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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 tax
I am age 67, in full-time employment, have not yet claimed my state pension but receive monthly payments from two employment pensions. As the tax taken from my salary calculates to be based purely on that salary I can only assume that the tax on my two employment pensions is paid at source - does that mean that when I do…
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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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Finding an IFA
I’m looking at retiring this year and need to decide what to do with my pensions. I have a smallish DB pension (circa 7-8k) that will start paying at the end of this year and I don’t really need advice on that but I have a SIPP plus a DC pension with my current employer that I will want to put into flexible drawdown at…
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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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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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Pension Release
Hello All, I hope someone is able to help. This is my situation. Myself and my wife are thinking of putting in an offer for a house. We fall short of the asking price by 150k. I was thinking of withdrawing one of my pensions worth 60k in order to reduce the shortfall and therefor save interest on the monthly payments which…
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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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State Pension
I was 66 on the 17th April this year, I completed the on line form after receiving a letter from DWP to claim my pension, since then I have heard nothing, I tried to log in on line to find out when and how much I will be getting, but once you start the process, the site then asks for even more personal information, I only…
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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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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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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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Accrued state pension
I am over pension age but still working full-time and have deferred my state pension - When I do decide to retire and claim it I believe that I can only take 12 months of the accrued amount as a lump sum but cannot find out how the balance will be paid - a colleague advises that it's spread over the next 20 years pension…
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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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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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Is there any point in spliting pensions between providers
FSCS provide cover for 85k Would it not be wise to devide pension pot between providers? What am I missing?
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Private Pension After 75 - Grandchildren as Beneficiaries
Hi all Hopefully a simple query, I've searched online and on this forum but couldn't quite get the answer to my specific question. If a person over the age of 75 puts their grandchildren as the beneficiaries of their SIPP; after they pass is there any income tax the grandchildren need to pay (assuming they are under 16 and…
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Pension Illustration Error?
Hi pensions experts, I have a Defined Benefits pension - I won't say at this stage who the employer or the who the Pension administrator is. Upon retirement I have been planning on taking the 25% tax free lump sum and reduced annual pension. The pension administrators system has an illustrator that provides an estimate…
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Interactive Investor UFPLS
Having transferred from Standard Life to II last year, it's approaching time to take the first UFPLS from II... I've been through their guides, but can't seem to find out how you designate where the withdrawal is taken from........is it just a case, as with HL, where it's your responsibility to make sure there is enough…
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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…
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What does purchasing full contribution years do to a full international pension?.
I´m just trying to understand ;- normally, having worked in 4 different countries (UK, Finland, France and Spain) giving me a total of 42 full contribution years across the four, I should qualify for a full pension in each country pro.rated by the number of years I worked in each. This is my understanding so far - please,…