Nissan pension scheme

[Deleted User 11453]

Of course that's possible but still got to be a hell of a pension to be able to convert and end up with a lump that size. In our scheme you can convert with a ration of 12:1
Even playing with large figures it is a staggeringly good pension to be able to produce a quarter of a million lumper

I think that our local government scheme is the same 12:1.

I am considering a big lumper as it’s Sod’s law that I will croak a day after retiring.

 

[Fletch]

It explains why the scheme couldn’t continue in the same format.

nailed on

 

[AndrewP]

Mines went from 24k a year to 14k a year on this new proposed scheme the lumper option is even more sickening 111k down to 67 that’s forecasted if I retire at 57

Retire at 57 on £24k a year for 30-40 years?

I can see why that would never work.

 

[Cee Jay]

I think that our local government scheme is the same 12:1.

I am considering a big lumper as it’s Sod’s law that I will croak a day after retiring.

I know a few ex colleagues who commuted a fair portion of their pension to an increased lump, mainly it's been to get their kids on the housing market with mortgage deposits.
You can commute the other way, and I thought it would be the same ratio but it's not apparently ( something like 18:1)
If you haven't the need for a big lump and think you will live a long retirement it's an option. The other way is more popular mind

 

[joemcdokes]

I’m surprised I’m even going to still get anything at the rate the pot was being emptied. When you have people leaving as soon as they could taking a 10% hit you know it was a good thing.

I’m still waiting for my letter.

 

[ir35]

Retire at 57 on £24k a year for 30-40 years?

I can see why that would never work.

The vast majority won’t get near 87.

 

[AndrewP]

The vast majority won’t get near 87.

How do you know?

 

[42]

Thought public sector were 2/3 of final salary ? Best you can get (alongside police ?)

Mine was 1/2 with lumper, then 2/3 without lumper. Its since changed to career average with an improved accrual rate but can't remember what it is

 

[Fletch]

Ours is that, I did temporarily lose the best bit when they fucked me over just as I was about to go on the last 10 years double accrual but amazingly our union won it back on age discrimination. I’ve got less than 5 to do so hopefully will scrape over the line with what I was promised before they fuck with it again.

so is yours 2/3 and a lumpa ? some pension that mind, although paid less than police and youse do pay a high % into the pensions

 

[42]

Im pretty sure you are entitled to take 25 per cent tax free of any pension Pot when you retire.

Public sector there isn't a 'pot'
But you can commute 25% of the annual income into a lump sum.
So if your pension is £20k pa. You can instead take a £15k pension with a £60k tax free lumper

Retire at 57 on £24k a year for 30-40 years?

I can see why that would never work.

Which would suggest he's have to be earning £60k or £70k. Which then makes all his pleading poverty about his band H Council tax look a bit silly.

 

[ir35]

How do you know?

Average age at death is 78 in the northeast.

 

[joemcdokes]

Didn’t the government at one point allow you to take the lot then back track.

I know there’s a lad at work that doesn’t have his pension anymore by doing this to pay his ex off.

I got told off one of his mates but I did hear him mention he hasn’t got a pension, he’s 60 now so it does seem quite valid.

The same lad told me another of his mates retired and took it all in a lumper.

They’re pretty close friends of his so I’ve no reason to doubt it.

 

[42]

Didn’t the government at one point allow you to take the lot then back track.

I know there’s a lad at work that doesn’t have his pension anymore by doing this to pay his ex off.

I got told off one of his mates but I did hear him mention he hasn’t got a pension, he’s 60 now so it does seem quite valid.

The same lad told me another of his mates retired and took it all in a lumper.

They’re pretty close friends of his so I’ve no reason to doubt it.

You can take the whole lot as a lumper, but 75% of it will be heavily taxed was my understanding

 

[AndrewP]

Which would suggest he's have to be earning £60k or £70k. Which then makes all his pleading poverty about his band H Council tax look a bit silly.

It sounds like he's making it up as he goes along to me.

 

[Pilot Light]

He may have had a reduced pension but traded it off against a big lumper?

Which is what most have done

 

[AndrewP]

Average age at death is 78 in the northeast.

A lot of 78 year olds worked down the pit etc.

 

[Snowhead]

Don’t you mean public sector lackeys?

Do you mean those who set up schemes to ensure people could sit at home with 80% wages in a matter of weeks whose pensions were drastically changed in 2015 ?

 

[Whitburnmakem]

Retire at 57 on £24k a year for 30-40 years?

I can see why that would never work.

I wouldn’t be retiring until 57 how do you work out 20-30 yrs! Be lucky if it’s 15-20 the problem is people feel strung along if the returns were going to be this shit I would of done other things and may not of even worked there so long been fed false promises

 

[Cee Jay]

I wouldn’t be retiring until 57 how do you work out 20-30 yrs! Be lucky if it’s 15-20 the problem is people feel strung along if the returns were going to be this shit I would of done other things and may not of even worked there so long been fed false promises

what is it you do there out of interest ?

 

[Mackem00]

I wouldn’t be retiring until 57 how do you work out 20-30 yrs! Be lucky if it’s 15-20 the problem is people feel strung along if the returns were going to be this shit I would of done other things and may not of even worked there so long been fed false promises

You must be on decent whack to have been looking at 24k a year for pension and still taking the max lump sum like mate. Fair play.