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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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Bus pass petition...
Just in case anyone is interested https://petition.parliament.uk/petitions/652985
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What to do with old pension
I have a pension pot from a previous employer worth £30k that I no longer pay into. It's with Fidelity and they invest it on by behalf through FutureWise (the default strategy). What I'm wondering is - what is the best option for me to try and achieve a consistent 10%+ return on this per year? I can change the investment…
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Final bonus
Hi all 61 and on disability benefits so found an old pension for £11500 current value defined contribution, I have 4 years left on its retirement date and could do with cashing it in. Question is for a small pension what would I miss on the final bonus ? Thanks
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What to do with an AVC. Drawdown?
I've got an old AVC, now with Utmost Life and Pensions. Originally it was with the Pru (contributed to from 1988 to 1997) and later with Equitable Life (I forget all the details). Unit based investments currently worth £30k. I've never done anything with it, so no withdrawals. I'm 69. My financial situation is such that I…
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SERPS should I transfer, what is Protected Rights is it a thing anymore?
Hi, I have an old pension due to contracting out of SERPS as someone told me it was a good idea back in the early 90's. When I spoke to an IFA 18 months back they said leave it where it was as it was Protected Rights, they didn't tell me what that actually meant, but I let it be as told. They told me a few things about…
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Pension contributions
HI, 55 in April. I have quite a lot of savings dotted around in various savings accounts/ISAs. I was wondering if it would make sense to pay extra into my pension monthly from my savings to get the 20%? Tax relief as opposed to leaving it in savings . Or is it better to keep maxing out my annual ISA allowance from my…
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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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Grandparents childcare credit reconsideration?
Hi there, firstly apologies if this has been already covered elsewhere this is my first post and I couldn’t see a similar query. I am just here with my mum for the Easter weekend and we happened to start chatting about the outcome of our recent claim for grandparents childcare credits and our confusion with why this hasn’t…
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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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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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2023-24 SIPP contribution
Hi all, As we near the close off of the 23/24 tax year I'm just trying to tidy things up and of course want to make the most of tax reliefs and remain within the 20% band. I just need to check my sums as math's is not my strong point. So Total earnings from all sources (paye,divs,interest etc) 68285.13 The way i have it…
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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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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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Dipping under the HICBC
Have we made under the HICBC and 40% tax? 99% sure are.
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Retired Early - Pension Options
I'm in my mid 50s, married and I retired a few years ago after selling my business. I have a few pensions, one of which is a Defined Benefit pension. I own my house with no mortgage, no kids, no debts and I believe I have enough savings/investments for myself and my wife to live a reasonable lifestyle without relying on my…
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Paying £2880 into pension when retired
Jamesd wrote in another thread the following: "She can make £720 a year tax free by paying 2880 net into a pension, having it grossed up to 3600 then withdrawing it. Can only do the withdrawing part from age 55. Can only pay in for this until age 75." I have just retired at 60 and have transferred my DC pension to a new…
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Prudential Teachers' AVC - Transfer or leave it where it is?
In the early 90's my husband started paying into the Teacher's AVC with Prudential. Within 2 or 3 years he became a local authority adviser and his teacher's pension was transferred to a LA scheme. The AVCs stayed where they were. Through neglect, these AVC's now amount to the princely sum of £13k (With Profits Fund) and…
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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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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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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…