-
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…
-
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.…
-
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/
-
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.
-
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…
-
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…
-
Open a SIPP and/or Paying Into my Workplace Pension
Hi, I have 2 pensions one with Nest the other with Smart Pension, I need to increase what is in them. I've read some posts about SIPP's, and others stating I should invest in pension. I'm wondering if I should open a SIPP or not, or just pay additional money into my existing pensions? Any thoughts?
-
Vanguard 2030 Vs IFA?
Hello all I’ve always
handled my own pension affairs, but I had a chat with an IFA recently. I’m wondering
what they could add. Background I’m 54,
planning to partly retire at 62. I’ll get £5000 a year from defined benefit
pensions and will have £300k in a SIPP. Not a huge amount, but I intend to work
part-time. The SIPP…
-
Investment bonds
My elderly mother has recently gone into long-term care and I am POA for her. I will shortly be needing to do a financial assessment as she is currently self funding. Someone has told me that money invested in an investment bond is not used for assessment purposes? My question is whether or not this is the case, and…
-
Smart Pension
HI i have 2 small pensions one with nest the other with Smart Pensions, i don't know much about the latter. Generally speaking, is it better to put everything into one pension account? Can i ask my employer to put the monehy into an account that i wish to use?
-
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.
-
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…
-
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…
-
inheriting pre-2016 state pension
Prompted by a similar thread which I don't want to derail s that is dealing with the new State Pension rules...... My father died around six weeks ago. Both my mother and father reached state pension age pre-2016 (they were the same age, Dad reached SPA in 1999, mum five years earlier). It seems that he was getting more…
-
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…
-
Defined Benefit Early Redemption and Tax Free Option Numbers - General Expectations?
I have received some figures detailing an early start (9 months before NRD) to my deferred DB pension. I requested two figures, one without taking any available tax free cash and the other taking £53,000 tax free, to maximise the overall tax free available to me. Net of an additional payment at NRD until State Pension age,…
-
Should we contribute to a personal pension after retirement.
I have been an occasional poster on here as I neared my retirement. I am fortunate to be about to take early retirement from Civil Service aged 59. I have been sent the figures by CSP. I intend to take my Classic pension, with the Mccloud option, plus a small Alpha pension from 4/22, immediately both reduced for early…
-
Paying and drawing at the same time
I already draw a workplace pension every month and also pay into another workplace pension , can i pay more into the new one ? will i pay extra tax and are there limits?
-
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…
-
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…
-
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…
-
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…
-
MasterTrust Pension Guidance - Please
Dear All I have an ex-employer pension scheme which is in a MasterTrust. Since I left that employment I have been contributing towards a private pension scheme with Aviva. My query is whether it is possible and perhaps cheaper to transfer the money in the Aviva scheme to the MasterTrust scheme? The obvious downside I can…
-
Old Barclays DB Pension
Hi, I would appreciate some advice as I am trying to understand my pension and what it will mean at retirement age I have a Barclays Pension DB (1964 scheme) the transfer value has dropped over the last couple of years but I have learnt this will not affect the figures long term. I am 54 and the pension would be paid at…
-
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…
-
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…