Facing retirement.

[King Herald]

I'll have to look into my old pensions next time I'm back in the UK. The paperwork is stashed at my dads house. I paid into the government one for maybe several years, then I think I opted out, or whatever it was, and joined a company pension for some years. Even 850 notes a year is a useful little chunk of cabbage.

I'm not really in technical position to go 'consulting' really, more like I'd have to pick up the tools and get dirty, if ever I did get some work again. 20 years working alone in one trade, mahoosive air compressors, then that was taken away a year or so ago and I've been reduced to basic spannering on much more course and peasant-like equipment. That's part of the reason I would like to get out of it completely, if I can do it without too much strain.

[MissChief]

King Herald said:

I'll have to look into my old pensions next time I'm back in the UK. The paperwork is stashed at my dads house. I paid into the government one for maybe several years, then I think I opted out, or whatever it was, and joined a company pension for some years. Even 850 notes a year is a useful little chunk of cabbage.

I'm not really in technical position to go 'consulting' really, more like I'd have to pick up the tools and get dirty, if ever I did get some work again. 20 years working alone in one trade, mahoosive air compressors, then that was taken away a year or so ago and I've been reduced to basic spannering on much more course and peasant-like equipment. That's part of the reason I would like to get out of it completely, if I can do it without too much strain.

What about training instead then? With 20 years experience you'd think a company would want you on board to train the next lot?

[King Herald]

MissChief said:

What about training instead then? With 20 years experience you'd think a company would want you on board to train the next lot?

No, the whole oil industry is going to hell in a handbag, low oil price, tens of thousands of lay-offs, ships and rigs being stacked left right and centre. maybe a few more years it will come back up again, but it looks bad this time.

[hidetheelephants]

Chunkymonkey71 said:

Come with me to Poland when I buy my Fiat 126, then drive back to Scotland!

:-)

Where do I sign?

My company is chock-full of coffin-dodgers who are still going to sea at 65-70-+; as far as I can see most have no hobbies, have chronic illnesses of some kind and hate their wives. The only things keeping them alive are spite and a ship to escape life on. I won't be doing that if I can possibly avoid it.

I know one old chap who's a naval architect; he's well into his 80s, still in full time work and in his leisure time still leaping about racing yachts, if I'm half as active as he is when I'm his age I'll count myself lucky.

Experienced marine engineers are in some demand for shore-side office/technical roles, so if you fancy survey or supernintendo work it's probably there for the taking. Alternatively as you've a pension income why not go back to school/college/uni and learn something new?

[Blown2CV]

i've not read all the responses, but surely you don't actually have to retire at 55. It doesn't even sound like you want to, and given that you didn't really prepare properly for retirement until it was really very late in the day, why don't you just get another job? I don't understand the part you're complaining about, is it not having enough money, the downturn in your industry, the fact that you're worried this means you're past it, or what.

[King Herald]

Well, it is all in my opening post, but that is pretty much irrelevant now as I have decided I actually want to retire now. As I mentioned earlier, I recently had 8 weeks off, and it seemed to go pretty well, I relaxed after a month or so, got quite used to being at home, no worries about being old or anything.

[James_N]

Emeye said:

My dad retired at 60, but not so long after discovered he had MS and had to give up on all his retirement plans.

Another guy I worked with retired at 60 and weeks later discovered he had cancer.

Sorry to be so depressing, but if you can retire early then enjoy it while you can as you never know what's around the corner

I'd agree with that. My dad is 71 and retired 3 months ago. Recently we found out my mum has cancer, so his retirement plans (get out on trips with the caravan, Europe etc) have been shelved. Caravan sits in a field, and mornings are taken up by pottering about the house, maybe doing some washing, and afternoons, visiting up the hospital. He's bored stless already, so god knows what he will do when the inevitable happens

Do things while you can, as you never know whats round the corner

[DervVW]

If you can financially retire you should do it. And enjoy it.
I'm certian that most of my generation will just work until we die, no old age pension and private pension plans crashing or paying out peanuts.

[King Herald]

DervVW said:

If you can financially retire you should do it. And enjoy it.
I'm certian that most of my generation will just work until we die, no old age pension and private pension plans crashing or paying out peanuts.

You're right, I should just chillax and enjoy (to use modern terminology). As my wife pointed out, I/we have done things that millions can only dream of; travel the world, design and build our own home, build cars, live in a land far far away etc, so I should make sure I use the opportunities that present themselves. Millions dream of being able to retire at 55, so I shall do justice to their dreams and do it myself should the opportunity arrive.

I'm currently offshore again, (until Tuesday) company are laying loads of people off, so if they choose to let me go I get nearly a half years salary in compo just to start the ball rolling. If I leave of my own accord I lose that.

[hidetheelephants]

If you know any of the HR vultures, now's the time to start dropping hints.

[King Herald]

I'd doing my Gandhi thing, 'passive resistance', by just doing my job and nothing more. I really have become totally disillusioned with the whole thing.

At our end-of-trip QHSE/production meeting today, I could barely contain my contempt for the whole charade.

The oil industry is in the middle of the biggest downturn in history, my company has laid off upwards of 300 people, shut down about 6 ships, yet they are introducing dozens of new schemes, plans, changes and all sort of other QHSE drivel, for no good reason anybody can see. They've change the pension plan, the payment system, the on-line training system, and a host of other stuff.

If the office dwellers spent more time trying to score work for us, and less time on BS job-security schemes, the company might fare better! And I might have more enthuse to stay.

One more shift, and I'm heading home, chopper arrives at 08:30, and I'll be sure to duck under those rotors.

[King Herald]

It finally happened! As of 1st November I am unemployed. I got the phone call about 10:30 one evening and I'd have a few beers, but kept nice and polite. I must admit I'm quite relieved it is all over, as the last couple of trips offshore have been annoyingly tedious and depressing. The company is going down the toilet, we are on poverty food allowance, no resupply for weeks, no orders for parts being sent out...

But that is all someone else problem now, as I'm a retired pensioner.

It has been good so far, but been busier than ever doing lots of little jobs I kept meaning to do before. There is no worry about when I have to leave for work, no counting down the days until crew change.... only problem is I'm sucking down a few too many beers most nights...

[otherman]

MissChief said:

A few years ago I worked out that if I retire at 65 the pension I started at 19 and paid into for around 3 years (I think) then stopped will give me around £850 a year.

For all the slagging of off pensions, this is the illustration of how valuable they are. Three years paid in at 19, when your salary was probably fairly modest, and £850 a year later. Live to average age and that's worth £17k. See how that could have gone with full set of contributions.

[King Herald]

otherman said:

For all the slagging of off pensions, this is the illustration of how valuable they are. Three years paid in at 19, when your salary was probably fairly modest, and £850 a year later. Live to average age and that's worth £17k. See how that could have gone with full set of contributions.

I was told once that what you pay into a pension in your first ten years of employ gives a bigger return than what you pay for the rest of your working life, assuming a similar rate of investments. Not sure if that is true, but it could well be.

I just wish I'd paid a bit more in, for longer, but then I was never going to get old enough to retire, that was too far away to worry about.....

[longblackcoat]

King Herald said:

It finally happened! As of 1st November I am unemployed. I got the phone call about 10:30 one evening and I'd have a few beers, but kept nice and polite. I must admit I'm quite relieved it is all over, as the last couple of trips offshore have been annoyingly tedious and depressing. The company is going down the toilet, we are on poverty food allowance, no resupply for weeks, no orders for parts being sent out...

But that is all someone else problem now, as I'm a retired pensioner.

It has been good so far, but been busier than ever doing lots of little jobs I kept meaning to do before. There is no worry about when I have to leave for work, no counting down the days until crew change.... only problem is I'm sucking down a few too many beers most nights...

Hope it works out for you.

Have to say I'd hate retirement at your age; I've just turned 50 and feel like I'm barely starting. I genuinely love my job, am well-paid, and probably have another few moves available to me before I retire, which I anticipate being at 60-ish. There are loads of things I could do if I retired now - I still race MX, but could do more, and I'd be happy to ski all season for the next few winters.

But I'd rather be working at the moment. I never anticipated getting to where I am today, and now I'm here there's no way I want to get off the bus. I still feel 25 inside, but I'm so much better than I was at that age; experience gives you confidence and I'm in the sort of place where I can use that effectively.

Retirement? Not for me, not for a good while yet.

[otherman]

King Herald said:

I was told once that what you pay into a pension in your first ten years of employ gives a bigger return than what you pay for the rest of your working life, assuming a similar rate of investments. Not sure if that is true, but it could well be.

True. Early payments have a lot longer to grow. A lot of people start to worry about it pay into a pension late in life when there are far less growth years left.

[TwigtheWonderkid]

otherman said:

King Herald said:

I was told once that what you pay into a pension in your first ten years of employ gives a bigger return than what you pay for the rest of your working life, assuming a similar rate of investments. Not sure if that is true, but it could well be.

True. Early payments have a lot longer to grow. A lot of people start to worry about it pay into a pension late in life when there are far less growth years left.

But don't forget the tax relief. If you pay in £10 and you're a 40% tax payer, you get £4 back. So you've paid £6 and it's worth £10 instantly. That's 66.6% growth on day 1. And people get excited by getting 3% on an ISA!!!

[BoRED S2upid]

Not at all if you can retire early enough you should be fit enough to enjoy the next decade. Work takes up far too much time I can't wait to have more free time.

[AdeTuono]

King Herald said:

It finally happened! As of 1st November I am unemployed. I got the phone call about 10:30 one evening and I'd have a few beers, but kept nice and polite. I must admit I'm quite relieved it is all over, as the last couple of trips offshore have been annoyingly tedious and depressing. The company is going down the toilet, we are on poverty food allowance, no resupply for weeks, no orders for parts being sent out...

But that is all someone else problem now, as I'm a retired pensioner.

It has been good so far, but been busier than ever doing lots of little jobs I kept meaning to do before. There is no worry about when I have to leave for work, no counting down the days until crew change.... only problem is I'm sucking down a few too many beers most nights...

KH, I know you are/were oilfield, but not sure what line you're in. This oil-price recession has been the worst I can remember. Many of my former colleagues, some with 40-odd years in, have lost jobs, and have little or no future in the industry. When things pick up, which they surely will, there's going to be a massive shortage of experienced personnel, many of whom won't want to return. I think any company that survives this dip will be in a very strong position, providing they can re-staff. The majors may well find themselves in difficulties when work picks up.

Enjoy your retirement; still loving mine.

[jshell]

AdeTuono said:

KH, I know you are/were oilfield, but not sure what line you're in. This oil-price recession has been the worst I can remember. Many of my former colleagues, some with 40-odd years in, have lost jobs, and have little or no future in the industry. When things pick up, which they surely will, there's going to be a massive shortage of experienced personnel, many of whom won't want to return. I think any company that survives this dip will be in a very strong position, providing they can re-staff. The majors may well find themselves in difficulties when work picks up.

Enjoy your retirement; still loving mine.

There's gonna be 2 - 2 1/2 years of this according to the Hedge Fund analysts. I reckon Aberdeen is phuqed! The age of oil is diminishing, the age of gas is upon us.