The Retirement Thread

8 lurkers | 176 watchers
Rosehip
Rosehip
Apr 2023
4:42pm, 27 Apr 2023
28,778 posts
  •  
  • 0
Rosehip
It’s a close-ish call, depending on the increases your pension pays but who knows what tax/NI changes will come in down the line.
The other question is how much it impacts any widow’s pension if you were to keel over suddenly and whether cash or monthly income is more important in your absence!
um
um
Apr 2023
5:04pm, 27 Apr 2023
7,331 posts
  •  
  • 0
um
For me, he 25% tax free wasn't a straight 25% off the DB pension amount.
Because the partner pension is unaffected by it and funded at the same amount whether taken or not, and a mix of different schemes (all within the same core pension), so actually meant a drop in pension of about 30% gross, but with the tax, back to 24% net, so as good as even.

It depends whether you rather have the money to spend or invest, or bequeath if you never spend it. I reckoned it was a good balance to take.

6 years on, I haven't drawn any of it down.
SarahWoo
SarahWoo
Apr 2023
5:22pm, 27 Apr 2023
18,563 posts
  •  
  • 0
SarahWoo
I get my pension payment on the same day that my salary was paid. I’ve had a payment on that day for 30 years so it’s kind of comforting that it’s continuing :)
Lip Gloss
Lip Gloss
Apr 2023
7:44pm, 27 Apr 2023
68,990 posts
  •  
  • 0
Lip Gloss
I had to take the 25% lump sum from the 1995 pension scheme, which was almost all of what I had, and chose to take a lump sum from the 2015 scheme as well. It may not turn out to be an optimal decision, especially if I live into my nineties, but I wanted to have the money accessible in case we decide to relocate to somewhere more expensive than where we currently live.


I’m hoping by the time I leave in November that both schemes will be back as one and it will my sums easier to work out.
Bazoaxe
Bazoaxe
Apr 2023
7:52pm, 27 Apr 2023
24,753 posts
  •  
  • 0
Bazoaxe
The TFC from DB is one I am pondering. In fact I would actually take it from my DC pot as they are linked and get full DB. But if I take TFC it’s a bigger number than 25% of the DC pot. But the DC pot could and should continue to grow.
Hills of Death (HOD)
Hills of Death (HOD)
Apr 2023
8:33pm, 27 Apr 2023
36,716 posts
  •  
  • 0
Hills of Death (HOD)
What is drawn down ?
Johnny Blaze
Johnny Blaze
Apr 2023
10:25pm, 27 Apr 2023
30,110 posts
  •  
  • 0
Johnny Blaze
It's a method of taking your pension. Instead of buying an annuity with your fund you just keep the fund and make regular withdrawals from it.
UltraDunc
UltraDunc
Apr 2023
10:28pm, 27 Apr 2023
16,575 posts
  •  
  • 0
UltraDunc
Many of you talk of payslips, the company I work for stopped paper slips a few years ago unless you specifically asked for them. So all I see are numbers on an App and a credit in my bank account viewable on my phone plus an annual P60. It’s a far cry from when I was an Apprentice Engineer and queued up outside the wage office at lunchtime to have a pay packet with “real money “ in it , you know like paper £5 notes and metal coins!
Lip Gloss
Lip Gloss
Apr 2023
10:38pm, 27 Apr 2023
69,000 posts
  •  
  • 0
Lip Gloss
We don't get a paper pay slip any more but an email sent to my works email. I could print it if I needed it but don't bother
Sigh
Sigh
Apr 2023
5:34am, 28 Apr 2023
20,230 posts
  •  
  • 0
Sigh
We moved to electronic payslips in January, using an external provider called ADP. I download them to my personal OneDrive, so I still have access to them after I retire if needed. Useful for checking tax deduction.

About This Thread

Maintained by Sigh
A place for baggy spaciousness: "The quality of time, soft attention and ease that we could enjoy 'doing nothing' "
(thanks to TheScribbler for the term (p1516)!)
( see also: neilthewriter.co.uk
and
darkangelswriters.com )

Retirees Hall of Fame

star McGoohan star (15.01.25)
Marmite (01.01.25)
Roobarb (20.12.2024)
gribb0 (20.12.24)
3M (18.12.24)
Jigs (25.09.24)
Synge (30.08.24)
Silvershadow (02.08.24)
Hibeedeb (02.08.24)
Winniefree (08.07.24, 2nd attempt)
EvilPixie (24.06.24)
Snail (21.06.24)
GregP (14.06.24) (after part retirement 31.03.23)
Fizz :-) (13.06.24)
Jaks (15.05.24) (third time of retiring)
HellsBells (31.03.24) (orig. May 2018)
TROSaracen (07.02.24)(semi retired since mid 2019)
Hanneke (01.02.24)
Jenni-far-far (28.12.23)
FergusG (22.12.23)
Mrs Jigs (Luverlylegs) (11.12.23)
eL Bee! (30.11.23)
Lip Gloss (22.11.23)
jda (28.08.23)
RFJ (23.08.23)
Sigh (28.07.23)
Schnecke (end of school term 07.23)
Sharkie (05.07.23)
Ally-C (08.06.23)
Rebel (12.05.23)
CogNoscensme AHA (07.04.23)
Windsor Wool (05.04.23)
Bob! (30.03.23)
Velociraptor (21.03.23)
Garfield (provisional, 27.02.23) (see p.699)
ThorntonRunner (20.12.22)
DrMags (30.07.21)
MaltDrinker (30.07.21)
DoricQuine (15.06.21)
Mandymoo (21.05.21)
Eynsham Red (06.05.21)
GimmeMedals (31.08.20)
Steve NordRunner (01.08.19)
um (May 2017)
macca 53 (31.10.17)
XB (07.07.16)
Flatlander (November 2011)
Helegant
Ness
SarahWoo
Rosehip
alpenrose
Johnny Blaze
annadav
K5 Gus
Curly45
LazyDaisy
Dave..M
jabberknit
Shades
Northern Exile
Nick Cook

[other names to follow, on request]

In the Waiting Lounge, with one eye on the door

dobbers (28.02.25, tbc)
Dillthedog (27.03.25 confirmed)
westmoors (31.03.25 confirmed)
Bazoaxe (June 2025)
B Rubble (June 2025)
geordiegirl (target: July 2025)
GeneHunt59 (target: July 2025)
RRR-CAZ (September 2025)
Bigleggy (target: December 2025)
HappyG (target: end of 2025 at the earliest)

Runningbauble21 (target: June 2026)
MadWelshWoman (target: Summer 2026)
cathrobinson (target: 2026 onwards)
OverTheHillToo (target: approx. 2026)

Diogenes (17.03.27)

Hills of Death (HOD) (April 2026-April 2030)
Gromit (July 2030)
CK2 (2030)

[other names to follow, on request]

Just browsing at the moment

Daz Love
Totriornottotri
DIY Diva

[other names to follow, on request]

Retirement Failures

Currently empty :-)

[other names to follow, on request]

Useful Links

FE accepts no responsibility for external links. Or anything, really.

Related Threads

  • age
  • finances
  • lifeadmin
  • support
  • work








Back To Top

Tag A User

To tag a user, start typing their name here:
X

Free training & racing tools for runners, cyclists, swimmers & walkers.

Fetcheveryone lets you analyse your training, find races, plot routes, chat in our forum, get advice, play games - and more! Nothing is behind a paywall, and it'll stay that way thanks to our awesome community!
Get Started
Click here to join 113,908 Fetchies!
Already a Fetchie? Sign in here