I was looking forward to today to get my first full state pension, it also coincided with my Prison Service pension being paid in, state pension was what they said I would get and Prison Service pension almost £200 down, I rang HMRC and they said 'your tax code has changed because we cannot tax the state pension at source so we take it from other sources ie other pensions, and you are still working' so on my first pension I lose almost a quarter of it because I dared to work all my life, and continue to do so, to pay for scrounging twats up and down the country, thieving cnuts, fucking fuming😠

2 hours ago, Barnstoneworth White said:

@athywhite1958 did you also get a lump sum?  I took the maximum amount allowed to ensure I was only paying the minimum MADMAX for future monthly pension payments.  

You can take your tax free lump sum at anytime and despite its name you do not have to take it as a lump sum.

For the younger viewers pension might seem boring but getting it sorted sooner rather than later makes a massive difference, especially if you are paying 40% tax. Pay £100 in, it only costs you £60 and that £100 is 25% tax free when you withdraw it, then 20% tax on the remaking £75, so £15. You have paid £15 tax instead of £40. So you are £25 better off per £100.

Go and see a pension adviser will be most profitable hour of your life. 

11 hours ago, Dimron said:

I see making it to retirement age as a privilege and I often think about all the bandits I have known who haven't got as far along the road as me... money becomes less important later in life, don't over-stress about it, you'll cut your cloth to suit when the time hopefully comes

Well it was near some water with boats on, at the top of that long narrow street with all the bars, a big pub with seating outside

The other thing about retirement is having a plan. Maybe the biggest thing is to think about down sizing your house. Like others I have used some of my lump sum to pay off mortgage. But as our plan is to down size we will put money back on house if it increases the value of the house. So if a new bathroom costs say £5k but will add at least as much value we will do it.

Lots of people plan to downsize but easier said than done, especially if you have done your house to just how you want it

6 minutes ago, Ani said:

The other thing about retirement is having a plan. Maybe the biggest thing is to think about down sizing your house. Like others I have used some of my lump sum to pay off mortgage. But as our plan is to down size we will put money back on house if it increases the value of the house. So if a new bathroom costs say £5k but will add at least as much value we will do it.

Lots of people plan to downsize but easier said than done, especially if you have done your house to just how you want it

Lived in this house for 35 years and would never move, it has everything we need and in a decent area with great neighbours

1 minute ago, athywhite1958 said:

Lived in this house for 35 years and would never move, it has everything we need and in a decent area with great neighbours

Which is fair enough , we have lived here for about 17 years and it 'ticks all the boxes' so moving is not an easy option, but we have a £450k asset and might decide we can cope with a £300k asset and £150k to spend. 
 

My missus does accompanied viewings for an Estate Agent and has only seen 1 house in last 12 months she would even consider moving to, so although it is the plan, massive issue is finding somewhere we would want to live in and that releases enough money to make it worthwhile. 

20 minutes ago, athywhite1958 said:

Well it was near some water with boats on, at the top of that long narrow street with all the bars, a big pub with seating outside

Sutton Harbour by Barbican makes sense. The Docks to locals is Devonport which has some notorious pubs.
 

25 minutes ago, green genie said:

Sutton Harbour by Barbican makes sense. The Docks to locals is Devonport which has some notorious pubs.
 

It was the harbour in the Barbican area

32 minutes ago, Ani said:

Which is fair enough , we have lived here for about 17 years and it 'ticks all the boxes' so moving is not an easy option, but we have a £450k asset and might decide we can cope with a £300k asset and £150k to spend. 
 

My missus does accompanied viewings for an Estate Agent and has only seen 1 house in last 12 months she would even consider moving to, so although it is the plan, massive issue is finding somewhere we would want to live in and that releases enough money to make it worthwhile. 

TBH though I couldn't face the prospect of moving house, too much hassle for me, but good luck to you and your missus, I hope you find what you want

Id happily get something smaller

2 bed detached with a double garage would be ideal

12 hours ago, Cheese said:

A fella I worked with about a decade ago left his own retirement do early as he didn't feel well. Went to bed, and never woke up. His retirement literally lasted about 12 hours after 45 years service. 😥

Its when you take a walk through Tonge Cemetery and the gravestones read like your old school register you realise you're on the top shelf! 😞😄 

46 minutes ago, Casino said:

Id happily get something smaller

2 bed detached with a double garage would be ideal

For when Witt stops over?....

2 hours ago, Dimron said:

Its when you take a walk through Tonge Cemetery and the gravestones read like your old school register you realise you're on the top shelf! 😞😄 

I know, I just wish sportsmen and celebs younger than me would stop dying! I knew I was old when Cameron won office and Craig made Casino Royale. "Fuck me; I'm older than the PM and James Bond" I thought.

Lad at work recently hit 30 and was saying he was still young, so I pointed out that by the time they were 30 Heisenberg had come up with his uncertainty principle (gets stopped by the cops "do you know how fast you were going sir?" "yes, but I've no idea where I am"), Spielberg had made Jaws and McCartney had left the Beatles.

I need to retire and drink really heavily.

4 hours ago, Ani said:

You can take your tax free lump sum at anytime and despite its name you do not have to take it as a lump sum.

For the younger viewers pension might seem boring but getting it sorted sooner rather than later makes a massive difference, especially if you are paying 40% tax. Pay £100 in, it only costs you £60 and that £100 is 25% tax free when you withdraw it, then 20% tax on the remaking £75, so £15. You have paid £15 tax instead of £40. So you are £25 better off per £100.

Go and see a pension adviser will be most profitable hour of your life. 

Did my calculations on the pension app I use, 

 

140k lump sum then 18k a year, be taxed on that, but still with state pension makes it a comfortable pension. 

It’s a pension thread so bound to be some melancholy reminiscing.

In the 5th year at school, 4 of us used to wag certain lessons and go to L/H library and plan a holiday on the Norfolk Broads. 🤷‍♂️ (we never did)

One of those killed himself in his 20’s,  one died in a diamond mine in South Africa in his 30’s and one died of cancer 4 years ago. I’m still standing. Just me of four burdening the state for a meagre pension. 
I still pay tax.😉

 

3 minutes ago, only1swanny said:

Did my calculations on the pension app I use, 

 

140k lump sum then 18k a year, be taxed on that, but still with state pension makes it a comfortable pension. 

That’s pretty much standard for anyone in the public sector. The sums obviously may differ.
A huge chunk of the population now work in that sector. A huge chunk don’t though. 
Many in the private sector and self employed don’t have a private pension scheme so will rely on the state scheme and savings or benefits.

It’s that, that needs sorting but no government seems to want to grasp the nettle so to speak. 

2 hours ago, BobyBrno said:

That’s pretty much standard for anyone in the public sector. The sums obviously may differ.
A huge chunk of the population now work in that sector. A huge chunk don’t though. 
Many in the private sector and self employed don’t have a private pension scheme so will rely on the state scheme and savings or benefits.

It’s that, that needs sorting but no government seems to want to grasp the nettle so to speak. 

It's really not standard for the public sector mate - the sums differ hugely. 

11 minutes ago, RoadRunnerFan said:

It's really not standard for the public sector mate - the sums differ hugely. 

Fair enough. I’m only going off experience. I was private, wife and half of my family public. I still think that public sector pensions are far superior to private sector. I did say that the sums would differ. Salary differential is obviously a factor.

Edited November 9, 20241 yr by BobyBrno

1 hour ago, BobyBrno said:

Fair enough. I’m only going off experience. I was private, wife and half of my family public. I still think that public sector pensions are far superior to private sector. I did say that the sums would differ. Salary differential is obviously a factor.

I can speak with authority for the NHS - some old local authority ones may be better I'm no expert.

1995 pension - do 40 years get half your final salary - other than some specific exceptions you can draw at 60 without reduction. So a staff nurse working in outpatients is looking at c £18k a year. A ward nurse earning unsocial hours enhancement a little more. Lump sum is 3 x annual pension. 

2015 pension 1/50th of annual earnings accrual rate but you can't take it without reduction until 68. You have flexibility to choose a larger lump sum and smaller pension. 

So in both examples, your numbers are, to use a technical term, fucking miles out for the lump sum. Unless that is you think NHS Consultants or executive directors represent the typical public sector employee.

But using a typical example like a staff nurse doesn't suit your ideological ends. 

 

 

 

Edited November 9, 20241 yr by RoadRunnerFan

Apols - Dp

Edited November 9, 20241 yr by RoadRunnerFan

The missus is a nurse and I was really quite surprised how shit her pension is considering how much she has to contribute. Her older one is quite a bit better but she left and returned to nursing so has two NHS pensions.

11 minutes ago, RoadRunnerFan said:

I can speak with authority for the NHS - some old local authority ones may be better I'm no expert.

1995 pension - do 40 years get half your final salary - other than some specific exceptions you can draw at 60 without reduction. So a staff nurse working in outpatients is looking at c £18k a year. A ward nurse earning unsocial hours enhancement a little more. Lump sum is 3 x annual pension. 

2015 pension 1/50th of annual earnings accrual rate but you can't take it without reduction until 68. You have flexibility to choose a larger lump sum and smaller pension. 

So in both examples, your numbers are, to use a technical term, fucking miles out for the lump sum. Unless that is you think NHS Consultants or executive directors represent the typical public sector employee.

But using a typical example like a staff nurse doesn't suit your ideological ends. 

 

 

 

1/50th pension scheme is class...

Wish I'd have been in one...

4 minutes ago, jeep said:

1/50th pension scheme is class...

Wish I'd have been in one...

Are you retired?

There are plenty of vacancies mate.

Must be something else about the pay and conditions you dont/didn't  fancy.

They are decent perk - noting @Winchester Whites concerns above.

But they nowhere near as good as folk make out when considered alongside the full package. 

Edited November 9, 20241 yr by RoadRunnerFan

6 minutes ago, RoadRunnerFan said:

I can speak with authority for the NHS - some old local authority ones may be better I'm no expert.

1995 pension - do 40 years get half your final salary - other than some specific exceptions you can draw at 60 without reduction. So a staff nurse working in outpatients is looking at c £18k a year. A ward nurse earning unsocial hours enhancement a little more. Lump sum is 3 x annual pension. 

2015 pension 1/50th of annual earnings accrual rate but you can't take it without reduction until 68. You have flexibility to choose a larger lump sum and smaller pension. 

So in both examples, your numbers are, to use a technical term, fucking miles out for the lump sum. Unless that is you think NHS Consultants or executive directors represent the typical public sector employee.

But using a typical example like a staff nurse doesn't suit your ideological ends. 

 

 

 

A lot to digest there pal. For the record, I didn’t quote any numbers. The person I quoted did. I said it was pretty much standard and numbers may differ. 🤷‍♂️

I don’t have an ideology. In fact I’m 100% against ideologies.

There are other public sectors. Police, fire, local authorities, civil service, etc. 

Ask someone working in the service sector. Hotels, restaurants, cinemas etc. etc. etc. about their pension arrangements. There are many more examples but there is neither the time or space to list them. 

6 minutes ago, Winchester White said:

The missus is a nurse and I was really quite surprised how shit her pension is considering how much she has to contribute. Her older one is quite a bit better but she left and returned to nursing so has two NHS pensions.

Tell us all how shit it is compared to others.

2 minutes ago, RoadRunnerFan said:

Are you retired?

There are plenty of vacancies mate.

Must be something else about the pay and conditions you dont/didn't  fancy.

They are decent perk - noting @Winchester Whites concerns above.

But they nowhere near as good as folk make out when considered alongside the full package. 

Calm down tiger 😄