closing tag is in template navbar
timefactors watches



TZ-UK Fundraiser
Page 6 of 26 FirstFirst ... 4567816 ... LastLast
Results 251 to 300 of 1279

Thread: Early retirement

  1. #251
    Master
    Join Date
    Feb 2014
    Location
    N/A
    Posts
    7,769
    Staying at home when the wife is out working is a bit of a no mans land.

    Your best bet is to do either locum or consultancy and just pick your time and hours and treat yourself to a Harley or another PP with the proceeds.

    Don't ever dream of doing voluntary work as you will be taken for granted and exploited.

  2. #252
    Master
    Join Date
    Jan 2018
    Location
    Lancashire
    Posts
    1,069
    I'm going to bale out at xmas after working for 45 years. I think the standing up all shift on factory shop floors has helped the decline of my knees.
    I don't like my job, hate the shifts so jacking in at 61 is an easy decision.
    The only trouble is my final salary reduction factors are so high if I'd gone at 60 I'd have lost over a third of it and even at 62 or 63 I'll lose a fair bit.

  3. #253
    Quote Originally Posted by Mick P View Post
    Staying at home when the wife is out working is a bit of a no mans land.

    Your best bet is to do either locum or consultancy and just pick your time and hours and treat yourself to a Harley or another PP with the proceeds.

    Don't ever dream of doing voluntary work as you will be taken for granted and exploited.
    Thanks Mick.

    One thing we are planning is a reconfiguration of the house, awaiting architect's sketches and an estimate of the costs. If that goes ahead, I'll be overseeing the work, I guess next Spring.

  4. #254
    Craftsman
    Join Date
    May 2015
    Location
    Chesham, Bucks
    Posts
    593
    Quote Originally Posted by Holsterman View Post
    My wife's still working, and could be for the next ten years, so I'll have to find something to do during the day.
    That is absolutely essential. I took phased retirement about 5 years ago (part time) and work a month on month off. I learned to sail last year and that is certainly challenging and fun at the same time. As long as you don't dream of buying your own boat, it's not that expensive either.

  5. #255
    Grand Master RustyBin5's Avatar
    Join Date
    Feb 2017
    Location
    Scotland central
    Posts
    13,191
    Quote Originally Posted by RD200 View Post
    I'm going to bale out at xmas after working for 45 years. I think the standing up all shift on factory shop floors has helped the decline of my knees.
    I don't like my job, hate the shifts so jacking in at 61 is an easy decision.
    The only trouble is my final salary reduction factors are so high if I'd gone at 60 I'd have lost over a third of it and even at 62 or 63 I'll lose a fair bit.
    Retire but don’t draw the pension. Instead try to get another job more enjoyable for a couple of years to bridge the gap between now and the NRD if your pension scheme. Then you won’t have any early retirement factors to worry about.

  6. #256
    Master
    Join Date
    Jan 2018
    Location
    Lancashire
    Posts
    1,069
    Quote Originally Posted by RustyBin5 View Post
    Retire but don’t draw the pension. Instead try to get another job more enjoyable for a couple of years to bridge the gap between now and the NRD if your pension scheme. Then you won’t have any early retirement factors to worry about.
    Yeah that's what I'm planning to do. I've got a small stakeholder pension and some savings to get me by.

    Sent from my F3311 using Tapatalk

  7. #257
    Craftsman
    Join Date
    Jan 2008
    Location
    salisbury
    Posts
    358
    I retired at 59, wife still works, but is finishing in Dec, whilst we are both young enough to enjoy ourselves. I am a biker so joined my local Blood Bike group. Am now on the committee and look after fundraising and events. Volunteering is very rewarding and I don't feel taken for granted at all. I get to ride bikes and during the day, walk the dogs, perfect :)

  8. #258
    Master wildheart's Avatar
    Join Date
    Aug 2008
    Location
    Essex - Hopefully on a golf course!
    Posts
    8,478
    Quote Originally Posted by RD200 View Post
    I'm going to bale out at xmas after working for 45 years. I think the standing up all shift on factory shop floors has helped the decline of my knees.
    I don't like my job, hate the shifts so jacking in at 61 is an easy decision.
    The only trouble is my final salary reduction factors are so high if I'd gone at 60 I'd have lost over a third of it and even at 62 or 63 I'll lose a fair bit.
    I'm in the same boat but I'll have to stick it out to 66! No packages to leave local government at my place, we'll be dying at our desks soon. Many staff here well past retirement age.

  9. #259
    Master
    Join Date
    Jan 2018
    Location
    Lancashire
    Posts
    1,069
    I had a look on the pensions.gov site to get a forecast for my official retirement at 66 in 2024.
    I can remember being an apprentice in 1974 at 16 and not earning enough to pay tax, national insurance and the company pension.
    The records showed I'd been paid national insurance credits before i left school, so i checked and it was correct.
    Being given NI credits while doing exams or apprenticeships only stopped under David Cameron's/Nick Clegg's government

    Sent from my F3311 using Tapatalk
    Last edited by RD200; 8th August 2019 at 16:12.

  10. #260
    Craftsman
    Join Date
    May 2015
    Location
    Chesham, Bucks
    Posts
    593
    The state pension is creaking at the seams. In fact it's almost a legalised Ponzi scheme. It was designed in an era when men retired from the pits or hard labour job, enjoyed a few years of state pension then keeled over.

    It can't cope with today's longevity and I'm pretty sure it will be means tested before long so if I were in my 50's or younger, I might be making pension plans that didn't take the £8,750 a year into account.

  11. #261
    Master
    Join Date
    Feb 2014
    Location
    N/A
    Posts
    7,769
    Quote Originally Posted by broxie View Post
    The state pension is creaking at the seams. In fact it's almost a legalised Ponzi scheme. It was designed in an era when men retired from the pits or hard labour job, enjoyed a few years of state pension then keeled over.

    It can't cope with today's longevity and I'm pretty sure it will be means tested before long so if I were in my 50's or younger, I might be making pension plans that didn't take the £8,750 a year into account.
    The simple truth is that baby boomers, of which I am one, have really screwed the system to our advantage. We paid very low contributions on the basis that we paid in to fund the retirement of those then retired. Like you say, they keeled over soon after retiring so we paid in bugger all. If my memory serves me correct, the NI was capped at 9% for most of our working lives.

    We also paid about 6% into a final salary scheme for 40 years max and will probably take out a 50% of the final salary for 25 years. The maths do not simply add up.

    Because baby boomers always vote, both political parties are increasing the state pension which is today higher in real terms than it has ever been. I will agree, however, that at about £170.00 pw, you are not going to get fat on it.

    However in about 10 -15 years time, most baby boomers will be dead or near death and the number of retirees will fall dramatically. This means that the voting base who keep pensions high will have decreased and I would guess that HMG will then slowly allow the pensions to devalue. So if you are in the 35 - 50 year old bracket, you had best make your own provision or expect to have an impoverished retirement.

    For youngsters to rely on the state pension is pure madness.

  12. #262
    Master
    Join Date
    Jan 2018
    Location
    Lancashire
    Posts
    1,069
    Quote Originally Posted by broxie View Post
    The state pension is creaking at the seams. In fact it's almost a legalised Ponzi scheme. It was designed in an era when men retired from the pits or hard labour job, enjoyed a few years of state pension then keeled over.

    It can't cope with today's longevity and I'm pretty sure it will be means tested before long so if I were in my 50's or younger, I might be making pension plans that didn't take the £8,750 a year into account.
    I'm in what could be classed as a manual job even though it's not very hard.
    I always thought, perhaps with a biased view that people in manual jobs should have been able to draw their state pensions earlier.
    I also dont agree that women should have to wait as long as men to draw their state pensions.

    Sent from my F3311 using Tapatalk

  13. #263
    Master
    Join Date
    Jan 2018
    Location
    Lancashire
    Posts
    1,069
    Quote Originally Posted by Mick P View Post
    The simple truth is that baby boomers, of which I am one, have really screwed the system to our advantage. We paid very low contributions on the basis that we paid in to fund the retirement of those then retired. Like you say, they keeled over soon after retiring so we paid in bugger all. If my memory serves me correct, the NI was capped at 9% for most of our working lives.

    We also paid about 6% into a final salary scheme for 40 years max and will probably take out a 50% of the final salary for 25 years. The maths do not simply add up.

    Because baby boomers always vote, both political parties are increasing the state pension which is today higher in real terms than it has ever been. I will agree, however, that at about £170.00 pw, you are not going to get fat on it.

    However in about 10 -15 years time, most baby boomers will be dead or near death and the number of retirees will fall dramatically. This means that the voting base who keep pensions high will have decreased and I would guess that HMG will then slowly allow the pensions to devalue. So if you are in the 35 - 50 year old bracket, you had best make your own provision or expect to have an impoverished retirement.

    For youngsters to rely on the state pension is pure madness.
    Us baby boomers wrung the final salaries dry too.
    I didn't even know i had a final salary till 2015 then i found out i have 3 and my contributions were only pennies.

    Sent from my F3311 using Tapatalk

  14. #264
    Quote Originally Posted by Mick P View Post
    The simple truth is that baby boomers, of which I am one, have really screwed the system to our advantage. We paid very low contributions on the basis that we paid in to fund the retirement of those then retired. Like you say, they keeled over soon after retiring so we paid in bugger all. If my memory serves me correct, the NI was capped at 9% for most of our working lives.

    We also paid about 6% into a final salary scheme for 40 years max and will probably take out a 50% of the final salary for 25 years. The maths do not simply add up.

    Because baby boomers always vote, both political parties are increasing the state pension which is today higher in real terms than it has ever been. I will agree, however, that at about £170.00 pw, you are not going to get fat on it.

    However in about 10 -15 years time, most baby boomers will be dead or near death and the number of retirees will fall dramatically. This means that the voting base who keep pensions high will have decreased and I would guess that HMG will then slowly allow the pensions to devalue. So if you are in the 35 - 50 year old bracket, you had best make your own provision or expect to have an impoverished retirement.

    For youngsters to rely on the state pension is pure madness.
    Pretty much spot on I’d say...

  15. #265
    Master
    Join Date
    Feb 2014
    Location
    N/A
    Posts
    7,769
    Quote Originally Posted by RD200 View Post
    Us baby boomers wrung the final salaries dry too.
    I didn't even know i had a final salary till 2015 then i found out i have 3 and my contributions were only pennies.

    Sent from my F3311 using Tapatalk
    Yes and we also did remarkably well on property which can fund a retirement.

    I bought my first house, a two bedroomed cottage with a garage, for £2,750.00 in 1970. Getting the mortgage was a 20 minute interview and the only check was my wife and I showing them the last 3 months pay slips. We sold it in 1972 for £7,120.00.

    That same place sold a couple of years ago for £260,000.00.

    What chance has a young couple of buying that house today ?

  16. #266
    Master
    Join Date
    Jan 2018
    Location
    Lancashire
    Posts
    1,069
    Quote Originally Posted by Mick P View Post
    Yes and we also did remarkably well on property which can fund a retirement.

    I bought my first house, a two bedroomed cottage with a garage, for £2,750.00 in 1970. Getting the mortgage was a 20 minute interview and the only check was my wife and I showing them the last 3 months pay slips. We sold it in 1972 for £7,120.00.

    That same place sold a couple of years ago for £260,000.00.

    What chance has a young couple of buying that house today ?
    There were lots more jobs in the 70's that could provide for a family than there are now too.

    Sent from my F3311 using Tapatalk

  17. #267
    Master
    Join Date
    Oct 2012
    Location
    Hertfordshire
    Posts
    2,829
    Blog Entries
    1
    Quote Originally Posted by Mick P View Post
    Staying at home when the wife is out working is a bit of a no mans land.

    .....

    Don't ever dream of doing voluntary work as you will be taken for granted and exploited.
    Or do consider some voluntary work - meet new people, learn new skills, keep active and contribute to the local community - and don't feel guilty if you can't make it one week

    I retired 5years ago at 58 and my wife will probably carry on working for another 4 years or so. I have chosen not to take on any paid work (other than finishing off some student supervision) and after years in an office enjoy the complete antithesis working as a wood warden in our local woods. It's only one morning a week so I do other bits and pieces, helping out where I can - this is as important for my sanity as anything else!

    ATB

    Jon

    Sent from my moto e5 play using Tapatalk

  18. #268
    Craftsman
    Join Date
    May 2015
    Location
    Chesham, Bucks
    Posts
    593
    Quote Originally Posted by JonRA View Post
    Or do consider some voluntary work
    Maybe I could get a pretend speed camera and stand by the side of the road in a hi vis (see other post on this topic) ;-)

  19. #269
    Master
    Join Date
    Oct 2012
    Location
    Hertfordshire
    Posts
    2,829
    Blog Entries
    1
    Quote Originally Posted by broxie View Post
    Maybe I could get a pretend speed camera and stand by the side of the road in a hi vis (see other post on this topic) ;-)
    I was thinking of signing up for that ;)

    Though more seriously, I am also on the committee of our estate's residents association - at least 70% of us are retired. The estate has around 200 dwellings, has narrow roads and is mostly without pavements. Plus a lot of people park on the roads. Safety is a major concern. Trying to get a small number of reckless idiots - some residents, some visitors and some delivery van drivers - to slow down is a significant challenge!

    ATB

    Jon

    Sent from my moto e5 play using Tapatalk

  20. #270
    Grand Master hogthrob's Avatar
    Join Date
    Feb 2007
    Location
    Essex, UK
    Posts
    16,848
    Quote Originally Posted by RD200 View Post
    I had a look on the pensions.gove ...
    I literally shuddered at the though of Gove getting his hands on pensions.

  21. #271
    Master
    Join Date
    Jan 2018
    Location
    Lancashire
    Posts
    1,069
    Hahaha imagine Pob let loose on our state pensions!?!?. Gove is one of the wimpiest looking human beings on the planet, part jelly baby, part amoeba
    I've edited it now ta.

    Sent from my F3311 using Tapatalk

  22. #272
    Grand Master MartynJC (UK)'s Avatar
    Join Date
    Dec 2008
    Location
    Somewhere else
    Posts
    12,336
    Blog Entries
    22

    at last

    D-Day minus 1 has arrived.

    Out for drinks tonight for the last time with work colleagues and i’m paying. May burn through £400 but it will be worth it!!! Last time suited and booted. This has been a long time coming. I am excited to start my next life phase!

    1. House is now signed over on an Option agreement to a developer so have to sit tight for 12-18 months. Our neighbour has offer an interesting deal even if the option does not materialise.

    2. We have two or three locations that fulfil our requirements for next home (planning to be the last). Likely to be UK but still not ruled out Portugal.

    3. Need to sort out dumping a load of cash into my pension pot as all redundancy is being taxed at 40% - even though next year potentially my income will be zero.

    Martyn.

  23. #273
    Master
    Join Date
    Apr 2015
    Location
    Devon
    Posts
    5,134
    That's great news Martyn. Enjoy tonight, wake up tomorrow and remember 'today is the first day of the rest of your life'.

    Sounds like you've got some good options going forward. Take those next few months to decide where your adventures will lead you :-)

  24. #274
    Master
    Join Date
    Mar 2011
    Location
    Northern Ireland
    Posts
    6,697
    Good luck Martyn, I'm more than a bit jealous.



    Ryan, 41, still a bit to go yet :-(

  25. #275
    Master
    Join Date
    Oct 2012
    Location
    Hertfordshire
    Posts
    2,829
    Blog Entries
    1
    Very best wishes for the rest of your life Martyn!

    Sent from my moto e5 play using Tapatalk

  26. #276
    Master
    Join Date
    Apr 2017
    Location
    M62 corridor
    Posts
    4,711
    Quote Originally Posted by MartynJC (UK) View Post
    3. Need to sort out dumping a load of cash into my pension pot as all redundancy is being taxed at 40% - even though next year potentially my income will be zero.
    Haven’t followed the thread, and apologies if it’s teaching grandma to suck eggs, but have you got up to date info on your pension annual and lifetime allowance position? Just wouldn’t want you to make contributions and not get the tax relief you are expecting.

  27. #277
    Master
    Join Date
    Feb 2015
    Location
    UK
    Posts
    1,514
    I've just read this thread from the start, and found it pretty inspiring. I've always wanted to retire at 60 - in my case, on a final-salary scheme, that would mean forfeiting 5 x 4%pa = 20% of the pot - and thought that almost dangerously reckless, but it's cheering to hear how many here went (sometimes considerably) earlier than that, despite not apparently being minted.

    Martyn - it's so deeply subjective a thing that anyone else's reflections are near worthless, but I'd find the thought of living in Portugal so much more inspiring than somewhere in rural England. It's interesting that it's become such a target for overseas retirees; I have German banker friends whose plan is to retire to (in their case rural) Portugal by their fifties. I did read somewhere the other day that Porto was considering imposing restrictions on foreign buyers, due to concern at natives being priced out.

  28. #278
    Master
    Join Date
    Jan 2018
    Location
    Lancashire
    Posts
    1,069
    @TomP have you had a CETV quote ??
    They are at a record high at the moment.

    Losing 4% a year for going 5 years early isn't too bad, mine was a 36.9% reduction factor for going 5 years early.

    Sent from my SM-A105FN using Tapatalk

  29. #279
    Master
    Join Date
    Sep 2018
    Location
    West
    Posts
    1,282
    Quote Originally Posted by Tom-P View Post
    I've always wanted to retire at 60 - in my case, on a final-salary scheme, that would mean forfeiting 5 x 4%pa = 20% of the pot - and thought that almost dangerously reckless
    Looking at it another way, if you work those extra 5 years, will you be using up 20% of your remaining life expectancy?

    You’re in the fabulous position of being on a final salary scheme, so presumably can work out whether it would be affordable?

  30. #280
    Master
    Join Date
    Sep 2018
    Location
    West
    Posts
    1,282
    Good luck Martyn - keep us updated on progress :-)

  31. #281
    Master
    Join Date
    Jan 2018
    Location
    Lancashire
    Posts
    1,069
    Quote Originally Posted by PhilT View Post
    Looking at it another way, if you work those extra 5 years, will you be using up 20% of your remaining life expectancy?
    That's a really positive way of looking at the advantages of early retirement, it's a good point.
    We all know people who either haven't reached retirement on not been drawing their hard earned pension long when they've passed.

  32. #282
    Grand Master RustyBin5's Avatar
    Join Date
    Feb 2017
    Location
    Scotland central
    Posts
    13,191
    The early retirement penalties aren’t meant to reduce the amount paid to you. Actuarially it’s calculated to mean the reduction is matched by you receiving pension for 5 more years. Ofc how long you live is the main deciding factor in whether it’s a good idea or not but none of us have that crystal ball sadly.

  33. #283
    As mentioned before not enjoying Airline flying any more the quality of English Co-Pilots coming onto the fleet is utterly atrocious on at least 3 times in a month I have had to take control as the level of training has been degraded due to the need to fill slots and its My licence on the line being the Captain plus the utterly banal Management emails reminding Us to lower the landing gear or reminding Us that the LE and Trailing edge flaps are there to assist Us in slowing the aircraft down so next round of VR I will take it and I will not miss time changes having breakfast in Hong Kong or wherever when its midnight back home nope won't miss it but I will miss the Free sightseeing I have seen the World without literally paying for it out of My own pocket oh and Martyn happy retirement Sir You have truly earned it as has anyone else who has made the decision not to be a slave to 9 to 5 happy retirement one and all.

  34. #284
    Master blackal's Avatar
    Join Date
    Mar 2012
    Location
    Scottish Borders
    Posts
    9,534
    Quote Originally Posted by Boeingdriver View Post
    As mentioned before not enjoying Airline flying any more the quality of English Co-Pilots coming onto the fleet is utterly atrocious on at least 3 times in a month I have had to take control as the level of training has been degraded due to the need to fill slots and its My licence on the line being the Captain plus the utterly banal Management emails reminding Us to lower the landing gear or reminding Us that the LE and Trailing edge flaps are there to assist Us in slowing the aircraft down so next round of VR I will take it and I will not miss time changes having breakfast in Hong Kong or wherever when its midnight back home nope won't miss it but I will miss the Free sightseeing I have seen the World without literally paying for it out of My own pocket oh and Martyn happy retirement Sir You have truly earned it as has anyone else who has made the decision not to be a slave to 9 to 5 happy retirement one and all.
    They are called “Flapperoonies” ........ not ‘trailing edge flaps’

  35. #285
    Master
    Join Date
    Feb 2015
    Location
    UK
    Posts
    1,514
    Quote Originally Posted by RD200 View Post
    @TomP have you had a CETV quote ??
    They are at a record high at the moment.

    Losing 4% a year for going 5 years early isn't too bad, mine was a 36.9% reduction factor for going 5 years early
    Thanks for this RD (and sorry for your 36.9% hit!). I haven't had a CETV quote lately. But I'm a financial numpty - d'you mean that their being high at the moment is a reason to consider transferring out? Sorry to be clueless.

  36. #286
    Master
    Join Date
    Feb 2015
    Location
    UK
    Posts
    1,514
    Quote Originally Posted by PhilT View Post
    Looking at it another way, if you work those extra 5 years, will you be using up 20% of your remaining life expectancy?
    Absolutely right Phil - this thread has helped me to see it that way. As others have commented it's an excellent way to think.

  37. #287
    Master
    Join Date
    Apr 2006
    Location
    Berkshire
    Posts
    5,105
    Congratulations Martyn - enjoy the drinks and night out and most definitely wake up on Day 1 and treat it as a brand new start! Good luck to you mate.

  38. #288
    Banned
    Join Date
    Nov 2008
    Location
    Here and there
    Posts
    7,948
    Blog Entries
    1
    And apply on line for additional LTA protection. Very simple, very quick. Will save you £200,000.

  39. #289
    Quote Originally Posted by Boeingdriver View Post
    As mentioned before not enjoying Airline flying any more the quality of English Co-Pilots coming onto the fleet is utterly atrocious on at least 3 times in a month I have had to take control as the level of training has been degraded due to the need to fill slots and its My licence on the line being the Captain plus the utterly banal Management emails reminding Us to lower the landing gear or reminding Us that the LE and Trailing edge flaps are there to assist Us in slowing the aircraft down so next round of VR I will take it and I will not miss time changes having breakfast in Hong Kong or wherever when its midnight back home nope won't miss it but I will miss the Free sightseeing I have seen the World without literally paying for it out of My own pocket oh and Martyn happy retirement Sir You have truly earned it as has anyone else who has made the decision not to be a slave to 9 to 5 happy retirement one and all.
    Is this the longest sentence ever written on TZ-UK?

  40. #290
    Quote Originally Posted by jpjsavage View Post
    Is this the longest sentence ever written on TZ-UK?
    Yaaaaay I Win!!!!!!I am calling Norris McWhirter to claim my record.

  41. #291
    Master sish101's Avatar
    Join Date
    Jul 2017
    Location
    County Durham
    Posts
    4,021
    https://youtu.be/nFxjnUPRwx4

    Wise words indeed.

    Sent from my ONEPLUS A6013 using TZ-UK mobile app

  42. #292
    Grand Master oldoakknives's Avatar
    Join Date
    Sep 2012
    Location
    United Kingdom
    Posts
    20,044
    Blog Entries
    1
    Quote Originally Posted by Boeingdriver View Post
    As mentioned before not enjoying Airline flying any more the quality of English Co-Pilots coming onto the fleet is utterly atrocious on at least 3 times in a month I have had to take control as the level of training has been degraded due to the need to fill slots and its My licence on the line being the Captain plus the utterly banal Management emails reminding Us to lower the landing gear or reminding Us that the LE and Trailing edge flaps are there to assist Us in slowing the aircraft down so next round of VR I will take it and I will not miss time changes having breakfast in Hong Kong or wherever when its midnight back home nope won't miss it but I will miss the Free sightseeing I have seen the World without literally paying for it out of My own pocket oh and Martyn happy retirement Sir You have truly earned it as has anyone else who has made the decision not to be a slave to 9 to 5 happy retirement one and all.
    Yes, you're quite right. I'm fed up with being treated like sheep. What's the point of going abroad if you're just another tourist carted around in buses surrounded by sweaty mindless oafs from Kettering and Boventry in their cloth caps and their cardigans and their transistor radios and their Sunday Mirrors, bomplaining about the tea - 'Oh they don't make it properly here, do they, not like at home' - and stopping at Majorcan bodegas selling fish and chips and Watney's Red Barrel and calamaris and two veg and sitting in their cotton frocks squirting Timothy White's suncream all over their puffy raw swollen purulent flesh 'cos they 'overdid it on the first day and being herded into endless Hotel Miramars and Bellvueses and Bontinentales with their modern international luxury roomettes and draught Red Barrel and swimming pools full of fat German businessmen pretending they're acrobats forming pyramids and frightening the children and barging into queues and if you're not at your table spot on seven you miss the bowl of Campbell's Cream of Mushroom soup, the first item on the menu of International Cuisine, and every Thursday night the hotel has a bloody cabaret in the bar, featuring a tiny emaciated dago with nine-inch hips and some bloated fat tart with her hair brylcreemed down and a big rear presenting Flamenco for Foreigners.
    Started out with nothing. Still have most of it left.

  43. #293
    Grand Master number2's Avatar
    Join Date
    Jul 2011
    Location
    North and South.
    Posts
    30,573
    Monty Python rides again
    "Once is happenstance. Twice is coincidence. The third time it's enemy action."

    'Populism, the last refuge of a Tory scoundrel'.

  44. #294
    Master
    Join Date
    Jan 2018
    Location
    Lancashire
    Posts
    1,069
    Quote Originally Posted by Tom-P View Post
    Thanks for this RD (and sorry for your 36.9% hit!). I haven't had a CETV quote lately. But I'm a financial numpty - d'you mean that their being high at the moment is a reason to consider transferring out? Sorry to be clueless.
    I'm jacking in work at xmas or sooner if we have redundancies but I'm not sure whether to go the final salary or transfer out.
    If I decide to go the final salary route it won't be for 12 months or so anyway.
    Yeah, final salary transfer values are at their highest at the moment and mine had gone up £46,000 in a year, but giving up a final salary is a big decision isn't it ?

    Sent from my SM-A105FN using Tapatalk
    Last edited by RD200; 30th August 2019 at 05:18.

  45. #295
    Grand Master oldoakknives's Avatar
    Join Date
    Sep 2012
    Location
    United Kingdom
    Posts
    20,044
    Blog Entries
    1
    Quote Originally Posted by MartynJC (UK) View Post
    D-Day minus 1 has arrived.

    Out for drinks tonight for the last time with work colleagues and i’m paying. May burn through £400 but it will be worth it!!! Last time suited and booted. This has been a long time coming. I am excited to start my next life phase!

    1. House is now signed over on an Option agreement to a developer so have to sit tight for 12-18 months. Our neighbour has offer an interesting deal even if the option does not materialise.

    2. We have two or three locations that fulfil our requirements for next home (planning to be the last). Likely to be UK but still not ruled out Portugal.

    3. Need to sort out dumping a load of cash into my pension pot as all redundancy is being taxed at 40% - even though next year potentially my income will be zero.

    Martyn.
    Enjoy it. You’ll probably wonder how you had time to go to work after a while!
    Started out with nothing. Still have most of it left.

  46. #296
    Grand Master RustyBin5's Avatar
    Join Date
    Feb 2017
    Location
    Scotland central
    Posts
    13,191

    Early retirement

    Quote Originally Posted by RD200 View Post
    I'm jacking in work at xmas or sooner if we have redundancies but I'm not sure whether to go the final salary or transfer out.
    If I decide to go the final salary route it won't be for 12 months or so anyway.
    Yeah, final salary transfer values are at their highest at the moment and mine had gone up £46,000 in a year, but giving up a final salary is a big decision isn't it ?

    Sent from my SM-A105FN using Tapatalk
    Not the place to get advice on that - very complex area. If you start on the basis that the default advice position is to remain in the DB scheme and you shouldn’t consider transferring out without specific reasons in mind - then you won’t go far wrong. Transfers of that type over £30k will require advice or trustees won’t facilitate your request.

    Reasons to transfer would include wanting your income in a different format to the DB scheme (no escalation or spouses pension), maybe wanting variable income (eg take more now then less later once the state pension starts), or maybe wanting the lump sum now but no pension income as you are still working and would pay 40% on your pension income. Death benefits to allow your pension to be passed to family and even kids. Etc

    So there are valid reasons but default position is to say leave it. It’s an area I work in so any specific questions you can feel free to ask me by PM
    Last edited by RustyBin5; 30th August 2019 at 07:54.

  47. #297
    Grand Master RustyBin5's Avatar
    Join Date
    Feb 2017
    Location
    Scotland central
    Posts
    13,191
    Quote Originally Posted by oldoakknives View Post
    Enjoy it. You’ll probably wonder how you had time to go to work after a while!
    £400 session. Wonder how his head is this morning

  48. #298
    Craftsman
    Join Date
    May 2015
    Location
    Chesham, Bucks
    Posts
    593
    Quote Originally Posted by RD200 View Post
    giving up a final salary is a big decision isn't it ?
    Absolutely a massive decision. One that will be coloured by plenty of advisers persuading you. This video has recently been published by the FCA and well worth a look.

    It is almost never worth while transferring out of a DB scheme but that doesn't mean it isn't appropriate for some people.

    https://www.fca.org.uk/news/news-sto...ransfer-advice

  49. #299
    Master
    Join Date
    Apr 2015
    Location
    Devon
    Posts
    5,134
    Quote Originally Posted by RustyBin5 View Post
    Not the place to get advice on that - very complex area. If you start on the basis that the default advice position is to remain in the DB scheme and you shouldn’t consider transferring out without specific reasons in mind - then you won’t go far wrong. Transfers of that type over £30k will require advice or trustees won’t facilitate your request.

    Reasons to transfer would include wanting your income in a different format to the DB scheme (no escalation or spouses pension), maybe wanting variable income (eg take more now then less later once the state pension starts), or maybe wanting the lump sum now but no pension income as you are still working and would pay 40% on your pension income. Death benefits to allow your pension to be passed to family and even kids. Etc

    So there are valid reasons but default position is to say leave it. It’s an area I work in so any specific questions you can feel free to ask me by PM
    This ^^^

    Quote Originally Posted by broxie View Post
    Absolutely a massive decision. One that will be coloured by plenty of advisers persuading you. This video has recently been published by the FCA and well worth a look.

    It is almost never worth while transferring out of a DB scheme but that doesn't mean it isn't appropriate for some people.

    https://www.fca.org.uk/news/news-sto...ransfer-advice
    That's 'almost NEVER' is just not true at all. It's almost like saying you should never re mortgage as you are better off where you are. Chances are your lender may have a suitable product to offer you, but not always.

    The FCA quite rightly have been issuing more guidelines and a stricter process over the last few years and as Rusty says your first port of call should be to consider staying where you are. However there are many reasons why people consider moving their pensions schemes and if it's beneficial people do it. Our firm made a decision not to offer it as a service a few years ago, not because its not right, but because we specialise in other areas and decided it wasn't for us. I don't take on clients anymore either. It's specialist advice now as it should be, but I know people that have done it and their reasoning totally makes sense. I know more people that haven't done it and that makes sense as well.

  50. #300
    Master
    Join Date
    Jan 2018
    Location
    Lancashire
    Posts
    1,069
    Quote Originally Posted by broxie View Post
    Absolutely a massive decision. One that will be coloured by plenty of advisers persuading you. This video has recently been published by the FCA and well worth a look.

    It is almost never worth while transferring out of a DB scheme but that doesn't mean it isn't appropriate for some people.

    https://www.fca.org.uk/news/news-sto...ransfer-advice
    At the moment I'm being pestered daily by different advisers and I will end up needing advice.
    The big figures are tempting but without guaranteed income and inflationary rises ???

    Sent from my SM-A105FN using Tapatalk

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Do Not Sell My Personal Information