Test drive booked

[DJMCUK]

BT must have paid well then!

I suspect he will be taking advantage of up to 25% tax free lump sum and treating himself and why not.

Why not?

Well, the tax free sum itself can be a valuable source of income in future and don't forget it's tax free income. It may also from in value in the future and that growth is tax free too. Subject to individual scheme rules.

Don't squander it.

[Scooby_Doo]

Deleted

[SilkyMacanGTS]

Also if you’ve spent 39 years at BT you’re entitled to (assuming it’s a final salary scheme - which it should be) 39/60ths of your final salary indexed linked or to a max of 5%.
If you take a tax free cash sum it should be 1.5 times the final salary. Then the pension is reduced to 39/80ths.
Now if the scheme is written to age 65 you can retire early but it may very well be subject to an actuarial reduction based on paying out longer than expected.
I strongly advise taking professional advice before taking any pension.
When interest rates were ridiculously low I know o people transferring their pensions to a personal pension as that’s based on gilt yields. 15 years easily gave £1m + transfers. Those days are gone but it’s still well worth taking professional advice

Without going into too much detail, I did in fact get a CETV ( cash equivalent transfer value) quote a few years ago and transferred my pension pot out of BT , under a lot of financial advice I might add.

The numbers then were eye watering I don’t mind admitting- and where it now resides has done very nicely I can’t deny !

Hence I am now gonna splash out a bit and buy myself a nice car !

I didn’t realise I could edit , 30 years not 39 ! And just for info I got my 30 year certificate on the Wednesday , the very next day they announced I was getting made redundant, all that in the first few months of covid - we are but a number suddenly became very apparent that day !

Shaun

[andreas]

Without going into too much detail, I did in fact get a CETV ( cash equivalent transfer value) quote a few years ago and transferred my pension pot out of BT , under a lot of financial advice I might add.

You transferred out of a defined benefit scheme backed by a Crown Guarantee?

[PJV997]

I think Shaun’s personal financial situation is no one’s business but his own. None of us know the full picture of his personal circumstances and speculating on whether he has made good or bad choices (albeit thankfully supported by financial advice) is really just that, speculation.

I recall when the Tories originally proposed changes to the pension legislation to give us all more choice in how we spend our hard earned, I think it was Cameron who said if an individual wished to splash their pension pot on a Lamborghini, who were the government to say that is wrong.

IMO, the Macan forum should get back to the original question at hand on the merits of a Macan or Grecale (and whilst most of us might try and appear to be unbiased, we all know what the correct answer is!)

[PorscheMack]

I think Shaun’s personal financial situation is no one’s business but his own. None of us know the full picture of his personal circumstances and speculating on whether he has made good or bad choices (albeit thankfully supported by financial advice) is really just that, speculation.

I recall when the Tories originally proposed changes to the pension legislation to give us all more choice in how we spend our hard earned, I think it was Cameron who said if an individual wished to splash their pension pot on a Lamborghini, who were the government to say that is wrong.

IMO, the Macan forum should get back to the original question at hand on the merits of a Macan or Grecale (and whilst most of us might try and appear to be unbiased, we all know what the correct answer is!)

Amen to that!!

[Neil1911]

Without going into too much detail, I did in fact get a CETV ( cash equivalent transfer value) quote a few years ago and transferred my pension pot out of BT , under a lot of financial advice I might add.

You transferred out of a defined benefit scheme backed by a Crown Guarantee?

It was probably a "no-brainer", did the almost identical thing myself, just a different employer. I'm as hell that I couldn't exit with redundancy though, that would have easily paid for the Macan without the need to raid my ISA.

[Monaco2323]

My bad, I was made redundant November 2020 after 39 years at BT ,and haven’t worked since and it’s a standing jokes with my mates if I’m technically retired or just a layabout.

I turn 55 in a few weeks where I will officially deem myself retired as will at last be getting my pension

Sorry about that

Shaun

Ah, so you started at BT when you were 12? Very impressive.

Busted

Still funny …..12

[SilkyMacanGTS]

So out of curiosity I asked the Maserati garage for a pcp quote to see what they think the car will be worth in 3 years.

So they think the final payment will be £37,872, after 35 payments of £1,353 for a 75K car no deposit 5.9%

I’ve never had PCP and I’m not about to, this is just for a price guide on its value in 3 years.

So having no experience in PCP , does the final payment usually give a fair reflection of what they expect a car to be worth ?


I’ll try to get the same on the Macan GTS

Shaun

[crockers]

To get a feel I’d look at autotrader. Work out the new price and see what a used one is going for. Then do the same for the Macan.