Hope Nobody's got a Bentley on Order

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Paul
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Post by Paul »

MikeM wrote: Thu Feb 01, 2018 11:07 pm Unless there are any imposed scheme specific rulings tax free lump some payment can be up to a maximum of 25% of total pot but not exceeding £375k which suggests a pot of £1.5 million, not many at that level nowadays but if you were within that era enjoy 😊

Just make sure you have lifetime allowance protection if you have a pot that size...(too late if you haven’t - you’ll pay tax on anything over £1M...)
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jk88
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Post by jk88 »

Paul wrote: Fri Feb 02, 2018 1:24 pmJust make sure you have lifetime allowance protection if you have a pot that size...(too late if you haven’t - you’ll pay tax on anything over £1M...)

Recently bumped to £1.03m and should rise from here roughly in line with inflation - unless Corbyn gets into No 10 :shock:
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happy days
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Post by happy days »

Ian.g wrote: Thu Feb 01, 2018 8:25 pm
happy days wrote: Thu Feb 01, 2018 1:00 pm I'm on a government scheme which changed about a year ago. The old DB system was frozen and a new one introduced. The old one paid out 1/80th of average salary (or something like that...) for each year of employment up to a max of 40/80ths; plus there was a whopping lump sum payment too. The new system pays a pension of 2.3% of actual earnings each year, but AFAIK there's not big lump sum payment any more.

Still a bloody good pension, if you ask me, which is why I'm staying put!
Sounds a bit like my scheme. What work do you do?
I'm a chartered accountant working for a semi-government body funded by the NI Assembly and the ROI government.
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Caster
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Post by Caster »

Can't beat the old company pension schemes - retired at 45 after 27 yrs service, drew pension from age 50 (with nice tax free lump sum). Mind you, having to put up with just a 3.9% pension rise this year 😢

PS...don't think I'd want to buy a Bentley to help 'em out though!
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Dandock
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Post by Dandock »

spook wrote: Thu Feb 01, 2018 3:04 pm
happy days wrote: Thu Feb 01, 2018 1:00 pm I'm on a government scheme which changed about a year ago. The old DB system was frozen and a new one introduced. The old one paid out 1/80th of average salary (or something like that...) for each year of employment up to a max of 40/80ths; plus there was a whopping lump sum payment too.

Still a bloody good pension, if you ask me, which is why I'm staying put!
Happy Days I was on the same as you Gov scheme and 1/80th it was low pay, great terms and conditions and pension. Started work as an apprentice on my 16th Birthday !!!

I knew that they were going to increase the age you could draw your DB pension from 50 to 55. So in March 08 at 52 I managed to wangle Voluntary Early Retirement (VER) with 37 years service and for taking VER they gave me an extra 7 years, so I got 44 and 6 months pay !!!.
Lump Sum was Tax Free (TF) and I could also reduce my DB and have a larger TF lump sum, It was £12 for every £1 taken off my DB pension up to a Max of something like £3K so you could have and extra £36K TF lump sum.

Not worked since :D :D :D :D
As a tax payer it it appears as if I may own a proportion of your 911! 8-) :lol:
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Hawkeye
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Post by Hawkeye »

Caster wrote:Can't beat the old company pension schemes - retired at 45 after 27 yrs service, drew pension from age 50 (with nice tax free lump sum). Mind you, having to put up with just a 3.9% pension rise this year [emoji22]

PS...don't think I'd want to buy a Bentley to help 'em out though!
Wow, retiring at 45 is pretty good going Caster! I must be in the wrong job?!


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Caster
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Post by Caster »

Hawkeye wrote: Mon Feb 05, 2018 6:18 pm Wow, retiring at 45 is pretty good going Caster! I must be in the wrong job?!
Always wanted to retire at 50 Hawkeye - but managed to beat my target :)

PS....best thing I ever did !
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Wing Commander
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Post by Wing Commander »

Good for you, Dave!

Retired at 45 and currently to be seen swanning around in a Porsche!

Does it get any better...?! ;D
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Hawkeye
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Post by Hawkeye »

Hmmm [emoji848] Currently wondering what I would do with myself if I retired at 45?!


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Wing Commander
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Post by Wing Commander »

Hawkeye wrote: Tue Feb 06, 2018 7:13 pm Hmmm [emoji848] Currently wondering what I would do with myself if I retired at 45?!


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Freelance motoring journalist...?! ;)
Simon

Sold: 2016 Rhodium Silver Macan 2.0
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