetime allowance stuff, especially since the new rules werwe introduced.and was wondering if anyone could assist please. The more I google and ask the more confusing it gets, and my priovider just bombards me with acronyms and other jargon I'm aware the old rules calculated…
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Is there any point in spliting pensions between providers
FSCS provide cover for 85k Would it not be wise to devide pension pot between providers? What am I missing?
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Should I claim my NHS pension
Hi I do not understand pensions and have a question I was thinking of taking my NHS pension when I reach 60 in June and then continuing to work in my current role. The pension I want to take is the 1995 section. Will this negatively impact me financially. I realise it's a final salary pension which is bad news for me…
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Scottish Widows stakeholder pension, best funds
Hello, Following my divorce I received half of a small pension pot. My share when last valued was almost £40k. I tried to get financial advice but as I hadn’t got £250k to invest, no one was interested as I’d pay to much in fees. I decided to stick with SW, as this has been going on for some time. My question is, which is…