Retirement

[Tuono]

How old are you?

On a slightly worrying note, for some people, it seems there are now quite a few cases of DB pensions being overpaid and people being chased to pay the money back. It's scandalous that actuaries/companies work out your amount, you take it in good faith as it's almost impossible to know if it's correct, then a few years later you get a demand for repayment. It's not as if it's important they get it right seems the company who look after a number of big pensions in this area are one of the biggest culprits.

65. Have a small pension I could start taking but I won't touch that until I run out of savings. State pension and savings will keep me going for a few years and then I'll probably downsize. Pointless living in a 3 bed detached house when you're single. Might even move back to Sunderland.

 

[ChrisK]

If the wife could keep me and all I had to do was be a crap house husband, I'd be happy to wear that badge.

Not sure I'd be comfortable been a kept man, we done or sums and can both take early retirement 51 & 55, don't live extravagant lifestyles apart from travel & holidays all big bills paid and have enough to live on.
Planning on having summers in UK and long warm winter breaks abroad to avoid the shit weather here.
November and January already sorted can`t wait.

 

[DaveH]

I’d be riddled with guilt if that was the case.


Member of my extended family done it for a decent spell . He was classed as all the lazy bastards( because he was) by their lasses family and everyone else for that matter.She had 2 jobs and he’s dossing about ffs taking the bairns to school.
He commands zero respect all these years later.

I’d get too bored dossing. I often watch a film in two halves because I get restless. If I could become a house husband, it would be the inside house work day to day stuff for half a day a week, and likely out doing all sorts in the garden, making stuff in the shed. And when it is too cold for that, decorating or if cleaning doing the big jobs like we really need to empty out a lot of the kitchen cupboards and give them a good cleanout.

 

[Darlo1973]

I've got a rough trip planned out for sometime in the next few years, just waiting for the missus to retire. Land in HK, travel to Nanning, Hanoi, Saigon, through Cambodia, Thailand, Malaysia to Singapore then home. Should take about 3 months I reckon.

Ah, leave her at home. I'm sure she won't mind! Yes, HK to Singapore overland has always looked like an epic trp. I've done most of the major places along route over the years of 2 week holidays in SEA but I'm sure the bits in the middle are the most interesting. Just the ability to change your mind and follow the wind is something you can't do on a short trip.

Best tour for the cricket I've done was Sri Lanka. Colombo, Galle, Ella, Kandy, Colombo. Ella is a beautiful place, and the train ride between there and Kandy should be near the top of everyone's list to do.

Yes, got a mate (with a cricketing widow) who says Sri Lanka was the best overseas tour to do.

 

[Matt Hopkins]

65. Have a small pension I could start taking but I won't touch that until I run out of savings. State pension and savings will keep me going for a few years and then I'll probably downsize. Pointless living in a 3 bed detached house when you're single. Might even move back to Sunderland.

old twat Downsizing is always a strange one for me when I hear some people on about it. They say they are going to downsize from a semi house to a detached bungalow

I always think it's for people who have massive houses and want to move into a big house. As an example say your house(not really your house) is worth £200k and you decide to downsize how much money do you want to realise from the sale? Where I live you'd be moving to a terraced house to free up a decent amount, before anyone jumps in there's nothing wrong with terraced houses, but you could move next to some right arseholes so if you're happy where you are it's a big risk, in my eyes, to go through the hassle for not a massive amount of money.
Obviously if your house is £400k and you move to Sunderland to a £200k house then I can see that being worth it

Not sure I'd be comfortable been a kept man, we done or sums and can both take early retirement 51 & 55, don't live extravagant lifestyles apart from travel & holidays all big bills paid and have enough to live on.
Planning on having summers in UK and long warm winter breaks abroad to avoid the shit weather here.
November and January already sorted can`t wait.

Must be one of the richest men on the board

 

[DaveH]

Not sure I'd be comfortable been a kept man, we done or sums and can both take early retirement 51 & 55, don't live extravagant lifestyles apart from travel & holidays all big bills paid and have enough to live on.
Planning on having summers in UK and long warm winter breaks abroad to avoid the shit weather here.
November and January already sorted can`t wait.

I could see me retiring before my wife. She is a couple of years younger, self employed and really enjoys what she does. She does pick ip some interesting work and has been steering her career in to writing. She has her first maths/science book out in a few weeks I think. I can see her not wanting to give that up.

I would love to spend more time up at the Lakes, climbing big hills or sleeping most of the day and doing astronomy at night. She is not interested doing either. I could see me getting a little camper van and going off by myself for a few days at a time to do that, while she continues to work and is glad to get me out the house so she can concentrate.

Still a long way off but it is a dream.

 

[ChrisK]

p

 

[Mackem00]

Yesterday driving to work in the pissing rain I was thinking do I just say fuck it, turn around and go home to retirement. I have enough to live on until my pension kicks in next year but what would i do at home. It's pissing down so I'd probably be doing a bit tidying, eating too much then having a few beers because I'm bored and can't get out on my bike because it's raining so I went to work and enjoyed the crack once the rain stopped. And it keeps me fit.
Today it's going to rain from 10am for the rest of the day and I've got 2 roofs to finish so I'm going to get wet. Hoovering or getting cold and wet ... I'll take getting cold and wet, at least I get very well paid for that and I know I can just walk away any time I want.
That want is getting bigger by the day though.

I don't understand mate. You are happy to work on top of a house in the rain but not ride your bike?

 

[ChrisK]

old twat Downsizing is always a strange one for me when I hear some people on about it. They say they are going to downsize from a semi house to a detached bungalow

I always think it's for people who have massive houses and want to move into a big house. As an example say your house(not really your house) is worth £200k and you decide to downsize how much money do you want to realise from the sale? Where I live you'd be moving to a terraced house to free up a decent amount, before anyone jumps in there's nothing wrong with terraced houses, but you could move next to some right arseholes so if you're happy where you are it's a big risk, in my eyes, to go through the hassle for not a massive amount of money.
Obviously if your house is £400k and you move to Sunderland to a £200k house then I can see that being worth it

Must be one of the richest men on the board

Not at all mate, just hit lucky at offer of redundancy at 55 plus got a decent FS pension kind of made our minds up for us really.
Once your big bills are paid don't really need a massive amount to live on, done our sums and reckon we be fine.
Got plenty going on as spend half the summer weeks done in Weardale got a static van and half at home.
What with dog walks, gym swim and sauna, bit gardening, diy and helping with the family, haven't really got time for work

 

[Tuono]

I don't understand mate. You are happy to work on top of a house in the rain but not ride your bike?

It's too dangerous riding in the rain, on the roof if the rain gets too heavy I'll fuck off home. The down side is it's all price work so I only earn when I'm working.

 

[Pantomime Mackem]

How did you get into the board/NED roles and how do you find them? Much more hands on than 10 years ago it seems but something I am keen on in the future.

Develop the skills and network the shit out of it, basically. Do research on organisations who can offer training, some do it for free. Research recruitment consultants who do a lot of this kind of work, they are often v happy to talk to you as it’s in their interests to know who’s out there. Think about being a charity trustee - has to be unpaid by law (so consider the opportunity cost) but great way to get some board level experience you can then cite in your CV

 

[Yahrba]

I’d get too bored dossing. I often watch a film in two halves because I get restless. If I could become a house husband, it would be the inside house work day to day stuff for half a day a week, and likely out doing all sorts in the garden, making stuff in the shed. And when it is too cold for that, decorating or if cleaning doing the big jobs like we really need to empty out a lot of the kitchen cupboards and give them a good cleanout.

I was like Larry Grayson at first " look at the muck here " . Our lass had been putting half shifts in i think

 

[Fletch]

How old are you?

On a slightly worrying note, for some people, it seems there are now quite a few cases of DB pensions being overpaid and people being chased to pay the money back. It's scandalous that actuaries/companies work out your amount, you take it in good faith as it's almost impossible to know if it's correct, then a few years later you get a demand for repayment. It's not as if it's important they get it right seems the company who look after a number of big pensions in this area are one of the biggest culprits.

is that not where the person was paid more pension then the amount they received on their letter/package , from the off, and kept quiet about it (as many would)

 

[DaveH]

Not at all mate, just hit lucky at offer of redundancy at 55 plus got a decent FS pension kind of made our minds up for us really.
Once your big bills are paid don't really need a massive amount to live on, done our sums and reckon we be fine.
Got plenty going on as spend half the summer weeks done in Weardale got a static van and half at home.
What with dog walks, gym swim and sauna, bit gardening, diy and helping with the family, haven't really got time for work

I'm envious.

Where I was working earlier this year, has had financial troubles for a few years. They are on their second restructure in 3 years and had previously had a few rounds of generous voluntary redundancy. They had previously said "this is the last time we are offering this" and all had been quiet for a year. I found another job and resigned. 3 weeks later another redundancy round was announced and apparently anyone who applied got it. Anyone working their notice was not permitted to apply.

I'd have got about 14 months of wages tax free which would have brought forward potential retirement by a couple of years. All about the timing and I got unlucky.

 

[Matt Hopkins]

is that not where the person was paid more pension then the amount they received on their letter/package , from the off, and kept quiet about it (as many would)

No they had been given the wrong figures. I can't find the thread I'd read but it was similar to this one

You must be logged on to see external links

 

[DaveI]

I'm envious.

Where I was working earlier this year, has had financial troubles for a few years. They are on their second restructure in 3 years and had previously had a few rounds of generous voluntary redundancy. They had previously said "this is the last time we are offering this" and all had been quiet for a year. I found another job and resigned. 3 weeks later another redundancy round was announced and apparently anyone who applied got it. Anyone working their notice was not permitted to apply.

I'd have got about 14 months of wages tax free which would have brought forward potential retirement by a couple of years. All about the timing and I got unlucky.

Oh no!

A mate of mine had the opposite. He’d worked for GSK for 40 odd years and had had enough. Typed up his notice letter and was on his way to deposit it with HR when he bumped into a senior manager on the stairs who took him to one side to forewarn of a forthcoming round of redundancies. So he kept his letter, waited a few months and snapped their hand off when redundancy was offered.

Jammy get.

 

[42]

No they had been given the wrong figures. I can't find the thread I'd read but it was similar to this one

You must be logged on to see external links

That sounds like an admin error with AVC's rather than a constant issue with DB pension which will be difficult to get wrong as there's usually a set accrual rate, so you can crunch the numbers yourself to quality check them to see if they're in the right ballpark

 

[DaveH]

That sounds like an admin error with AVC's rather than a constant issue with DB pension which will be difficult to get wrong as there's usually a set accrual rate, so you can crunch the numbers yourself to quality check them to see if they're in the right ballpark

Requesting the money back is an interesting one, because you can argue that it was what had been advertised.

Back when digital cameras were coming down to consumer pricing, Kodak made a mistake on their website. A 3.1 megapixel camera (posh for the time), docking station, memory card and some printer paper all for £100. I think it was usually £400 and they had a £100 reduction. Someone made a mistake. Quite a lot of people signed up (Becs tipped me off), Kodak said no, some started legal action as we had a contract of sale. Eventually Kodak caved and I got a camera.

I think following that one the law was changed to say the online agreed price had to stay, even if it was a mistake. It feels like a pension payout should be the same. If someone is given a certain amount and told they had earned that amount then I don't think you should be able to recall it and for future payments the pension company has to give reasonable notice of the change of payments, say 6-12 months.

People plan their lives on this. If the pension company makes that mistake then they own the responsibility for that mistake. If they can demand repayment and apply penalties, that means the responsibility for their mistake lies with the customer. That is wrong.

Pensions are complicated. I like to think I'm intelligent, good with maths and quite like a spreadsheet. It took me a lot of study and experimentation to fully understand my pension. In the process, I found the pension companies own modelling tool was wrong, where it calculated pension earned on a weekly basis and rounded down at each step. The cumulative effect was a few thousand out over a 15 year period. If they can't get it right, and the documentation is complicated, what hope does the average customer have?

 

[Matt Hopkins]

People plan their lives on this. If the pension company makes that mistake then they own the responsibility for that mistake. If they can demand repayment and apply penalties, that means the responsibility for their mistake lies with the customer. That is wrong.

Pensions are complicated. I like to think I'm intelligent, good with maths and quite like a spreadsheet. It took me a lot of study and experimentation to fully understand my pension. In the process, I found the pension companies own modelling tool was wrong, where it calculated pension earned on a weekly basis and rounded down at each step. The cumulative effect was a few thousand out over a 15 year period. If they can't get it right, and the documentation is complicated, what hope does the average customer have?

100% this. Imagine being 85 year old and all of a sudden someone says you were overpaid £10k lump sum and £2k per year for the last 25 years and they want it all back.
Wish I could find the thread, wonder if it's been pulled

 

[Kane]

I will hit 50 next month and get (apparently?) free pensions advice from the gov. As it stands (been looking into this myself a bit recently) I can take a 25% draw down at 55, which should give me approx £30k and then combined with the state pension, when I do hang up my boots maybe around £18k a year if I plan to live to 100. A bit more if I adjust my life expectancy to 68

Thank god my ex-wife had the inspirational moment of creating a financial divorce as well as a marital one. Might buy a Harley and just ride off into the sunset.