Pension pots

[stevewool]

Its another year and another letter drops on the door mat and its your pension pot, how its doing and are you rich,
Well after trying to work it out and if you can its even better, but it does make you smile about if the markets do this and do that you may get this, but nothing is guaranteed its all a forecast, well its looks like all rain and more rain when you read mine,
Ok i have a few pensions and this is a small one but they have worked it out as this, if i work till my retirement date and i then claim my pension i would get so much per year, and to break even so that this private company gets any of the said pension, i would have to live till i am 103, after that date they would be paying me out of there pockets ,
I do know there is more working out then this but it makes me wonder why i dont tale it all out sooner then later

[Longweekend]

Your pension should have been going up recently, if you can access your pensions on-line you should see a fairly good growth due to the stock markets rise since Brexit....:xxgrinning--00xx3:

[stevewool]

I do go on line and check certain ones and its true one is flying up the charts, and the others well i keep forgetting the password:doh:doh

[Harry T]

I think that company has sent you its annuity rates for said pension pot, you have many choices steve of what to do with these "Pots" you can bring them all together and buy 1 annuity, you can take them as cash, you can transfer one into the other, you can leave them growing or shrinking until you want/need them thats for you to judge, but if you want only one word of advice thats SHOP around for your annuity, bcuz you have guaranteed years, health related annuities, basically its tied to YOUR needs and preferences.

[Longweekend]

Fingers crossed it will be a pleasant surprise when you eventually cash them in....:wink:

[stevewool]

To tell the truth boys these are just numbers on a piece of paper, my biggest goal is to have cash in the bank for now, i can see that and it looks great, it will not go down it will not go up, ok inflation and interest i know will make a difference but its hard cash i own and its all mine, well Emma's too,
When the time comes for me to sort out the pension pots and i have others as well, i am wanting to cash the small ones in as some sort of draw down, but this all depends on the charges, i know things can change and i know you can only receive so much before you pay tax and also you can take a quarter too,
I have a good 8 years before i can draw my state pension so i am trying to get all this private stuff out of the way before then.
I am trying to finnish work in the coming months NOT YEARS, but Ems keeps pushing those goalpost further away,
I just keep telling her we have enough, I THINK :Erm:

[stevewool]

Fingers crossed it will be a pleasant surprise when you eventually cash them in....:wink:

In my other life long long ago, my then ex wife took half of my pension, and i did try to be fair and pay her lots of money not to take this but she did anyway, but that was a long time ago and since then my part has been in stocks and shares policy, i was able to take out 25% too,i must add i have never added to this policy,
Then the markets went down and lots was gone but hey the markets have gone back up, its made the 25% i took out and a few more thousands in the six years since i had it, so really i am pleased with that, but again in my eyes its not hard cash , its not a big part of my plan, and i could lose this money if the market crashes, silly to some maybe but its how i deal with things , yes if it all comes good we shall be fine , here is hoping :xxgrinning--00xx3:

[Michael Parnham]

To tell the truth boys these are just numbers on a piece of paper, my biggest goal is to have cash in the bank for now, i can see that and it looks great, it will not go down it will not go up, ok inflation and interest i know will make a difference but its hard cash i own and its all mine, well Emma's too,
When the time comes for me to sort out the pension pots and i have others as well, i am wanting to cash the small ones in as some sort of draw down, but this all depends on the charges, i know things can change and i know you can only receive so much before you pay tax and also you can take a quarter too,
I have a good 8 years before i can draw my state pension so i am trying to get all this private stuff out of the way before then.
I am trying to finnish work in the coming months NOT YEARS, but Ems keeps pushing those goalpost further away,
I just keep telling her we have enough, I THINK :Erm:

Is Em's pushing to work ten years so that she qualifies for her pensions? if so she's got her head screwed on:xxgrinning--00xx3:

[Arthur Little]

... my part has been in stocks and shares policy, i was able to take out 25% too, i must add i have never added to this policy

Tbh ...:anerikke: ... I've never got to grips with stocks & shares in order to properly grasp how the system operates. :NoNo:


.. i could lose this money if the market crashes, silly to some maybe but its how i deal with things , yes if it all comes good we shall be fine , here is hoping :xxgrinning--00xx3:

:yeahthat:'s exactly what worries me ... too precarious for my liking.

[Arthur Little]

:yeahthat:'s what worries me ... too precarious for my liking.

:olddude: ... that said, :icon_rolleyes: my daughter's mother-in-law dabbles :REGamblMoney01HL1: in the Stock Market. But then ... she pays a Financial Adviser a fixed monthly premium to guide her through the process.

[Harry T]

Steve the rules have changed since April 2015 with these "Pots" you are now able to take all the money out if you so wish, the first 25% is Tax free, the remainder you will pay Tax on at your standard rate, just be careful that when its added to your other income (your job) it doesnt take you into the higher rate Tax bracket, but for all intents and purposes you can regard this as Cash available or Cash in the Bank :smile:.

[stevewool]

Is Em's pushing to work ten years so that she qualifies for her pensions? if so she's got her head screwed on:xxgrinning--00xx3:

10 years Michael yes that was the plan when she first started to work here , but like anything the government has changed that plan to 15 years and i am not prepared to wait that long for a percentage of a small government pension for Emma,
She does have a very good private pension with the NHS which she and they contribute in each month, so that will come in handy once she can take it,
That is why i have to think very hard when to say lets finish work as i know what we have in savings has to last Emma once i am not here

[stevewool]

Steve the rules have changed since April 2015 with these "Pots" you are now able to take all the money out if you so wish, the first 25% is Tax free, the remainder you will pay Tax on at your standard rate, just be careful that when its added to your other income (your job) it doesnt take you into the higher rate Tax bracket, but for all intents and purposes you can regard this as Cash available or Cash in the Bank :smile:.

Thats right Harry we all have to be careful what we may be taking out takes us over the thresh old for paying tax,
Its all about not giving any money away to the tax man if we can help it, its just over £10,000 i believe going to just over by the time i may be retiring,
I am trying to arrange a meeting with the chap who i deal with for my affairs , but its trying to get the day right for this meeting

[Michael Parnham]

10 years Michael yes that was the plan when she first started to work here , but like anything the government has changed that plan to 15 years and i am not prepared to wait that long for a percentage of a small government pension for Emma,
She does have a very good private pension with the NHS which she and they contribute in each month, so that will come in handy once she can take it,
That is why i have to think very hard when to say lets finish work as i know what we have in savings has to last Emma once i am not here

Just checked on gov.uk and its 10 to 39 years, at todays rate one would get approx. £200 per month for working 10 years that's almost p13000 per month a lot of money in Philippines Steve:xxgrinning--00xx3:

[stevewool]

The magic word Michael on the gov site for pensions is USUALLY need 10 qualifying years, before this they did say 15 years but now again they have seemed to change it again,
That means being here for another 5 years , and for what ,
Yes we all need money but its how much money do we all need,
What is wrong here in my eyes is she has paid in for many years so what has happened to that money, surely she should be able to claim that back,
Anyway i am sure we will both be happy living our next part of our life with the funds that we have made while working here

[Michael Parnham]

You'll still be young in five years steve, I look at 65 year olds as spring chickens also I have a eighteen to twenty year plan don't consider myself old by a long way yet:xxgrinning--00xx3:

[stevewool]

You'll still be young in five years steve, I look at 65 year olds as spring chickens also I have a eighteen to twenty year plan don't consider myself old by a long way yet:xxgrinning--00xx3:

Thats fine for you Michael, but we are all different in our outlook, to many people around me have made big plans but the big C has come and changed that,
I am making my plans for me and Emma to be together sooner then later and enjoying the world , money is no good to you when you are dead

[Terpe]

The magic word Michael on the gov site for pensions is USUALLY need 10 qualifying years, before this they did say 15 years but now again they have seemed to change it again,
That means being here for another 5 years , and for what ,
Yes we all need money but its how much money do we all need,
What is wrong here in my eyes is she has paid in for many years so what has happened to that money, surely she should be able to claim that back,
Anyway i am sure we will both be happy living our next part of our life with the funds that we have made while working here

I'm sure contributions can still be made even if not working and living overseas. Not expensive either last time I checked. Worth bearing in mind.

[fred]

I'm sure contributions can still be made even if not working and living overseas. Not expensive either last time I checked. Worth bearing in mind.

Yes..I don`t bother with mine but the Mrs still pays hers every year.

[stevewool]

What does the she pay Fred, I have tried to look into this and the figure I am seeing is around £700+ per year

[Michael Parnham]

Thats fine for you Michael, but we are all different in our outlook, to many people around me have made big plans but the big C has come and changed that,
I am making my plans for me and Emma to be together sooner then later and enjoying the world , money is no good to you when you are dead

Sorry to have to ask Steve, what is the big C ?

[Terpe]

https://www.gov.uk/voluntary-national-insurance-contributions/who-can-pay-voluntary-contributions

[stevewool]

https://www.gov.uk/voluntary-national-insurance-contributions/who-can-pay-voluntary-contributions

Thank you Peter,
You have to really study that dont you,
If we are over in the Phils would Emma ever come back here and you have to look at her age, she still will have 25 years to go before she can claim any sort of state pension, could be longer who knows,
Would she even bother claiming it if i was not here to help, to tell the truth what we would end up paying in and what we could put away in savings in her bank, is it worth it.
Now if we was not going as far as the Phils maybe then it would be worth looking into, but so far we are here and we are both paying into a pension pot so all is well :xxgrinning--00xx3:

[Arthur Little]

Sorry to have to ask Steve, what is the big C?

:Erm: ... it is a frequently~used generic terminology for cancer, in ANY - and/or ALL - of its forms, Michael. :xxgrinning--00xx3:

[Trefor]

I'm a fair while from retirement but have several pension plans from previous employers. They are a pain to track so I opened a SIPP with Fidelity and I am nearly done moving these other pensions into the SIPP. This way I have a lot more control and visibility. I have ISAs and another 'old' company pension already with Fidelity and I love their clear online interface and their charges are transparent and fair.

I also have a 'live' pension with my current employer which is growing well, so just 2 places to check my savings now. Much easier.

[Trefor]

:Erm: ... it is a frequently~used generic terminology for cancer, in ANY - and/or ALL - of its forms, Michael. :xxgrinning--00xx3:

Yep, the big C can get anyone at any time. Live for today as well as tomorrow.

[Michael Parnham]

:Erm: ... it is a frequently~used generic terminology for cancer, in ANY - and/or ALL - of its forms, Michael. :xxgrinning--00xx3:

Never knew that Arthur, I thought it may have stood for Christmas. So Steve said that "the big C has come and changed that" does that mean what I'm thinking? if so I'm so sorry to hear that.

[Arthur Little]

Never knew that Arthur, I thought it may have stood for Christmas. So Steve said that "the big C has come and changed that" does that mean what I'm thinking? if so I'm so sorry to hear that.

:NoNo:, Michael ... what Steve meant was, he'd known far too many people who'd saved for THEIRS (and their family's) future, but then, unexpectedly, had had the misfortune of being stricken by cancer - the 'BIG C' - without getting the opportunity to fulfill their plans.

[Michael Parnham]

:NoNo:, Michael ... what Steve meant was, he'd known far too many people who'd saved for THEIRS (and their family's) future, but then, unexpectedly, had had the misfortune of being stricken by cancer - the 'BIG C' - without getting the opportunity to fulfill their plans.

Thanks Arthur that's a relief I understand now. I must admit I never think about if I'm going to have an illness or will I die tomorrow, I just get on with life it's short enough as it is and I've got loads of things to do long term and if anything unfortunate happens hopefully I'll never know about it. My thoughts on living a long life is to always have a long term project to get excited about:xxgrinning--00xx3:

[stevewool]

Thank you Arthur by putting it that way, I now I could have not said it better,
Michael I am lost for words sometimes with your responses,

[Harry T]

I'm a fair while from retirement but have several pension plans from previous employers. They are a pain to track so I opened a SIPP with Fidelity and I am nearly done moving these other pensions into the SIPP. This way I have a lot more control and visibility. I have ISAs and another 'old' company pension already with Fidelity and I love their clear online interface and their charges are transparent and fair.

I also have a 'live' pension with my current employer which is growing well, so just 2 places to check my savings now. Much easier.

Yes Trefor, i have a SIPP (Self Invested Personal Pension) with Hargreaves Lansdown which means you choose how much and what Stocks or Shares to invest in.

[fred]

What does the she pay Fred, I have tried to look into this and the figure I am seeing is around £700+ per year

Not 100% sure Steve..Think it was like 400 Quid last year...(but then my Mrs was about 20 yrs in UK)
Me??? I decided years ago to tell them all to get stuffed,invest my own money in my own way and retire 25 years early..
So far my retirement plan has been working out just fine..
That said,I think the Mrs is due a bit more for running everything..
Negotiations next year perhaps?
It`s all getting a bit political for my liking and yet the price of SMB keeps going up.!
Its a bit worrying not knowing where your next beer will come from.

[stevewool]

Thanks Fred,
My pension plans are going well i am thinking, saving plans too, but its the when leaving plan that is where i seem to be having problems, i can see me leaving Emma here :icon_lol:,
Ems state pension we are going to let that go we are thinking, thats unless she is still here for what ever reason , then she will just carry it on, but why pay into something when you may never able to claim it,