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The Retirement Thread

1 lurker | 172 watchers
Johnny Blaze
Johnny Blaze
May 2022
12:32pm, 17 May 2022
27,266 posts
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Johnny Blaze
Nice, but it's not Sidmouth
Johnny Blaze
Johnny Blaze
May 2022
12:32pm, 17 May 2022
27,267 posts
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Johnny Blaze
Haha!
arbster
arbster
May 2022
2:46pm, 17 May 2022
1,402 posts
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arbster
Stupid naive question, while taking a small annuity while still at 'work' is the only downside that the annuity income is taxable?
that's normally correct. Is it an annuity that you're buying with a defined contribution pot, or a defined benefit pension? Sometimes the nuances matter.
jabberknit
jabberknit
May 2022
2:48pm, 17 May 2022
4,185 posts
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jabberknit
B Rubble (from a couple of pages ago) no need to worry about becoming brain dead. Since retiring, my OH has used his tech knowledge/experience to help voluntary organisations, and is currently learning Spanish. I've resuscitated my knowledge of German to do a bit of tutoring. You have so much more time to do the things you've always wanted to, but seldom had the time or energy to do while working.
arbster
arbster
May 2022
2:48pm, 17 May 2022
1,403 posts
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arbster
Right, I can read back on this, but is "Nest" the government pension provider any good if I wanted to start making big payments into? Again, I don't care about funds growing, just about them not getting smaller, there not being massive fees and basically getting the higher rate tax deduction! Thanks G
HappyG(rrr) the main problem with Nest is that there is a big up-front charge on your contributions, which will be a drag on your returns. Unless you're contributing via salary sacrifice and therefore getting some NI savings, I would suggest looking at other low-cost SIPP providers for further contributions.
arbster
arbster
May 2022
2:50pm, 17 May 2022
1,404 posts
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arbster
Exactly right jda. Pensions let you defer tax to a time when your marginal tax rate may be lower, as the cost of keeping the money locked up. For people in employment, there's also any employer contribution and national insurance savings from salary sacrifice that make them a good deal irrespective of the tax situation.
Cerrertonia jda it's worth also remembering the 25% tax free lump sum on all withdrawals (under the LTA), so even if you're a 20% taxpayer on the way in and out, you're only paying tax on 75% of what you're taking out.
HappyG(rrr)
HappyG(rrr)
May 2022
2:51pm, 17 May 2022
42,348 posts
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HappyG(rrr)
OK, thanks arbster. That could be why my company/payroll provider is charging me a big whack to administer extra pension payments via salary sacrifice. Or they could just be robbing barstewards! :-) G
arbster
arbster
May 2022
3:00pm, 17 May 2022
1,405 posts
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arbster
OK, thanks arbster. That could be why my company/payroll provider is charging me a big whack to administer extra pension payments via salary sacrifice. Or they could just be robbing barstewards! G
It might be a combination of the two. Nest charges 1.8% of the contribution amount. If you're making contributions from gross salary via salary sacrifice, you'll be saving 13.25% in NI if you're a basic rate taxpayer, or 3.25% if higher-rate, therefore it can still be worth making larger contributions. If salary sacrifice isn't an option, it might be better to avoid.
B Rubble
B Rubble
May 2022
3:14pm, 17 May 2022
3,087 posts
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B Rubble
Thanks Jabberknit - I've got a couple of organisations I would like to volunteer for. One in particular, the local Canal Trust was asking a couple of years ago for ground engineers, so that might help. I was also thinking of learning Spanish and improving my poor French.
OverTheHillToo
OverTheHillToo
May 2022
6:29pm, 17 May 2022
84 posts
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OverTheHillToo
Stupid naive question, while taking a small annuity while still at 'work' is the only downside that the annuity income is taxable?OverTheHillToo that's normally correct. Is it an annuity that you're buying with a defined contribution pot, or a defined benefit pension? Sometimes the nuances matter.


I have a small personal pension that I'm planning on taking 25% tax free lump sum and converting the rest to an annuity. Hope that makes sense?

About This Thread

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A place for baggy spaciousness: "The quality of time, soft attention and ease that we could enjoy 'doing nothing' "
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Retirees Hall of Fame

star CumbriAndy star (17.04.25)
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dobbers (26.02.25)
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GregP (14.06.24) (after part retirement 31.03.23)
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Jaks (15.05.24) (third time of retiring)
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Schnecke (end of school term 07.23)
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Garfield (provisional, 27.02.23) (see p.699)
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MaltDrinker (30.07.21)
DoricQuine (15.06.21)
Mandymoo (21.05.21)
Eynsham Red (06.05.21)
GimmeMedals (31.08.20)
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um (May 2017)
macca 53 (31.10.17)
XB (07.07.16)
Flatlander (November 2011)
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Celebrating reduced hours

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B Rubble (2 days/wk from July 2025)
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In the Waiting Lounge, with one eye on the door

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HappyG (target: June 2026)
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Diogenes (17.03.27)
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