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Retirement

Was hoping for 4 yrs time (57) goin to be more like 59-60 with the recent shit show of inflation increase, the pot won't go as far as I originally thought.
 

42 said:
You sure about that? In April '28 the pension age goes upto 57. So you might have to wait a couple of years.
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That'll please the wife then, we had an argument and we come to some sort of agreement I'd work another 10 years taking me to 57.

I can only comment on my last statement, which said my retirement age was on my 55th birthday, I'll be honest my head is buried when it comes to most news these days, so that news about 57 is new to me, but won't piss on my chips!
 
DaveH said:
That is the way it should be and the way I want to go. Have a polite conversation, possibly even a year in advance. Tell them I plan to leave, give them a date and offer to hand in my notice well in advance, help to recruit and induct a new person etc.

An employer taking the huff and blanking someone does them more harm than good. If someone was being shit with me, I'd be really tempted to save up all leave in the last year and hand in my notice, making sure either the long Christmas or Easter closure were included and my last day was a Sunday. I think I could actually trim a 3 month notice period down to about 7 weeks doing that. Then if you don't produce any handover notes or anything, what are they going to do, give you a bad reference for your next job....oh wait.

Far better to go out happy and supportive of each other.

I'm not sure how they compare to university pensions, but that is currently about 9% employee, 21% employer pay in, with defined benefits up to earnings of £41k. For every year worked, you get 1/85 of that back per year as your pension. So someone on say £35k gets £412 per year for life (plus inflation).

Anything over that goes into a defined benefit, which is essentially just a savings account. I think it works where someone on say £45k has their account going up by about £50 per month.

Until recently, people paid in less, but got 1/75 out, so £35k would get £467 per year back.
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I started contributing to the LGPS in 2000.

2000-2008 final salary scheme is 1/80ths plus 3/80ths lump sum
2008-2014 is 1/60ths.
2014 onward is career average 1/49ths.

I plan to jump ship at 60.
 
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Matt Hopkins said:
I take it you've checked on the Government Gateway to see exactly what you're due to?
It's a misconception that you will need 35 years it only applies to people born this century, your payment will have been worked out using the 'transitionary' calculations.
Doesn't help you if you've had official confirmation but might help someone else 👍
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I did, I'll check again, for some years they say they are still checking but gave a final figure of about £8700 which I found strange if they were still checking some years. I won't get final confirmation of exactly how much I!ll get until 2 weeks before I retire it said in the email.
 
16 working days to go.

Going to have a break but have already been offered a gardening job if I want it around March.
The Business here have asked me to stay on, not a chance and for the first time putting myself first.

You never think you’ve got enough but bollocks it feels right.

Place here is falling apart with people leaving and for the first time in my Life it is no longer an issue for me.
No regrets throwing money at following the mighty Swindon when could have put in more Pension contributions. Worked since 16 and managed teams since 27.
No more.

The feeling of not having to go back to this shit show on the 2nd January is unreal.
 
DaveH said:
I'm not sure how they compare to university pensions, but that is currently about 9% employee, 21% employer pay in, with defined benefits up to earnings of £41k. For every year worked, you get 1/85 of that back per year as your pension. So someone on say £35k gets £412 per year for life (plus inflation).

Anything over that goes into a defined benefit, which is essentially just a savings account. I think it works where someone on say £45k has their account going up by about £50 per month.

Until recently, people paid in less, but got 1/75 out, so £35k would get £467 per year back.
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Which pension scheme is that?
 
Swindon On Tour said:
The feeling of not having to go back to this shit show on the 2nd January is unreal.
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I was just planning dates for Christmas visits and have a long drive to visit my family up in the NE. Back at work on the 3rd Jan and kids back at school. We wanted to come back on the 2nd but it is a real killer and the kids especially find it hard going back to school after a day where we have been driving all day. So we have to come back on the 1st.

I'd love the freedom to just decide when.
AndrewP said:
Which pension scheme is that?
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USS
 
DaveH said:
I was just planning dates for Christmas visits and have a long drive to visit my family up in the NE. Back at work on the 3rd Jan and kids back at school. We wanted to come back on the 2nd but it is a real killer and the kids especially find it hard going back to school after a day where we have been driving all day. So we have to come back on the 1st.

I'd love the freedom to just decide when.

USS
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Hang in there Mate it will come.
 
AndrewP said:
I think I read that UCU got the changes to USS rolled back, so it might improve.
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They recently started a review process and the recommendation was it went back to the better scheme. They have not decided if it should be adapted.

It felt like a deliberate attempt to screw customers over and it is what caused a lot of the strikes. They evaluated the value of the pension scheme as a whole against stock market performance in or around May 2020. They came to the conclusion it was running at a loss and at high risk, so upped payments in while decreasing benefits out of it. It was pointed out that May 2020 was really not a good time to do a litmus test against the stock market, because it really was not a normal time.

Since then a further evaluation was done which found the performance was actually quite healthy. I imagine the staff are now receiving quite nice pay and bonuses they never used to have.
 
Tuono said:
I got an email about my Government pension a couple of weeks ago. I spent a lot of years working the winter here and dossing about Europe in the summer so about 10 years ago I worked out I would just have the 30 years NI contributions needed for a full state pension. Imagine my surprise when I found out I won't be getting a full pension because in 2016 the rules changed and you now need 35 years NI contributions to qualify. I can't even pay for the years I'm short because you can only go back 6 years. I've paid NI every year since I left school but it seems all these years where I've only paid between 30 and 40 weeks per year count for nothing as you need 52 or 53 weeks.
45 years self employed by the way and I paid into a private pension for the past 35 years.
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Aye, you got to keep an eye on stuff like that if you're self employed.

NI aren't the most helpful in pointing out that you might want to top up your contributions.

I was a week short of the full payments for the year so i've got to work another full year to reach the required number of years.
 
Basically for a single person ( assuming you're mortgage-free homeowner) , I'd say that if you had upwards of £250k in a defined contribution pot & you were 55 / 57 ...... then retirement is Deffo an option.

For a couple- maybe £400k combined

Keep the lump invested ( make sure it's invested in a scheme that delivers at least 10% per annum average over 5 years ) - and your pot will continue to grow whilst you pull out £25k or so per year to live on . ( take out just enough to ensure your tax is minimised )

Less than £150k invested and you're taking a gamble retiring at 55 imo.....
 
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Slim999 said:
Basically for a single person ( assuming you're mortgage-free homeowner) , I'd say that if you had upwards of £250k in a defined contribution pot & you were 55 / 57 ...... then retirement is Deffo an option.

For a couple- maybe £400k combined

Keep the lump invested ( make sure it's invested in a scheme that delivers at least 10% per annum average over 5 years ) - and your pot will continue to grow whilst you pull out £25k or so per year to live on . ( take out just enough to ensure your tax is minimised )

Less than £150k invested and you're taking a gamble retiring at 55 imo.....
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How much would that give you to live on a month?
 
Matt Hopkins said:
I take it you've checked on the Government Gateway to see exactly what you're due to?
It's a misconception that you will need 35 years it only applies to people born this century, your payment will have been worked out using the 'transitionary' calculations.
Doesn't help you if you've had official confirmation but might help someone else 👍
Click to expand...
Just checked again and I have 7 years where the Gateway site says,
Year is not full.
We are checking this year to see if it counts towards your pension. We’ll update your record when this is finished, you do not need to do anything.
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You have:

  • 29 years of full contributions
  • 21 years when you did not contribute enough
£8,813 a year according to my State Pension Summary.
 
houghton cut head said:
Mine pays 10% and I currently pay 25%. I wish that I had started hammering my pension payments a couple of years ago, but would never give up shit loads of great holidays and supporting the Sunderland economy heavily for the sake of boosting my retirement fund

What people conveniently forget when it does come to Civil Service Pensions however, their pay has been shit for 40 years to get a very average pension. So whilst an AO on £22K may only pay 4.6% contribution and the Government 26%, they will have had a shite wage for 40 years and will get an £11k pension when they are 65
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TheWanderer said:
Need to get to work on my retirement plan now!

At 47 I'm targeting 55 as the age I'd like to retire (depending on if youngest goes to uni), or winding right down. Was recently lucky enough to be made redundant meaning I can get hold of my final salary pension (25/60th's) with no penalties at 55. My redundancy package allowed me to clear all debt (apart from mortgage), and I'm refusing to get into more, and I managed to jump straight back into employment with a firm where I contribute 5%, with the company 10%, so will have 8 years of that too, although probably won't get that until 65.

Aim of next 8 years is to get the mortgage paid off, which is around 50% of value, and buy a new camper van and get that paid off by renting it out, so that its all paid at retirement so I can head off exploring the UK/Europe, with the 25% lumper from my pot. Get excited thinking about it, and its still years away!
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Sharp comes round mate and 55 is a great age to retire.
Swindon On Tour said:
16 working days to go.

Going to have a break but have already been offered a gardening job if I want it around March.
The Business here have asked me to stay on, not a chance and for the first time putting myself first.

You never think you’ve got enough but bollocks it feels right.

Place here is falling apart with people leaving and for the first time in my Life it is no longer an issue for me.
No regrets throwing money at following the mighty Swindon when could have put in more Pension contributions. Worked since 16 and managed teams since 27.
No more.

The feeling of not having to go back to this shit show on the 2nd January is unreal.
Click to expand...
When you finally done I guarantee you will think why the hell did you not go earlier mate.

I Been on gardening leave since March and had a great summer, luckily still on payroll till end of year then that's my work ties cut.
I been lucky stood down in March with full pay and a redundancy lumper end of year to go with it, the icing on the cake.
I am currently well into a great retired lifestyle don`t want to bore you but loving it.
Don`t want to rub it in either but look at me ;-) were off to Barbados next Thursday for a bit winter sun call it my retirement holiday !

Life too short and there are definitely more work days then rest days enjoy !
 
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