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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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Interactive Investor SIPP question
I note there is a fee of 12.99 per month. Is this the II "platform fee"? You also have to pay a percentage fee - albeit smallish generally around the 0.2% mark - for the various funds that you decide to invest in??? Trying to do the numbers. My workplace pension offers a fee of 0.3% so by the time the platform fee and fund…
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USS - growth fund
I started with the USS investment builder in 2016. My main aim was to preserve child benefit by
being under the income threshold and also get
some additional pension. I put the funds,
plus employer contribution to DC, in USS growth fund which was marked as high
risk, but potential high return and seemed an easy choice.…
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Late Change to Tax Code FY23/24 On Achieving State Pension Age
I retired from the RAF in March 2023 when reaching age 65. I started FY 23/24 on a Tax code of 1396M based only on personal allowance, marriage transfer allowance from my wife and a professional subscription. My income for the year was solely an RAF pension well within the upper limit for 20% basic tax. However, when I…
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Small Pension Pot
I have a small 2nd pension pot worth £5500. This is standalone form my main pension fund. I have not yet taken any taxable pension payment, only a small portion of my tax free allowance. I am retired and aim to earn less than £12570 this tax year. Can i take the 5500 tax free if i stay under £12570? Are there other…
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Back Dated Payments
I have a state pension query if anyone has knowledge or experience please? Currently x years short of full state pension which I can pay up to sometime in 2025. I’m due to get mine this July. If I was to buy those years after I get my state pension will the additional payments be back dated to July or from when I buy back…
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Any way to try and claw back my bad investment choices/don't laugh please.
I have a private personal pension and 2.5 years ago I was
only in Fund A. I then looked at the last couple of years performance of
alternative funds and although Fund A was good, Funds B, C and D had done
better. So I switch 75% of my investment out of Fund A and put 25% each into
Funds B,C and D. Putin invaded the Ukraine…
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Sipp starting one late
Hope a poster can clarify for me. Background. Feel quite fortunate. Retired with employer FS pension income and nearly full state pension. Basic rate tax payer. This year will be able to fully top up ISA and a Savings account to get max tax free interest from them. Plenty of pension headroom so not going to reach the…
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Transferring local government pension to teachers pension
I have a deferred lgps I am currently in the teachers pension scheme. Can I transfer the lgps in to teachers pension scheme. It seems to suggest this in the letter.i have from lgps. I'm thinking of transferring as the rate the pension goes up every year in the teachers scheme is more. CPI plus 1.9%.
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Allocation of funds in Pension
Hi all Interested in opinions and thoughts on the weighting given to funds in pensions. I have a pretty generous scheme with my employer, with 20% of salary going in to my DC pot. The default allocation (I think) is 50/50 Global Equity fund - being made up of 50% Vanguard FTSE Developed World ex UK Pension Fund and…
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True potential issues
Hi guys I have left true potential and very happy at a j bell chalk and cheese
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Care home fee annuity versus pension annuity?
Talking to someone who is thinking of buying a care home fee annuity for an elderly relative using the proceeds from the sale of his previous residence, I am left puzzled as to the difference between a care home fee annuity and any other annuity such as that from a pension. Why are there apparently only 4 providers of care…
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Teachers' Pension Scheme: Rollback Choices (Faster Accrual)
Is anyone good enough to offer some analysis? Not financial advice, but observations that might be useful to anyone in the pension schemes impacted by the McCloud and Sargeant cases, and who opted for Faster Accrual (FA) or similar flexibilities. Quite a few of these letters must just have gone out to teachers, and there…
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Surrender meaning
Friend got thus recently, hasn't a clue what it means and asked me. Could someone explain? Dies it mean taking a lower amount, and in return he MAY get a higher yearly increase in the future? I'm guessing on the off-chance we get a massive inflation year?
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AVC nightmare
I was given a AVC by HSBC as a result of the pension mis-selling in 1994. As I was already in the NHS pension scheme, I did nothing with this. Now that I no longer work I want to cash in the AVC as it’s a small amount and will only give me a £2 (yes, £2) a month pension. My Problem is that… I cannot find anywhere how to…
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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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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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State Pension Different Rates
Just a quicky everyone. I have received my state pension forecast which is approx £221/week and that this is the max I can receive. I have full contributions. However, a couple of friends of mine of similar age have a forecast of approx £253/week. I thought the difference was because I was opted out of SERPS back in the…
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Gilt Ladder building tool questions
A while ago on a thread someone (apologies I am not sure who) posted a page with a tool that someone developed to select a gilt ladder. https://lategenxer.streamlit.app/Gilt_Ladder Can anyone who knows about Gilt ladders comment on whether the data this is using is current as the help page for this tool seems to be empty?…
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FIRE Girls Pension Diary - Aim High & Dream Big
10 year targets are set and I'm aiming high and dreaming big. :) A bit of background. When I was young I grew up with a family of 4 children, Dad worked and Mum stayed at home. We had very little material things or new clothes and I remember I was always dreaming of how I could possibly become a millionaire. So why not…
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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…