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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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Early Pension and National Insurance Contributions
Hi all I'm hoping to retire in September with a teachers pensions and a drawdown from other pensions. As I will be 7 years away from state pension should I be thinking about National Insurance contributions from September onwards in order to get the full state pension in 7 years? Many thanks Jimmy Jazz.
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What is the point of paying into a private pension?
Hey all, I want to ask a general question, please. If the state pension age is raising to 71, and the average age of male fatality on the UK is 80 years, what is the point in paying 20% of salary per annum into the current NHS pension scheme (which starts paying when a candidate reaches state pension age) for 40+ years of…
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Pension Payment Following Redundancy
Been told this week that I've at risk over redundancy and likely to apply for VR I would have liked to pay some of the redundancy into my company pension but awaiting a pension sharing order to be completed so that's not possible. If I received my redundancy and then paid it into a private pension, would that get my tax…
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How do I find any/all of my pensions
Hope someone can help or advise please. I have a small pension plan that I feel has moved around a fair bit and I have lost track of it. Can I please ask how I can find out where all of my pension money is, preferrably for as little cost as possible? Thank you for your help F x
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Withdrawal from SIPP.
Hi, I was wondering how long people have to wait between asking for a withdrawal from a SIPP and receiving it? Thank you.
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Confused about new LTA rules
Hi, I have been trying to understand this Lifetime allowance stuff, especially since the new rules werwe introduced.and was wondering if anyone could assist please. The more I google and ask the more confusing it gets, and my priovider just bombards me with acronyms and other jargon I'm aware the old rules calculated…
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NHS 2015 Deferred Membership and increases
If a person leaves the NHS 2015 scheme and a pension becomes deferred, is there a set date they have to be employed after which the extra 1.5% is removed or is it applied as long as pension was accrued in the previous year? Or more simply, is it worth planning my "retirement" data to maximise that year's pension increase?…
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help with tax please
state pension paid
369.95 on the 17th of April then 387.52 till the 1st April total 9688 for
25 payments i get paid every 2 weeks so total all to gather 10057.95 dwp have
told the tax office 10076 ware dose the difference come from thank hope this makes sence
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Immediate Needs Care Annuity - where to find and how to choose a provider?
I'm wondering about getting this for my mother so she can move to a retirement home. We'd use her house sale to fund it. If you google search for this though, you don't get links to any well known financial institutions, you get links to what look like 'middlemen' companies that say they get quotes from the large insurers…
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Frozen tax allowances - draw full standard rate allowance now to avoid HR in future?
For those who given inflation and frozen allowances might in future become higher rate tax payers, does it make sense to draw down to the full standard rate band from day one putting funds above planned expenditure into an ISA? I know normally the advice is that a DC pot is outside of the estate for inheritance but are…
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Tax-free SIPP Withdrawal
Just wanted to share my personal experience. I recently retired (early) and made my first SIPP withdrawal at the start of this new financial year. Apart from my pension I have no other income and plan to rely on savings / ISA / premium bonds to supplement this. To help my SIPP to go further I want to minimize the amount of…
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'Inefficiencies with the TeachersPension Scheme' - T-13 days!
I have recently finished teaching after (give or take) thirty years in the classroom. I have been planning this for a while, but especially after having a heart attack in 2018 and a triple heart bypass the following year. I applied for early retirement and my pension on November 2nd 2023 (giving the full maximum six…
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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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Vanguard are they a Ponzi scheme?
Evening. I've been trying to draw down out of my pension and also my ISA both of which are held with vanguard. There are constant delays asking for more information, upload bank details that I have already uploaded several times, asking for my passport details.( No other pension providers have asked for this) waiting 2…
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SIPP Management?
A friend took out a SIPP using a local financial advisor a few years ago. She had a handful of company pensions and the advisor transferred into an AJ Bell SIPP. She is paying the advisor 1% a year. Should she look to manage the SIPP herself? I use Vanguard for my ISAs and their SIPP seems to be inexpensive and they also…
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SIPP company dragging their heels
Is there an independent body to contact when you feel that the current SIPP company is deliberatly taking their time with a cash transfer? My pension was all in cash at the time of the transfer request. No special benefits or guarantees. Just plain cash. I had the telephone call within 5 days so they could make their…
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Is referral through an IFA necessary?
My wife recently retired and has a pension pot she wants to draw an annuity from. We’ve done the research, and we know who we want to use, but they are telling us we must go via an IFA. This might be good for the ifa, but I’m not sure it adds any value for my wife. If we needed the advice, it would be a different story.…
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Should I cash out my late husband's private pension to put towards house purchase?
My husband died suddenly last year. When he died he had around £25k in a private pension pot. When he died I received an immediate pension for life from his workplace pension as well as a death in service lump sum. The pension I receive is enough to live off frugally, especially if I don't get a mortgage. I'm currently on…
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Topping up pension by selling BTL
Just turned 58 and following some health issues thinking of retiring. I think I have read that you can make lump sum payments into a personal pension. I have a btl with c.150k equity. Could I sell this and use this money to pay into a pension using the last 3 yrs allowance. I have earned towards £100k pa last 3 years, but…
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State pension questions..
Hi there, Hope are you well. I have used the HMRC state pension calculator and I will be entitled to the state pension in 2050. I have 10+ of contributions and still adding... the final weekly/monthly payout won't change from £221 a week if I understood correctly. My spouse(married in 2023) had to look after the family, so…