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Retirement

Matt Hopkins said:
Fair points I'm not above the IHT threshold but I suppose a lot of people will be
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You also need to know how much is in each of the products and how it’s invested (or if it’s in cash) so future long term growth can be factored in.

Loads of things to consider really. You are right however about using up the personal allowance for smaller, less complex cases as it’s a use it or lose it allowance. The size of the portfolio plus the income from the DB scheme - plus the lump sum he’ll receive also needs factoring in.
Plus whatever the spouse (if relevant) has.
 
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Temple of Doom said:
You’re forgetting about inheritance tax benefits and legacy planning.

Ultimately it depends on the value of his estate.

You can access the ISA any time without paying tax whereas a pension is potentially taxable on the way out. That’s the point really. A pension is also exempt from IHT whereas an ISA isn’t.
I mean you can’t say for sure what the best route is without knowing far more information.
We don’t know if you’ve got a massive house, loads of savings or an inheritance coming for example.
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Thanks, I understand most of the implications of taxation of pensions and ISAs.

You shouldn’t have advised/suggested that “Usually the best advice is to do it the other way around as it’s more tax efficient.” It may be for some but I don’t think that it will be for me.
 
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Ned Land said:
Thanks, I understand most of the implications of taxation of pensions and ISAs.

You shouldn’t have advised/suggested that “Usually the best advice is to do it the other way around as it’s more tax efficient.” It may be for some but I don’t think that it will be for me.
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Well I should have as USUALLY it is. But what do I know? ;)
 
Temple of Doom said:
You also need to know how much is in each of the products and how it’s invested (or if it’s in cash) so future long term growth can be factored in.

Loads of things to consider really. You are right however about using up the personal allowance for smaller, less complex cases as it’s a use it or lose it allowance. The size of the portfolio plus the income from the DB scheme - plus the lump sum he’ll receive also needs factoring in.
Plus whatever the spouse (if relevant) has.
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He might not take a lump from the DB if the commutation rate is poor but it's just a thread on a forum with old or not so old men chuntering on, don't want it turning into a MSE type thread 👍
 
Matt Hopkins said:
He might not take a lump from the DB if the commutation rate is poor but it's just a thread on a forum with old or not so old men chuntering on, don't want it turning into a MSE type thread 👍
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The plan is to take the entire AVC pot of the DB as a lump sum.

The DB will be reduced to about 70% if I retire 7 years early.

Therefore I would like to bridge a gap until the state pension.
 
Can’t recommend enough to go to a solid Pension Advisor.
They have access to a wider knowledge and will provide good transparent advice.

I made a decision yesterday after going through the numbers.
Retiring the end of this year 11 weeks at work and counting.

May get a part time job, no stress but don’t have to make that decision just yet.
Worked hard all my life, I am done.
Nervous? Of course but like most things in life all about weighing up the options.
 
Swindon On Tour said:
Can’t recommend enough to go to a solid Pension Advisor.
They have access to a wider knowledge and will provide good transparent advice.

I made a decision yesterday after going through the numbers.
Retiring the end of this year 11 weeks at work and counting.

May get a part time job, no stress but don’t have to make that decision just yet.
Worked hard all my life, I am done.
Nervous? Of course but like most things in life all about weighing up the options.
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Put your feet up for a while bud while you consider the future.

Having worked 30 or 40 years we deserve it .

I think some people view pensions as some kind of welfare benefit . Its not.

Every penny of a private or company or state pension belongs to you - you've earned it .
 
Swindon On Tour said:
Can’t recommend enough to go to a solid Pension Advisor.
They have access to a wider knowledge and will provide good transparent advice.

I made a decision yesterday after going through the numbers.
Retiring the end of this year 11 weeks at work and counting.

May get a part time job, no stress but don’t have to make that decision just yet.
Worked hard all my life, I am done.
Nervous? Of course but like most things in life all about weighing up the options.
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Nice one its a great feeling 👍
I am in similar boat currently on gardening leave until end of year then I done too.
When you say solid Pension advisor was it a IFA from a well known company of the likes of Close Brothers, Or maybe someone who has been recommended to you ?
Just wondering which way to go pension wise myself.
i have spoken with 2 IFA’s now only briefly on a 1 hour initial meeting.
Both were good and explained options, i will get a cetv in January when i am officially a deferred member then make my decision which way to go.
Either way I will be fine.
Enjoy you can now clearly see the end of the tunnel, prepare a hook to hang them work boots up for the very last time giddup 😂
 
Swindon On Tour said:
Can’t recommend enough to go to a solid Pension Advisor.
They have access to a wider knowledge and will provide good transparent advice.

I made a decision yesterday after going through the numbers.
Retiring the end of this year 11 weeks at work and counting.

May get a part time job, no stress but don’t have to make that decision just yet.
Worked hard all my life, I am done.
Nervous? Of course but like most things in life all about weighing up the options.
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I'm pleased to hear that you have made your decision. I hope that you enjoy your retirement.
When I retired my good lady gave me 3 months to do absolutely nothing and then I could think about getting a part time job if I wanted.
Almost 6 years later I'm still thinking about it but not quite so much
 
Matt Hopkins said:
Not wanting to drag the thread off topic but are you Shirley Shammel?
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That was my hunch too (said Quasimodo).
Temple of Doom said:
It’s a fact that advice from proper advisers is seldom welcome or appreciated on here. I’ll probably just leave everyone to it!
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Advice (from strangers on the internet) is welcome and can be helpful, but as you’ve referenced, if we don’t know all of the relevant information, then it can also be potentially harmful.
 
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Swindon On Tour said:
Can’t recommend enough to go to a solid Pension Advisor.
They have access to a wider knowledge and will provide good transparent advice.

I made a decision yesterday after going through the numbers.
Retiring the end of this year 11 weeks at work and counting.

May get a part time job, no stress but don’t have to make that decision just yet.
Worked hard all my life, I am done.
Nervous? Of course but like most things in life all about weighing up the options.
Click to expand...

Best of luck. I've had four weeks of doing odd jobs around the house and have loved it. Off on holiday tomorrow but when I get back gonna buy a bike workstation and do repairs/maintenance in the garage.
 
Slim999 said:
Put your feet up for a while bud while you consider the future.

Having worked 30 or 40 years we deserve it .

I think some people view pensions as some kind of welfare benefit . Its not.

Every penny of a private or company or state pension belongs to you - you've earned it .
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I don't think I've seen people looking down their noses as pensions as a welfare benefit, but even so you are 100% right.

The sector where I work, the wages are below the equivalent in industry. But 3% employee and 5% employer pension contributions seem to be common, where mine is 9.8% and 21.6%. With more than average holidays, the whole package is actually pretty good, but my actual take home month by month is less than it could be elsewhere. It leaves me set for a pretty decent pension and definitely the feeling that I have bloody well earned it.

It is interesting that some of my friends in industry clearly have more disposable income than me, but talking to them, they don't have plans to retire as soon as me. And, I enjoy what I do and didn't like the brief time I had working in industry, so it all balances out.
 
Paddy O'Dors said:
Best of luck. I've had four weeks of doing odd jobs around the house and have loved it. Off on holiday tomorrow but when I get back gonna buy a bike workstation and do repairs/maintenance in the garage.
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Mate - Superb.
To think I am done at Christmas and won’t have that January going back dread.
Instead painting the house and all the other things that seem to get left or rushed.
OldNewtown said:
I'm pleased to hear that you have made your decision. I hope that you enjoy your retirement.
When I retired my good lady gave me 3 months to do absolutely nothing and then I could think about getting a part time job if I wanted.
Almost 6 years later I'm still thinking about it but not quite so much
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Sounds like what I am going to do.
Mrs (no) already agreeing doing 4 days a week thus we get a day together.

”Will you still be going to football?”
I think we know the answer 😂
ChrisK said:
Nice one its a great feeling 👍
I am in similar boat currently on gardening leave until end of year then I done too.
When you say solid Pension advisor was it a IFA from a well known company of the likes of Close Brothers, Or maybe someone who has been recommended to you ?
Just wondering which way to go pension wise myself.
i have spoken with 2 IFA’s now only briefly on a 1 hour initial meeting.
Both were good and explained options, i will get a cetv in January when i am officially a deferred member then make my decision which way to go.
Either way I will be fine.
Enjoy you can now clearly see the end of the tunnel, prepare a hook to hang them work boots up for the very last time giddup 😂
Click to expand...

Been reading your posts for a long time Mate.👍
You know what, you never think you have enough however when it’s mapped out for you it makes it a little clearer.
The concept for me is around money, as important time and getting out of this Corporate bollocks and managing people.
No longer will I have to write succession plans, worry about somebody leaving, budgets and all the shite I have detested for such a long time.

Just have to worry about our shite defence and a sat nav address to Crawley 😂

Made of for you my friend.
Ever down this way come and have a beer 🍺
Slim999 said:
Put your feet up for a while bud while you consider the future.

Having worked 30 or 40 years we deserve it .

I think some people view pensions as some kind of welfare benefit . Its not.

Every penny of a private or company or state pension belongs to you - you've earned it .
Click to expand...

This, this and this.
Already the mind is thinking I need a job, what if etc.

Simply you don’t and it’s the years that have engineered our brains to think just that.
Will have a few months off doing just that, fk all and if she starts moaning then will just go out for that extended dog walk.😂
 
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Swindon On Tour said:
Can’t recommend enough to go to a solid Pension Advisor.
They have access to a wider knowledge and will provide good transparent advice.

I made a decision yesterday after going through the numbers.
Retiring the end of this year 11 weeks at work and counting.

May get a part time job, no stress but don’t have to make that decision just yet.
Worked hard all my life, I am done.
Nervous? Of course but like most things in life all about weighing up the options.
Click to expand...
Fantastic Marra, pleased for you, been retired for 18 months and have no idea how i found time to work tbh. You‘ll love it, the feeling on a Sunday night knowing you have no work in the morning is just sublime, not to mention coming back off holiday / Christmas without that work dread etc.
The corporate thing did for me too, emperors new clothes bullshit, having to sit there and pretend like you don’t see through it while watching the climbers blow smoke up the managements arses, became impossible to continue for me. Couldn’t sacrifice my integrity for one more day.
Enjoy it, you’ve earned it.
 

Workplace pension

I’m 55 in march and currently working ,when I turn 55 can I take money from a workplace pension from a company I worked for about 10 years ago and still continue to work for the company I work for now ? It’s just that I have just received a letter through the door basically saying anyone can...
www.readytogo.net www.readytogo.net

The first few lines of the second post on the most recent pension thread is one of the reasons that advisers should be given the benefit of the doubt when they take their time to respond to questions from others. If someone took this as gospel for example. Thankfully he then goes on to say use an adviser which seemingly he needs to do himself ;)
 
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