crashmonitor Posted June 14, 2015 Share Posted June 14, 2015 Well, it seems to suggest (saga) that we can get a pension forecast from or including 55 years of age? This would mean things are finalised for those over 55 but open to change for those under? I think if you are over 55 the retirement age is in the bag. My wife is July 1960 and she gets hers at 66 1/4 in October 2026 during the transition to 67. First enquiry she will make in July this year will be to the Pension Forecast to ascertain Universal pension entitlement. She's done the 35 years, but contracting out muddies the waters and some years may only be worth approx. 75%. Quote Link to comment Share on other sites More sharing options...
council dweller Posted June 14, 2015 Share Posted June 14, 2015 Yes, 66 for me, born 7 or 8 months before your wife. I`m living off of 75 quid a week now so getting 150 a week pension would be luxury !! Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted June 14, 2015 Share Posted June 14, 2015 (edited) Yes, 66 for me, born 7 or 8 months before your wife. I`m living off of 75 quid a week now so getting 150 a week pension would be luxury !! One thing annoys me about the media...they always push this thing about how will you manage when you just get the State Pension. They don't seem to get it in their la la land of big wages...possibly half the population over 50 will be better off once they hit state pension age, even if in some cases it will be just the state pension. Edited June 14, 2015 by crashmonitor Quote Link to comment Share on other sites More sharing options...
council dweller Posted June 14, 2015 Share Posted June 14, 2015 Absolutely !! Quote Link to comment Share on other sites More sharing options...
winkie Posted June 14, 2015 Share Posted June 14, 2015 (edited) Absolutely !! Once the basics are covered (during a working lifetime is something that should try to work towards covering) you live within your means.......there are many that hold excess that fortunately are able to keep local businesses, the community and very often their next of kin afloat, many more will not be able to do so....when old, health, companionship, time and mobility are far more important than surplus money, expensive taxes, heating and valuable high maintenance land and housing......less is more, freedom and flexibility is better. Edited June 14, 2015 by winkie Quote Link to comment Share on other sites More sharing options...
pathfinder Posted June 14, 2015 Share Posted June 14, 2015 I have a good mix of 50+ friends from dancing, learning to play instruments down the pub etc. So many are suffering from cancer, buggered legs, simply feeling tired, and mental issues that waiting to 70 to enjoy hobbies is ridiculous. Of cause having lots of hobbies and friends tends to cut through the corporate bs , 'Work Life Balance' mantra.Stress at work has gone into orbit, a large group of the 35+ workforce was kicked out in my industry at the start of the recession. They replaced them with graduates. After which a new 'Senior' role conjured up for the poor saps that were left. Engineers spending all their time with Clients while you sit in the middle of a cluster F*.Told a Director I would gladly take a junior role, a measly £4k less to avoid the daily fire fight on a random projects . His eyes popped right out . In the next 12 months I am winding it down, eventually to 3 days a week working for myself. Life is too damn short. Quote Link to comment Share on other sites More sharing options...
winkie Posted June 14, 2015 Share Posted June 14, 2015 (edited) Life is what it can do for you....not on how much it can make you.......that goes for housing aswell. Edited June 14, 2015 by winkie Quote Link to comment Share on other sites More sharing options...
Ash4781 Posted June 14, 2015 Share Posted June 14, 2015 The OBR did some press last week on the 2.5% triple lock part expected effects on future budgets. I think they'll jack up the age some more however it needs to be flagged in advance. Currently pensions are untouchable and suspect this maybe why obr mentiond risks. It is my understanding that the local government pension scheme is now linked to state pension age. Thosr newer entrants/ those paying national insurance on contributions might be thinking what am I paying for ? This does fit with a potential merging of national insurance eg. Most would meet the qualifying years because of the increased retirement age. This is not advice. Quote Link to comment Share on other sites More sharing options...
workingpoor Posted June 14, 2015 Share Posted June 14, 2015 (edited) I have a good mix of 50+ friends from dancing, learning to play instruments down the pub etc. So many are suffering from cancer, buggered legs, simply feeling tired, and mental issues that waiting to 70 to enjoy hobbies is ridiculous. Of cause having lots of hobbies and friends tends to cut through the corporate bs , 'Work Life Balance' mantra..I have realised the same thing waiting untill you are 65 (nee 70) to try and get a few years to enjoy your life as life is intended to be enjoyed is a bit crazy? As said physical health and mobility is highly likely to be impaired at this age (or from 50's onwards for most people) I worked PAYE in the shipbuilding industry from 16-38 in the same job i was made redundant in Feb 2014 with £28.5k payoff i decided to hell with work and have spent up untill today enjoying my life and persuing my interests, it's been a blast 6 trips abroad from the Med to ski'ing in Austria to horse racing in Ireland. I have spent many happy days road cycling in the sun / keeping fit at the gym etc I've had loads of flak off people "why dont you get yourself a job" etc etc some people just seem to have been completely conditioned to work and play the get a mortgage and spend all your best years in debt slavery game. I have a final salary pension which "should" pay me circa £1000 a month at 65 from latest forecast but i doubt that scheme will payout for me in 27yrs time it closed to new entrants in 2000 i was one if the last entrants. Edited June 14, 2015 by workingpoor Quote Link to comment Share on other sites More sharing options...
Si1 Posted June 14, 2015 Share Posted June 14, 2015 (edited) It is my understanding that the local government pension scheme is now linked to state pension age. Thosr newer entrants/ those paying national insurance on contributions might be thinking what am I paying for ? As far as I understand, unless you have about 5 years or so to retirement, everyone on public sector pensions have been moved to similar new average salary schemes linked to normal pensionable age, whilst preserving benefits accrued under the scheme up until the changeover. It's still a good scheme tho, less so for career climbers as not final salary. Edited June 14, 2015 by Si1 Quote Link to comment Share on other sites More sharing options...
Si1 Posted June 14, 2015 Share Posted June 14, 2015 (edited) I have realised the same thing waiting untill you are 65 (nee 70) to try and get a few years to enjoy your life as life is intended to be enjoyed is a bit crazy? As said physical health and mobility is highly likely to be impaired at this age (or from 50's onwards for most people) I worked PAYE in the shipbuilding industry from 16-38 in the same job i was made redundant in Feb 2014 with £28.5k payoff i decided to hell with work and have spent up untill today enjoying my life and persuing my interests, it's been a blast 6 trips abroad from the Med to ski'ing in Austria to horse racing in Ireland. I have spent many happy days road cycling in the sun / keeping fit at the gym etc I've had loads of flak off people "why dont you get yourself a job" etc etc some people just seem to have been completely conditioned to work and play the get a mortgage and spend all your best years in debt slavery game. I have a final salary pension which "should" pay me circa £1000 a month at 65 from latest forecast but i doubt that scheme will payout for me in 27yrs time it closed to new entrants in 2000 i was one if the last entrants. Did they pay up your pension as part of your redundancy package or something? That's a spectacular pension scheme, if you only paid into it until the age of 38 and at 65 it will pay you out 12k pa! Edited June 14, 2015 by Si1 Quote Link to comment Share on other sites More sharing options...
workingpoor Posted June 14, 2015 Share Posted June 14, 2015 It was SIP's Shipbuilding Industries Pension Scheme. I was in the Upper Tier i was paying in £50 a week. No it wasnt linked to the redundancy. I have friends who could access their's at 55 they got a big lump sum and £120 a week pension had to take a 40% reduction though for drawing 10yrs early Quote Link to comment Share on other sites More sharing options...
Si1 Posted June 14, 2015 Share Posted June 14, 2015 It was SIP's Shipbuilding Industries Pension Scheme. I was in the Upper Tier i was paying in £50 a week. No it wasnt linked to the redundancy. I have friends who could access their's at 55 they got a big lump sum and £120 a week pension had to take a 40% reduction though for drawing 10yrs early You worked from 16 to 38 years of age, and that is your sum total of pension contributions? Quote Link to comment Share on other sites More sharing options...
Greg Bowman Posted June 14, 2015 Share Posted June 14, 2015 Whilst on the face of it this sounds awful to the masses who put off doing anything fun with their lives until they've already destroyed their bodies through a combination of microwave meals and slaving away at a desk for 45 years, it matters not. So many people tell me 'I can't wait till i retire, I'll do x and y and z.' These people are still in their thirties. Its sick. Those people, for whom a hollow life of med cruises and crappy ski holidays in your 60s is living the dream are drones and lambs to the slaughter anyway. I will never retire. It destroys you as a person. Instead I'll just work less throughout my entire life - 'part time' as people call it, whilst doing my damndest to ensure I remain physically fit, bad luck not withstanding. Doesn't mean I won't make the most of those lovely pension rules though ;-) Could not agree more Quote Link to comment Share on other sites More sharing options...
workingpoor Posted June 14, 2015 Share Posted June 14, 2015 (edited) Sorry i made a mistake it's £6000 P.Annum pension based on £22,000 contributions. Started scheme in 2000 and ended feb 2014 Revalued year on year at 4% until march 2041 my 65th birthday. If i die before 65 £22000 contributions will be returned + £3000 a year pension to spouse is that still a good deal? Edited June 14, 2015 by workingpoor Quote Link to comment Share on other sites More sharing options...
spyguy Posted June 14, 2015 Share Posted June 14, 2015 You worked from 16 to 38 years of age, and that is your sum total of pension contributions? 22 years, starting in 92. 50/week = 200/month = 1,400/year = 12,000 year pension @ 65!!! Quote Link to comment Share on other sites More sharing options...
spyguy Posted June 14, 2015 Share Posted June 14, 2015 Sorry i made a mistake it's £6000 P.Annum pension based on £22,000 contributions. Started scheme in 2000 and ended feb 2014 Revalued year on year at 4% until march 2041 my 65th birthday. If i die before 65 £22000 contributions will be returned + £3000 a year pension to spouse is that still a good deal? You have to ask? Really? Quote Link to comment Share on other sites More sharing options...
council dweller Posted June 14, 2015 Share Posted June 14, 2015 Well, I had a stroke at 53 which messed me up mentally. However the wonderful machine that is the brain can totally rewire itself and it did in my case! As has been pointed out, many people hit the wall at 50 to 65, at least in my case I had money put aside. So what could have been a shattering experience (especially for my wife) came to nothing. (she took a day off work!) Take care out there and do what you can while you still can..... Quote Link to comment Share on other sites More sharing options...
spyguy Posted June 14, 2015 Share Posted June 14, 2015 Well, I had a stroke at 53 which messed me up mentally. However the wonderful machine that is the brain can totally rewire itself and it did in my case! As has been pointed out, many people hit the wall at 50 to 65, at least in my case I had money put aside. So what could have been a shattering experience (especially for my wife) came to nothing. (she took a day off work!) Take care out there and do what you can while you still can..... Strokes can happen at any age. A kid at my school had one at 14. They do, of course, become more likely as we age and the health risks build up in some people. I think you need to plan to work - in some form or another - until you are 70. Growing up in an area of high unemplotment, not working really fcks you up. The majority of people need the structure of work to ensure that they are kept engaged with the world. Without work, most people turn into dysfunctional fckheads. Quote Link to comment Share on other sites More sharing options...
Si1 Posted June 14, 2015 Share Posted June 14, 2015 (edited) Sorry i made a mistake it's £6000 P.Annum pension based on £22,000 contributions. Started scheme in 2000 and ended feb 2014 Revalued year on year at 4% until march 2041 my 65th birthday. If i die before 65 £22000 contributions will be returned + £3000 a year pension to spouse is that still a good deal? That looks like a better deal than current reformed public sector pensions, in final salary terms I think it's pretty standardCompared to current private sector money purchase schemes it's very good indeed Edited June 14, 2015 by Si1 Quote Link to comment Share on other sites More sharing options...
council dweller Posted June 14, 2015 Share Posted June 14, 2015 (edited) Well, I went back to work after a year. I would have gone back earlier but I had a seizure five months after the stroke so was banned from driving. Apparently there`s a one in ten chance of having a seizure after a stroke as the brain re-orientates itself. No one told me! After 3 months I was called in by the manager and asked `do you want to work 3, 4 or 5 days a week?` So I gave 6 weeks notice and quit 3 days after my 55th birthday. No risk of further strokes this way. I have to say I`m coping quite well. Edited June 14, 2015 by council dweller Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted June 15, 2015 Share Posted June 15, 2015 (edited) Strokes can happen at any age. A kid at my school had one at 14. They do, of course, become more likely as we age and the health risks build up in some people. I think you need to plan to work - in some form or another - until you are 70. Growing up in an area of high unemplotment, not working really fcks you up. The majority of people need the structure of work to ensure that they are kept engaged with the world. Without work, most people turn into dysfunctional fckheads. I really don't need the structure of work, I am desperately trying to off load clients; the compensation of money does not even come close to covering the 24/7 worry and responsibility. I see the survivors who are having a whale of a time in retirement into their nineties and guess what it aint those that kept working, it's the widows that stopped work in 1950 and many of them even forewent the stress of children. Why do you think longevity rates are equalising, because women now are having to work rather than do unpaid work like housework which Is a breeze, I do most of it in our household. Obviously I'm excluding young mothers here, but once the kids have flown housework isn't a job. Paid work kills, end of. I get all the structure I need from walking, UK short breaks away, reading the papers for free at the library, news and current affairs, managing my funds, housework and gardening. Edit. I absolutely think council dweller should not countenance starting work again at 55, just enjoy life with his young Asian bride. Why risk another stroke. Edited June 15, 2015 by crashmonitor Quote Link to comment Share on other sites More sharing options...
Saver Posted June 15, 2015 Share Posted June 15, 2015 Won't work. I'm in my 20's but I know work place ageism is absolutely rife, I know of 2 blokes being forced out (1 already gone) of my current company, both in their 60s. Management want younger, cheaper, more impressionable staff. I'm thankful I have clocked on to this ahead of time so I can least hope to build up some funds before I get the tap on the shoulder. My dad was basically forced out at 48, though fortunately for him, he had a great pension and a good pay off which meant the ride to 55 and cash in was not only pretty painless but an unforeseen benefit. Not many will have that luxury in the future. I just can't imagine being made redundant at say 65 and knowing you have anywhere from 5-10 years more work expected of you. Who the hell is going to employ to you? You'll be lucky to get a few hours in B&Q. Anybody who is made redundant in their 50's onwards does very well to find similar paid work as it is, let alone kicking the can into the 60's and maybe beyond. We don't have the jobs for life anymore so hardly like we can sit in a job from 40 to 70 and ride it out, likely you could have 5 or 6, even 10 jobs in that time period and it'll get harder and harder as you get older. "Management want younger, cheaper, more impressionable staff" - I honestly find this puzzling. One of the people i manage is around 60, and its very useful having someone much more experienced pointing out that we had not thought of every angle on a decision and should adjust to take extra things into account. Maybe some people feel threatened by that kind of thing though?! Quote Link to comment Share on other sites More sharing options...
council dweller Posted June 15, 2015 Share Posted June 15, 2015 Yes indeed crashmonitor , many people think that they can go back to there previous work life, this for the most part is incorrect But who can afford to give up work with a mortgage, debts..etc etc etc and etc. And then there`s cancer. And please don't refer to my Mrs as Asian! She gets very angry and you wouldn't like it when she`s angry! Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted June 15, 2015 Share Posted June 15, 2015 Yes indeed crashmonitor , many people think that they can go back to there previous work life, this for the most part is incorrect But who can afford to give up work with a mortgage, debts..etc etc etc and etc. And then there`s cancer. And please don't refer to my Mrs as Asian! She gets very angry and you wouldn't like it when she`s angry! The answer is don't get sucked in by the system and think you need to own a bigger house and more stuff, thereby becoming a debt slave. It's harder to break away from the system if children are involved granted. Financial freedom is bound to be impaired for parents. But work isn't all its cracked up to be, plan your escape early. Quote Link to comment Share on other sites More sharing options...
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