My Day

[kpnut]

If my husband pension is anything to go by, it still does disappear in the normal way though, far too fast!

[floydraser]

While we're on about pensions here's a warning: I've just turned 65 and my work pensions are maturing, state pension next year. Keep a record of every bit of correspondence and phone calls. Write down dates, times and names and what was said in phone calls, and ask for confirmation by email or letter.

I should have started to get payment by now but it's currently going from pillar to post within Legal & General's ether at the moment...

[Ray]

Good advice, I had a similar situation a year ago when I turned 65. Most companies were slowish but did OK under the Covid restrictions. L & G got there in the end but it was clunky and 3 months after they started paying me they insisted on a medical to confirm my health questionnaire. That is a fair practice of course and I complied....  but I didn't actually declare any relevant conditions and didn't seek or get an enhancement in this respect!

[DAVIDH]

Purchasing a private pension is the only occasion I can think of, where it pays to "embellish" the state of your health. The more in decay you are, the better the monthly payout. The opposite to normal insurances. 

[Ray]

True.. but they do check!

[PaulN]

7 hours ago, Mouldy said:

A reminder that old age is almost upon me came in the form of an invitation to apply for my state pension.

 Not sure whether I’m happy or sad tbh.

I don't know your situation, but if you are still working, it may not be the best thing to claim it, as it will be taxed. Rather than pay 40% tax because I was still working and it would be added to the top end of my salary, I deferred it for the period I was still working. This was nearly 2 years beyond retirement age and my monthly state pension accrued by 1% every 9 weeks, which I am very pleased with since I've been retired and claiming it.

[Mouldy]

1 hour ago, PaulN said:

I don't know your situation, but if you are still working, it may not be the best thing to claim it, as it will be taxed. Rather than pay 40% tax because I was still working and it would be added to the top end of my salary, I deferred it for the period I was still working. This was nearly 2 years beyond retirement age and my monthly state pension accrued by 1% every 9 weeks, which I am very pleased with since I've been retired and claiming it.

In July 2020, my role was put at risk of redundancy and I was invited to apply for the new role that had been created.  It meant a change of shift from working Monday to Friday to a four on, four off pattern, meaning that I would be working more weekends than ones I would be having off, with increased responsibilities.  At the age of 64, this was not how I envisaged finishing my working life, so encouraged by my wife, I took the option of voluntary redundancy and moving to Norfolk earlier than originally planned.

Under the circumstances, I’ve opted to take the state pension as soon as I become entitled to take it, especially as combined with other income I will be way short of the higher rate tax bracket, but thank you for your advise anyway.

 

[DAVIDH]

I suppose much depends on your circumstances. I deferred my state pension for 18 months, on consideration that it would increase it's overall value. In talking to the Govt Pensions department, I was told it takes 17.5 years for the value of the new pension, to equal what you would have had in the bank by receiving the payments up front. That's the point, while you are accruing it, you're not putting money in the bank. I reasoned that whether I would survive those 17.5 years, was the gamble between me and the government. As such, I decided cash in the hand was better than "jam" in the future. 

So I applied for my state pension, but was dismayed to be told I could only "back-claim" up to 12 months. Effectively, I had lost six months of state pension payments. To make matters worse, the 12 months lump sum I received, came in the tax year 2020 to 2021. This coincided with the best business year I've had, due to most people holidaying at home as a result of  the Covid Pandemic. That pushed me into the higher tax bracket, resulting in the whole of the lump sum being charged at 40%. 

I would have been much better off, had I applied for the state pension those 18 months previously, not least because the tax burden would have been in the 2019 to 2020 year, and the rate would have been halved. It's easy to get caught out with tax. Most of the time, you're trying to forecast what effect it has on future earnings. And that's so volatile now.

[kpnut]

Regarding the discussion about delaying your state pension - yes, it takes x years of claiming it at the enhanced rate for it to be equal to the payout if you took the pension at the normal time, so as David says, it’s a gamble, guessing how long you might live.
But if like us, your spouse is a lot younger it’s probably worth considering as unlike the ‘normal’ state pension which dies with the individual, the enhanced bit carries on (-albeit at a % maybe, I can’t remember the exact detail) until the death of the younger person. With a big age gap, that’s likely to be a large payout from the govt. 

[grendel]

I was made redundant at the age of 55 and opted to take the company pension to start paying out directly,(the company scheme would only pay out like this at age 55 if you were made redundant) I too did the calculations on when leaving it in would outweigh taking it out, and for me it came back as nearly 30 years before i would be better off. of course the ex got a chunk of that in the divorce (i got the house), but it still pays a small income every month (and halfway through the month between normal paydays too) meanwhile I have started another pension with my new employer, so hopefully when I do decide to retire it will pay enough to live on, I will continue working as long as i am able, as I enjoy the work i do, maybe i will reduce my working days per week after retirement age, I will see when i get there.

[floydraser]

17 hours ago, DAVIDH said:

Purchasing a private pension is the only occasion I can think of, where it pays to "embellish" the state of your health. The more in decay you are, the better the monthly payout. The opposite to normal insurances. 

Absolutely. It's a reward for not looking after your health. 

[grendel]

well you know how it goes, the best laid plans to work on the model this afternoon went awry when i got a phone call to come and please change the flourescent tube over the cooker arrived from my parents, apparently my sister who lives just around the road (and was working on their back garden when i arrived) was qualified to change a bulb this morning, but not a flourescent tube. so after work 2 hours was spent driving over and replacing the bulb, fortunately they had a spare sitting waiting( probably only been sitting there for 20years waiting for the first to fail.

anyway parents are now happy and can see to cook breakfast tomorrow.

[Ray]

[Bikertov]

On our wedding day, I gave mine 104 red roses 

[BroadAmbition]

So, MrsG declares  'I want a bigger foldaway clothes drier'

No problem - I ordered this monster.

It needed assembling (Of course it did) Ninety six separate parts.

I've reassembled cylinder heads faster with less hassle

Griff

 

[YnysMon]

Hope you also have a cover for it. Graham (house husband) does all our washing and swears by our Lakeland indoor dryer (with cover). It does take up quite a bit of our hallway (not that we have much). 

[TheQ]

My day long weekend.

Friday,

Did a bit of work the new boat cover, changed two light fittings on the ceilings... only The second one has some faulty wiring.. It's upstairs.. distribution unit is down stairs.. both require the use of step ladder... eventually got light working, but gave up at that point knees hurt too much..

Decided going to the Model Railway club is not a good idea in the wind..

Saturday,

Retrieved clay roof tile from front garden, amazingly unbroken, to be refitted if ever we get no wind. Did the physical construction of a new trailer LED light board. more work on boat cover..

Note, Horning SC Web cam is staring at the floor, can't see the motorboat.

Sunday,

Before the wind came up tried the new boat cover on the sailing boat, minor adjustments marked up.

Started wiring up new trailer board, tried out on Landrover... One indicator nothing else, repaired  broken wire from landrover lights to socket.. Two indicators..

Suspect the rest of the connections in the landrover are carp, The previous owner used those ******** blue Scotchlocs. trailer socket on landrover to be rewired, when a storm isn't trying to chop my legs off with the door..

Will try to visit the Horning SC tonight and have a look from the wrong side of the river at the motor boat, it will be too late to venture across, will push the  web cam back in the right place..

 

[TheQ]

Hmm, now blowing 59mph at Weybourne..

[TheQ]

For those missing their look at the up river camera from Horning sailing club, the camera is hanging from it's cable, the screws for the bracket are there, but partly unscrewed, but no bracket. Which suggests the relevant club member has removed the brackets remains, and taken them away for replacement or repair..

My boat seems OK except for one loose mooring rope (of 4), I'll paddle over at the weekend for a proper check over..

[BroadAmbition]

Awaiting my recall papers from the RN
 

Griff

[Andrewcook]

Hi Griff Mrs G will not be happy if you go back to RN As there is still a lot to do as to doing that Airer for Mr G. so X Sailor beware on what women can do Griff

[Vaughan]

40 minutes ago, BroadAmbition said:

Awaiting my recall papers from the RN

I think I had better look out my old uniform as well!  I always thought the Cold War never ended.

[Chelsea14Ian]

Dads Army perhaps? They don't like it up em,.Don't tell me your name Pike!

[OldBerkshireBoy]

57 minutes ago, Vaughan said:

I think I had better look out my old uniform as well!  I always thought the Cold War never ended.

The current situation is way past the cold war.

[BroadAmbition]

Apparently the french have already surrendered  

Griff