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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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Lump sum pension contribution - making the right investment choices
I am taking voluntary redundancy next month and will be sacrificing part of my severance into my DC workplace pension scheme to save tax, but am restricted to a degree because of the annual allowance. I have calculated that I can contribute around 100k to my pension. I am going to retire so this should be the final (and…
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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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Early Pension and National Insurance Contributions
Hi all I'm hoping to retire in September with a teachers pensions and a drawdown from other pensions. As I will be 7 years away from state pension should I be thinking about National Insurance contributions from September onwards in order to get the full state pension in 7 years? Many thanks Jimmy Jazz.
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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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Anyone cashed in a NEST pension?
Hi, I'm over 55 and have just £1,000 in a NEST pension for a job I diid over 5 years ago. This is not my main pension and I would like to cash it in and close the account to pay for a holiday. Have to say the process was straightforward on their website and have provided the bank statement they asked for. However, there…
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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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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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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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Paying into a DC pension whilst drawing from the same DC pension pot?
Getting a few ducks in a line, I will get £25k in DB pensions payments across a couple of DB pensions that amount to that sum. I also take £30k UFPLS payment from my only DC pension (so 25% tax free). So in other words, pensions will be my only income. I will be 57 or 58 when I retire (I am 56 now). In this case, can I…
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Willis Towers Watson - Lloyds - HBOS Final Salary Pension Scheme
I have a pension held by the above. It is a old work pension with the Bank of Scotland who transferred it to Lloyds. It is under the HBOS Final Salary Pension Scheme I turm 55 in October and would like to take 25% in cash, the pension pot has a value of £104k. I have asked Lloyds by email if I can take the 25% but can…
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Capita - Hacked
I see pension companies have been warned to check whether data was stolen during the Capita hack https://www.bbc.co.uk/news/business-65443841 The hack apparently went on for 9 days at the end of March, and while the Guardian indicates only 4% of Capita's IT was affected…
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Best way to buy a house
55 later this year, currently employed earning 42k a year, job safe. Have no real savings as such, have circa 500k in a few sipps, currently got about 1100 going into workplace pension per month most of which paid by employer. Always rented, been paying child support for a long time, just ended. Lot of decisions to make…
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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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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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ii crystallisation and maximum tax free amount if pot above old LTA
FYI - if like me your pension pot is greater than the old LTA limit and you crystallise and take the maximum tax free amount; their may well be a delay against their normal processing times in getting your money (as has happened with me), their processes don't seem to have adjusted smoothly to the new rules.
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Discounted Gift Trust - question about withdrawals
Hello, My brother and I are equal beneficiaries of a Discounted Gift Trust set up by our mother with an advisor from St James's Place a few years before she died. My brother, as is entirely his right, has made a number of withdrawals from the trust recently to pay for home improvement projects. I have no issue with this at…
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Help understanding old pension plan
I have a family member who is paying into a personal pension plan since 1994. Back then it was called the Pearl Prosperity Pension Plan. It’s now with Phoenix Life, and called Prosperity Pension Plan unit-linked. The pot is around £90k. The fund it’s in is the Phoenix Pearl Pens Mixed. Mostly in ‘accumulation units’ and…
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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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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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Tax question regarding accessing 100% of SIPP in one go
I have about 50K in a SIPP. I would like to use it all in one go, to contribute towards moving home. (Sell my flat, and buy a house.) I understand that 25% of the SIPP is tax free. I am currently only on tax free DWP benefits (not working atm), and so I am hoping that I can get a further £12,570 of it tax free? Is this…