Pensions

[redgauntlet]

When brexit puts a pause on your careers, younwon’t be worrying about pensions the here and now and how to survive it will betge most important thing I had that in Thatcher’s time and Johnson and Farage will not give a monkey’s if it returns. I am trying to do you a favour here, I would’t wish my experience on my worst enemy.

 

[bomber]

Best thing I ever did was to start a private pension.
I started it off in my late 20's - and always topped it up to the max I was allowed to each year.
And when allowed to - paid-in lump sums too.
I took early retirement and I am on "draw-down" now - and reaping what I have sown.

i started at 19 with the pru also (although i did stop paying in 10 years ago to invest in other things) and now 51 and iam also looking at going down the draw - down route at 55 although i have recently retired to move oversea's,reading the info on the pru website a while back the pension calculator would give examples on returns for low/med/high risk investments,did you opt for any of these if you dont mind me asking.

 

[SPUFF]

When brexit puts a pause on your careers, younwon’t be worrying about pensions the here and now and how to survive it will betge most important thing I had that in Thatcher’s time and Johnson and Farage will not give a monkey’s if it returns. I am trying to do you a favour here, I would’t wish my experience on my worst enemy.

Reads like a Moyes quote that marra!

 

[bomber]

Reads like a Moyes quote that marra!

he needs to just "believe" a bit more and "unleash his potential" with a "can do" attitude and all will be well,its all a "piece of cake" and should be the "easiest" thing to do in the world to do,it should take about "20 minutes"

 

[Fletch]

Understand that, but you pay considerable tax if you withdraw more than the 25% in one year, it has to be pushed back into another pension and down down every year to limit the tax paid dependant on your annual salary.
Some of my mates are on a final salary pension but have decided to draw down the entire fund and push it back into there own investment pension, so it’s theres rather than in the company’s pension pot.
I prefer the guaranteed annual salary option, with the 25% tax free payment, I’m a very risk adverse person.
I’m no expert, got a couple of advisors booked after the new year to discuss the lump sum investment.

It’s rare these days to have a final salary pension so congrats, I’d still look to what that would be though when you retire as you could still push more in if you want.

so is yours final salary pension or a DC pension ? im confused

 

[Pop]

What sort of a pot would you want to jack in late 50s?
Considered this n have no idea!

All depends on what lifestyle you want to lead and any debts/commitments you may have.

Understand that, but you pay considerable tax if you withdraw more than the 25% in one year, it has to be pushed back into another pension and down down every year to limit the tax paid dependant on your annual salary.
Some of my mates are on a final salary pension but have decided to draw down the entire fund and push it back into there own investment pension, so it’s theres rather than in the company’s pension pot.
I prefer the guaranteed annual salary option, with the 25% tax free payment, I’m a very risk adverse person.
I’m no expert, got a couple of advisors booked after the new year to discuss the lump sum investment.

It’s rare these days to have a final salary pension so congrats, I’d still look to what that would be though when you retire as you could still push more in if you want.

There is risk in that, if you drop dead shortly after retiring the pension will either half or disappear entirely.

With drawdown the fund stays as an asset.

 

[42]

When brexit puts a pause on your careers, younwon’t be worrying about pensions the here and now and how to survive it will betge most important thing I had that in Thatcher’s time and Johnson and Farage will not give a monkey’s if it returns. I am trying to do you a favour here, I would’t wish my experience on my worst enemy.

House in the lounge.

The mad loon as usual derails an unrelated thread into brexit shite. So predictable

 

[Slippery Jim]

Whilst pensions are great for tax relief ie free money and employers contributions (more free money!), I think perhaps a better way of looking at the whole retirement issue is ‘cash flow when I’m not earning a salary/ running a business’.

That can be generated via various sources, obviously pensions, other invested capital (buy 2 let, ISAs, etc), state pension, business sale value, inheritance etc

Also, part retirement is not a bad option so that you don’t have to dip into what you’ve built up too much in the early years.

And if you’re paying into a workplace pension, under no circumstances should you simply accept the default fund options (must people do) as where your money is invested is the key, not the fact that it’s in a pension wrapper.

*I’m an IFA

My old company pension allows me to start taking payments early at 55 but with a reduction of 24% if I take it then (about 6 months from now.)

I'm looking at transferring the CETV to a Guaranteed Annuity scheme instead, taking the 25% tax free lump sum and then legging it to a low cost of living country to live off the monthly payments.

Is this a good idea?

 

[redgauntlet]

House in the lounge.

The mad loon as usual derails an unrelated thread into brexit shite. So predictable

Say that again in English.

 

[arthursboy]

so is yours final salary pension or a DC pension ? im confused

Sorry Fletch mines a final salary I’m sorted what I want to do, just need to decide where my lump sum needs to go.

 

[kevinarnott]

My old company pension allows me to start taking payments early at 55 but with a reduction of 24% if I take it then (about 6 months from now.)

I'm looking at transferring the CETV to a Guaranteed Annuity scheme instead, taking the 25% tax free lump sum and then legging it to a low cost of living country to live off the monthly payments.

Is this a good idea?

You'd need a specialist to do the numbers Marra. The best suggestion I can give is to have a transfer specialist IFA (which I'm not) run the numbers and be prepared to pay for their time, rather than them only earning if you transfer the money.

At least you'll not miss the footie if you do bugger off

My old company pension allows me to start taking payments early at 55 but with a reduction of 24% if I take it then (about 6 months from now.)

I'm looking at transferring the CETV to a Guaranteed Annuity scheme instead, taking the 25% tax free lump sum and then legging it to a low cost of living country to live off the monthly payments.

Is this a good idea?

You'd need a specialist to do the numbers Marra. The best suggestion I can give is to have a transfer specialist IFA (which I'm not) run the numbers and be prepared to pay for their time, rather than them only earning if you transfer the money.

At least you'll not miss the footie if you do bugger off

 

[arthursboy]

All depends on what lifestyle you want to lead and any debts/commitments you may have.


There is risk in that, if you drop dead shortly after retiring the pension will either half or disappear entirely.

With drawdown the fund stays as an asset.

If I drop down dead after retiring it’s tough shit, our lass will get a % of my pension until she kicks the bucket also.
I’ve no debt, other than my season ticket, looks like that might be coming to end though shortly.

 

[42]

Say that again in English.

Are you not upto KS2 reading level yet?

 

[The Breen Machine]

How easy is it to transfer previous workplace pensions into my private pension fund? What do I need to be looking out for? One of them is a final salary (DB) pension so I would imagine leaving that where it is would be the better option.

 

[FishburnMackem]

Probably a daft question -

If someone changed job often throughout their lives and ends up having 10+ private pensions, are they supposed to keep details of them themselves or will all pension providers contact them with options upon retirement age?

Also a not so daft question -

Is anyone else on here in the civil service Alpha pension scheme?

 

[bomber]

Are you not upto KS2 reading level yet?

grammar police working round the clock as usual,i think you need to go on the eton and harrow old boys forums mate,this is a footy forum attached to a team from the north east of england and iam not sure what academics like your good self are doing on here

 

[Numan]

Probably a daft question -

If someone changed job often throughout their lives and ends up having 10+ private pensions, are they supposed to keep details of them themselves or will all pension providers contact them with options upon retirement age?

Also a not so daft question -

Is anyone else on here in the civil service Alpha pension scheme?

Thie industry is trying to put a dashboard together so you can see all pensions in one place but dates keep moving. More info here : About the Pensions Dashboard - Pensions Dashboard

 

[Stepover]

My old company pension allows me to start taking payments early at 55 but with a reduction of 24% if I take it then (about 6 months from now.)

I'm looking at transferring the CETV to a Guaranteed Annuity scheme instead, taking the 25% tax free lump sum and then legging it to a low cost of living country to live off the monthly payments.

Is this a good idea?

get yourself off to Portugal. They are letting folk take their pensions tax free for 10 years at the minute to attract folk to move there! Italy and Greece offering incentives too.

How easy is it to transfer previous workplace pensions into my private pension fund? What do I need to be looking out for? One of them is a final salary (DB) pension so I would imagine leaving that where it is would be the better option.

If the previous pots are under 30k you can self certify and do it yourself. Your pension provider would provide a transfer form. Above 30k pots typically need advice from a regulated individual.

DB would need formal advice and in vast majority of cases would be best left well alone. Couldn’t do a CETV without proper transfer advice.

 

[Slippery Jim]

get yourself off to Portugal. They are letting folk take their pensions tax free for 10 years at the minute to attract folk to move there! Italy and Greece offering incentives too.

Property prices and cost of living are way higher in Portugal than where I'm going, Montenegro.

I've got my eye on a property on the Bay of Kotor atm. 3 story, detached, 4 bedrooms - £109k.

 

[I'm Spartacus]

Looks like I’ll be sitting fat with a final salary pension at 53 after we took on and defeated the horrible agesist/racist/sexist tories who tried to whip the rug from under our feet.
God bless unions....