Small Pot Pensions....

[ronnyd]

Before i retired, the dormant pension from a long term employment gained far more than when i was making my contributions and added AVC's. Not that it was that large even then. Nearly run out now anyway after 15 years of retirement. 

[Doctor Gollum]

Time is definitely a key part of that

[TheBoy]

That sounds pretty conservatively invested.

My work one, Aviva iirc, is sitting at nearer 65% although I have only been here 3 and a bit years so the actual amounts will look very different.

If you're happy with the pot, leave it as it is... but it could be working harder, although if it's managed by your peers, you might not have much say in the funds you can put it in. Also how much the company contributes will have a bearing. Our match is 11% for example.

I'm now at an age where mine is moving away from risk into lower returns.  I guess a sensible move, as a big hit now might not have time to recover before I want to retire.

Mind you, I have no idea what to do when I do press the button.  My original final salary is probably a no brainer to just take as intended (with or without the 25% tax free sum?).  My DC ones though, no idea.  I suppose I should really look into it.


Any experts here? I have a Q?

For sake of argument, lets say I I have 4 pensions (to makes maths easy), 1 is a DB deemed to have a value of £10k, and the other 3 being DC each having a value of £10k each.

This 25%, which comes to £10k in this example, could I take that all from 1 pension pot, leaving the others untouched? Or does it have to be 25% from each pot?  I ask, because its very beneficial to not take 25% from my DB one.

[tunnie]

From my research it's actually be advisable not to take the 25% - I'm in a simple world with just a single pension pot.

But from what I can see, the 25% lifetime/entire pot, by not taking it in one big lump, rather take a bit at a time to "top your pension pay up"

eg take say 38k and stay under the 40% threshold. Then each year take a little bit cash from the 25% - say 12k - That £12k is tax free and won't be taxed at 40%

So you end up with a 50k pension, but you only ever pay max 20% on it

[TheBoy]

I've been playing a lot with my pension contributions over the last 3 or 4 years, to actually gauge how much I need to live as I do now.  I was quite surprised how little I need, and I've been taking this very limited income for around 2 years now, so I think its a reasonable figure.  In fact, despite the inflation over the last 2 years, the figure is still working.

Turns out, I'm a really cheap date, LOL.

Downside now, I've been paying so much into my pension (your 31% is small fry!), I now need to find the best way to get it out without donating too much to Rachel from Accounts, because I'm perfectly capable of pissing it up the wall as much as she will.

I'm at a point where (most - I'm always going to put in what I need to get the company contributions to max, and also to stay away from higher tax brackets) future contributions might be better to take in salary, pay the tax now, and invest with less of a tax burden when I take the money out....

...but I prefer to bury my head in the sand

[tunnie]

I've been playing a lot with my pension contributions over the last 3 or 4 years, to actually gauge how much I need to live as I do now.  I was quite surprised how little I need, and I've been taking this very limited income for around 2 years now, so I think its a reasonable figure.  In fact, despite the inflation over the last 2 years, the figure is still working.

Turns out, I'm a really cheap date, LOL.

Downside now, I've been paying so much into my pension (your 31% is small fry!), I now need to find the best way to get it out without donating too much to Rachel from Accounts, because I'm perfectly capable of pissing it up the wall as much as she will.

I'm at a point where (most - I'm always going to put in what I need to get the company contributions to max, and also to stay away from higher tax brackets) future contributions might be better to take in salary, pay the tax now, and invest with less of a tax burden when I take the money out....

...but I prefer to bury my head in the sand

You must be hitting or over the free pension allowance? I've got a spreadsheet working out the previous 3 years of contributions, as you can use a bit from that before you hit the limit overall.

But what nobbled me a bit, is I did not realise is the cap includes company contributions.

[Migv6 le Frog Fan]

Latest rumour is that Rachel from complaints is going to include pension pots in inheritance tax if you die before you retire.
Politicians know three fifths of far call about economics so royally screw the countries economy.
Then simply steal more of our money from us to and use it to clear up the mess they have made.
They should be shot in front of their families.
Then their families shot for spawning them in the first place.

[TheBoy]

Then simply steal more of our money from us to and use it to clear up the mess they have made.

But blame it on the previous government.  It's always the previous government's fault.

[Mr Skrunts]

My advice is, get a financial advisor

[Migv6 le Frog Fan]

Then simply steal more of our money from us to and use it to clear up the mess they have made.

But blame it on the previous government.  It's always the previous government's fault.

Well yes, the previous Govt. were undeniably useless, but its quickly become apparent that this lot are the worst most clueless excuse for a Govt. of my lifetime.

[STEMO]

Then simply steal more of our money from us to and use it to clear up the mess they have made.

But blame it on the previous government.  It's always the previous government's fault.

Well yes, the previous Govt. were undeniably useless, but its quickly become apparent that this lot are the worst most clueless excuse for a Govt. of my lifetime.

In the past, there have been governments that I have disliked and governments that I thought were trying to make a difference and were trying hard.
But this is the first government that I have hated....really hated. From the dangerous, two-faced twàt at the helm, right down through the cabinet, to the baby faced newbies at the bottom. There is not even one, small part of their agenda that I can see any merit or fairness in.
I despise them all and hope I get to see them fall on their arses. Unfortunately, I doubt that will happen before they have finally finished this country off. Bastards.

[Migv6 le Frog Fan]

I felt that way about the Blair Govt. It seemed to me that he / they were trying their hardest to destroy anything good and decent about the country while they had the chance.
This lot seem to have picked up the baton but are too stupid to do much with it apart from run around in circles and hammer anyone who has anything to call their own.

[STEMO]

I felt that way about the Blair Govt. It seemed to me that he / they were trying their hardest to destroy anything good and decent about the country while they had the chance.
This lot seem to have picked up the baton but are too stupid to do much with it apart from run around in circles and hammer anyone who has anything to call their own.

It's what they're spending that money on that is different now. When they came to power just over a year ago, there were 3.2 million people on benefits with no requirement to look for work, a lifetime on benefits. That number has increased, by over 30%, to 4.2 million.........in a year.

[Migv6 le Frog Fan]

Tbh, I can see quite a few ordinary working people reaching the point where they think " If you cant beat them join them".
If I was a lot younger I might be tempted myself.
Why work hard all your life to have half your money taken away and given to those who dont want to bother ?
We can only hope that the pendulum will swing back the other way, and theres signs of it happening.
The frightening thing is that it has swung so far off the scale in one direction that you have to wonder how far it might swing back in the opposite direction.
But if it doesnt swing back, the country is finished.

[Migv6 le Frog Fan]

Meanwhile, at the now infamous Bell Hotel Epping.

https://www.essexlive.news/news/essex-news/man-charged-sexual-assault-after-10422549