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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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Last possible date of retirement to avoid USS ERF hikes?
I am intending to make use of the small window of opportunity opened up by the delay in implementation of the USS ERF hikes to retire in September. AIUI, the new ERFs are supposed to kick in on October 1st. Does that mean that I must be already retired before that to avoid them (i.e. be already retired by September 30th)…
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Tax efficiency in final year of employment
Apologies if this has previously been covered in another thread, and I don't wish to hijack Sunsh1ne54's excellent "I'm retiring!" thread where the subject is touched upon. I'm nearing 60 and hope to quit working in the next couple of years, so I salary sacrifice (enough to remain just below the higher rate tax…
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How do I get a final salary pension?
A friend has a final salary pension and it's incredible. Pays out far more than my employer's one is going to. How do I get one? I read that you can't get a private one, is that true? Which employers offer them? It seems like the only way I can avoid being poor in my old age, because the private schemes I've looked at…
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Pension Dashboard - Distressing to see the reasons behind the interminable delays
https://inews.co.uk/news/business/pension-funds-dashboard-late-watchdog-warns-3048253 The article suggests a wholly inadequate and under resourced body was entrusted with this important task. For those who have been awaiting the eventual launch of this service, best bet for the duration is to try and identify, collate and…
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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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State Pension - odd things in record - HMRC 'checking' contributions and only 34 years required
I've recently checked my state pension record for contributions, gaps, and basically to check I'm on target to get my full state pension when I reach retirement age. I'm between 40-45 years old so currently don't plan on paying for any gaps because I expect to contribute for the required number of years before I reach…
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Transfer from wtw
I need to transfer my pension from wtw, tbh dreading the whole process. Does anybody have any experiences of transferring from wtw and if so how long did it take? Ideally I would like to do inspecie but I don't think the share classes match, everything will be in tracker funds, so most probably that will be a problem.
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Old DB Scheme - sanity check required
I was a member of a Company DB scheme for nearly 20 years, before they closed it. The last statement I had (last year) says the estimated total annual pension at age 65 will be £15k But then it also says that in addition I transferred in 2 other old pensions from previous employees and the statement describes them as a…
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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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USS Error and where to get advice?
I am a deferred USS member for almost 10 years. I have been requesting provisional benefits payable statements on a regular basis so that I could plan my retirement and based on this statements I took early retirement. I have set up my communications preferences on the web site to receive member news and updates, however,…
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Trying to find out who I opted out of SERPS with in 1987 to 1988
How do I find out who I opted out of serps with and if I can get any money from it Thanks Susan
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Small Pension 25% tax free example
I am currently 54 and reviewing options of my various pensions which the majority have been consolidated into 1 DC pot. I have a small DC pension with a fund value of £30000.00 For the new tax year April 2026, am I correct with the following assumptions? I can take 25% tax free which is £7500.00 and also my full nil tax…
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Reassure Now pension funds almost wiped out
Anyone else having issue with the Reassure Now pension supplier? Reassure Now have wiped over 50% off the value of my pension fund. Over the phone they told me it's just an IT error and would be fixed soon. So I requested a 'paper' update via post with the correct fund value. Today I got the letter, and the value therein…
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Taking cash from private pension (contracted out SERPS)
I am thinking of taking cash out of a smallish private pension from a job I did years ago when I turn 55 to pay off debt. It was contracted out and about a third of the money shows as "protected rights". I am not planning to retire for a good while (not before my 70s) so will be able to save money again between now and…
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LGPS new job - what happens with my AVC?
I have been very fortunate to get a promotion with a small increase in my salary that will boost my LGPS pension a little. I start my new job in a few months. I have been paying into an AVC alongside my LGPS for several years and my new employer is part of the same LGPS Pension Fund that my current one is. I have spoken to…
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pensions pot
hello all, hope i could get some advice here please, just found out i have a pension that i had totally forgot about, but due to earnings if i take it all it would push me into the next tax bracket,40%, my questions are, 1, if i take the lot now would i pay higher tax on all my earnings for the rest of the year, or on just…
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Interest from savings before being liable for tax
I am considering taking early retirement and plan to live entirely off the interest on my savings. I will NOT be receiving a work income. Nor will I be receiving a pension. Am I right in saying the most I can earn from savings interest, before being liable for tax, is £18,570? As follows: £12,570 - personal allowance…
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How can HMRC Personal Tax Summary be so Useless.
Please can some of you confirm whether or not the Uselessness of the Personal Tax Account HMRC website is a widespread thing or if something is drastically wrong with my particular NI Number. Here are a couple of my issues: 1. Reporting/Tracking form progress. I submitted a P55 tax reclaim 3+ weeks ago. If I look in the…
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Help with lack of pension quandary
Hi all, I have a bit of a stupid situation I hope someone can help advise on. I am 42 with no pension - I opted out of my company pension about 3-4 years ago because I needed the cash. I've been at the company for around 6 years so I have about £3.5k in a pension pot thanks to the auto-enrolment but for all intents and…
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The practicalities of commencing drawdown from MP pension pots
Good day! Im 50 and hoping to dip my toe into retirement waters in the next 18 months or so. My plan requires me to use some of my MP pension pots to fund myself from the age of 57 until the SP kicks in at 67. I have 4 MP pension pots of varying values, all of which are with Aviva. One is from a previous employer and there…