locked
Money 2005 UK -QFE2 Problem with lifetime planner RRS feed

  • Question

  • For a long while now i have had a problem with the improving your plan part of the planner. It keeps telling me that i need to include my Uk state pension in the any additional income part of the planner. This i have done and have not ticked the exclude the state pension from my lifetime plan. However in the results section i cannot get the planner to accept that i have already included my state pension in my plan. Any help would be greatly appreciated.
    Sunday, April 15, 2018 11:07 AM

All replies

  • When you set up as additional income, did you select "UK State pension", or did use "Other Income"?  Did you set up for your spouse as well?  I use Sunset edition in the U.S., but there is an actual category for New Income called "Social Security benefits" known as a government benefit, and it sounds like your planner doesn't recognize your gov't benefit as having been selected.
    Tuesday, April 17, 2018 8:36 PM
  • When you set up as additional income, did you select "UK State pension", or did use "Other Income"?  Did you set up for your spouse as well?  I use Sunset edition in the U.S., but there is an actual category for New Income called "Social Security benefits" known as a government benefit, and it sounds like your planner doesn't recognize your gov't benefit as having been selected.

    When i set up "any additional income" it states what type of income do you want to add .The  category for state pension benefits is the covered by "other income",there is no category on its own for UK state pension. So i think you are right the UK version of Money 2005 does not have a separate category for state pension benefits alone.

    One other question ! i have got my final salary pension set up on the section as if i was a paid employee on a yearly basis, which then asks what events will affect your salary. Am i doing this wrong as i have been retired from full time employment for 14 years. Should i delete this section and include my final salary pension on the "any additional income" section with my UK state pension. Many thanks for responding to my predicament.

    Tuesday, April 17, 2018 10:42 PM
  • If you've retired, rather than delete the Salary section, just set the end date.  Add your pension(s) in Other Income.

    • Proposed as answer by ameridan Wednesday, April 18, 2018 12:26 AM
    Wednesday, April 18, 2018 12:25 AM
  • I have done as you have suggested and now do not  use the salary part of the planner. I have now put all of my pensions in the "other income" category.Having done that i still have the problem of the "improving your part of the plan" saying that i need to include my state pension in the additional income part of my planner.I think i will just forget about this now.
    Wednesday, April 18, 2018 8:55 AM