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Retirement

JAZZMANB said:
Is it better to buy a cheap house quicker or buy a bigger house to your limits though 🤔 .Where's the biggest gains .
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I look at a house as somewhere to live, I've never been materialistic about it, or it's value. Nice house, on a decent street,i'm happy. Gains have never ever been a consideration. We looked at Fulwell and Seaburn when we got married and if we pushed ourselves to our absolute limits we'd be sitting on far more value than we are now but I've not got a single regret about that.

In her case she's happily single so a cheaper house was the only option as she wanted a place of her own but also to still have a life other than paying bills every month.
 

Fletch said:
How does it work if you have say 80/20 or 60/40 … do you not just tell them when you want your money . So say you want to drawdown 10k, they just pay you it ? And do they deduct tax or is it your responsibility via self assessment ?
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Not sure what you're asking to be honest.
If you have only one fund in pre retirement then obviously the money can only come from there. If you drawdown £10k you will get £2500 tax free paid into your bank account, you also decide how much you want to take /month if any tax is due they take it off. Although as I've mentioned I just take money out to stay below the PA

If you want an example of what I was twisting about :D then:-
Say you have £100k in SIPP all in pre retirement. You have 10% in cash type fund as you don't want to withdraw from equities if there's just been a crash, 30% in say VLS60 and 60% in SP500.
Up until this year if you wanted to put £10k in drawdown(just ignore the TFLS for ease of calculations) you would just tell them to transfer the cash type fund, no problems.

However now they will only take the £10k proportionately so £1k from cash, £3k from VLS60 and £6k from SP500. So when everything is done you'll have £9k left in cash fund which you don't really want so you need to re invest into which fund you want.
As I said you will probably be out the market for a week or so, so could benefit or lose out. It just seems needless admin work for something that was so easy to do previously.

Edit to add. This is Vanguard other platforms may do things differently
 
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Matt Hopkins said:
Not sure what you're asking to be honest.
If you have only one fund in pre retirement then obviously the money can only come from there. If you drawdown £10k you will get £2500 tax free paid into your bank account, you also decide how much you want to take /month if any tax is due they take it off. Although as I've mentioned I just take money out to stay below the PA

If you want an example of what I was twisting about :D then:-
Say you have £100k in SIPP all in pre retirement. You have 10% in cash type fund as you don't want to withdraw from equities if there's just been a crash, 30% in say VLS60 and 60% in SP500.
Up until this year if you wanted to put £10k in drawdown(just ignore the TFLS for ease of calculations) you would just tell them to transfer the cash type fund, no problems.

However now they will only take the £10k proportionately so £1k from cash, £3k from VLS60 and £6k from SP500. So when everything is done you'll have £9k left in cash fund which you don't really want so you need to re invest into which fund you want.
As I said you will probably be out the market for a week or so, so could benefit or lose out. It just seems needless admin work for something that was so easy to do previously.

Edit to add. This is Vanguard other platforms may do things differently
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It's a really poor development. Odd that they've done that.
 
JAZZMANB said:
That's where loads of people are at
Companies aren't daft . Please pay me off ,please give me a lump when my hearts out the door already . Most just let you stew . There's no incentive for them
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There's loads of incentive, I could fleece them. I know every job, every proposal, every contract. I know who, when and how much. I
 
archiesdad said:
There's loads of incentive, I could fleece them. I know every job, every proposal, every contract. I know who, when and how much. I
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Fleece them how ? Pass the info onto a competitor ? Lose the contracts
Seems a very odd state of mind . You're employed ,they want you to stay there ,why would they make your post redundant ? Why would you effectively blackmail them to ? Or am I missing the whole plan ?
 
JAZZMANB said:
Fleece them how ? Pass the info onto a competitor ? Lose the contracts
Seems a very odd state of mind . You're employed ,they want you to stay there ,why would they make your post redundant ? Why would you effectively blackmail them to ? Or am I missing the whole plan ?
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Quite common where I am (sales and consulting) for people to hang on for a redundancy round and volunteer rather then just resign after 55.

Consulting it’s all about skills and the old guard who haven’t bothered to develop theirs have little client value so the company would rather make them redundant then have them sitting around on the bench / little utilisation.

Sales I think it’s common to tie them up with a non compete or non disclosure to avoid the scenario you say and they can usually weave that into a redundancy agreement.

Not for all sectors but I’ve lost count of the number of people I’ve come across in the above sectors who just wait for the inevitable final pay day rather then go of their own accord. Particularly as both involve large amounts of home working I’m sure some basically are doing fuck all most of the time until the day comes.
 
MonkeyLove said:
Quite common where I am (sales and consulting) for people to hang on for a redundancy round and volunteer rather then just resign after 55.

Consulting it’s all about skills and the old guard who haven’t bothered to develop theirs have little client value so the company would rather make them redundant then have them sitting around on the bench / little utilisation.

Sales I think it’s common to tie them up with a non compete or non disclosure to avoid the scenario you say and they can usually weave that into a redundancy agreement.

Not for all sectors but I’ve lost count of the number of people I’ve come across in the above sectors who just wait for the inevitable final pay day rather then go of their own accord. Particularly as both involve large amounts of home working I’m sure some basically are doing fuck all most of the time until the day comes.
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I get that but he said he had a fight on his hands his employer agreeing to it so that's the opposite of companies wanting the old fellas out . You still have to make a job redundant too but I'm sure people can dress that up to suit.
 
JAZZMANB said:
I get that but he said he had a fight on his hands his employer agreeing to it so that's the opposite of companies wanting the old fellas out . You still have to make a job redundant too but I'm sure people can dress that up to suit.
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Possibly. Cracking gig though if you can get it.

At our place it’s like clockwork. Feb/March announcement that the company is planning redundancies. Usually it’s 50 or 100 plus so they have to put together an employee committee for a month to ‘consult’ once that’s done and they inevitably say they are needed it’s another month to offer a voluntary round, accept offers and get agreements. Typically it’s 6 months full pay and notice with most on 3. By the time it’s all done they have basically got a years earnings inc the payout and with the first 30k tax fee it’s probably more like 15/16 months net.

Worth hanging on for
 
MonkeyLove said:
Possibly. Cracking gig though if you can get it.

At our place it’s like clockwork. Feb/March announcement that the company is planning redundancies. Usually it’s 50 or 100 plus so they have to put together an employee committee for a month to ‘consult’ once that’s done and they inevitably say they are needed it’s another month to offer a voluntary round, accept offers and get agreements. Typically it’s 6 months full pay and notice with most on 3. By the time it’s all done they have basically got a years earnings inc the payout and with the first 30k tax fee it’s probably more like 15/16 months net.

Worth hanging on for
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There were a few retired from my old place. The deal initially offered was roughly 1 month pay for every year worked. I’d been there 12 years and if it were not in the middle of covid, I would have gone. A few were around the 25 year mark and thinking of retiring, so they were laughing their arses off. Nearly two years of wages to stop coming to work.
 
MonkeyLove said:
Possibly. Cracking gig though if you can get it.

At our place it’s like clockwork. Feb/March announcement that the company is planning redundancies. Usually it’s 50 or 100 plus so they have to put together an employee committee for a month to ‘consult’ once that’s done and they inevitably say they are needed it’s another month to offer a voluntary round, accept offers and get agreements. Typically it’s 6 months full pay and notice with most on 3. By the time it’s all done they have basically got a years earnings inc the payout and with the first 30k tax fee it’s probably more like 15/16 months net.

Worth hanging on for
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it's not optional for us, you get tapped on the shoulder. i reckon there'll be one restructure at the end of this financial year (june) and/or another one around april '27.
April '27 would be pretty good because by the time it came to actually leave it would be almost 2028 and i'd leave with just about one years' gross salary.

if that doesn't happen i'd have about half a year's salary if i resign, so if i get sick of it (I'm already sick of it :) ) that's a way out as well.
 
elder said:
it's not optional for us, you get tapped on the shoulder. i reckon there'll be one restructure at the end of this financial year (june) and/or another one around april '27.
April '27 would be pretty good because by the time it came to actually leave it would be almost 2028 and i'd leave with just about one years' gross salary.

if that doesn't happen i'd have about half a year's salary if i resign, so if i get sick of it (I'm already sick of it :) ) that's a way out as well.
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We are going through (yet another) big corporate restructuring right now. I think I'm safe for this one but I don't know how many more I can (or want to) survive. I will have done 10 years by 2028 and that feels like it would be long enough and I'd be happy to take a redundancy package.
 
DaveH said:
There were a few retired from my old place. The deal initially offered was roughly 1 month pay for every year worked. I’d been there 12 years and if it were not in the middle of covid, I would have gone. A few were around the 25 year mark and thinking of retiring, so they were laughing their arses off. Nearly two years of wages to stop coming to work.
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I always thought redundancy was capped at 1 years salary, or is that company discretion?
 
Nookie Bear said:
Looking like I might have to leave a year earlier than planned as been off sick for a few months and unlikely to return any time soon - hoping for another voluntary exit scheme or ill health retirement but even if they just boot me I’ll be ok - mortgage paid off next month and have been saving to retire next Feb at 55.
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Can't give a thumbs up as sad about the ill health but good you've got options money/retirement wise and don't need to stress about that side of things. Best wishes to you.
 
archiesdad said:
Stat redundancy is capped 21k from memory regardless of service or salary.
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Capped at £21,570 according to
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but the next page says under redundancy payment under £30,000 is tax free (which includes redundancy above statutory levels)
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Other payments such as holiday entitlement and pay in lieu of notice are taxable as usual.
 
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