Enjoying Retirement
Discussion
craig1912 said:
Some of that stuff doesn’t sound right. Why have you been moved into a lower performing pension?
Do you get a choice of funds?
Lump sums aren’t what you pay in. They are either 25% of fund (DC scheme) or a commutable value defined by the scheme (DB scheme).
What do you mean by “ my monthly pension only seems to go up £300”?
Can you pay additional contributions?
Who is your pension with?
Police pension which has been royally fDo you get a choice of funds?
Lump sums aren’t what you pay in. They are either 25% of fund (DC scheme) or a commutable value defined by the scheme (DB scheme).
What do you mean by “ my monthly pension only seems to go up £300”?
Can you pay additional contributions?
Who is your pension with?
ked over the last 8 yrs or so. Teresa may changed the law which allowed her to scrap the pension scheme i joined 23 yrs ago. All officers are now in a worse pension scheme (well unless you joined straight into it obviously). It’s so messed up at the moment you have people retiring who don’t even know what pension they’re getting until after they go.
As for getting accurate figures, forget it. So forward planning is guesswork, i have approximate figures which is all i’m working on.
AVC’s, my provider can’t cope with it so are, at the moment refusing to accept them, the only other option is a private pension, but with 20 months to go, is probably not worth it.
If i’d had a crystal ball many years ago, i would have prepared differently, but the pension was protected by law, until the government decided they would change it.
Michael_B said:
A bit further south, this is a place I take visitors when they come to our Burgundy house.
https://www.chateau-savigny.com/musees/
Great wine plus Italian racing cars, vintage motorcycles, rockets, fighter planes… plus a few tractors and fire engines. What’s for a PHer not to like?
Went there last summer - what a place! I think it might have been from a PH recommendation too?https://www.chateau-savigny.com/musees/
Great wine plus Italian racing cars, vintage motorcycles, rockets, fighter planes… plus a few tractors and fire engines. What’s for a PHer not to like?
nordboy said:
Police pension which has been royally fked over the last 8 yrs or so. Teresa may changed the law which allowed her to scrap the pension scheme i joined 23 yrs ago. All officers are now in a worse pension scheme (well unless you joined straight into it obviously).
It’s so messed up at the moment you have people retiring who don’t even know what pension they’re getting until after they go.
As for getting accurate figures, forget it. So forward planning is guesswork, i have approximate figures which is all i’m working on.
AVC’s, my provider can’t cope with it so are, at the moment refusing to accept them, the only other option is a private pension, but with 20 months to go, is probably not worth it.
If i’d had a crystal ball many years ago, i would have prepared differently, but the pension was protected by law, until the government decided they would change it.
I'm.not sure I understand what the issue is.ked over the last 8 yrs or so. Teresa may changed the law which allowed her to scrap the pension scheme i joined 23 yrs ago. All officers are now in a worse pension scheme (well unless you joined straight into it obviously). It’s so messed up at the moment you have people retiring who don’t even know what pension they’re getting until after they go.
As for getting accurate figures, forget it. So forward planning is guesswork, i have approximate figures which is all i’m working on.
AVC’s, my provider can’t cope with it so are, at the moment refusing to accept them, the only other option is a private pension, but with 20 months to go, is probably not worth it.
If i’d had a crystal ball many years ago, i would have prepared differently, but the pension was protected by law, until the government decided they would change it.
The police service benefits from a very good scheme all of which is Defined Benefit and even the 2015 onwards scheme is CARE so I'm not sure how it can under perform as there is no underlying fund as such to perform or otherwise.
The investment risk is removed and the benefit or pension is guaranteed. I think the 2015 is 1/54th for each year of service though I could be wrong here, though if I'm right that is still a decent accrual rate.
Obviously being of a defined benefit nature which generally give far greater benefits than the equivalent defined contribution scheme the main drawbacks are 'flexibility ' in that member choices are fairly restricted but that's generally seen as a small price to pay for a DB arrangement.
Longy00000 said:
I'm.not sure I understand what the issue is.
The police service benefits from a very good scheme all of which is Defined Benefit and even the 2015 onwards scheme is CARE so I'm not sure how it can under perform as there is no underlying fund as such to perform or otherwise.
The investment risk is removed and the benefit or pension is guaranteed. I think the 2015 is 1/54th for each year of service though I could be wrong here, though if I'm right that is still a decent accrual rate.
Obviously being of a defined benefit nature which generally give far greater benefits than the equivalent defined contribution scheme the main drawbacks are 'flexibility ' in that member choices are fairly restricted but that's generally seen as a small price to pay for a DB arrangement.
Employer contributions are still vast in comparison to any private sector DC scheme...The police service benefits from a very good scheme all of which is Defined Benefit and even the 2015 onwards scheme is CARE so I'm not sure how it can under perform as there is no underlying fund as such to perform or otherwise.
The investment risk is removed and the benefit or pension is guaranteed. I think the 2015 is 1/54th for each year of service though I could be wrong here, though if I'm right that is still a decent accrual rate.
Obviously being of a defined benefit nature which generally give far greater benefits than the equivalent defined contribution scheme the main drawbacks are 'flexibility ' in that member choices are fairly restricted but that's generally seen as a small price to pay for a DB arrangement.
...and it's index linked.
Well, this weekend was a lego artist display in Brick Lane on Friday (Art of the Brick) with a girlfriend followed by a superb lunch down the road at the Brick Lane food Hall.
Then a pint on Saturday in Kemble before heading into Gloucester for a wonderful win against Benetton involving a huge amount of beer and food. Plus a win!
Sunday was a local affair with some old mates in my nearest pub in Glos.
Tonight I'm relaxing. Trains no planes and automobiles.
This is what retirement was supposed to be.
Then a pint on Saturday in Kemble before heading into Gloucester for a wonderful win against Benetton involving a huge amount of beer and food. Plus a win!
Sunday was a local affair with some old mates in my nearest pub in Glos.
Tonight I'm relaxing. Trains no planes and automobiles.
This is what retirement was supposed to be.
Edited by a340driver on Monday 6th May 21:54
Tomorrow will be a "something special and one off" day. I and the wife have been formally invited by The Lord Chamberlin, on behalf of His Majesty, to attend a Royal Garden Party at Buckingham Palace. From a press announcement yesterday it looks like the royals there will be Princess Anne and the Duke of Gloucester, we'll see. Weather looks like it will be good. Car ordered for the afternoon, morning suit is hired and ready to wear etc. Invite came out of the blue, not anticipated at all, so a nice surprise.
R.
R.
The Leaper said:
Tomorrow will be a "something special and one off" day. I and the wife have been formally invited by The Lord Chamberlin, on behalf of His Majesty, to attend a Royal Garden Party at Buckingham Palace. From a press announcement yesterday it looks like the royals there will be Princess Anne and the Duke of Gloucester, we'll see. Weather looks like it will be good. Car ordered for the afternoon, morning suit is hired and ready to wear etc. Invite came out of the blue, not anticipated at all, so a nice surprise.
R.
Congratulations, it should be a memorable day.R.
On the "Tomorrow will be a "something special and one off" day" theme - will anybody else be at the memorial for Sir Stirling Moss at Westminster Abbey tomorrow?
The Leaper said:
Tomorrow will be a "something special and one off" day. I and the wife have been formally invited by The Lord Chamberlin, on behalf of His Majesty, to attend a Royal Garden Party at Buckingham Palace. From a press announcement yesterday it looks like the royals there will be Princess Anne and the Duke of Gloucester, we'll see. Weather looks like it will be good. Car ordered for the afternoon, morning suit is hired and ready to wear etc. Invite came out of the blue, not anticipated at all, so a nice surprise.
R.
That sounds a blast!R.
What did you do to get that invitation?
We went a few years ago there to my daughters Gold DofE presentation….me as a “Leader” (otherwise only one parent allowed!) - a fabulous afternoon out, albeit no canapés or drinks…
They had LOTS of groups of about 20 young people. Edward did the rounds of their group, very brief, but her “celebrity” was Warwick Davies, who was brilliant: happy to chat and have photos, his first trip to the Palace too. Sad to hear of his wife’s death recently
Hope you get the sunshine we had:
Enjoy!!
mikeiow said:
The Leaper said:
Tomorrow will be a "something special and one off" day. I and the wife have been formally invited by The Lord Chamberlin, on behalf of His Majesty, to attend a Royal Garden Party at Buckingham Palace. From a press announcement yesterday it looks like the royals there will be Princess Anne and the Duke of Gloucester, we'll see. Weather looks like it will be good. Car ordered for the afternoon, morning suit is hired and ready to wear etc. Invite came out of the blue, not anticipated at all, so a nice surprise.
R.
That sounds a blast!R.
What did you do to get that invitation?
We went a few years ago there to my daughters Gold DofE presentation….me as a “Leader” (otherwise only one parent allowed!) - a fabulous afternoon out, albeit no canapés or drinks…
They had LOTS of groups of about 20 young people. Edward did the rounds of their group, very brief, but her “celebrity” was Warwick Davies, who was brilliant: happy to chat and have photos, his first trip to the Palace too. Sad to hear of his wife’s death recently
Hope you get the sunshine we had:
Enjoy!!
I had not given any thoughts to RGPs, no reason to. Since I received the invitation I have found out that the 8000 or so attendees are there in recognition of their contribution to society in some way. For example, members of the armed forces, civil servants, diplomats etc, workers at charities and people who give their time to do voluntary work of some kind. In my case the invite came at the top level from the Department of Works and Pensions through to the office of The Pensions Ombudsman, and it was from the TPO I got the invite. Throughout my working life from 1959 to 2004 I worked in what's can simply be described as "the pensions industry" (I had no connection with DWP). Since 1993, so for over 30 years now, I have been a volunteer at the office of TPO and in this capacity I give my spare time to seek to resolve formal complaints made by pension scheme members and individuals that they have raised with the trustees, employer sponsor, insurance provider etc, depending on the type of pension arrangement. I find it very rewarding work and I like to think that I have been able to successfully resolve many complaints by negotiation and/or explanation, often producing significant financial outcomes to the complainant.
Wife and I are looking forward to attending tomorrow's RGP for around three hours, albeit along with 8000 others. I understand that there's no alcohol served but the afternoon tea and cakes are excellent ! My wife is a retired horticulturalist and she's itching to see the gardens and grounds of the Palace.
I'm glad to see you've been there too and had an enjoyable experience. Tomorrow's weather forecast looks ideal.
R.
Have truly fabulous day and I'm glad rhe weather is going to play its part for you.
I chuckled at your comment about the wife's interest in rhe Gardens, my wife attended the Palace a few years back now and her highlight were the toilets! She just NEEDED to see what rhey were like In Buckingham Palace
Anyway I hope you both have a wonderful day
I chuckled at your comment about the wife's interest in rhe Gardens, my wife attended the Palace a few years back now and her highlight were the toilets! She just NEEDED to see what rhey were like In Buckingham Palace
Anyway I hope you both have a wonderful day
Longy00000 said:
Have truly fabulous day and I'm glad rhe weather is going to play its part for you.
I chuckled at your comment about the wife's interest in rhe Gardens, my wife attended the Palace a few years back now and her highlight were the toilets! She just NEEDED to see what rhey were like In Buckingham Palace
Anyway I hope you both have a wonderful day
Which reminded me that....I chuckled at your comment about the wife's interest in rhe Gardens, my wife attended the Palace a few years back now and her highlight were the toilets! She just NEEDED to see what rhey were like In Buckingham Palace
Anyway I hope you both have a wonderful day
Many years ago I was invited to see Eric Clapton at the Royal Albert Hall and our hosts had booked the Royal Dining Room to provide a sumptuous meal for their guests. Next door was "The Royal Loo" and I could not resist sitting in there contemplating who had been in there before me!
R.
The Leaper said:
Tomorrow will be a "something special and one off" day. I and the wife have been formally invited by The Lord Chamberlin, on behalf of His Majesty, to attend a Royal Garden Party at Buckingham Palace. From a press announcement yesterday it looks like the royals there will be Princess Anne and the Duke of Gloucester, we'll see. Weather looks like it will be good. Car ordered for the afternoon, morning suit is hired and ready to wear etc. Invite came out of the blue, not anticipated at all, so a nice surprise.
I sincerely hope you will have the loveliest of times there. The fruit cake, I believe, is excellent.The Leaper said:
Thanks, Mikelow!
I had not given any thoughts to RGPs, no reason to. Since I received the invitation I have found out that the 8000 or so attendees are there in recognition of their contribution to society in some way. For example, members of the armed forces, civil servants, diplomats etc, workers at charities and people who give their time to do voluntary work of some kind. In my case the invite came at the top level from the Department of Works and Pensions through to the office of The Pensions Ombudsman, and it was from the TPO I got the invite. Throughout my working life from 1959 to 2004 I worked in what's can simply be described as "the pensions industry" (I had no connection with DWP). Since 1993, so for over 30 years now, I have been a volunteer at the office of TPO and in this capacity I give my spare time to seek to resolve formal complaints made by pension scheme members and individuals that they have raised with the trustees, employer sponsor, insurance provider etc, depending on the type of pension arrangement. I find it very rewarding work and I like to think that I have been able to successfully resolve many complaints by negotiation and/or explanation, often producing significant financial outcomes to the complainant.
Wife and I are looking forward to attending tomorrow's RGP for around three hours, albeit along with 8000 others. I understand that there's no alcohol served but the afternoon tea and cakes are excellent ! My wife is a retired horticulturalist and she's itching to see the gardens and grounds of the Palace.
I'm glad to see you've been there too and had an enjoyable experience. Tomorrow's weather forecast looks ideal.
R.
Ah, excellent: you have a beautiful day for it, enjoy every minute, it sounds thoroughly well deserved!I had not given any thoughts to RGPs, no reason to. Since I received the invitation I have found out that the 8000 or so attendees are there in recognition of their contribution to society in some way. For example, members of the armed forces, civil servants, diplomats etc, workers at charities and people who give their time to do voluntary work of some kind. In my case the invite came at the top level from the Department of Works and Pensions through to the office of The Pensions Ombudsman, and it was from the TPO I got the invite. Throughout my working life from 1959 to 2004 I worked in what's can simply be described as "the pensions industry" (I had no connection with DWP). Since 1993, so for over 30 years now, I have been a volunteer at the office of TPO and in this capacity I give my spare time to seek to resolve formal complaints made by pension scheme members and individuals that they have raised with the trustees, employer sponsor, insurance provider etc, depending on the type of pension arrangement. I find it very rewarding work and I like to think that I have been able to successfully resolve many complaints by negotiation and/or explanation, often producing significant financial outcomes to the complainant.
Wife and I are looking forward to attending tomorrow's RGP for around three hours, albeit along with 8000 others. I understand that there's no alcohol served but the afternoon tea and cakes are excellent ! My wife is a retired horticulturalist and she's itching to see the gardens and grounds of the Palace.
I'm glad to see you've been there too and had an enjoyable experience. Tomorrow's weather forecast looks ideal.
R.
Absolutely what this thread is all about
Since I retired in 2004, I've often thought that, in a small way, today is a significant day for me. It's the first day of the year when I can sit out on our patio with the first coffee of the day and actually feel the warmth of the Sun. It's 23C, lovely. To me, this always seems like Summer is on its way. This day seems to be very late into 2024.
Simple things can bring much pleasure.
Another sign of the warmth is that Friday is laundry day and Mrs. L has hung the laundered duvet covers out in the garden to dry and get freshly aired!
R.
Simple things can bring much pleasure.
Another sign of the warmth is that Friday is laundry day and Mrs. L has hung the laundered duvet covers out in the garden to dry and get freshly aired!
R.
The Gauge said:
For those on here who have retired full time, does it effect your car insurance being of the retired status?
I played around when I first got quotes and it seemed slightly cheaper compared to putting in 'Field Engineer' or 'Manager', plus I dropped the 'commuting' part of the cover to, so just 'social & domestic' cover now. Only issue I had was that last year at renewal I only had 1 year NCD, although the first year I got some discount for driving experience with my company car. I just renewed and now with 2 years my premium only went up £7, which is good compared to other increases I've read people have. Obviously slightly skewed due to the extra year NCD, but I did also shop around as my initial renewal was nearly 40% up.
While I'm posting: As of next Thursday it is 2 years since I retired already.
Times I've been a bit fed up due to the UK winter weather restricting what I could do and the first year was pretty tight too waiting to sort out pensions and some inheritance, but I've never missed work. Now the finances are all sorted I just get on with enjoying life. Last week we had a short break to Spain at short notice, ended up visiting friends. I've been unpacking the garden furniture for summer (sorry if that spoils the weekend 
) and tomorrow night another gig in our summer season.I think if I'd done the whole spreadsheet/deep calculations thing I might have put myself off, or at least done a few more years, but luckily I just took the leap. Seems to have worked out well and while I'm no millionaire I've never ended a month short since I retired, so I seem to be able to live within my means, whilst not feeling particularly restricted.
Gassing Station | Finance | Top of Page | What's New | My Stuff