Copacabana
Midfield
Is that all pensions DB and DC ?
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Retirement
- Thread starter Shieldsman
- Start date
Matt Hopkins
Winger
You don't have a pot with a DB pension
I finished early and just took the 25% ,the rest is in a pot .No plans to touch it yet . Some of the pension providers have got good info on their sites. Scottish Widows have all the options and calculators where you can try different figures out . Also quick responses to my questions . I could have took the 25% without stopping work and cracked on paying in every month . As saud certain pensions have implicationsThats good to hear
DaveH
Striker
By comparison, my wife is away at the minute so I'm on single parent duties.Never mind , deed soon
If you can't find stuff to do other than work you're in bother like .
Had a catch up with my mate today. Walked from the Marina to Whitburn and back.Sun belting Stopping for a coffee . Sorted my garage this affa then a little nap .Head clear ,no stress ,no drama . Class .
Yesterday morning, up early, dog out, quickly have breakfast and out to a physio appointment. A rapid bit of food shopping for a few bits I forgot and got to my desk for 9am (thank god for working from home). A meeting dragged on, so didn't finish until 5:20, dog out again, make tea to feed the kids and leave me something I could warm up, quick change and out to football. Back, have a quick shower, go and pick my daughter up from an evening thing she goes to, and finally sit down to eat by 9:30. I had to skip the post-game pint.
Up this morning, dog out, breakfast and the kitchen was a mess from yesterday, started washing up but didn't get it finished by the start of work at 9. I'll probably try to finish it in my lunch break. Then dog walk again, make tea, wash up again and finally have some chillout time for myself by perhaps 7:30 tonight.
Life feels busy, but the big thing is the bulk of the day being dictated by the need to work. If I didn't need to, why on early would I, rather than having spent the last few days not stopping? I really can't understand people who can retire but will not. Why let other people govern your day?
I disagree. The weeds around the carrots do not suddenly get in a panic about something and demand a meeting in your only free slot (otherwise known as lunch break) and prevent you having a decent break for some food. I find sitting pricking out those small weeds as they appear, really relaxing.Allotment will be a lot harder than graft but much more rewarding
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Yeah
I apply the skills from work for managing my work less life . Fixing the garage door or whatever is work but it's up to me when I start, stop etc . Plus your head isn't full of work related stuff so you slowly move into a better place. Work rarely is full of nice one to one's. Its work! So suddenly most of your interactions are quite nice ,hello on a walk, chat at a till , etc
Charmer
Central Defender
In a similar position, I took max tax free amount from one of my pensions last year and moved the pot to drawdown and will leave it untouched till I finish work.Thanks appreciate the info. I've had a pensionwise appointment and been looking on net but have ended up more confused as was sure they said as soon as you access the 25% tax free you need to then select an option of what to do with the taxable part which is why i was thinking drawdown as dont fancy the annuity option. Then saw what i though was you had to take out a minimum of 4% which would mean with my current salary i would get hammered with tax. I suppose i will have to get some FA to ensure i am clear but thanks again for info
Understand your point but they will get the house
DaveH
Striker
That article is a bit click-baity.Latest statutory pension age review looks like those of us aged 51 to 53 who were going to be getting state pension at 67 now been increased to 68. The original date of change been advised to be brought forward so gonna now fall into it. Looks like I need to plan for an extra year of self financing before the state part kicks in...Starting to think there is some sort of conspiracy between the X wife and Govt to have me work forever
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What they are saying is we are a week into a 4 year review and will not find the recommendations until 2029. But IF those recommendations are to increase the pension age and IF the government (the review is likely to land during the final run into the next election where parties are unlikely to adopt less popular policies), then those aged 51 to 53 MIGHT be affected by what the review could possibly say.
Some may go as far as calling it shit stirring.
I do exactly the same, been retired 5 years now and absolutely love it, feel very fortunate to be able to do this when i was only 54. Remember joining the company at 16 and beimg asked to fill in a pension form, and thought at the time 'why on earth', now i know.
JOEJA
Winger
My other added complication is i have about 6 frozen pots from different jobs my current open one from current employer and a DB from when i was 10 year as a lecturer. Will really need IFA and a know it probs benefits in the long run but the thought of paying them doesnt appeal
. When i turn 55 want to take 25% and poss go self employed which will probs cause even more complications.
Not a fan of ifa but may be worth a chat to get them rounded up . Some old ones are best left alone as long as you know where they are .My other added complication is i have about 6 frozen pots from different jobs my current open one from current employer and a DB from when i was 10 year as a lecturer. Will really need IFA and a know it probs benefits in the long run but the thought of paying them doesnt appeal
I've never been SE but I went self cert last few years due to my employer being rubbish and sending hmrc accurate details . I imagine it's just a case of declaring earnings yearly and paying what you owe . My mate lives off two rented houses and just completes a return
Nookie Bear
Striker
I had same , I’ve moved all the DC pensions into a vanguard SIPP and left the DB where they areMy other added complication is i have about 6 frozen pots from different jobs my current open one from current employer and a DB from when i was 10 year as a lecturer. Will really need IFA and a know it probs benefits in the long run but the thought of paying them doesnt appeal
I'm not expert but think I'm right in saying if you have a DB pension there is probably a survivors pension. I have this with my 3, but my mrs will get much less than I do. (Think you can name kids if not married).
Crook Mackem
Striker
I got a letter through from somewhere I worked 30 year ago or so. Must of paid into a pension and forgot about it. I seem to have had 2 pensions with them and tbh, they`re worth next to nowt from what I can tell. They`ve got 2 values, a cash value and a transfer value.
From what I can tell , I can just cash this in at either 55 or 57. Would I then just get the cash value and pay tax on it ?
I`ve just been putting in where I work now for the last 25 year so this is just a bit of a bonus really. Think I`d get a grand a year at 67 or something if i kept it which doesnt really appeal tbh
From what I can tell , I can just cash this in at either 55 or 57. Would I then just get the cash value and pay tax on it ?
I`ve just been putting in where I work now for the last 25 year so this is just a bit of a bonus really. Think I`d get a grand a year at 67 or something if i kept it which doesnt really appeal tbh
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If transfer value is les than £30k you can move it yourself to another pension fund or SIPP. More than £30K you need to get an IFA to sign off on the transfer, they are unlikely to do this as it opens them up to liability issues if the place you transfer it to tanks.I got a letter through from somewhere I worked 30 year ago or so. Must of paid into a pension and forgot about it. I seem to have had 2 pensions with them and tbh, they`re worth next to nowt from what I can tell. They`ve got 2 values, a cash value and a transfer value.
From what I can tell , I can just cash this in at either 55 or 57. Would I then just get the cash value and pay tax on it ?
I`ve just been putting in where I work now for the last 25 year so this is just a bit of a bonus really. Think I`d get a grand a year at 67 or something if i kept it which doesnt really appeal tbh
Tuono
Winger
I have a pension that I knew nothing about until about 5 years ago. I've been self employed since I was 20 so it could only be from either the 3 years where I did my apprenticeship or the year after when I worked for a local company. I think people will be surprised at how much it is worth now after 45 years accruing interest.
Crook Mackem
Striker
its less than 30k, so which one of the numbers do I get if I just say at 57 I`ll have the cash rather than transfer it anywhere. is it the cash value or the transfer value ?
JOEJA
Winger
might have a look into that
You would get the cash value. 25% of it would be tax free, remainder taxed at whatever your current tax rate is., if it pushes you over a tax threshold you'd pay the higher rate.
Darlo1973
Striker
I have a pension somewhere which only had a few months contributions in it from around 1998. I lost track of it when the provider got acquired and merged multiple times over the years and I moved house several times. Really should try to trace it at some point.
Swindon On Tour
Striker
My other added complication is i have about 6 frozen pots from different jobs my current open one from current employer and a DB from when i was 10 year as a lecturer. Will really need IFA and a know it probs benefits in the long run but the thought of paying them doesnt appeal
The problem with multiple frozen pots are they generally move to low risk as you get older and each one may be getting admin costs added.
I was in a similar position to you and luckily knew a Pension Advisor through a friend, rates were halved and what a fantastic job he has done and worth every penny.
I also had 2 DB pensions and advised to leave these well alone.
Both now providing a decent monthly income and already took 25% tax free from both.
I won’t be touching my other pension (3 into 1) for another 18 months however the fund is performing well.
Like you I was dead against paying out for an advisor but it was the best retirement decision I made. Good luck.
