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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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Pension Pot Gone Down!!
I consulted a financial advisor who invested my meagre retirement amount of money last year. I haven’t looked at it until now as I know it’s not good to look at it regularly and am horrified that it’s gone down £8000! Whereas I know they go down as well as up I didn’t expect that amount of drop in a year?! It’s all…
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Bucket drawdown strategy, what to put in medium term bucket?
Hi to all you extremely helpful regulars. I've been retired for a couple of years now and so far our spending has been taken from Mrs LW's P/T earnings, rental income and drawing down cash. We have untouched SIPPs and ISAs. I am 59 and my wife is 57, she will retire in 3 years with a DB income that just about replaces her…
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My pension lump sum was paid out but not to me
I have been looking into lost pensions and i remembered I had a private pension with a company called NEI Projects around 40 years ago. When I looked them up on line it seems they have been since taken over by Rolls Royce. I then remembered that I saw an entry on my personal tax summary some years ago showing as rolls…
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Pension options
Hi, My son has 8/9 small pensions with 5/6 providers after being auto-enrolled by previous employers. He has now found a job which he will hopefully stay in for many years and will soon get auto-enrolled in their pension scheme. My question is where is the best place to get advice about what to do about all the small…
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What to do with all your time?
I thought it might be interesting to get some perspectives from the hive mind here running: might help others. We all know that those who have bitten the bullet almost all wonder how they had time to work, but perhaps this thread could give others ideas? Not wanting to focus on the financial aspects - most threads here do…
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DB Pension quote....
Today received my 'quote' for putting my deferred DB pension into payment in September, admittedly it is 10yrs before my NRA of 65 but want to pay off my smallish mortgage etc etc. I also have a current DC pension with my current employer currently valued at £220K and contributing 7%/7% but with my mortgage paid looking to…
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SIPP Charges are these ballpark?
Hi Folks, once again looking to pick a few brains here. I'm currently in the process of releasing my SIPP and I receive the SP in 2 months. I'm entering a drawdown as this meets with our current financial goals. My SIPP is with Aegon at present and they are quoting per annum as follows: Investment costs 0.25% Service costs…
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I did it… I’m retiring… no more dithering
Update… I’m officially retiring as of October, after much dithering! Plenty to sort out workwise, but also starting to allow myself to plan my retirement! Thanks to those of you who’ve helped along the way by commenting on my previous posts.
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Being made redundant ....woohoo.....
I am 64 I am being made redundant in July or August (Or to be precise. I am being made volentary redundant. Which leaves my job open to a younger colleague who would otherwise be finished) So being retired 19 months early, helping a younger colleague, and getting a 'bung' ....woohoo... The redundancy will cover the lack of…
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Drama Trivial commutation NHS Pensions
I decided to take my 2008 NHS pension as a trivial commutation, it's capital value is around 22k. I plan to buy a camper this year and have some fun. I duly filed the AW8 form, the form to request trivial commutation AND two cover letters requesting a trivial commutation. I have chosen to retire and return so that I can…
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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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French pension problems
I am a retired British citizen, ow living back in the UK.I worked in France for a few years in 1970s and had been receiving my French pension. This stopped abruptly three years ago. Since this time I have made contact with the pension department many times and submitted identical paperwork when repeatedly requested. This…
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Proximity to Retirement Jitters
This recent rally is giving me the jitters . I’m in lucky position to be considering retirement in 2 years time - Age 54. The recent rally and maximum pension contributions past couple of years have got us to a good number in DC pension + SS ISA + Cash ISA. Despite being pretty financially savvy , and knowing that “number”…
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Leave it or move it?
When I was made redundant a few years ago I opened a SIP with HL mainly for the purpose of reclaiming some income tax. Since the initial transfer it hasn't (and won't) receive any more funding and I haven't withdrawn anything. For the last year or so the SIP been pretty static sitting at about 70k with any gains being…
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State Pension forecast updated for 2023/24 NI contributions
I’ve just seen that my 2023/24 NI contributions are now reflected in the HMRC app. So others may be updated now/soon. Nice to see that “You cannot improve your forecast any more” confirmed.
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Commute 25% tax free lump sum - Deferred Pension
Hello, I'm new to the forum and I have a question regarding a deferred pension. I should start by saying that I have little knowledge on this topic so any advice/comments from more experienced users would be greatly appreciated. I apologise in advance for the long post! Not sure what information is necessary to provide so…
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3 years to retirement and maximising tax thresholds
Hi, I’m currently 55 and my wife is 52 and we both
plan on retiring in 3 years’ time. I'm in a fortunate position that my 2 DC pots are
currently worth £923k. I currently pay about 1.5k a month through salary sacrifice
and the company I work for. We currently have about 200k in ISA's and high
interest saving accounts. My…
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Pension if Lawfully Dismissed
Hi everyone, Just wondered if I'm dismissed lawfully from a local government job what would happen to my pension? Would I be allowed to take back all of my contributions? Thanks
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Pension Fund Assessment of Risk
I have a pension following retirement and I am trying to work out if my risk assessment is correct. Would a fund which has a 80/20 split equity/ bonds be considered a moderate risk . I intend to draw an income shortly.
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Just can't decide between Drawdown, lifetime or fixed term annuity!
I just can't decide between Drawdown or a lifetime or fixed term annuity for two of my pension pots combined. I keep going round in circles. I don't want to take financial advice as I feel I should be able to work this out myself. Especially with a little help from my Forum friends! I don't think I would have the…