moanjam
Midfield
Yeh I suppose that will happen, It'll be good enjoying Sunday and midweek games more, I'm up at 5 for work so always find them a bit of a chore but it'll be great not caring about that and partaking in a pint or two if I fancy it.
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Retirement
- Thread starter Shieldsman
- Start date
My intake dipped last few years . I drink out for match but next to non at home etc
I don't t miss it but that Tuesday afternoon pint was another retirement pop up you'd day dream about .
I feel like im observing lots of peopke people work now ,I don't gloat but its nice knowing its not me
JOEJA
Winger
I was on this thread early days so apologies but cant find the answer to what i previously asked.
Turned 55 last week, have always planned to take my 25% over multiple frozen pensions. Was also looking at semi retirement but decided to take on a FT role back at a good company i used to work for. Anyway, started the ball rolling and one of the pensions, thankfully the biggest went through no probs and was able to get the 25% no probs. I have another 4 with a different provider, aegon where it seems the plan they are in dosnt allow this but they said i would have to transfer them to a flexible access drawdown. Is this a common thing? Also is there some kind of rule where where plans over 30k you need to use a financial advisor? Appreciate any info thanks
Turned 55 last week, have always planned to take my 25% over multiple frozen pensions. Was also looking at semi retirement but decided to take on a FT role back at a good company i used to work for. Anyway, started the ball rolling and one of the pensions, thankfully the biggest went through no probs and was able to get the 25% no probs. I have another 4 with a different provider, aegon where it seems the plan they are in dosnt allow this but they said i would have to transfer them to a flexible access drawdown. Is this a common thing? Also is there some kind of rule where where plans over 30k you need to use a financial advisor? Appreciate any info thanks
There's a lot on this thread now with people more savvy than me .Just be careful drawing your tf lump or taking an annuity from a small pension for spending money as it can limit what you put in pensions this next decade . The years where you're working but thinking of going into retirement are the ones you need to maximise the tax benefits etc of boosting pots .
JOEJA
Winger
Cheers. Yeah i think its 10k or something?. Raises another question for me though, if i take 25k from all the frozen ones but dont touch the current open one, would limits apply the open one.
25k or 25% ?
If its 25k multiplied, I wouldn't worry
Yes it could affect the amount you can put in any pension going forward if you've started drawing from one. I'm talking if you wanted to maximise your contributions. Depends what types of pensions you've accessed .
Select coaches
Striker
Any bits and pieces work you would be able do to keep you ticking over? Invigilating, election work etc.Paid the mortgage off today
Still on sick and been diagnosed with POTS to go along with the other chronic shit , sick pay runs out today - 54 next week so looking at funding a year til I can start pulling from SIPP
Not sure what will happen with work , hoping for another voluntary exit scheme or possibly will be ill health retired but even if I’m just turfed will be ok financially - outgoings down to £600 a month now.
Keep thinking should I push myself and go back to work til 55 but really don’t think I can take the stress and need to try and get myself in better health just feels like a really shite way to end my working life
ChrisK
Striker
Paid the mortgage off today
Still on sick and been diagnosed with POTS to go along with the other chronic shit , sick pay runs out today - 54 next week so looking at funding a year til I can start pulling from SIPP
Not sure what will happen with work , hoping for another voluntary exit scheme or possibly will be ill health retired but even if I’m just turfed will be ok financially - outgoings down to £600 a month now.
Keep thinking should I push myself and go back to work til 55 but really don’t think I can take the stress and need to try and get myself in better health just feels like a really shite way to end my working life
Put yourself first, without your health you have nothing.
Don’t forget at work we all just a number on a long list.
Once you go you will be quickly forgotten.
Good luck and enjoy.
JOEJA
Winger
Sorry meant 25%25k or 25% ?
If its 25k multiplied, I wouldn't worry
Yes it could affect the amount you can put in any pension going forward if you've started drawing from one. I'm talking if you wanted to maximise your contributions. Depends what types of pensions you've accessed .
With the contributions, probably wouldnt be putting in more than 10k a year but some of the frozen ones have been returning more than 10k per year without any contributions, wondering if that counts or is it solely a cap on contributions. Aegon have me an appointment in a couple weeks with Aegon assist which the call handler said was financial advice (i doubt it is as surely would have to be independent), hopefully they will answer all questions.
Barista
Midfield
This is my understanding (not advice) assuming you are talking about Defined Contribution Pensions:
- You can probably transfer the Aegon pensions to HL/AJBell etc and then take the 25% lump sum. You will need to check about any penalties/loss of any protected rights incurred if you transfer.
- Taking the 25% lump sum should not affect how much you can contribute in the future to any of your DC pensions. However, once you start drawdown of the taxable portion from any of these you are normally immediately limited to a future total of £10,000 per year (yours + your employer) pension contributions. This limit was increased by Jeremy Hunt from £4,000, and I don’t think Reeves has reduced it back.
- The 30k+ transfer requiring a financial advisor only applies to Defined Benefit Pensions (final/average salary based pensions).
Solely a cap on contributions.Sorry meant 25%
With the contributions, probably wouldnt be putting in more than 10k a year but some of the frozen ones have been returning more than 10k per year without any contributions, wondering if that counts or is it solely a cap on contributions. Aegon have me an appointment in a couple weeks with Aegon assist which the call handler said was financial advice (i doubt it is as surely would have to be independent), hopefully they will answer all questions.
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JOEJA
Winger
Nice one mate great info cheers.
Initial info i got when i rang Aegon was that i could transfer them to one of their own flexi access drawdowns. I'm not too desperate to take the 25% from these ones but will see what they say. They are all DC pensions. Thanks
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Clash City Rockers67
Full Back
Retiring on 1st May, though taking most of my leave for the current working year in one hit, which means my last day at work is 27th March. One thing I won't miss is getting up early for work after night matches. Took the day off after Liverpool, so Burnley was the last one really
The idea of not having a job is still strange, as in everything just stopping, but Ive got various different things to keep me busy, without necessarily having a bucket list of goals to achieve
The idea of not having a job is still strange, as in everything just stopping, but Ive got various different things to keep me busy, without necessarily having a bucket list of goals to achieve
Its just about getting into a rhythm, same life just dont have a job everything revolves around . Some do the big trips and financial splashing, others just crack on into a rhythm.
Darlo1973
Striker
Yes, I'm in that transition bracket though I haven't worked out what to do yet. Probably should sit down with an IFA at some point.
As I understand it, in April 2028 the minimum age increases from 55 to 57. So, if you turn 55 before then you can access your pension scheme(s) but then lose the ability in April 28 until you get to 57
In my case I'm 55 in July next year (yikes!) so will have a 9 month window then can't access it until July 2029.
Matt Hopkins
Winger
Until HMRC decide what's happening an IFA won't be able to help you 
Barista
Midfield
I went one year earlier than I was planning in order to avoid a big reorganisation. It was one too many reorgs for me.I've been planning to go after summer next year at 60, but I'm losing the will to live at work.
I'm going to finish up before summer this year instead. Still got the fear that I've miscalculated 'the number', but I'm going for it anyway
I don’t think over the length of your retirement one more year really makes any significant difference to your finances, especially if you already have enough NI qualifying years for the full SP.
Clash City Rockers67
Full Back
Aye I've got my things to keep busy, doing more with garden, playing my guitars more, even your basic things like walking the dog and reading so I'm sure I'll find the pace that suits me
Darlo1973
Striker
Until HMRC decide what's happening an IFA won't be able to help you
Fair point.
I still need to do more self-education about pensions as I haven't yet got my head around drawdown and crystallisation. I'd like tot think that I'm pretty good with numbers and money so if I find it confusing then I wonder how most people cope.
I've been planning to go after summer next year at 60, but I'm losing the will to live at work.
I'm going to finish up before summer this year instead. Still got the fear that I've miscalculated 'the number', but I'm going for it anyway
Sounds like me. My standard line is that if I've miscalculated and have to start cutting back heavily before the state pension kicks in it means I've had a bloody good few years.
For me each year means another £12k minimum added to my savings, plus around £7k on my lump sum, I think. Plus a grand a year in pension. The reductions on DB schemes mean going at my age are hefty. But fuck it, 4 days left.
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