Retirement

[Matt Hopkins]

Yes, CETV.

In real terms, 12% inflation for 2 years vs 3.5% increase, then compounded over the remaining time until retirement, and I'm over 30% down.

I think you're wrong mate,DB pensions don't work like that. The CETV is meaningless unless you are set on transferring out, and as I've mentioned before you'll be hard pushed to get someone to do this for you

 

[SurreyMackem]

I planned not to work when I retired but I found I was just more complete (if that makes sense ) as a person if I had something that gave me a purpose and used the wealth of experience I have. It’s not about the money, it’s about an identity.
I don’t work hard or have any stress or responsibility, I’ve come to understand that I’ve retired from those things but not from altogether living and contributing.
No two peoples backgrounds or careers are the same and some people have such deep interest in other things that once work has gone it just allows them to concentrate on those things.
Others like me had their identity through their work and to still having the satisfaction of being a little involved helps them enjoy life more.

So I would caveat what I said by saying full time retirement is over rated

Eggsactly, I have retired from work but I haven't retired from living, while there is no right way to spend your time I would quote Morgan Freeman "get busy living or get busy dying"

 

[humbug]

I think you're wrong mate,DB pensions don't work like that. The CETV is meaningless unless you are set on transferring out, and as I've mentioned before you'll be hard pushed to get someone to do this for you

how do you work out the value of a db pension? i have one with figures of what i could get at different ages but curious as to how much it's actually worth.

 

[42]

how do you work out the value of a db pension? i have one with figures of what i could get at different ages but curious as to how much it's actually worth.

In terms of the lifetime allowance, it was kind of the value of the accrued benefits multiplied by the average remaining expectant life.

 

[Matt Hopkins]

how do you work out the value of a db pension? i have one with figures of what i could get at different ages but curious as to how much it's actually worth.

If you mean a CETV you have to ask the company involved. I asked for one a few years ago but was advised not to take it, then got a letter a couple of years later along the lines of we want you to piss off out of the DB scheme so we are enhancing CETV by 25% so I asked again and it was less than the previous quote
ShirleyShammel was the lad for pensions

 

[humbug]

In terms of the lifetime allowance, it was kind of the value of the accrued benefits multiplied by the average remaining expectant life.

If you mean a CETV you have to ask the company involved. I asked for one a few years ago but was advised not to take it, then got a letter a couple of years later along the lines of we want you to piss off out of the DB scheme so we are enhancing CETV by 25% so I asked again and it was less than the previous quote
ShirleyShammel was the lad for pensions

thanks.

 

[ChrisK]

how do you work out the value of a db pension? i have one with figures of what i could get at different ages but curious as to how much it's actually worth.

I have had a CETV - cash equivalent transfer value from my company for around the past 3 years and roughly it has been anything from double to 3 times the value of what your company pension statement says you have in your pot.
I Have just requested another as i due to be made redundant in January.
A lot of people are unaware they have this option to take a DB pension out of the company scheme for what is life changing amounts of money all be it a gamble once you transfer as your in the hands of investors and markets.
Definitely worth asking for one

 

[Fletch]

Don’t forget mind , there’s a reason why goodvfinal Sakarya schemes are called gold plated , what price do you put on a stress free retirement where you simply get a payslip and paid each month , pay rise every year , just as if working . No need worry about stock markets etc.
It’s a lot to give up so make sure you have pros n cons of both

 

[monkeytassle]

Don’t forget mind , there’s a reason why goodvfinal Sakarya schemes are called gold plated , what price do you put on a stress free retirement where you simply get a payslip and paid each month , pay rise every year , just as if working . No need worry about stock markets etc.
It’s a lot to give up so make sure you have pros n cons of both

What on earth have you typed there Fletch

 

[humbug]

I have had a CETV - cash equivalent transfer value from my company for around the past 3 years and roughly it has been anything from double to 3 times the value of what your company pension statement says you have in your pot.
I Have just requested another as i due to be made redundant in January.
A lot of people are unaware they have this option to take a DB pension out of the company scheme for what is life changing amounts of money all be it a gamble once you transfer as your in the hands of investors and markets.
Definitely worth asking for one

i have a db pension from a former employer. might just ask for a cetv. there's little chance i'd cash it in mind. i do know lads who have done that and ended up with quite a large amount but it all seems a bit of a gamble to me and tbh i'm probably the most risk averse person there is regarding money matters.

 

[i8playoffs]

Don’t forget mind , there’s a reason why goodvfinal Sakarya schemes are called gold plated , what price do you put on a stress free retirement where you simply get a payslip and paid each month , pay rise every year , just as if working . No need worry about stock markets etc.
It’s a lot to give up so make sure you have pros n cons of both

Indeed. In my case I left one of my DB schemes in place to give some certainty. We certainly do not need any Liz Truss moments any time soon.

i have a db pension from a former employer. might just ask for a cetv. there's little chance i'd cash it in mind. i do know lads who have done that and ended up with quite a large amount but it all seems a bit of a gamble to me and tbh i'm probably the most risk averse person there is regarding money matters.

Critical you find a solid Advisor who use a good investment network.

 

[Tin Man]

I have had a CETV - cash equivalent transfer value from my company for around the past 3 years and roughly it has been anything from double to 3 times the value of what your company pension statement says you have in your pot.
I Have just requested another as i due to be made redundant in January.
A lot of people are unaware they have this option to take a DB pension out of the company scheme for what is life changing amounts of money all be it a gamble once you transfer as your in the hands of investors and markets.
Definitely worth asking for one

Might be a charge if you ask for CETV more than once in a year

 

[ChrisK]

thanks.

i have a db pension from a former employer. might just ask for a cetv. there's little chance i'd cash it in mind. i do know lads who have done that and ended up with quite a large amount but it all seems a bit of a gamble to me and tbh i'm probably the most risk averse person there is regarding money matters.

Fair play to you
but for me the main 2 reasons I am going to transfer out is if i was to go under a bus my pot would go too my family and not back to the company if I had just left it were it was.
Plus i will take around double monthly drawdown compared to what my company are offering.

 

[wackyjacky]

Got to take your word that retirement is overrated, and you have found what works for you.
What I can say having worked for 40 years time off is valuable and I plan to use it wisely.
I am due to take early retirement soon and have no plans to work again atm.
Have load of plans what I would like to do in retirement and thankfully I am still fit enough to do them.
Anyone used a company called True Potential Wealth Management ?
Appreciate any experiences or feedback you have on them.

That's who I went with, worked with them a few months going over everything, very thorough and really pleased so far. I was recommended a bloke by someone at work and he happened to be TWP, so it happened by accident really.
But they were good and didn't try to get me to switch everything to them, some I left in place as he felt it gave a better all-round portfolio, I never got the impression he was just trying to take everything he could.

 

[Matt Hopkins]

That's who I went with, worked with them a few months going over everything, very thorough and really pleased so far. I was recommended a bloke by someone at work and he happened to be TWP, so it happened by accident really.
But they were good and didn't try to get me to switch everything to them, some I left in place as he felt it gave a better all-round portfolio, I never got the impression he was just trying to take everything he could.

3 belter names on their board Earl Glasgow, George Peebles and Peter Coward

 

[Tuono]

Why not just withdraw it all?

Because I feel like they've taken the piss so I'm doing the same.

if you paid into it for 4 years it should be worth more than that. How long ago?

From about 1976.

How has a pension that you paid into for 3/4 years performed that poorly?

See below.

Management fees eating into the pot?

Probably. I'd forgotten all about it until about 15 years ago when I got a letter from the pension company that they were closing down and transferring my pension to another company. For the next 12 years it stayed at £16 but then gained a massive £2 in the last 3 years. I've left it alone for amusement value really, where else could I get so much entertainment for so little.

 

[Fletch]

What on earth have you typed there Fletch

Ffs sausage fingers

 

[wackyjacky]

3 belter names on their board Earl Glasgow, George Peebles and Peter Coward

Don't know them but I think David Harrison is involved and he's always been successful.

 

[3.142]

I think you're wrong mate,DB pensions don't work like that. The CETV is meaningless unless you are set on transferring out, and as I've mentioned before you'll be hard pushed to get someone to do this for you

Wrong on what? That the CETV hasn't fallen by around 40% or that I haven't lost close to that already (with more to come) in real terms?

 

[Biffo The Bear]

Lad i work with has no mortgage. Single. Kids grown. He has over $1.3m in bank and says he needs another 4-5 years before he can afford to retire.
Guess it depends upon what you plan to do in retirement. If i had what he has i would be typing from home or a beach somewhere. Sadly i don't, so am in Texas!!