Pension stuff, how's it all looking ? HAve you prepared ?
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
I'm back to - and beyond - the Truss and Kwarteng days
- Count Steer
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
Yeah, thankfully Truss's 'communists' controlling 'the markets' and the 'deep state' refuseniks didn't manage to trash the normal shares stuff quite so tragically.
Doubt is not a pleasant condition.
But certainty is an absurd one.
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But certainty is an absurd one.
Voltaire
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
Just checked 2 pension pots from same company.
One is barely more than 7 years ago.
Other has more than doubled in last 5 years.
Lovely lass on phone just told me i can drag the crap one into the good one and spent about half hour on phone setting up all the online stuff that I need. Very helpful.
One is barely more than 7 years ago.
Other has more than doubled in last 5 years.
Lovely lass on phone just told me i can drag the crap one into the good one and spent about half hour on phone setting up all the online stuff that I need. Very helpful.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
I finally got access to the 'pension' I knew I had with an old employer. TBF, I didn't work there long, but wanted to know what was going on.
Can anyone explain any of this??
This means I'll be about three weeks over 60 at their normal date of retirement. If I change that date, does that mean I might be able to take a lump sum sooner??
I'm fully aware that I could ask the pension peeps that run this, but I'm hoping someone here can explain some basics in language that I understand!!! (I'm SERIOUSLY NOT good at this stuff!!) -
What is a lifetime allowance?
Whats the difference between a scheme pension and a dependant's pension?
I guess that if I want to take a cash lump sum I have to change the retirement date?
I appreciate it is small amounts of money but I worked for these guys for less than three years almost 30 years ago!! Probably should have topped it up over the years, but as I'm sure I've said before, I'm already at least 15 years older than I ever expected to get to!!! So, coming at this a bit late
Probably should do a search somehow on any other bitsa pensions, either to amalgamate or to withdraw cash (very useful right now!)
Can anyone explain any of this??
This means I'll be about three weeks over 60 at their normal date of retirement. If I change that date, does that mean I might be able to take a lump sum sooner??
I'm fully aware that I could ask the pension peeps that run this, but I'm hoping someone here can explain some basics in language that I understand!!! (I'm SERIOUSLY NOT good at this stuff!!) -
What is a lifetime allowance?
Whats the difference between a scheme pension and a dependant's pension?
I guess that if I want to take a cash lump sum I have to change the retirement date?
I appreciate it is small amounts of money but I worked for these guys for less than three years almost 30 years ago!! Probably should have topped it up over the years, but as I'm sure I've said before, I'm already at least 15 years older than I ever expected to get to!!! So, coming at this a bit late
Probably should do a search somehow on any other bitsa pensions, either to amalgamate or to withdraw cash (very useful right now!)
Life is for living. Buy the shoes. Eat the cake. Ride the bikes. Just, ride the bikes!!
- Count Steer
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
1. The max amount you can invest (with tax concession) into your pensions in your lifetime. (Tricky to invest at any other time). Don't worry about it.
2. Pensions offer an option whereby you usually get a reduced pension but your dependant gets a 50% pension should they outlive you. It's an illustrative figure, you don't have to choose it/may not have one.
3. I assume 'scheme pension' is their pension management option ie you don't transfer it out into another option like a self managed/invested personal pension scheme.
4. If you are allowed to, which, as far as I know you will be, you can specify an earlier retirement date. The sums in your post are based on the date given so they'll be less if you do. As it's a company scheme probably best to speak to them on that one. In theory you can take a chunk tax free (and a reduced pension) after 55 at the moment in the UK but it's changing.
Dunno if there are any complications with being resident in France.
I think I'd talk to them.
Doubt is not a pleasant condition.
But certainty is an absurd one.
Voltaire
But certainty is an absurd one.
Voltaire
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
Thank you loads. That helps. I will talk to them direct, just wanted to have more understanding beforehand!Count Steer wrote: ↑Tue Apr 09, 2024 3:55 pm1. The max amount you can invest (with tax concession) into your pensions in your lifetime. (Tricky to invest at any other time). Don't worry about it.
2. Pensions offer an option whereby you usually get a reduced pension but your dependant gets a 50% pension should they outlive you. It's an illustrative figure, you don't have to choose it/may not have one.
3. I assume 'scheme pension' is their pension management option ie you don't transfer it out into another option like a self managed/invested personal pension scheme.
4. If you are allowed to, which, as far as I know you will be, you can specify an earlier retirement date. The sums in your post are based on the date given so they'll be less if you do. As it's a company scheme probably best to speak to them on that one. In theory you can take a chunk tax free (and a reduced pension) after 55 at the moment in the UK but it's changing.
Dunno if there are any complications with being resident in France.
I think I'd talk to them.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
I've probably oversimplified the Lifetime Allowance (LTA) but there aren't many of us that need to worry about it...me included.
I think the dependants thing depended on whether the dependant is male or female, age etc (ie life expectancy) but as I said it's only something to consider if you have identified a dependant.
Those numbers don't look too shabby considering you weren't there long. The power of compound interest over time eh?
I think the dependants thing depended on whether the dependant is male or female, age etc (ie life expectancy) but as I said it's only something to consider if you have identified a dependant.
Those numbers don't look too shabby considering you weren't there long. The power of compound interest over time eh?
Doubt is not a pleasant condition.
But certainty is an absurd one.
Voltaire
But certainty is an absurd one.
Voltaire
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
Noggers, that tax-free allowance might get taxed in France.
Be careful.
Be careful.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
I'm not sure if I can identify a dependant. I'd guess it would be a partner or a child? And I have neither!!Count Steer wrote: ↑Tue Apr 09, 2024 4:41 pm I've probably oversimplified the Lifetime Allowance (LTA) but there aren't many of us that need to worry about it...me included.
I think the dependants thing depended on whether the dependant is male or female, age etc (ie life expectancy) but as I said it's only something to consider if you have identified a dependant.
Those numbers don't look too shabby considering you weren't there long. The power of compound interest over time eh?
I suppose I should ask if I can add to it but not sure that would be worth it for a few years in the current climate.
Good call. I'll try and ask someone about that
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
You don't need to identify a dependant. I think you'll get a bigger annual sum if you don't. (Effectively it's like insuring 2 lives rather than one).Noggin wrote: ↑Tue Apr 09, 2024 5:44 pmI'm not sure if I can identify a dependant. I'd guess it would be a partner or a child? And I have neither!!Count Steer wrote: ↑Tue Apr 09, 2024 4:41 pm I've probably oversimplified the Lifetime Allowance (LTA) but there aren't many of us that need to worry about it...me included.
I think the dependants thing depended on whether the dependant is male or female, age etc (ie life expectancy) but as I said it's only something to consider if you have identified a dependant.
Those numbers don't look too shabby considering you weren't there long. The power of compound interest over time eh?
I suppose I should ask if I can add to it but not sure that would be worth it for a few years in the current climate.
Good call. I'll try and ask someone about that
Doubt is not a pleasant condition.
But certainty is an absurd one.
Voltaire
But certainty is an absurd one.
Voltaire
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
I see a lot of folk moaning about the state pension, so done some sums
It's £12k a year so you'll get £240k if you live 20 years.
That's been funded I believe by N.I. contribution.
So if you've worked 40 years, you should have paid about £6k a year.
Just checked and you'd need to be on £200k a year to pay that much.
So maybe it ain't that bad really
It's £12k a year so you'll get £240k if you live 20 years.
That's been funded I believe by N.I. contribution.
So if you've worked 40 years, you should have paid about £6k a year.
Just checked and you'd need to be on £200k a year to pay that much.
So maybe it ain't that bad really
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
How much is the state pension in 2024?
How much state pension you receive depends on if you receive a new full state pension or old basic state pension or additional rate pension.
Old basic state pension
This applies to those people who reached state pension age before 6 April 2016.
The full basic pension is now £169.50 a week – or £8,814 a year.
New full state pension
This is for those reaching state pension age on or after 6 April 2016. It applies to men born on or after 6 April 1951 and women born on or after 6 April 1953.
The current new full state pension is £221.20 a week – or £11,502.40 a year.
How much state pension you receive depends on if you receive a new full state pension or old basic state pension or additional rate pension.
Old basic state pension
This applies to those people who reached state pension age before 6 April 2016.
The full basic pension is now £169.50 a week – or £8,814 a year.
New full state pension
This is for those reaching state pension age on or after 6 April 2016. It applies to men born on or after 6 April 1951 and women born on or after 6 April 1953.
The current new full state pension is £221.20 a week – or £11,502.40 a year.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
If I'd been on £200k for 40 years I don't think I'd be too worried about the State Pension.
(Pretty sure I was on a bit less than that in 1984 ).
(Pretty sure I was on a bit less than that in 1984 ).
Doubt is not a pleasant condition.
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Voltaire
But certainty is an absurd one.
Voltaire
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
The £12k a year bit.
The state pension you receive depends on a number of things and is not a single amount like that £12k for everybody.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
Fark me. I was using rough figures to say that we get far more out than we put in.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
LOL!
The state pension is made up of NI contributions and SERPs (State Earnings Related Pension) and it may well be that you'll get £12k a year if your earnings related bit is based on £200k a year (as your pretty picture suggests) for your working life but that is probably not likely. Did you earn £200k a year?
Then you have to factor in age and if you were born after April 1951 your basic pension will be £7.5k ish without SERPs but if you were born before April 1951 is lower than that. If you were opted out of SERPs for 23 years because you were in the army and they opted you out without your knowledge then the SERPs bit is going to be considerably less than some one earning the same wage over the same period and paying SERPs.
It's a fucking discriminatory mess.
The state pension is made up of NI contributions and SERPs (State Earnings Related Pension) and it may well be that you'll get £12k a year if your earnings related bit is based on £200k a year (as your pretty picture suggests) for your working life but that is probably not likely. Did you earn £200k a year?
Then you have to factor in age and if you were born after April 1951 your basic pension will be £7.5k ish without SERPs but if you were born before April 1951 is lower than that. If you were opted out of SERPs for 23 years because you were in the army and they opted you out without your knowledge then the SERPs bit is going to be considerably less than some one earning the same wage over the same period and paying SERPs.
It's a fucking discriminatory mess.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
I think I may have mentioned before that the state pension is unsustainable
People need to either die sooner or work longer*(or everyone under 66 has to accept a lower and lower level of government services / higher taxes).
S'plain as that, them numbers don't lie.
*televised death matches, etc