Redundancy pensions query

[consettsafc]

I'm pleased for you really mate. I hope for similar in about 15 years time. Retirement at early 50s sounds marvellous.

At least the job you will get is gonna be on your terms. B&Q gardening section looks canny.

Word of advice to anyone who thinks this.
If you want to take early retirement in your 50s have a plan in place to keep yourself occupied.
I thought it would great and I did it, but no plan in place to keep myself busy, so now for the last 8 weeks or so back in the UK I have been applying for dozens of jobs to get myself active again and it is really difficult.

 

[Mackem00]

Word of advice to anyone who thinks this.
If you want to take early retirement in your 50s have a plan in place to keep yourself occupied.
I thought it would great and I did it, but no plan in place to keep myself busy, so now for the last 8 weeks or so back in the UK I have been applying for dozens of jobs to get myself active again and it is really difficult.

I'm happy doing nowt tbh mate. The list of pretty pointless stuff to fill my days is endless.

 

[consettsafc]

I'm happy doing nowt tbh mate. The list of pretty pointless stuff to fill my days is endless.

I went down the route of early retirement about 15 months back now, the list of pointless stuff gets wiped out pretty quickly.
Honestly mate find some kind of hobby to fill the day in. I didn't and since I moved away from the UK and returned I don't have the same network of mates I had before I left and I am bored shitless now and need a job to fill my time in during the day.

 

[Mackem00]

I went down the route of early retirement about 15 months back now, the list of pointless stuff gets wiped out pretty quickly.
Honestly mate find some kind of hobby to fill the day in. I didn't and since I moved away from the UK and returned I don't have the same network of mates I had before I left and I am bored shitless now and need a job to fill my time in during the day.

Get a dog. Golf clubs. Go for a walk and a pint. Listen to music. Literally having nothing to do and not feeling guilty about avoiding doing it. The dream imo.

Admittedly I expect to have a similar circle of friends that I do now so hopefully i'll not be flying solo.

 

[consettsafc]

Get a dog. Golf clubs. Go for a walk and a pint. Listen to music. Literally having nothing to do and not feeling guilty about avoiding doing it. The dream imo.

Admittedly I expect to have a similar circle of friends that I do now so hopefully i'll not be flying solo.

If you do go down that route, good luck.

 

[Kent_Mackem]

Get a dog. Golf clubs. Go for a walk and a pint. Listen to music. Literally having nothing to do and not feeling guilty about avoiding doing it. The dream imo.

Admittedly I expect to have a similar circle of friends that I do now so hopefully i'll not be flying solo.

I'd love to be able to retire at a decent age and I'm desperately ploughing as much as I possibly can into my pension to try to achieve that. I've got so many things on my list to do that they'd fill 3 lifetimes. I worked out that if I continue reading at my current rate I still don't have enough time left (assuming I am "lucky" enough to live until 80) to finish the feckers. It's depressing having to prioritise books at 43 years old, knowing there are some that will never get read. I want to write books, finish a few computer software apps, fanny around with a Raspberry Pi, loads of places I want to visit, desperately want a dog, lots of beer festivals to attend, loads more teaching to do, more beekeeping beginners to get through their exams plus I have a business idea that I want to put into action before I'm 50.

To the O/P - can your employer stick any of the redundancy money into your pension, or even into a newly created SIPP? Far more tax efficient if you're approaching 55 as it goes into the pension tax free and you can take 25% straight back out as cash with no tax penalty at 55 years old. I think the first 30-something thousand of redunancy payment is tax-free in cash, after that you'll get stung.

 

[Mackem00]

If you do go down that route, good luck.

You too mate.

 

[Fletch]

I think most of the privatised industries had specific legislation to protect the pensions of the employees in the industry at that time - this protected accrued and future benefits which meant that if those employees were transferred to new businesses they would be entitled to have a pension of an equivalent value if they could no longer remain in the existing scheme. Some of these schemes allowed members to retire within 10 years of their NPA on reduced benefits, but I think there are circumstances where members can retire before the NPA on unreduced benefits. You are entitled to view all the relevant pension scheme rules / procedures so I would ask for a copy from your pension provider.

you had my hopes built up til I saw it was you

Word of advice to anyone who thinks this.
If you want to take early retirement in your 50s have a plan in place to keep yourself occupied.
I thought it would great and I did it, but no plan in place to keep myself busy, so now for the last 8 weeks or so back in the UK I have been applying for dozens of jobs to get myself active again and it is really difficult.

I couldn't afford to just retire on 3/8 of salary mate, would still want to work, but it would take some pressure off, ideally work a 4 day week

 

[Weremuthe]

redundancies on horizon at work , have a final salary pension scheme that paid into for 30 year now , when get the chop it triggers the pension in couple year when I turn 50, but was under impression would get 30/80ths of pensionable salary rather than the 40/80ths you would get if retire after age60 with full 40 years service in the pension scheme .
However have since found out that because I joined before a certain date in the scheme I (and couple others) are classed as "Protected employees" and our pensions on redundancy are with "Unreduced benefits".
Any experts on here know what this means ?
Thanks in advance .
Cue... yeah it means your benefits aren't reduced and you're protected

Keep it in the pot if it's got to increase by a certain % or inflation each year (which ever is the higher) as inflation is higher than what you'll get on deposit and its compounded.

For example if you have £150,000 in your pot - if you retire now you might be lucky enough to get £2000 pa.

 

[cornish mackem]

No union

If made redundant at 47/48 , pension will be paid out once I reach age 50 , paid 30 years worth


Depends on The scheme , ours states 50 of compulsory redundancy

Does this not mean if you are made redundant after you are 50 and not before?

I went down the route of early retirement about 15 months back now, the list of pointless stuff gets wiped out pretty quickly.
Honestly mate find some kind of hobby to fill the day in. I didn't and since I moved away from the UK and returned I don't have the same network of mates I had before I left and I am bored shitless now and need a job to fill my time in during the day.

Going to work when you don't have to must make the day so much better.

 

[Weremuthe]

I went down the route of early retirement about 15 months back now, the list of pointless stuff gets wiped out pretty quickly.
Honestly mate find some kind of hobby to fill the day in. I didn't and since I moved away from the UK and returned I don't have the same network of mates I had before I left and I am bored shitless now and need a job to fill my time in during the day.

Get an allotment - you'll meet loadsa peeps and get plenty of job satisfaction pulling up your own crops.

 

[Fletch]

Does this not mean if you are made redundant after you are 50 and not before?
.

no , in our scheme it means if over50 you get it triggered immediately, but if under 50 (me) then have to wait til 50 before can access it .
its this business of protected employee/no reduced benefits that i'm bit puzzled about , may ask couple others to chip in for legal advice

 

[consettsafc]

Does this not mean if you are made redundant after you are 50 and not before?


Going to work when you don't have to must make the day so much better.

It's the social interaction, the crack on, the having a reason to get out of bed in the morning I have been missing.

 

[Fletch]

Got told today that the "unreduced benefits" bit means that when get the chop, we can access pension at 50 without any charges etc , however pension won't be a full pension (40/80 of salary) as if aged 60 , but will be based on what paid in now i.e 31/80 of salary now.
Knew it would have been too good to be true

 

[Mackem00]

Got told today that the "unreduced benefits" bit means that when get the chop, we can access pension at 50 without any charges etc , however pension won't be a full pension (40/80 of salary) as if aged 60 , but will be based on what paid in now i.e 31/80 of salary now.
Knew it would have been too good to be true

Still mint tbf mate.

 

[Cee Jay]

Still mint tbf mate.

Yeah not too bad. No reduction if going at fifty.
As mentioned earlier I'd lose 4.5 % a year....so basically 45% of pension.

Fletch has mentioned that wouldn't or couldn't retire on this basis mind.

Nice thought to retire at 50....doesn't suit everyone I know

 

[zwartekat]

Got told today that the "unreduced benefits" bit means that when get the chop, we can access pension at 50 without any charges etc , however pension won't be a full pension (40/80 of salary) as if aged 60 , but will be based on what paid in now i.e 31/80 of salary now.
Knew it would have been too good to be true

Surprised you haven't been put to the sword by the 'pension envy' lot. Just as well you're too young to be a baby boomer.

 

[3.142]

Find out how much they'd pay you to be bought out. Might be worth it.

 

[Deleted User 11453]

It's the social interaction, the crack on, the having a reason to get out of bed in the morning I have been missing.

My colleagues get none of those out of me so I may as well retire now.

 

[Geronimo]

redundancies on horizon at work , have a final salary pension scheme that paid into for 30 year now , when get the chop it triggers the pension in couple year when I turn 50, but was under impression would get 30/80ths of pensionable salary rather than the 40/80ths you would get if retire after age60 with full 40 years service in the pension scheme .
However have since found out that because I joined before a certain date in the scheme I (and couple others) are classed as "Protected employees" and our pensions on redundancy are with "Unreduced benefits".
Any experts on here know what this means ?
Thanks in advance .
Cue... yeah it means your benefits aren't reduced and you're protected

Haven't read the whole thing but in my case I was offered "Early Retirement" instead of redundancy. Got full private pension from age 52 and a big lump sum too as my previous Govt pension and redundancy rights (since age 16) was TUPE'd across to Hewlett Packard. Early retirement is a much better offer than redundancy obviously