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 Post subject: Pensions...
PostPosted: Sun Dec 16, 2018 9:59 am 
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Joined: Wed Jan 11, 2012 6:05 pm
Posts: 2685
I've retired (early!) :D

Anyone any views on drawdown pensions?


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 Post subject: Re: Pensions...
PostPosted: Sun Dec 16, 2018 11:56 am 
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Joined: Thu Jan 12, 2012 10:46 am
Posts: 1447
Congratulations Jon. You will not miss all that commuting; the wasted time and money, the daily stress of getting to and from the place of work. And of course, the incessant political correctness that now characterises the work place.

No, I know nothing of draw-down pensions. I decided to not draw down, and to take the maximum pension. Many of my colleagues who did draw down, I think have lived to regret it. For the first time in their lives they came into a large sum of money, and many of them wasted it on expensive items, such as new cars, boats, global tourism, etc. The problem with new expensive items is, they soon become old and severely devalued.

I also have a wife, whose pension is much smaller than mine. It is possible that my wife will outlive me, so I planned to leave the maximum remainder of my pensions for her; that is assuming the pension rules are not changed so as to disadvantage her again.

From what we’ve all seen of the behaviour of the politicos over recent years, we can be certain that whatever pensions, liquid assets, or property we hold, they are all going to attract increasing attention from the taxing classes. After all, pensioners have become the cause of of the perceived ‘poverty’ of younger age groups, even though they enjoy a life-style that was unimaginable in my early years.


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 Post subject: Re: Pensions...
PostPosted: Sun Dec 16, 2018 4:48 pm 
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Joined: Thu Jan 12, 2012 8:47 am
Posts: 2852
Location: Dog House
I took early as well, back in 2014.

I looked at the figures, my finances, looked at my health, good, and decided to take the maximum monthly pension.

A pensions expert at work calculated that after only 9 years I would be better off than having taken the max lump sum.

Musn't grumble as I'm now on about 7/8 of my final wages taking my 3 pensions into account, one being final salary.

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Lets be careful out there !


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 Post subject: Re: Pensions...
PostPosted: Sun Dec 16, 2018 7:16 pm 
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Joined: Thu Jan 12, 2012 10:46 am
Posts: 1447
Good points there Kremmen.

I too drew my pensions early; three pensions, one of them being a final salary pension too. A pension expert explained at the time that the I would be better off after 11 years if I did not take the lump sum. I've been retired now for considerably longer than 11 years.


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 Post subject: Re: Pensions...
PostPosted: Sun Dec 16, 2018 9:31 pm 
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Joined: Wed Jan 11, 2012 6:05 pm
Posts: 2685
Thanks, food for thought. I'm not the type to buy boats and flashy cars though :P


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 Post subject: Re: Pensions...
PostPosted: Mon Dec 17, 2018 3:08 pm 
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Joined: Thu Jan 12, 2012 8:47 am
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Location: Dog House
I forgot to mention that in my case I should have retired at 60 ......... but no one told me when I was promoted that my new grade included the earlier retirement age and I didn't check so battled on.

So I was paying a sort of AVC into mine for a few years longer than necessary = my higher monthly and maybe the difference between 9 and 11 years.

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 Post subject: Re: Pensions...
PostPosted: Tue Dec 18, 2018 7:45 pm 
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Joined: Wed Jan 11, 2012 6:05 pm
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Ha ha...nice surprise when you found out!


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 Post subject: Re: Pensions...
PostPosted: Wed Dec 19, 2018 9:22 am 
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I don't think it was a significant change. On reflection I would have liked to have retired at 60 but hey ho

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 Post subject: Re: Pensions...
PostPosted: Wed Dec 19, 2018 11:24 am 
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Joined: Thu Jan 12, 2012 8:47 am
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Location: Dog House
Do we need an old codgers section for this Image

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 Post subject: Re: Pensions...
PostPosted: Wed Dec 19, 2018 11:53 am 
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Joined: Thu Jan 12, 2012 10:46 am
Posts: 1447
Kremmen wrote:
Do we need an old codgers section for this Image
I don't think so. The younger generations are already too far removed from the experience and wisdom of their elders. Even Government is doing its very best to blame the wise and elderly for the results of politically insane policies and decisions over the decades, and separate the young from our experiences, wisdom and accumulated knowledge. The political class are so desperate to separate the young from our accumulated knowledge that they wish to overload and drown-out our opinions with the voices of sixteen year olds at the polls.


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