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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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Sole Trader - ISA or Pension HELP ..
an anyone please give me some advice on my finances? I am a 50-year-old sole trader who earns around £28-30k a year with no pension. After years of renting, I had to move back in with my father after he took a few falls just before COVID. It was meant to be temporary, but years down the line, I am still here and some days…
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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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Sharia index tracker versus global (ethical) equity in workplace pension (USS)
Hi Everyone, Just looking to get some thoughts on the merits of different funds when there is a limited choice within a workplace pension, particularly Sharia versus ethical funds. I am referring to the DC part of the USS hybrid pension scheme, but aiming to understand all of these funds, and their pros and cons. For…
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Deferred Local Government Pension
I have two Local Govt pensions, one which I am currently paying into, and one which I stopped contributing to some time ago and is a deferred pension (basically I forgot to transfer it to my current pension fund). I recently turned 60 and my deferred pension fund asked me if I want to start taking my pension, or to…
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Lump sums @ 55
Good evening all, New poster here just wanted to get feedback from experienced posters of My situation please. 55th Birthday lands in August I currently have approx 30k of bad debt! * most are on higher APR due to poor credit history and its crippling more each Month. I've got no properties but am hoping to have a large…
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Absolute plonker here who needs help. SHPS deferred benefit
I'm talking plonker! I am a 60 year old woman with a very old SHPS pension, I know its not going to be a great deal of money as it says ... estimated on returned at age 60 a pension each year of £2,713.65. I have stage 4 breast cancer and have a completed SR1 form from my oncologist. I still have 4 years on my mortgage so…
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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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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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Moving To SJP!
Hi I'm new to the forum. Just taken advise from a financial advisor and turns out they are attached to St James Place. Now i'm seeing some not so good feedback on here for SJP. I've 2 personal pension policies both are with profit funds. One is with Aviva and the other is scottish widows. They both come with large bonus's…
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No tax relief on my current pension?
Hello all, I'm hoping someone on here will be able to give me a hand, because after a lot of google searches I cant seem to find anyone else who has been through this situation. I work at a small company, about 100 employees, and have done for 4 and a half years. I work full time, on a salary of roughly £36k. I did a bit…
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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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Child Accesses Mothers Pension After Her Death
Hi. My wife died recently. She left a government (council) workplace pension as she worked as a for the council for some time. I've contacted them about this, and they say the pension is payable in two parts. One part is for myself, her husband, and the other part is for my child, who is 13. The pension department advised…
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NEST Pensions
My partner works for charity and they use NEST as their pension provider. She is 57 and has possibly 10 more years to retirement. They currently don't allow pension sacrifice but will be in the near future. He hourly wage isn't great but is it above the living wage so i have advised her to max out her pension by paying…
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deferred pension, want to cash in they not letting me?
I am trying to cash in my pension i am 59. it is a deferred pension and they are not letting me. they say I have to take it yearly, I have cancer so this is no good to me. They say that it is because i am married.
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Surrey county council owes me money and won't give any timeframe for repayment
I worked at a school as a TA from September 2023 to end of January 2024 and during that time was having pension contributions taken from my pay each month (all the pay and pensions goes through Surrey county council). It's not loads of money, but is money I urgently need. When I left, I had to fill out a form to exit the…
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LGPS increase - having claimed half way through previous year
Wife retired towards the end of August 23. She has been awarded the full 6.7% increase in pension but the LGPS web site suggests: "The first increase to your pension after retirement will normally only be a proportion of the full increase, depending on how many months your pension has been in payment during the year." So…
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Notifying HMRC of State Pension
Hi, What's the correct way to add the State Pension onto my personal tax account, so that they give out correct coding for my private pension? I'm not convinced that "Add a missing pension" is correct, as they ask for the name of the pension company. Other options include "unearned income", "non coded income" or "other".…
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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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Home Responsibilities Protection (HRP) payment - How Long for Update?
Hi All I wanted to ask what peoples experience has been with claiming HRP? My mother ( who is 75) received her letter from HMRC within 3 weeks to say she was owed HRP on her NI Record. This was back at the beginning of March and has since heard nothing else about what she is owed or if her pension is going up. Should we…
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SIPP with no beneficiaries
Hi, If I have a SIPP without any nominated beneficiaries how is the distribution of funds handled after death (under 75)? Is it possible to nominate my estate so that the Will handles the distribution? Also, if there is a drawdown account is this just treated as part of the estate? Many TIA!