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Retirement

and another potential benefit over a final salary type pension which generally stop on death of the first life or spouse.
 
I know. My wife is on a final salary scheme. She moans that it is costing her more than it did, but then I show her how much it has cost me to get my private pot up to a level about 1/2 of what hers is worth - and I have been contributing to it, in various incarnations, for over 30 years now. She carries on moaning but at the end of the day 'her' retirement income is likely to be almost double 'mine' - and for almost all of the past 25 years I have been earning more than her! The upside is that my pot is in our control and is ours.
 
Mullardman said:
They've agreed to repair it. That'll do me.
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This in refrence to my Civic, which the insurer's were rather too keen to write off...

Now fixed.

https://photos.app.goo.gl/AczZS95mCxi0DiUv1

aLJ7sGVeJWzda8Ly2
 
Just an 'old shape' Civic 5 door as far as I know David. The 'Type S' was configured with the 2.0l iVTEC engine. I suppose it sat somewhere between the 1.6l and the Type 'R'. They also put bigger, but not especially 'sporty' wheels on it c.f. the more common 1.6l. They actually make the turning circle bigger, which can be a bit of a pain. Otherwise, a very driveable car. Plenty of power for all but the 'Boy Racers'. Comfortable and solid. 160 BHP and an estimated 130MPH is probably more than enough for our crowded Brit roads and my rapidly slowing reflexes. :) I see it lasting many more years yet. Why change?

Incidentally, I ran a couple of online value checks when it was looking like they may force a 'write off'. No intention of selling to these crooks, but just 'checking out' the market. These people are notoriously crooked, but even so, I was appalled with their 'offer' of £860. As I continued to ignore them from there on, they came in with a 'revised' valuation of £260.
I'll keep my car thanks.

Col
 
As I've said elsewhere, I am no actuary. But.. given my time again, and what I know now... I would opt out of it all and just save, even if it was at basic interest rates. I would steer clear of Pension Funds and especially 'Private' ones. All bent and very exposed.
All of the people I know who have 'done OK' on essentially 'working class' earnings, have done just that.
 
Mullardman said:
As I've said elsewhere, I am no actuary. But.. given my time again, and what I know now... I would opt out of it all and just save, even if it was at basic interest rates. I would steer clear of Pension Funds and especially 'Private' ones. All bent and very exposed.
All of the people I know who have 'done OK' on essentially 'working class' earnings, have done just that.
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That wouldn't have worked for me. If I'd not been in a pension scheme I'd have spent up to and beyond my income, then panicked at the age of 55 or so and realised too late that a) saving for one's old age is a good idea, and b) that I'd have to work for another 15 years or so then struggle to get by on the state pension.
 
Joe Hutch said:
That wouldn't have worked for me. If I'd not been in a pension scheme I'd have spent up to and beyond my income, then panicked at the age of 55 or so and realised too late that a) saving for one's old age is a good idea, and b) that I'd have to work for another 15 years or so then struggle to get by on the state pension.
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Mick would have sorted you out proper.
 
I've gone and retired. With the help of an excellent IFA and transferring a defined benefits pension of 34 years into a SIPP, I appear to be very little worse off than when i was working. And the hours are ****ing brilliant.
 
RickyC6 said:
I've gone and retired. With the help of an excellent IFA and transferring a defined benefits pension of 34 years into a SIPP, I appear to be very little worse off than when i was working. And the hours are ****ing brilliant.
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I’m curious about the reasoning behind cashing in defined benefit pensions and moving the transfer value to a SIPP. Was it purely to allow you to go earlier? My IFA told me to leave mine and bridgethe gap to 65 with other resources.
 
The fact that you can get up to 40x your pot, take 25% tax free and the money remains with your family after death.
 
Yeah the transfer value was far higher than I expected; the death benefit is far better and the flexibility was attractive. My health may well improve to let me do some work so I can turn the pension off for a bit if I wish. Speaking to a pal who works for a pension company he has a lot of customers in their 80s who basically have too much pension income now and wish they’d had more in their 60s and 70s...this enables me to do that also.
 
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