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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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finding an IFA for Pensions health check - info already consolidated - cost ?
Hi I have searched the internet, reviewed the guide on this website for finding an IFA, tried to use "free goverment services" but.. it still seem arduous for what appears to be a health check/comparison of my existing pensions for a fixed one off fee. In short, I am not looking to transfer out, look for new products, just…
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Sal Sac or Net Contribution.
Hi, hoping for some opinions on this one as im not too hot on pensions!. My company have today sent the below to a number of employees, due to the NMW increase and the fact they wont give pay rises (last one 10 years ago) they have said i dont earn enough to qualify now for sal sac scheme. Does anyone know how this will…
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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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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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When claiming pension why do DWP ask if you've lived overseas?
I reach my State Pension age in August this year and have just received a letter from the Department for Work & Pensions inviting me to claim my pension. As part of the process of claiming it online they're asking if I've lived or worked overseas since 1976. Why do they need to know this? Although I'm living in the UK now…
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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…
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Drawdown Notional split?
Just wondering how people manage their investments and drawdown with this. My own fault I know, but I stupidly thought that when I opened my SIPP i'd be able to....... 1) Crystallise an amount of money for up to the next 4.5 years (to take me up to state pension age) and do FAD to take a tax free sum and a monthly income…
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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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Standard Life £131k?
Standard Life recon the average private pension pot at retirement is currently £131k Ok this forum attracts either, people who know how to use money, or those who want to know how to use money.... But over the last couple of years trawling this forum to gain knowledge, the vast majority of people on here seem to have…
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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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Transition Arrangements for PCLS following abolition of LTA in April
Hi, What is the best source for info regarding the transition stuff? Any feed/stream I should subscribe to? David
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Deferred Alpha Pension to LGPS Transfer?
Hi all, I am currently trying to decide if I should transfer my deferred Alpha Pension across to LGPS and just want to check I am not missing anything obvious I ought to consider… As a bit of background, I am 53 and I have a previous LGPS pension from 2000 - 2019 when became deferred when I was Tuped across into the Civil…
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Cashing in pensions
My husband has a workplace pension with the company he works for. He also has an old pension with a company he previously worked for years ago and we were wondering if he cashed the older pension in, would it affect any state pension he might get?
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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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USS - options options options - what to do?
I am taking early retirement ( 55) from USS and will have a DB annual pension of £23k and a separate £9k pa widows pension but my dilemma is I will need an additional £17k pa for the next 4 years to cover short term additional expenditure (supporting children through uni, maintain current standard of living) and I need…
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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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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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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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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