Retirement

[englishman abroad]

Turkish lira?

Iranian Rial

 

[TAD]

My partner is 54 and has a pension from a short period of work. It's a minimal amount £1453.
The rest of our pensions are gov dB and we saving extra in a sipp. I'm thinking the fees on this small amount are probably a waste of money.
With it being so small can we cash it in. We can't transfer it as the sip is in my name.

 

[NYMackem]

Yep the problem with the nest one is if you want any of the tax free part out it is only 25% tax free of the amount you take the rest would be taxed at your normal tax rate, so for anyone on a higher tax bracket you get hammered. I have basically had to leave it alone. Seems strange how the NEST Defined Contribution is different to most other DC ones where you can take all the tax free bit in one go. Not something i was aware of prior.

Can you not just transfer the nest investments into another sipp and take the 25% as a lumper from that?

 

[JAZZMANB]

Just an update on my situation, as been on here few times. So got to my 55th in feb and started the ball rolling taking my tax free 25% from 7 frozen pensions. One was no bother, some of the others had to be transferred to drawdowns. The fat orange fkrs antics in the end cost me about 3 grand. But have left all of the taxable portion untouched. Also worth mentioning if anyone has a NEST pension, they dont let you take the 25% in one go.
I was planning on a semi retirement about now but went back to a previous job i had but now have never been busier. Its amazing though when you get the chance to potentially retire you start to worry if you will have enough to live on when previously i had stated i would live off the bare mininum as long as it got me retired

Mpaa triggered or not ?

Can you not just transfer the nest investments into another sipp and take the 25% as a lumper from that?

Maybe still paying in it

 

[Mousehold Mackem]

Aye if married and with kids still need over £1m in assets to be liable for IHT, need to live for 7 years after gifting as well to avoid IHT

That's me out then.

 

[Fletch]

If checking on govty gateway that missus is entitled to full state pension

always find it a bit confusing as it mentions about being contracted out at some stage

has over 35 years full NI conts (think its 40 now) , it says "your forecast is £241.30 per week , £12,590.69 per year "
It also states that £241.30 is the most you can get , you cannot improve your forecast any more

Take it the above does mean entitled to full SP , and to ignore any references to being contracted out ?

 

[Will e]

If checking on govty gateway that missus is entitled to full state pension

always find it a bit confusing as it mentions about being contracted out at some stage

has over 35 years full NI conts (think its 40 now) , it says "your forecast is £241.30 per week , £12,590.69 per year "
It also states that £241.30 is the most you can get , you cannot improve your forecast any more

Take it the above does mean entitled to full SP , and to ignore any references to being contracted out ?

Sounds correct, if you want to be absolutely sure you can call the DWP and ask them about the contracted out years.

DWP Pension Service at 0800 731 7898 (Monday–Friday, 8am–6pm)

 

[Matt Hopkins]

If checking on govty gateway that missus is entitled to full state pension

always find it a bit confusing as it mentions about being contracted out at some stage

has over 35 years full NI conts (think its 40 now) , it says "your forecast is £241.30 per week , £12,590.69 per year "
It also states that £241.30 is the most you can get , you cannot improve your forecast any more

Take it the above does mean entitled to full SP , and to ignore any references to being contracted out ?

Yep

 

[NYMackem]

Mpaa triggered or not ?

Maybe still paying in it

Aye, but you could keep those payments up in the new SIPP, couldn't you? I suppose if it's an employer scheme that might knack it, but you should still be able to transfer the assets already in that scheme to a SIPP.

 

[archiesdad]

If checking on govty gateway that missus is entitled to full state pension

always find it a bit confusing as it mentions about being contracted out at some stage

has over 35 years full NI conts (think its 40 now) , it says "your forecast is £241.30 per week , £12,590.69 per year "
It also states that £241.30 is the most you can get , you cannot improve your forecast any more

Take it the above does mean entitled to full SP , and to ignore any references to being contracted out ?

I have the same message and amount but I was contracted out of serps for a number of years. Are you saying she wasn't or am I reading it wrong.

 

[Fletch]

I have the same message and amount but I was contracted out of serps for a number of years. Are you saying she wasn't or am I reading it wrong.

No idea . Always paid NI So has plenty years built up. Just curious if the contracted out bit is just info only now and almost irrelevant and all that matters is the amount the forecast quotes and if it also says “you cannot get any more “ then means you qualify for full SP

 

[Mantobar]

When ya take ya lumper and start getting pension what happens to the fund?
Does it go into another account? can you switch whats left it to another provider? TIA

 

[Matt Hopkins]

I have the same message and amount but I was contracted out of serps for a number of years. Are you saying she wasn't or am I reading it wrong.

If you have exactly the same message then you will get the full SP when you reach your SPA even if you packed in work now

When ya take ya lumper and start getting pension what happens to the fund?
Does it go into another account? can you switch whats left it to another provider? TIA

Better off switching to a new provider before going into drawdown if that's what you want

 

[archiesdad]

No idea . Always paid NI So has plenty years built up. Just curious if the contracted out bit is just info only now and almost irrelevant and all that matters is the amount the forecast quotes and if it also says “you cannot get any more “ then means you qualify for full SP

So surely this means she has another pension somewhere when she opted out? My Mrs had one she forgot about !

If you have exactly the same message then you will get the full SP when you reach your SPA even if you packed in work now

Better off switching to a new provider before going into drawdown if that's what you want

Yes i understand that ill get full amount even though I've stopped working 10yrs before spa.

 

[Fletch]

So surely this means she has another pension somewhere when she opted out? My Mrs had one she forgot about !

Yes i understand that ill get full amount even though I've stopped working 10yrs before spa.

She had a works pension for about 10 year when first started work , before we had the kids then she went self employed after that .
That old works pension got transferred into her vanguard one

 

[Shandy drinker]

Well
My notice of resignation was accepted
Put in on 31 march
On 3 month’s notice
Hr and gaffer fannyied on all week then he was off last week
Came back in Friday to say he had a response from hr and they said I can work my notice period Or they’ll offer 6 weeks pay to go say Wednesday next week
I need to clarify if that’s 6 weeks from date of resignation or 6 weeks from Friday
Bearing in mind I’ve already worked two weeks plus it’ll take another few days to get paperwork in Place 6 weeks from date of resignation would equate to 2 weeks they have fucked about plus 4 weeks standard notice
I’ve got 7 days holiday accrued and going away 1st week in may for a week but in effect don’t want to fund my own holiday

Last bloke there put his 3 Month notice in and left 2 days later with full 3 Months pay in lieu

How do I negotiate this without them pulling the offer and insisting I work full 3 months

 

[JAZZMANB]

Well
My notice of resignation was accepted
Put in on 31 march
On 3 month’s notice
Hr and gaffer fannyied on all week then he was off last week
Came back in Friday to say he had a response from hr and they said I can work my notice period Or they’ll offer 6 weeks pay to go say Wednesday next week
I need to clarify if that’s 6 weeks from date of resignation or 6 weeks from Friday
Bearing in mind I’ve already worked two weeks plus it’ll take another few days to get paperwork in Place 6 weeks from date of resignation would equate to 2 weeks they have fucked about plus 4 weeks standard notice
I’ve got 7 days holiday accrued and going away 1st week in may for a week but in effect don’t want to fund my own holiday

Last bloke there put his 3 Month notice in and left 2 days later with full 3 Months pay in lieu

How do I negotiate this without them pulling the offer and insisting I work full 3 months

You've made it sound quite complicated ,maybe the other bloke had a different approach to the whole thing .
Just a guess really
If its their choice what they offer they can do as they please I suppose on how generous they are . Different circumstances in the business perhaps

 

[DaveH]

Well
My notice of resignation was accepted
Put in on 31 march
On 3 month’s notice
Hr and gaffer fannyied on all week then he was off last week
Came back in Friday to say he had a response from hr and they said I can work my notice period Or they’ll offer 6 weeks pay to go say Wednesday next week
I need to clarify if that’s 6 weeks from date of resignation or 6 weeks from Friday
Bearing in mind I’ve already worked two weeks plus it’ll take another few days to get paperwork in Place 6 weeks from date of resignation would equate to 2 weeks they have fucked about plus 4 weeks standard notice
I’ve got 7 days holiday accrued and going away 1st week in may for a week but in effect don’t want to fund my own holiday

Last bloke there put his 3 Month notice in and left 2 days later with full 3 Months pay in lieu

How do I negotiate this without them pulling the offer and insisting I work full 3 months

Nice (when it is sorted)

I have never understood this concept of resignations being accepted. HR departments or senior managers do it, as if they are doing you a favour agreeing to it. But what are they going to do once you hand in your notice? Reject it and force you to work there until the end of time? Contracts say the notice period on termination. I have never seen one that has the condition "if we agree" on it.

Does it date back to something archaic? Just to see what happens, I would love someone to reject my resignation.

One place I worked had a probation period of 18 months. The contract was oddly worded where it said a 3 month notice period of termination for either side, but then said something about 1 month of notice during the probation period. The way it was worded did not say only 1 month for them, but sort of implied it. My boss at the time did try to argue I had to give 3 but he could give me 1 month. He marched off to talk to HR for confirmation and came back claiming it was up to him and he would have to think about it. He would not look me in the eye while saying it, so I think HR told him otherwise. I just asked him to think about if he wanted a fully cooperative person working hard to tie up loose ends for the next month, or someone pissed off and bitter for a quarter of a year. He never did give me an answer either way, but I did not go back after a month was up.

 

[Town End Farmer Giles]

Nice not being at work tomorrow after a Sunday game.

Just saying...

 

[Fletch]

Nice not being at work tomorrow after a Sunday game.

Just saying...

Twat