Enjoying Retirement
Discussion
Longy00000 said:
Surely if the LTA is reintroduced it would have to follow the same rough thought process from when it was first introduced.
That would be to say we cannot tax people for following a lawful process of accruing a substantial pension fund which just NOW happens to be larger than the arbitrary figure we the labour party have settled upon. So we shall 'ring fence' all existing funds by way of a form of LTA protection. However and funds that go past our LTA figure in the future or go above your individual ring fenced amount will be taxed.
This was largely done at the original LTA introduction so I'm sure rhe same process would be followed again upon the reintroduction of any LTA.
That's fine if the " revised potential " LTA is indeed ring fenced at whatever your pot happens to be in say 2 years time but bear in mind when Labour first introduced the LTA it was pretty much an arbitrary number and then people had to do their own sums and apply to protect any pots as necessary.That would be to say we cannot tax people for following a lawful process of accruing a substantial pension fund which just NOW happens to be larger than the arbitrary figure we the labour party have settled upon. So we shall 'ring fence' all existing funds by way of a form of LTA protection. However and funds that go past our LTA figure in the future or go above your individual ring fenced amount will be taxed.
This was largely done at the original LTA introduction so I'm sure rhe same process would be followed again upon the reintroduction of any LTA.
And obviously I don't want to just necessarily wait and see if this happens without at least looking into it.
All very first world problem I know.
SunsetZed said:
alscar said:
SunsetZed said:
Depends what you mean by take it, you could crystallise it in Feb 2024 but not take it to avoid the risk could you not?
Can you actually do this though -sounds great but not sure - I thought as soon as you crystallize some /all that means you have started to receive ?The LTA introduction was in many ways an unfair tax but I have no doubt Labour will want to reverse it's abolishment.
I already had fixed protection in place and was aware that at aged 75 if that's when I had reached the cap I would have had a very hefty tax bill.
As of today said tax bill has just been removed so I want to obviously make sure that if there is anything I can do to protect that saving then I will.
https://techzone.abrdn.com/public/pensions/Guide-p...
Of course you are at liberty to re-invest the TFLS however you like, but it would NOT be in your pension. So you could crystallise 100k get £25k TFLS, and lob that into ISAs (if a couple), or perhaps 20k into an ISA and 5k into a GIA.
This "enjoying retirement" does appear to have a lot of finance focus to it these days
mikeiow said:
SunsetZed said:
alscar said:
SunsetZed said:
Depends what you mean by take it, you could crystallise it in Feb 2024 but not take it to avoid the risk could you not?
Can you actually do this though -sounds great but not sure - I thought as soon as you crystallize some /all that means you have started to receive ?The LTA introduction was in many ways an unfair tax but I have no doubt Labour will want to reverse it's abolishment.
I already had fixed protection in place and was aware that at aged 75 if that's when I had reached the cap I would have had a very hefty tax bill.
As of today said tax bill has just been removed so I want to obviously make sure that if there is anything I can do to protect that saving then I will.
https://techzone.abrdn.com/public/pensions/Guide-p...
Of course you are at liberty to re-invest the TFLS however you like, but it would NOT be in your pension. So you could crystallise 100k get £25k TFLS, and lob that into ISAs (if a couple), or perhaps 20k into an ISA and 5k into a GIA.
This "enjoying retirement" does appear to have a lot of finance focus to it these days
My dad has just come over to Spain to his villa, and brought me a letter. It's off the Pru and they found me through Work&pensions. I use my dads address in the UK, he's had the letter a year. I remember paying into a pension around 35 years ago, for a couple of years.
I have to email them with some personal information, but aint got clue of the policy number. Might be a few quid in it for me, bonus.
I have to email them with some personal information, but aint got clue of the policy number. Might be a few quid in it for me, bonus.
SunsetZed said:
Gary C said:
Arrg
I intended to take my pension end of Feb 2025.
Was at 120% of the LTA just before the recent announcement.
Do I now take it in Feb 2024, or risk that Labour if they get a big enough Majority in Jan 25, won't reintroduce the cap before the end of Feb.
Depends what you mean by take it, you could crystallise it in Feb 2024 but not take it to avoid the risk could you not?I intended to take my pension end of Feb 2025.
Was at 120% of the LTA just before the recent announcement.
Do I now take it in Feb 2024, or risk that Labour if they get a big enough Majority in Jan 25, won't reintroduce the cap before the end of Feb.
Just feels as if it would be better to not risk getting hit with a LTA
Mind you, just had a thought. If I take it in Feb 24, but with a smaller lump sum (so as to reduce the pension payments by a smaller amount), then put away the pension payments while still taking a full salary (but with an extra 5% as no longer paying into the pot) and add that to the lump sump (minus tax), I should be able to mitigate somewhat, the taking of the pension a year early
Edited by Gary C on Monday 20th March 21:03
Wow, if I had a DB pension that was 120% of LTA I would take it early, say in April 2023.
120% of LTA = £1.287m. For DB it is the starting pension multiplied by 20, so £64.3k p.a.
Let's say there was a 7% actuarial reduction for taking it early - it would still be just under £60k gross per annum.
120% of LTA = £1.287m. For DB it is the starting pension multiplied by 20, so £64.3k p.a.
Let's say there was a 7% actuarial reduction for taking it early - it would still be just under £60k gross per annum.
After my 'rubbish' thread diversion recently, I'm off to look at potential shed Ka replacements: Nothing too flash, but a bit newer/nicer and I hope a little different/quirky, namely an Alfa Mito Twin Air 105PS. Seems to have all the things that I'd like on our 'local' car, but still £0 VED but a little bit nippier than the Ka so it might cope with (rare) 2-3 junction motorway trips to our gigs.
Speaking of the band; our drummer has quit so that's thrown a spanner in the works though he's playing the booked gigs we have...blames work and kids taking all his time and he can't spare it to play/rehearse with the band. I sometimes forget that others have commitments that I don't (anymore). Three nights this week either at Rock project, rehearsals for same and another with a new band, but the joys of not having work the next day mean it's no problem.
Speaking of the band; our drummer has quit so that's thrown a spanner in the works though he's playing the booked gigs we have...blames work and kids taking all his time and he can't spare it to play/rehearse with the band. I sometimes forget that others have commitments that I don't (anymore). Three nights this week either at Rock project, rehearsals for same and another with a new band, but the joys of not having work the next day mean it's no problem.
Somebody said:
Wow, if I had a DB pension that was 120% of LTA I would take it early, say in April 2023.
120% of LTA = £1.287m. For DB it is the starting pension multiplied by 20, so £64.3k p.a.
Let's say there was a 7% actuarial reduction for taking it early - it would still be just under £60k gross per annum.
Eek, pension maths makes my head spin 120% of LTA = £1.287m. For DB it is the starting pension multiplied by 20, so £64.3k p.a.
Let's say there was a 7% actuarial reduction for taking it early - it would still be just under £60k gross per annum.
but your not far off I think. Each complete year adds so I will be 57 in Feb and that makes it only 3 years early (Normal retirement age of 60 in this scheme)
OldSkoolRS said:
After my 'rubbish' thread diversion recently, I'm off to look at potential shed Ka replacements: Nothing too flash, but a bit newer/nicer and I hope a little different/quirky, namely an Alfa Mito Twin Air 105PS. Seems to have all the things that I'd like on our 'local' car, but still £0 VED but a little bit nippier than the Ka so it might cope with (rare) 2-3 junction motorway trips to our gigs.
Speaking of the band; our drummer has quit so that's thrown a spanner in the works though he's playing the booked gigs we have...blames work and kids taking all his time and he can't spare it to play/rehearse with the band. I sometimes forget that others have commitments that I don't (anymore). Three nights this week either at Rock project, rehearsals for same and another with a new band, but the joys of not having work the next day mean it's no problem.
Rather like the look of the Mito. Nice style - my first ever car was an Alfasud. Drank almost as much oil as petrol, had two windows that disappeared as I would them down, got stuck in 3rd gear (slipped clutch home, lots of smoke!) & finally caught fire....god I loved it!!Speaking of the band; our drummer has quit so that's thrown a spanner in the works though he's playing the booked gigs we have...blames work and kids taking all his time and he can't spare it to play/rehearse with the band. I sometimes forget that others have commitments that I don't (anymore). Three nights this week either at Rock project, rehearsals for same and another with a new band, but the joys of not having work the next day mean it's no problem.
A drummer eh.....I had some drumming lessons pre covid to see if I still had any skills (gave up at middle school but have always enjoyed a good beat). Turns out I mostly didn't, so unable to offer my services!
Under a week until a monster Interrail adventure....then we have booked a preview tour of Big Ben - https://ukparliament.seetickets.com/timeslot/big-b... - a bargain tenner for those interested, limited dates available!
Enjoy your trip Mike...sounds a bit more adventurous than our recent one which was planned from start to finish (still it was good practice for Aus next year).
Turns out that I like the Mito as they insisted on me taking it for a test drive, despite them having to move about 10 cars to get it out. Sadly a sorry example in person (how advert photos can mislead...) very shabby inside and out, plus it had fag burns on the seats and smelt of fags too, no service history and various warning lights on the dash. However, I enjoyed driving it bar an odd clutch action; light but no travel, maybe that's typical and I'd get used to it though. It makes a characterful sound as the revs go up, though runs out of steam about 5000 rpm, it went well enough for my local needs. I reckon it'll do OK on the motorway too as I got it up to 70 on the dual carriageway and it felt a bit more stable than the Ka.
Messaging a much tidier looking one I found, so might go and look at it this weekend in between band rehearsals and gigs.
No worries about the drumming Mike, I'm sure one will turn up eventually.
Turns out that I like the Mito as they insisted on me taking it for a test drive, despite them having to move about 10 cars to get it out. Sadly a sorry example in person (how advert photos can mislead...) very shabby inside and out, plus it had fag burns on the seats and smelt of fags too, no service history and various warning lights on the dash. However, I enjoyed driving it bar an odd clutch action; light but no travel, maybe that's typical and I'd get used to it though. It makes a characterful sound as the revs go up, though runs out of steam about 5000 rpm, it went well enough for my local needs. I reckon it'll do OK on the motorway too as I got it up to 70 on the dual carriageway and it felt a bit more stable than the Ka.
Messaging a much tidier looking one I found, so might go and look at it this weekend in between band rehearsals and gigs.
No worries about the drumming Mike, I'm sure one will turn up eventually.
OldSkoolRS said:
Enjoy your trip Mike...sounds a bit more adventurous than our recent one which was planned from start to finish (still it was good practice for Aus next year).
Turns out that I like the Mito as they insisted on me taking it for a test drive, despite them having to move about 10 cars to get it out. Sadly a sorry example in person (how advert photos can mislead...) very shabby inside and out, plus it had fag burns on the seats and smelt of fags too, no service history and various warning lights on the dash. However, I enjoyed driving it bar an odd clutch action; light but no travel, maybe that's typical and I'd get used to it though. It makes a characterful sound as the revs go up, though runs out of steam about 5000 rpm, it went well enough for my local needs. I reckon it'll do OK on the motorway too as I got it up to 70 on the dual carriageway and it felt a bit more stable than the Ka.
Messaging a much tidier looking one I found, so might go and look at it this weekend in between band rehearsals and gigs.
No worries about the drumming Mike, I'm sure one will turn up eventually.
Adverts v Real Life: discuss Turns out that I like the Mito as they insisted on me taking it for a test drive, despite them having to move about 10 cars to get it out. Sadly a sorry example in person (how advert photos can mislead...) very shabby inside and out, plus it had fag burns on the seats and smelt of fags too, no service history and various warning lights on the dash. However, I enjoyed driving it bar an odd clutch action; light but no travel, maybe that's typical and I'd get used to it though. It makes a characterful sound as the revs go up, though runs out of steam about 5000 rpm, it went well enough for my local needs. I reckon it'll do OK on the motorway too as I got it up to 70 on the dual carriageway and it felt a bit more stable than the Ka.
Messaging a much tidier looking one I found, so might go and look at it this weekend in between band rehearsals and gigs.
No worries about the drumming Mike, I'm sure one will turn up eventually.
I'm sure you will find a good one. Another nice thing about not having work to deal with….you can take your time, maybe travel somewhere to check them out, etc.
A few more nights booked today: we have the first 10 sorted, and now the last 6….I’m sure it will all flow along nicely
Just back from a few days in Bordeaux courtesy of the school strikes - leave [late teenage] kids at home, go away.
All part of the joys of retirement - the ability to fit in a trip at short notice and enjoy 17-25C, a bit of sun, wine tasting & drinking - even fitted in a 60s Soul gig.
Best bit was the Dali paintings & Pink Floyd soundtrack in their Nazi built submarine base
Oh and the French were rioting in Bordeaux last weekend too about not being able to retire until 64... I saw no need to join in as I'm enjoying retirement at only 50
All part of the joys of retirement - the ability to fit in a trip at short notice and enjoy 17-25C, a bit of sun, wine tasting & drinking - even fitted in a 60s Soul gig.
Best bit was the Dali paintings & Pink Floyd soundtrack in their Nazi built submarine base
Oh and the French were rioting in Bordeaux last weekend too about not being able to retire until 64... I saw no need to join in as I'm enjoying retirement at only 50
mikeiow said:
Adverts v Real Life: discuss
I'm sure you will find a good one. Another nice thing about not having work to deal with….you can take your time, maybe travel somewhere to check them out, etc.
A few more nights booked today: we have the first 10 sorted, and now the last 6….I’m sure it will all flow along nicely
Yes I think I'm on the case with this next one...we'll see. As you say no rush.I'm sure you will find a good one. Another nice thing about not having work to deal with….you can take your time, maybe travel somewhere to check them out, etc.
A few more nights booked today: we have the first 10 sorted, and now the last 6….I’m sure it will all flow along nicely
I'm sure you'll be OK planning it on the run; I took my laptop and it was just like home from home so I could look stuff up just as easily (anyone else hate trying to do stuff on tiny mobile screens?
). Elsa buses were really cheap and yet well run and on time. Didn't use the trains this time, but the ones around Alicante at New Year were good too. Put ours to shame a bit I think...A lot of the tourist attractions have overpriced websites that seem to push in on Google search, so I got used to that and made sure I was going direct. Seville Cathedral was one I think; about 100% more if booked through some tourist site rather than just direct. I told Mrs OS that I'm bored of 'churches' so we won't bother doing anymore next trip (I hope!), though sometimes they have a high tower with a good view, so maybe worth that I suppose.
Winding down post Rock Project with a G&T...haven't got work in the morning, but do have our Grandson. Plus point is he has an afternoon nap when we get a break, so I might have one too at that point.
Too many cars, Probate and gigs going through my head messing up my sleeping at the moment. Cheers. V12GT]Just back from a few days in Bordeaux courtesy of the school strikes - leave [late teenage said:
kids at home, go away.
All part of the joys of retirement - the ability to fit in a trip at short notice and enjoy 17-25C, a bit of sun, wine tasting & drinking - even fitted in a 60s Soul gig.
Best bit was the Dali paintings & Pink Floyd soundtrack in their Nazi built submarine base
Oh and the French were rioting in Bordeaux last weekend too about not being able to retire until 64... I saw no need to join in as I'm enjoying retirement at only 50
Fabulous! Partial to both Dali & Pink Floyd! The Aussie Pink Floyd make for a great night out, superb ‘tribute’ band!All part of the joys of retirement - the ability to fit in a trip at short notice and enjoy 17-25C, a bit of sun, wine tasting & drinking - even fitted in a 60s Soul gig.
Best bit was the Dali paintings & Pink Floyd soundtrack in their Nazi built submarine base
Oh and the French were rioting in Bordeaux last weekend too about not being able to retire until 64... I saw no need to join in as I'm enjoying retirement at only 50
Our first target for a couple of days, before Barcelona, is Figueres in Spain - birthplace of Dali & home to the museum he built - love his crazy styles, looking forward to that!
@OldSkoolRS: yes, I will have a weeny MacBook with me for on the hoof planning…..worth the kilo or so weight!
We often have ‘poor’ sleep patterns (he says, typing at 23:45hrs!), but I’m kinda okay with that…..as people get older, they often sleep less, so make the most of the time you’re awake, I say….besides, I’m more than happy with lying in until 10 or later on some days….
mikeiow said:
Fabulous! Partial to both Dali & Pink Floyd! The Aussie Pink Floyd make for a great night out, superb ‘tribute’ band!
Our first target for a couple of days, before Barcelona, is Figueres in Spain - birthplace of Dali & home to the museum he built - love his crazy styles, looking forward to that!
Been a long time since I was in Figueres - a great museum, somewhat tempered as I had my passport stolen there too... But yes, Floyd and Dali was a fantastic combination and I'm very partial to both too!Our first target for a couple of days, before Barcelona, is Figueres in Spain - birthplace of Dali & home to the museum he built - love his crazy styles, looking forward to that!
mikeiow said:
V12GT]Just back from a few days in Bordeaux courtesy of the school strikes - leave [late teenage said:
kids at home, go away.
All part of the joys of retirement - the ability to fit in a trip at short notice and enjoy 17-25C, a bit of sun, wine tasting & drinking - even fitted in a 60s Soul gig.
Best bit was the Dali paintings & Pink Floyd soundtrack in their Nazi built submarine base
Oh and the French were rioting in Bordeaux last weekend too about not being able to retire until 64... I saw no need to join in as I'm enjoying retirement at only 50
Fabulous! Partial to both Dali & Pink Floyd! The Aussie Pink Floyd make for a great night out, superb ‘tribute’ band!All part of the joys of retirement - the ability to fit in a trip at short notice and enjoy 17-25C, a bit of sun, wine tasting & drinking - even fitted in a 60s Soul gig.
Best bit was the Dali paintings & Pink Floyd soundtrack in their Nazi built submarine base
Oh and the French were rioting in Bordeaux last weekend too about not being able to retire until 64... I saw no need to join in as I'm enjoying retirement at only 50
Our first target for a couple of days, before Barcelona, is Figueres in Spain - birthplace of Dali & home to the museum he built - love his crazy styles, looking forward to that!
@OldSkoolRS: yes, I will have a weeny MacBook with me for on the hoof planning…..worth the kilo or so weight!
We often have ‘poor’ sleep patterns (he says, typing at 23:45hrs!), but I’m kinda okay with that…..as people get older, they often sleep less, so make the most of the time you’re awake, I say….besides, I’m more than happy with lying in until 10 or later on some days….
And I agree that with age comes less sleep. In my case I sleep well generally, but the time I get out of bed varies widely...anytime between 4:00 and 10:00. If up early I am partial to a nap on the sofa, to be woken up by the wife and a coffee, nice.
R.
mikef said:
V12GT said:
Oh and the French were rioting in Bordeaux last weekend too about not being able to retire until 64...
And that's to receive a state pension of 50% of their average best 5 years taxable earnings, none of this £190/weekGassing Station | Finance | Top of Page | What's New | My Stuff