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Retirement


TAD said:
Are they actually allowed to do that. Ay the end of the day it's your money.
Not saying you shouldn't get an ifa but didn't think it would be legal for them not to release your money.
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Not sure of the mechanics of it but it's a safety net for people moving whole pots about. My mate did it without one . The people taking your pot have to confirm you've been advised properly. I think you have to prove you know your onions somehow.
 
mickb2112 said:
Does the McCloud judgement impact on you??
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I had not come across that and it doesn't look like it does.

I think my pension provider got away with it by saying that all final salary pension schemes currently being paid into for those under 55 or something, would end. They would be frozen as if I had left the scheme and my payout is based on my salary on that date and what I had paid into the scheme so far (which was only 6-8 years).

They then replaced it with a defined benefit scheme moving forward.

It does mean when I'm looking at my pension payout, I have an annual payout and lump sum based on the old final salary scheme, an annual payout and lump sum based on the DB scheme and then a DC part which only has a few thousand in it. But I think I will have to retire from all three parts at the same time, and I can not leave one running for a bit longer.
 
faith brothers said:
Use the icebreaker one of lecturers tried when I went to university.
He asked if you were an animal what would you be and why?
He wasn't expecting my reply-
Jack Russell terrier because they are always scrapping and I could lick my own balls🤣
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Back in my working days I was part of a completely dysfunctional team. Outside consultant was brought in to do team building with us.
Gave us the icebreaker of each of us describing each other team member as either an animal or a food and why.

First bloke up opened with "When I look Neil I think of a spider" facilitator said great, why does Neil make you think of spiders?
Answer was "Because I f*cking hate spiders".

Team building ended after 30 minutes.
 
Slatz63 said:
Back in my working days I was part of a completely dysfunctional team. Outside consultant was brought in to do team building with us.
Gave us the icebreaker of each of us describing each other team member as either an animal or a food and why.

First bloke up opened with "When I look Neil I think of a spider" facilitator said great, why does Neil make you think of spiders?
Answer was "Because I f*cking hate spiders".

Team building ended after 30 minutes.
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Team building, ice breakers, away days, group exercises, mandatory training all cringeworthy stuff that everyone hates, such is the corporate world.

I remember our team days and every suggestion was rejected. We were a very techy IT team, so suggested various challenges. Hacking something, robot building, build a system in 8 hours competing against other teams, mixing up our usual teams. They could have been fun and educational. But we were in a wider department with a library and that would have excluded them, so we ended up having motivational speakers and poster design sessions. I started to refuse to come and one session, sabotaged our monitoring so it looked like half the network was down and I had to leave in an emergency. Took me all day to fix that.

Management refused to see that IT and Library were two completely different departments badly stuck together and there was no need to bond with them in joint bullshit.
 
Feed the Monster said:
Pretty sure I know the answer to this noddy question but as someone that is shit at sums I’ll ask the peeps on here that know more.

Currently match my employers max contribution into my pension - 9% each so that’s all good. Also pay £500 a month into a S&S ISA and top that up to the annual max from a savings pot.

Am I being daft in that I should just pay into the ISA from savings and sacrifice the extra 500 a month into my pension, stopping the monthly after tax deduction into the ISA. So I save the same but win the tax back.

I’ve just clicked this 😳 but like I said I’m a bit dense on this.
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The devil is in the detail but generally on a pure "free-money" basis:
1. If your employer will put any more in with increased contributions, increase the pension contribution.
2. If not, but you are a 40% taxpayer, pension is probably better than ISA.
3. If you are a basic rate taxpayer, probably ISA, provided you will have enough pension to be able to hit all your tax-free allowances each year in retirement.

But the free money numbers aren't enough. There a other considerations that might tip a decision one way or the other.

For example:
If you are likely to need the money in the short term, it might not be a great idea to put it into a pension. But someone a bit spendy might benefit from having the money locked away.

Differences in costs or investment strategies might also make a difference. 1 or 2% more in costs can make a big difference over a lifetime. An overly conservative investment strategy over the long term or an overly risky strategy over the short term can easily wipe out tax savings.

A pension has some advantages that ISAs do not, regardless of the tax relief. For example, it is more secure if life takes an unfortunate financial turn; creditors / trustees in bankruptcy can't generally get their hands on run of the mill pension contributions. ISAs are fair game for creditors / trustees.
 
I might be going against the grain here but if I could go back 25-30 years I would put my pension contributions towards a bigger mortgage and better house.
 
42 said:
Benefit of hindsight with high house price inflation during early 2000s
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I was relatively late into the housing market and didn't buy until 2010 when I was 38. It meant that I benefited from the price drops following the banking crash and - until this year - had very low interest rates. However, if I could have afforded to buy 10 years earlier, like many of my friends did, I would be laughing even if it had been harder in the early days.
 
Darlo1973 said:
I was relatively late into the housing market and didn't buy until 2010 when I was 38. It meant that I benefited from the price drops following the banking crash and - until this year - had very low interest rates. However, if I could have afforded to buy 10 years earlier, like many of my friends did, I would be laughing even if it had been harder in the early days.
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I would not dwell on it too long….millions of people are thinking today things like ‘if only I had the courage to buy, or I wish I bought that house’. Me included. I sold a house back in 2001 for 110k, just over one year later it went for 180k 😝
 
Had a meeting with my pensions bloke the other day, I’m way behind target for my desired pension fund, looking to face the option of jacking or winding down when I’m 58.

Few months to go and I should be mortgage free so gonna start upping conts and lower my tax bill.

Doesn’t pay to worry too much about the future or the past though, neither exist, only the now exists.
 
SuperK said:
I would not dwell on it too long….millions of people are thinking today things like ‘if only I had the courage to buy, or I wish I bought that house’. Me included. I sold a house back in 2001 for 110k, just over one year later it went for 180k 😝
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I sold two property's in London in 1999 and 2000 and bought my present house with the money. Today those two property's are worth about £1.3m and my home now is only worth about £450,000. In hindsight I should have kept one of them for my pension.
 
DaveH said:
Team building, ice breakers, away days, group exercises, mandatory training all cringeworthy stuff that everyone hates, such is the corporate world.

I remember our team days and every suggestion was rejected. We were a very techy IT team, so suggested various challenges. Hacking something, robot building, build a system in 8 hours competing against other teams, mixing up our usual teams. They could have been fun and educational. But we were in a wider department with a library and that would have excluded them, so we ended up having motivational speakers and poster design sessions. I started to refuse to come and one session, sabotaged our monitoring so it looked like half the network was down and I had to leave in an emergency. Took me all day to fix that.

Management refused to see that IT and Library were two completely different departments badly stuck together and there was no need to bond with them in joint bullshit.
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DaveH said:
It might be a tricky one politically. I don’t think Labour can afford such an unpopular move that will really annoy the 40+, where a lot of their core vote sit. And the gains of which are very long term. It would be a brave move for them.

But then Tory/Reform has a lot of their core in the 60+. If they were the ones to raise retirement age that is going to put off those reaching 69 from turning to them replacing those who are naturally lost.

Also a difficult one that going to you are 70 is going to be tough for manual workers.
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Thar she blows!

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Hair Flick said:
Thar she blows!

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A few months before the next election, it could be a key issue.

Assuming this and the next Parliament term are full, I'll be 57 by the term after next.

If it doesn't happen in the next term, I should be ok as I'd expect those within 10 years of retirement to be safe.
 
DaveH said:
A few months before the next election, it could be a key issue.

Assuming this and the next Parliament term are full, I'll be 57 by the term after next.

If it doesn't happen in the next term, I should be ok as I'd expect those within 10 years of retirement to be safe.
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Aye There’s no way Labour will run with this until they absolutely have to.
 
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