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Retirement

Matt Hopkins said:
Unless the law has changed, which I don't think it has, you don't need to take advice moving a DC pension unless it has guarantees on it.
I transferred my works one to Vanguard no problems

Big Pete not a fan
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Professional financial planners not being a fan of AI tools? Well, there's a surprise.

Of course they can never replace proper human advice but I've found them useful for doing some research, run some projections and to start thinking about possible pathways. Also very good for analysing current portfolios. I just dropped in a CSV export of my account and the output was impressive.
 

Darlo1973 said:
Professional financial planners not being a fan of AI tools? Well, there's a surprise.

Of course they can never replace proper human advice but I've found them useful for doing some research, run some projections and to start thinking about possible pathways. Also very good for analysing current portfolios. I just dropped in a CSV export of my account and the output was impressive.
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Dunno mate I wouldn't use either but that's just me, also your last sentence doesn't mean a fkn thing to me :D
 
Matt Hopkins said:
Dunno mate I wouldn't use either but that's just me, also your last sentence doesn't mean a fkn thing to me :D
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The joy of a DB scheme,I just looked at my pension, my lump sum, and thought "Will that last me to 67?" The answer was, probably, so I'm done.

No drawdown, tax planning,investment returns, spreadsheets, forecasts, nowt 😂
 
Has anyone worked while drawing a pension?

It has tax implications I suppose, anything else I would need to consider.

One thing I'm thinking (9 years away), is that at 58 I can probably afford to go but if I can't, I was thinking one option might be to leave my main career with project plans, meetings and commuting, and just do something more local at a sustainable wage to hold off when I draw my DB pension and decrease the early payment penalties.

Basically use lower skilled work as a top up for a few years, and then switch to my savings as a top up and stop working completely.
 
mickb2112 said:
Same here - 99 working days to go and counting :D
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And so much better being under 100 days.

On a larger scale, my tracker to my hopeful date dropped last year from 10 years to 9 years, 11 months and 30 days. Just going to single figure years makes a difference.

It is now 9 years, 4 months and 23 days, or 2055 working days (accounting for holidays), or around 411 Mondays. Less than 400 Mondays and less than 2000 working days will be a nice milestone in a couple of months.
 
kladum said:
I'm considering taking out £20k a year and moving it into a S&S ISA. Gambling that future tax changes will be less harsh to ISA's than to pensions. It should also be better if it comes to inheritance tax.
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I am doing that. For me it makes sense to use the ISA allowance each year. Not too bothered about the inheritance tax side of things with regards to my SIPP - rules will probably keep changing in the future.
 
DaveH said:
Has anyone worked while drawing a pension?

It has tax implications I suppose, anything else I would need to consider.

One thing I'm thinking (9 years away), is that at 58 I can probably afford to go but if I can't, I was thinking one option might be to leave my main career with project plans, meetings and commuting, and just do something more local at a sustainable wage to hold off when I draw my DB pension and decrease the early payment penalties.

Basically use lower skilled work as a top up for a few years, and then switch to my savings as a top up and stop working completely.
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I plan to finish my current job/career when I am 57 but defer the DB pension until 60+ because of lower reductions.

Ideally you would be made redundant or be accepted for one of the university voluntary redundancy schemes.

I am often asked via LinkedIn if I’m interested in contract work/fixed term jobs, as many universities are skint and aren’t committing to FT longer term vacancies.

I might try it for 6 months as that’s enough £££ without the tax etc. becoming complicated.

But tbh I am fed up of what I do now. I wouldn’t mind a job at the local library.
 
DaveH said:
Has anyone worked while drawing a pension?

It has tax implications I suppose, anything else I would need to consider.

One thing I'm thinking (9 years away), is that at 58 I can probably afford to go but if I can't, I was thinking one option might be to leave my main career with project plans, meetings and commuting, and just do something more local at a sustainable wage to hold off when I draw my DB pension and decrease the early payment penalties.

Basically use lower skilled work as a top up for a few years, and then switch to my savings as a top up and stop working completely.
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The two things I can think of are that:
1). The pension income would be equivalent to having a second job for HMRC purposes. If your other job was only part time/minimum wage, then not an issue, unless the combined salaries of job + pension pushed you into the 40% tax bracket.
2). Once you start drawdown any future pension contributions (including from your employer) are limited - it was £4,000, then in the last Tory budget it was increased to £10,000. I don’t think Labour have changed it back yet, but you may want to keep this in mind.
 
DaveH said:
And so much better being under 100 days.

On a larger scale, my tracker to my hopeful date dropped last year from 10 years to 9 years, 11 months and 30 days. Just going to single figure years makes a difference.

It is now 9 years, 4 months and 23 days, or 2055 working days (accounting for holidays), or around 411 Mondays. Less than 400 Mondays and less than 2000 working days will be a nice milestone in a couple of months.
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I remember that 10 year threshold like it was yesterday. That time will pass more quickly than you will ever expect.
 
Barista said:
The two things I can think of are that:
1). The pension income would be equivalent to having a second job for HMRC purposes. If your other job was only part time/minimum wage, then not an issue, unless the combined salaries of job + pension pushed you into the 40% tax bracket.
2). Once you start drawdown any future pension contributions (including from your employer) are limited - it was £4,000, then in the last Tory budget it was increased to £10,000. I don’t think Labour have changed it back yet, but you may want to keep this in mind.
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I read it that he was taking a DB pension so it wouldn't trigger MPAA but yes what you say are good points 👍
 
DaveH said:
Has anyone worked while drawing a pension?

It has tax implications I suppose, anything else I would need to consider.

One thing I'm thinking (9 years away), is that at 58 I can probably afford to go but if I can't, I was thinking one option might be to leave my main career with project plans, meetings and commuting, and just do something more local at a sustainable wage to hold off when I draw my DB pension and decrease the early payment penalties.

Basically use lower skilled work as a top up for a few years, and then switch to my savings as a top up and stop working completely.
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Not yet but I might . I had a few semi retired drivers . They refused extra hours etc because it took them over their tf allowance . Generally a flat 1 week on 1 week off on min wage was on the limit thereabouts . Just over now I think
I packed in in April and have to urge to look for stuff yet
 
mickb2112 said:
I remember that 10 year threshold like it was yesterday. That time will pass more quickly than you will ever expect.
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Hopefully. I started a new job last April. I did have one for 15 years, then two years at my last place seemed far too short. I said I would do at least 3 here (partly thinking rest of career 2 x 5 year jobs or 2 x 3 and a 4 year).

I’m 9 months in and already through 25% of my minimum period. I feel like I have barely gotten started.
 
Thinking of retiring end of March when this contract runs out.
Want to start using me season ticket and gannin to Beni with me mates.
Put the mrs to work when she finishes college.
 
Settlement agreement all ratified at solicitors today. I'm a year ahead of plan but the settlement gives me over a Yr take home pay so I 'retire' in 13 working days a bit out of the blue!! Kind of a mixture of scared and excited. Worst case I can always find another job I guess but let's give it a bash 😊👍 56 yrs old seems very early!
 
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