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Pensions/drawdown etc

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    #31
    Originally posted by psychocandy View Post
    HL SIPP - £125K
    EX-employer pension - £25K
    Current Umbrella pension - £42K
    NEST - £2

    Not brilliant....
    Thanks PC.
    Last edited by Contractor UK; 26 November 2020, 10:41. Reason: No abuse on prof forums so have edited :-)
    'CUK forum personality of 2011 - Winner - Yes really!!!!

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      #32
      One of the best explanations I've read:

      The annual allowance for pensions

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        #33
        Originally posted by northernladuk View Post
        ****.
        Why? Its hardly like I've got a massive amount that I'm boasting about.....
        Last edited by Contractor UK; 26 November 2020, 10:41.
        Rhyddid i lofnod psychocandy!!!!

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          #34
          Originally posted by northernladuk View Post
          ***.
          Actually, if I'm going to boast, you should see the size of my..... ok I'll stop there.
          Last edited by Contractor UK; 26 November 2020, 10:42.
          Rhyddid i lofnod psychocandy!!!!

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            #35
            Originally posted by psychocandy View Post
            Actually, if I'm going to boast, you should see the size of my..... ok I'll stop there.
            Would have been better if you'd stopped around post number 4
            'CUK forum personality of 2011 - Winner - Yes really!!!!

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              #36
              Originally posted by Fred Bloggs View Post
              Drawing the 25 per cent tax free does not trigger MPAA. Spend it on cocaine, hookers or daffodils. No difference.

              Draw down even 1p in income after taking the 25 per cent and you trigger the MPAA.

              And MPAA when triggered applies to ALL you're pensions not just the one you took it out of?
              Rhyddid i lofnod psychocandy!!!!

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                #37
                Originally posted by GhostofTarbera View Post
                Take out £250K spend £50K per year on fun stuff, if you make it till sixty you are nearly deed anyhoo, so no need for a lot of cash after that

                Long time deed


                Sent from my iPhone using Contractor UK Forum
                Throw yourself at the mercy of the state and claim benefits ;-)
                Rhyddid i lofnod psychocandy!!!!

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                  #38
                  Originally posted by psychocandy View Post

                  HL SIPP - £125K
                  EX-employer pension - £25K
                  Current Umbrella pension - £42K
                  NEST - £2

                  Not brilliant....
                  Is that 25K income or 25K pot? If that latter, that doesn't sound like much of a retirement income. IIRC, the rule of thumb guidance used to be £100K of pot for £5K of annual income, so you're looking at around £10K a year there - probably better than most of the population, but not exactly easy street money.

                  I suppose a better question that 'how much have you got' is how big a pot you need in order to be able to retire at 55.

                  Vaguely thinking about chucking it all in next year - currently (counts fingers) 53, so just over a year till I can access my pot.

                  But am absolutely clueless about how it all works, whether I can afford to not work, whether I'm allowed to take a part time job while drawing pension etc, etc.

                  No mortgage, but I don't want to be counting pennies if I want a weekend away, or an occasional holiday etc.

                  No idea how long I'm gonna live for, that kinda info would be handy...

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                    #39
                    Originally posted by psychocandy View Post


                    And MPAA when triggered applies to ALL you're pensions not just the one you took it out of?
                    Refer to your other post in the other thread where you posted the same question.
                    Public Service Posting by the BBC - Bloggs Bulls**t Corp.
                    Officially CUK certified - Thick as f**k.

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                      #40
                      Originally posted by mudskipper View Post

                      Is that 25K income or 25K pot? If that latter, that doesn't sound like much of a retirement income. IIRC, the rule of thumb guidance used to be £100K of pot for £5K of annual income, so you're looking at around £10K a year there - probably better than most of the population, but not exactly easy street money.

                      I suppose a better question that 'how much have you got' is how big a pot you need in order to be able to retire at 55.

                      Vaguely thinking about chucking it all in next year - currently (counts fingers) 53, so just over a year till I can access my pot.

                      But am absolutely clueless about how it all works, whether I can afford to not work, whether I'm allowed to take a part time job while drawing pension etc, etc.

                      No mortgage, but I don't want to be counting pennies if I want a weekend away, or an occasional holiday etc.

                      No idea how long I'm gonna live for, that kinda info would be handy...
                      Today, I would suggest 5% drawdown is far too high to be sure you won't run out of money. Especially going into drawdown at 55 if you pull out money to live on. There is no magic number that's guaranteed to work. But it's going to be far less than 5% drawdown if you don't want to run out of money.
                      Public Service Posting by the BBC - Bloggs Bulls**t Corp.
                      Officially CUK certified - Thick as f**k.

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