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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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Drama Trivial commutation NHS Pensions
I decided to take my 2008 NHS pension as a trivial commutation, it's capital value is around 22k. I plan to buy a camper this year and have some fun. I duly filed the AW8 form, the form to request trivial commutation AND two cover letters requesting a trivial commutation. I have chosen to retire and return so that I can…
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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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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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Nearly 3 Years On..
Hi Everyone On this rainy BH I thought I'd give an update on these two threads I started in 2021 and 2022 to show the direction of travel and our decision to PTT (pull the trigger!). Are we on the right track? Advice welcome Thinking of Transferring to Interactive Investor - Page 2 Me: 55. Earn £49,950 plus £4k car…
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Reporting In - 5.5 Years post-FIRE
Hi All, I've been off this forum for a while, good to see all the old regulars still here :) I retired back in October 2018, but ended up staying on one day a week. I thought it might be instructive to relate the impact of that. We had an 11 to 15 year gap before DB (£25k between us) and SP came on line, which would be…
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Just can't decide between Drawdown, lifetime or fixed term annuity!
I just can't decide between Drawdown or a lifetime or fixed term annuity for two of my pension pots combined. I keep going round in circles. I don't want to take financial advice as I feel I should be able to work this out myself. Especially with a little help from my Forum friends! I don't think I would have the…
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Pension and Tax Question .
Retired 3 years ago and immediately claimed my private pension and oap . I started paying income tax straight away . My wife retired at 63 three years ago and claimed her private pension which was just over the tax allowance of 12.5k [ 13 k ] and so paid a little bit of tax . On april 29th this year she made 66 and so her…
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SIPP Charges are these ballpark?
Hi Folks, once again looking to pick a few brains here. I'm currently in the process of releasing my SIPP and I receive the SP in 2 months. I'm entering a drawdown as this meets with our current financial goals. My SIPP is with Aegon at present and they are quoting per annum as follows: Investment costs 0.25% Service costs…
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Contacting Banks by email without having an account
I've been instructed by a pension finding company to contact a previous employer to see if I made any pension contributions through them. Please could someone tell me how I can contact the Halifax Building Society by email. I'm trying to find out if I contributed to a pension when I worked for the Leeds Permanent Building…
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Taking money out of SIPP.
I have around 6k in a SIPP which I want to withdraw, my only income is the state pension. How much tax will I have to pay on the 6k?
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Personal Pension advice please 🙏🏼
Good morning All I've been pondering over all the excellent advice received recently regarding pension and retirement. Many thanks to all who contributed their time and thoughts, much appreciated! From my own perspective I’d like to take up the advice offered of opening a personal pension in my own name. As I’m currently…
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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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Retirement Regrets
Top 5 regrets from those that have retired already (from a Canadian site). Seems a fair summary to me and I like the Phrase 'retire into something, not retire from something' https://youtu.be/uvm_1wXzeR0?si=w1mpGuMB-zWlNBHi
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Transferring 8 Pensions into Vanguard SIPP - Good Idea?
I have been lazy with my pension pots over the years through different employers and those pots have just been sitting there with exorbitant fees and poor growth. I am now planning to do something about it before it is too late, I am in my 40s. The pensions I have are a combination of small and big pots with the likes of…
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25% Tax Free Lump Sum or whole amount used in annuity?
Hi all. I have an employer’s
retirement savings plan (not Final Salary just to be clear) and I am 67 so would
like to take the pension. The dilemma I
have is whether to take the TFLS or use the whole amount to buy an annuity. I don’t want income drawdown as pots
can go down as well as up and I'm risk averse. I could take…
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Finding lost pensions
I've been trying to do this for my partner but this service seems fundamentally flawed. You need to know the name of the provider for a personal pension - if we knew that why would we need the service? My partner cannot remember the provider name so how does he trace it?
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Nest vs People's pension
Hi I've got a private pension SIPP in Vanguard Lifestrategy (best decision) however I need to sort my workplace pension as they are changing the pension provider and asked me if I want to move from Nest to People's Pension... If I had a choice I wouldn't pick either but because it's my workplace's pension I need to decide.…
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NI records now updated till 5th April 2024.
I just rechecked my NI record on the government gateway. It currently shows my yearly NI credit for year 2023/2024. IIRC, last year the gateway didn't update till June time for NI 2022/2023 year. Always worth checking and epically now as an NI back buying years window is open till March 2025 and then apparently closed. ***…
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Guide discussion: Grandparents childcare credit
This is the place to discuss our new guide on grandparents childcare credit (known as Specified Adult Childcare credits). We'd love to hear your thoughts, personal experiences, and general feedback. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.'
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How and where to invest
Between the two of us, we have about £500-£750 to invest a month in something, and would really appreciate some ideas. I'm 55, husband is 53. We both work and have contributory pensions. Mine will give me a few hundred quid a month, my husband's private pension is currently worth about £150000. All being well, we are…