The Retirement Thread
175 watchers
Mar 2023
9:39pm, 1 Mar 2023
28,210 posts
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Rosehip
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Mar 2023
9:46pm, 1 Mar 2023
28,211 posts
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Rosehip
Had a meeting with mum’s financial bod today and as an aside to the discussion and whilst commending me on my early retirement he mentioned that there was a *consultation document* ongoing that may impact the way pension pots in drawdown are treated by inheritance tax. I don’t know if this is likely to apply to anyone on here and as it doesn’t to me I didn’t ask any more questions, so not sure what the implications might actually be - but something to keep abreast of if you are in possession of a large DC pot - but what might change and when is under debate. |
Mar 2023
10:02pm, 1 Mar 2023
6,600 posts
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ThorntonRunner
Its interesting re losing interest in your former workplace as soon as you leave. I've found this - and that after working for the same company and on the same software suite for 40+ years. I worked on the original proposal for the suite back in 1979, and had been the technical lead on it for years, so felt a lot of ownership. But that's just faded away having retired. I still am proud of what I/we achieved, but am happy that it's now someone else's responsibility
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Mar 2023
10:31pm, 1 Mar 2023
96 posts
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Dingbat
I not only lost interest in my former workplace, I seem to have forgotten everything I used to do at work. I happened to see a TV programme which featured a product I was responsible for developing. I couldn't remember what was special about it or what problem it solved. That confirmed I chose the right time to go. It's also worth noting that everyone still at work will have forgotten about us. |
Mar 2023
11:00pm, 1 Mar 2023
20,687 posts
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3M
I deleted my LinkedIn profile and account about 4 or 5 years ago now. And I'm still working! It has resulted in a noticeable drop in the amount of spam recruitment emails! |
Mar 2023
11:11pm, 1 Mar 2023
29,712 posts
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Johnny Blaze
I still have stress dreams about unsuccessful pieces of work or projects from decades ago, which is quite irksome.
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Mar 2023
11:16pm, 1 Mar 2023
4,526 posts
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WayOfTheDodo
My understanding of the latest government consultation was that it was looking to increase the Lifetime allowance (LTA) so that higher paid employees such as hospital consultants did not feel the need to retire as soon as there fund value hit the current limit of £1,073,100 to avoid the 55% charge on pension values over that amount. Obviously any attempt to reduce tax on folk worth over a million will be politically tricky… I hadn’t seen a link to IHT but it would not be totally illogical to draw any residue into the estate for IHT purposes as a quid pro quo if the LTA was increased. Small matter that it is contrary to current trust law…
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Mar 2023
11:17pm, 1 Mar 2023
4,527 posts
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WayOfTheDodo
I also have weird dreams about old work problems that otherwise don’t bother me at all!! And excel spreadsheets…
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Mar 2023
11:38pm, 1 Mar 2023
4,528 posts
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WayOfTheDodo
I’ve found a useful summary from WTW on there take on the LTA if anyone is interested. No mention of IHT. wtwco.com |
Mar 2023
7:52am, 2 Mar 2023
1,626 posts
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Daz Love
I had a quick look based on Rosehip (28211) and it seems that these are the what may be on the horizon. The two standout recommendations in the report include levying basic rate income tax on all funds that remain in DC pensions at death (irrespective of how old the individual is when they die) and including DC pension pots in the value of estates at death for the purposes of IHT. Currently if you die before 75 the DC fund is passed tax free, however, if an individual dies on or after their 75th birthday, any funds will pass to beneficiaries at their own marginal rate of income tax. |
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