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Retirement

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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I went to Nissan for the graduate scheme and they asked what kind of biscuit I was - I just said that’s ridiculous and they awkwardly moved on , didn’t get the job like 🤣
 

Swindon On Tour said:
Was all about time for me.
Time is precious and body clock and miles can’t be stopped.

I was fishing last week and didn’t see a single sole and only trains rattling over the bridge I was sitting next to.
That quality time to reflect without the pressure or hindrance of work. Pulling out Bream one a chuck and shaded by stunning trees whilst reminiscing about fishing the exact spot some 40 or so years ago.

If a simple life is a quality and content life then count yourself lucky.
We can’t take possessions with us after all.
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Must have been soul destroying that.
 
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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Taking out growth it is better to pay into work pension , I’ve just started to do this paying half pay into an AVC and it worked out significantly more (40% tax payer) than paying into SIPP or AVC
 
I'll be looking for an IFA soon.
My pensions companies won't release funds unless you can give them an IFA plan, just to make sure you aren't off to the Ferrari dealership with your lumper.

I've looked around and most seem to be linked to larger companies, recommended by websites and I think that this will just hike up the cost in commission.
Also rough idea of costs for these guys as well would be helpful.

I won't hold you responsible :)
 
a1970man said:
I'll be looking for an IFA soon.
My pensions companies won't release funds unless you can give them an IFA plan, just to make sure you aren't off to the Ferrari dealership with your lumper.

I've looked around and most seem to be linked to larger companies, recommended by websites and I think that this will just hike up the cost in commission.
Also rough idea of costs for these guys as well would be helpful.

I won't hold you responsible :)
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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.
 
Nookie Bear said:
I went to Nissan for the graduate scheme and they asked what kind of biscuit I was - I just said that’s ridiculous and they awkwardly moved on , didn’t get the job like 🤣
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I can't think of how anyone could possibly answer that without either sounding boring or annoyingly smug.

If I think of all the properties about myself that I would want to get forward at an interview, I can't relate them to a biscuit. Mainly because it is a f***ing biscuit. It is an inanimate object mass produced in a factory to be identical to millions others produced, for the sole reason of being eaten.

Anyway, a pension related question for the board. Drawing from a pension will hit a tax allowance. But if you are topping up that income by drawing from an ISA, savings or investments, do you have to declare that and does that come into play?

Between retiring early and the state pension coming in, I'll be living off my private pension and topping it up with savings. But as I have an incremental early pension penalty each year, one decision will be do I live exclusively off savings for a couple of years and draw a bigger pension, or do I take the smaller pension but top up income with fewer savings each year?

I suppose one advantage of blowing my savings early would be that if I have any health issues, the government can not take away what has already gone.
 
a1970man said:
I'll be looking for an IFA soon.
My pensions companies won't release funds unless you can give them an IFA plan, just to make sure you aren't off to the Ferrari dealership with your lumper.

I've looked around and most seem to be linked to larger companies, recommended by websites and I think that this will just hike up the cost in commission.
Also rough idea of costs for these guys as well would be helpful.

I won't hold you responsible :)
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Has it some sort of guaranteed benefits scheme?
Not certain but I think you have to have took advice before you can withdraw it, don't think you specifically need a plan, just to have had all the ins and outs explained to you.

Be worth asking them before you see any IFA.
 
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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Ultimately you can skip this step, but pension companies will probably get you to sign away your rights and their responsibilities should you want to.
Plus, despite I'm quite well read on the subject, there will always be other options or benefits and plans that I might not be aware of.

I don't want to find out in 15 years that I've actually screwed myself over with what I thought was a great plan.
 
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DaveH said:
I can't think of how anyone could possibly answer that without either sounding boring or annoyingly smug.

If I think of all the properties about myself that I would want to get forward at an interview, I can't relate them to a biscuit. Mainly because it is a f***ing biscuit. It is an inanimate object mass produced in a factory to be identical to millions others produced, for the sole reason of being eaten.

Anyway, a pension related question for the board. Drawing from a pension will hit a tax allowance. But if you are topping up that income by drawing from an ISA, savings or investments, do you have to declare that and does that come into play?

Between retiring early and the state pension coming in, I'll be living off my private pension and topping it up with savings. But as I have an incremental early pension penalty each year, one decision will be do I live exclusively off savings for a couple of years and draw a bigger pension, or do I take the smaller pension but top up income with fewer savings each year?

I suppose one advantage of blowing my savings early would be that if I have any health issues, the government can not take away what has already gone.
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Are you saying your private pension is a DC one and you also have a DB one that you haven't taken yet? At the very least I would be taking £12570 from my pensions Anything from ISA's don't come into it. Remember as well from APR 27 DC pensions will be in your pot for IHT if that could be a concern for you.

As a side nnote of nno conncernn to annybbody that's takenn me 10 minns to type out as my laptop is onn it's last legs and this is what every senntence looked like as I typed it the pile of 💩:D
 
Matt Hopkins said:
Are you saying your private pension is a DC one and you also have a DB one that you haven't taken yet? At the very least I would be taking £12570 from my pensions Anything from ISA's don't come into it. Remember as well from APR 27 DC pensions will be in your pot for IHT if that could be a concern for you.

As a side nnote of nno conncernn to annybbody that's takenn me 10 minns to type out as my laptop is onn it's last legs and this is what every senntence looked like as I typed it the pile of 💩:D
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Defined benefit. Currently I stand to get around 3% less annual income per year for every year I retire before my state retirement age.
 
DaveH said:
Defined benefit. Currently I stand to get around 3% less annual income per year for every year I retire before my state retirement age.
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DB pensions are usually worked out to be cost neutral, it'll never really be that as nobody knows when you are going to pass, so maybe worth taking it sooner rather than later? But you also have a DC pension?
 
DaveH said:
I can't think of how anyone could possibly answer that without either sounding boring or annoyingly smug.

If I think of all the properties about myself that I would want to get forward at an interview, I can't relate them to a biscuit. Mainly because it is a f***ing biscuit. It is an inanimate object mass produced in a factory to be identical to millions others produced, for the sole reason of being eaten.

Anyway, a pension related question for the board. Drawing from a pension will hit a tax allowance. But if you are topping up that income by drawing from an ISA, savings or investments, do you have to declare that and does that come into play?

Between retiring early and the state pension coming in, I'll be living off my private pension and topping it up with savings. But as I have an incremental early pension penalty each year, one decision will be do I live exclusively off savings for a couple of years and draw a bigger pension, or do I take the smaller pension but top up income with fewer savings each year?

I suppose one advantage of blowing my savings early would be that if I have any health issues, the government can not take away what has already gone.
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Nice cos I’m nice
 
Matt Hopkins said:
DB pensions are usually worked out to be cost neutral, it'll never really be that as nobody knows when you are going to pass, so maybe worth taking it sooner rather than later? But you also have a DC pension?
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It is mostly defined benefit.

I have a small DC part of it, because they fucked around with thresholds and split the pension so that most of my wage went into a DB part and a small part went into DC. Then they pushed the threshold right back up again and I don't think I pay anything into the DC part any more, or if I do I'm right on the threshold so that only a few quid is going into the DC.
 
DaveH said:
It is mostly defined benefit.

I have a small DC part of it, because they fucked around with thresholds and split the pension so that most of my wage went into a DB part and a small part went into DC. Then they pushed the threshold right back up again and I don't think I pay anything into the DC part any more, or if I do I'm right on the threshold so that only a few quid is going into the DC.
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Ah it was just when you said "private pension" I, wrongly it seems, took that as a DC/SIPP 👍
 
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