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  • FIRST POST
    • Karmacat
    • By Karmacat 16th Jan 14, 7:37 PM
    • 27,559Posts
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    Karmacat
    Breaking Through, Travelling On
    • #1
    • 16th Jan 14, 7:37 PM
    Breaking Through, Travelling On 16th Jan 14 at 7:37 PM
    Hello

    I think a few people on this board know me already, from the dfw board

    I really need the focus of an mse diary - debts are all paid off, except for about 40% of a French mortgage - but income has been declining, and is currently pitiful. And without a diary, I've lost focus on getting the best deal for the things I *do* need to spend out on, like insurance, and Christmas train tickets, that sort of stuff. So I've come back properly after pootling about on other people's threads, and on general threads too, to be fair

    The focus is so that I can replace lost income - so that I can have a holiday of my choosing, for instance - and stopping digging into my savings for ordinary living expenses would be nice too Its also so that I can get my pension up beyond "miserable penury" - its kind of urgent, as under the system that lasted till about 15 years ago, I'd be retiring at the end of this year But I'm not, sadly. The aim is to retire in July 2016, when my younger sister retires, with a reasonable pension.

    One complication in earning more is that between arthritis, energy issues and the need to stay available to what clients I have, I can't / don't want to, take a second job. So more income has to be through other work - patchwork, portfolio, call it what you like (I know I do ).
    Retired August 2016
Page 296
    • Karmacat
    • By Karmacat 19th Jun 17, 1:15 PM
    • 27,559 Posts
    • 149,913 Thanks
    Karmacat
    I've had a proper financial admin morning!

    1. paid visa cc
    2. paid mastercard cc
    3. paid French management company, will have to check them online every month, thats the 2nd "fine" for non payment of an invoice which is extremely daft of me.
    4. opened post - must do this weekly from now on
    5. finally opened the post office saver, and broke open the post office isa piggy bank, so they'll send that money to my account, and I'll send it back to them to *another* account. Sigh ...
    6. tidied up my regular saver with hsbc I transferred the final amount too soon, there was a penny interest leftover in there so I pulled that out

    Opening the post, there's two issues:
    - my energy deal is going to run out at the end of July. I need to hop online and see what the situation is, tho I have a nasty feeling they haven't been charging me both parts of the dual fuel debits, so I may have a chunk to pay. Thats okay, I'll have used it, after all!
    - Friends Life are merging with Aviva in full, and thats going to take me well over the "small pension" level of £30k. I don't know what the implications are of that, but I know there are *some*. October? I'd better get my act together ...
    Retired August 2016
    • Karmacat
    • By Karmacat 19th Jun 17, 1:52 PM
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    Karmacat
    Uh oh. And here we see the wisdom of submitting regular meter readings online. I'm very frugal in my energy use, and I wasn't even here for about 5 weeks during the winter, because of my mum ... so I just submitted meter readings now and the page says: "Your reading doesn't match our estimate for the energy you've used. If we need any more information to process your reading, we'll email shortly"

    Drat! Must pay more attention ....
    Retired August 2016
    • Suffolk lass
    • By Suffolk lass 19th Jun 17, 6:14 PM
    • 1,402 Posts
    • 16,427 Thanks
    Suffolk lass
    - Friends Life are merging with Aviva in full, and thats going to take me well over the "small pension" level of £30k. I don't know what the implications are of that, but I know there are *some*. October? I'd better get my act together ...
    Originally posted by Karmacat
    Re your £30,000 issue - I understand that if your personal pension pot exceeds £30,000 you are obliged to use an IFA before you are allowed to drawdown the pot as capital. You can take up to 25% free of tax if you are over 55.

    It might be worth calling them if that is your intention, to expedite it before the merger date. Looking at the pensions board there is about a £3000 fee to pay many and it has to be one that is qualified to advise in this particular area. So it might be worth your while avoiding this.

    In addition, because you are earning very little so far this financial year, you might want to take some of the rest of it, that is liable to tax, because you still have your £11,500 total to play within. This is what we were hoping to do with my husband's private pension, drawing it over three years when his occupational pension is only approximately £7k pa to minimise the tax we pay in drawing it down. Of course now we are hoping to move that may need to be revisited.
    MFiT T4 #2 update 25.95% after Q5
    Save £12k in 2017 #64 - £5617.21/£5500 (51.64%/50%) after June - my annual target is £11,000
    OS Grocery Challenge 2017 budget of £3,600 £3000 (reduced from Apr) - 58.88/58.33% including stores after July
    My DFD is here
    • beanielou
    • By beanielou 19th Jun 17, 6:32 PM
    • 46,763 Posts
    • 166,821 Thanks
    beanielou
    With you on the no ironing
    I dont live is squalar but cleaning is so not top of my agenda.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • gallygirl
    • By gallygirl 19th Jun 17, 10:54 PM
    • 16,396 Posts
    • 107,435 Thanks
    gallygirl
    Re your £30,000 issue - I understand that if your personal pension pot exceeds £30,000 you are obliged to use an IFA before you are allowed to drawdown the pot as capital. You can take up to 25% free of tax if you are over 55.

    It might be worth calling them if that is your intention, to expedite it before the merger date. Looking at the pensions board there is about a £3000 fee to pay many and it has to be one that is qualified to advise in this particular area. So it might be worth your while avoiding this.

    In addition, because you are earning very little so far this financial year, you might want to take some of the rest of it, that is liable to tax, because you still have your £11,500 total to play within. This is what we were hoping to do with my husband's private pension, drawing it over three years when his occupational pension is only approximately £7k pa to minimise the tax we pay in drawing it down. Of course now we are hoping to move that may need to be revisited.
    Originally posted by Suffolk lass
    I accessed my lump sum on a pot worth more than 30k last year. From memory, I had to sign a disclaimer, but no IFA involved at any stage.
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
    • Karmacat
    • By Karmacat 20th Jun 17, 9:06 AM
    • 27,559 Posts
    • 149,913 Thanks
    Karmacat
    Thanks for the input - I definitely need to get my head around it, and soon. It suits me to withdraw some anyway, as I wanted to pull some dosh away from stocks and shares.

    Today ... I've been up for ages already, I'm in need of Second Breakfast quite soon I've backed up the computer, and cleaned/disinfected a kitchen drawer I hadn't got round to. A bit more tut is scheduled to meet its doom/charity shop.

    Just checked the to-do list on my phone, its:
    - derisking pension money from stocks and shares.
    - dehydrate rosemary and lady's mantle.
    - lightly cook rhubarb
    - bit of weeding (pulling up overgrown lady's mantle!)
    - antkiller all round the outside of the house.

    I can't go out for long in this weather, so any time left over will be something low-key like finishing off the evacuee letters. Or a bit more cleaning, sigh ...
    Retired August 2016
    • Karmacat
    • By Karmacat 20th Jun 17, 9:28 AM
    • 27,559 Posts
    • 149,913 Thanks
    Karmacat
    Just had a bit of a win! The fan on my laptop is slowly dying, so I brought my freestanding electric fan downstairs to keep it cool while I did the computer backups. It didn't turn on! I resorted to lifting the laptop up off the table by resting it on a pair of wooden spoons and fanned it every now and then with a big book (it switched itself off twice yesterday in the middle of the first attempt at backup, so its quite an issue).

    So, there was me thinking I was going to at the least have to change the fuse on the freestanding electric fan, and maybe buy a new one ... and I realised that the cutout switch on the adapter at the mains wasn't switched on switched it on, and now the fan is helping my laptop and me at the same time

    Retired August 2016
    • Karmacat
    • By Karmacat 20th Jun 17, 11:15 AM
    • 27,559 Posts
    • 149,913 Thanks
    Karmacat
    Sorry in advance, tried to change the font size, it won't take.

    Okay, the pensions thing. Notes from the government's website:
    You must get independent financial advice, by law, if you have a:
    • final salary or career average pension (known as a ‘defined benefit’ pension) worth more than £30,000 and you want to transfer it to a defined contribution pension scheme
    • defined contribution pension worth more than £30,000 with a guarantee about what you’ll be paid when you retire (eg a guaranteed annuity rate) and you want to give it up to do something else with your pot.”
    They also have a page where you can find out what type of pension you have (so you know if you can book a free pensionwise appt, but anyway) ...
    To do this, it simply asks if your pension was set up by your employer. Mine was not, so I answered no. The next screen says:


    From what you’ve told us you have a defined contribution pension
    These are sometimes known as ‘money purchase’ pensions. The amount you get depends on how much was paid in and how well the investments have done.
    You choose how to take money from your pension pot.
    You can book a free Pension Wise appointment to talk about your options for taking your money.”

    So, the government says I have defined contribution/money purchase pensions. And you have to have IFA advice if you have a defined contribution pension worth more than £30k with a guarantee about what you'll be paid when you retire.


    I have no such guarantee.


    Okay, thats the info I need to know when I ring Friends Life. I'm going to use it on here on the Pensions Board too - just putting it on this thread as my home base, sort of


    Its a First World Problem, and all that, nice to have, but I'll be damned if I'm going to give away any more money, especially after they took 6 years of state pension from me (I agreed with the 5 to equalise with the men, but the 6th was taking the biscuit!).
    Save
    Retired August 2016
    • ZTD
    • By ZTD 20th Jun 17, 8:34 PM
    • 23,077 Posts
    • 39,652 Thanks
    ZTD
    Just had a bit of a win! The fan on my laptop is slowly dying,
    Originally posted by Karmacat
    You can replace those you know. Just type the name of your laptop plus "fan" into ebay and see what it comes up with.
    "Follow the money!" - Deepthroat (AKA William Mark Felt Sr - Associate Director of the FBI)
    "We were born and raised in a summer haze." Adele 'Someone like you.'
    "Blowing your mind, 'cause you know what you'll find, when you're looking for things in the sky."
    OMD 'Julia's Song'
    • EatingTheElephant
    • By EatingTheElephant 21st Jun 17, 7:23 AM
    • 1,072 Posts
    • 5,739 Thanks
    EatingTheElephant
    Great news about the pension. That could very easily be misinterpreted, good job you checked!
    • Suffolk lass
    • By Suffolk lass 21st Jun 17, 8:05 AM
    • 1,402 Posts
    • 16,427 Thanks
    Suffolk lass
    Sorry in advance, tried to change the font size, it won't take.

    Okay, the pensions thing. Notes from the government's website:
    You must get independent financial advice, by law, if you have a:
    • final salary or career average pension (known as a ‘defined benefit’ pension) worth more than £30,000 and you want to transfer it to a defined contribution pension scheme
    • defined contribution pension worth more than £30,000 with a guarantee about what you’ll be paid when you retire (eg a guaranteed annuity rate) and you want to give it up to do something else with your pot.”
    They also have a page where you can find out what type of pension you have (so you know if you can book a free pensionwise appt, but anyway) ...
    To do this, it simply asks if your pension was set up by your employer. Mine was not, so I answered no. The next screen says:


    From what you’ve told us you have a defined contribution pension
    These are sometimes known as ‘money purchase’ pensions. The amount you get depends on how much was paid in and how well the investments have done.
    You choose how to take money from your pension pot.
    You can book a free Pension Wise appointment to talk about your options for taking your money.”

    So, the government says I have defined contribution/money purchase pensions. And you have to have IFA advice if you have a defined contribution pension worth more than £30k with a guarantee about what you'll be paid when you retire.


    I have no such guarantee.


    Okay, thats the info I need to know when I ring Friends Life. I'm going to use it on here on the Pensions Board too - just putting it on this thread as my home base, sort of


    Its a First World Problem, and all that, nice to have, but I'll be damned if I'm going to give away any more money, especially after they took 6 years of state pension from me (I agreed with the 5 to equalise with the men, but the 6th was taking the biscuit!).
    Save
    Originally posted by Karmacat
    You have no idea how brilliant that clarification is for us. I am sorry if I misled you - I had not picked up on the guaranteed benefit part of the condition to use an IFA, where your fund is over £30k.
    MFiT T4 #2 update 25.95% after Q5
    Save £12k in 2017 #64 - £5617.21/£5500 (51.64%/50%) after June - my annual target is £11,000
    OS Grocery Challenge 2017 budget of £3,600 £3000 (reduced from Apr) - 58.88/58.33% including stores after July
    My DFD is here
    • Karmacat
    • By Karmacat 21st Jun 17, 8:37 AM
    • 27,559 Posts
    • 149,913 Thanks
    Karmacat
    Thanks all! That pension clarification is necessary for me too, SL - I'd never really sussed that defined benefit and defined contribution were different I try my best, but my brain glazes over at this stuff.

    I *do* think it's important to use original sources where you can, which is why I've quoted the government website. But they're so flabbily wordy, they can be a real pain. Summarising is good

    Although the research seems to say I can have the pensions merged without any problem, I'm reluctant to do so - pensions legislation seems to change constantly these days, I need to de-risk that little pension fund, and I'm of a mind to transfer it over to the company that my lovely Norfolk rellie recommends. We'll see, I'm not doing anything today because my brain is glitching in the heat

    Z - yep, I'll be in the market for a fan replacement. The laptop was cleaned recently, you may remember, and that quieted the fan down for ages, but I'm expecting that once this weather breaks, I can limp along for a bit longer with the existing fan.

    Today:
    - take paypal up on their offer of £5.
    - garden: put antkiller down, cut some rhubarb, do some weeding.
    - find something to do in the house. There's only a million things
    Retired August 2016
    • ZTD
    • By ZTD 21st Jun 17, 8:08 PM
    • 23,077 Posts
    • 39,652 Thanks
    ZTD
    Z - yep, I'll be in the market for a fan replacement. The laptop was cleaned recently, you may remember, and that quieted the fan down for ages, but I'm expecting that once this weather breaks, I can limp along for a bit longer with the existing fan.
    Originally posted by Karmacat
    They're not mega-bucks you know, and the earlier you buy one, the more wear you'll get out of it. (At this stage of the game your laptop will die before a replacement fan will.)
    "Follow the money!" - Deepthroat (AKA William Mark Felt Sr - Associate Director of the FBI)
    "We were born and raised in a summer haze." Adele 'Someone like you.'
    "Blowing your mind, 'cause you know what you'll find, when you're looking for things in the sky."
    OMD 'Julia's Song'
    • beanielou
    • By beanielou 21st Jun 17, 8:43 PM
    • 46,763 Posts
    • 166,821 Thanks
    beanielou
    They're not mega-bucks you know, and the earlier you buy one, the more wear you'll get out of it. (At this stage of the game your laptop will die before a replacement fan will.)
    Originally posted by ZTD
    Z is very wise about these things Karmcat.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • rtandon27
    • By rtandon27 21st Jun 17, 10:21 PM
    • 1,937 Posts
    • 11,747 Thanks
    rtandon27
    Z is very wise about these things Karmcat.
    Originally posted by beanielou
    What she said...

    Ounce of maintenance is worth a pound of cure in this case...
    Mine/Hers: May 2011£10835.33May 2016£4709.46Oct 2016£0
    Not Mine/His: June 2016£8175.38Oct 2016£0
    Grand Total£0
    PSST - WE ARE DEBT FREE!!! (24 OCT 2016)
    (With heartfelt thanks to those who have gone before us & their indubitable generosity.)
    • Karmacat
    • By Karmacat 22nd Jun 17, 10:18 AM
    • 27,559 Posts
    • 149,913 Thanks
    Karmacat
    They're not mega-bucks you know, and the earlier you buy one, the more wear you'll get out of it. (At this stage of the game your laptop will die before a replacement fan will.)
    Originally posted by ZTD
    Z is very wise about these things Karmcat.
    Originally posted by beanielou
    What she said...

    Ounce of maintenance is worth a pound of cure in this case...
    Originally posted by rtandon27
    All very true and Z's point is not something I'd thought of!

    Right. As soon as I've done a few bits and bobs, I'm off though I think I may be getting some thunder, in which I'm staying home. So glad I have a laptop, and I can just walk it to the repair shop

    Save
    Retired August 2016
    • Karmacat
    • By Karmacat 23rd Jun 17, 8:16 AM
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    • 149,913 Thanks
    Karmacat
    I got **lots** of thunder yesterday! So didn't walk in to get the laptop repaired, that's a job for today. Though first, I need to:

    - put the washing machine on (forecast not great for this afternoon)
    - fiddle with my hotmail account, it won't send emails to my sister, I've changed the password and so has she, but it doesn't help.
    - renew antkiller around the house.

    Ginger Cat reappeared yesterday after the storm, and was adorably friendly, though when I experimented with stroking his tum he didn't like that. After that, it got to the stage where he just flumped himself down on my shoes and lay there being wonderful I tried to call him into the back garden when I had to go rake up some grass to put in the bin, but he really liked the front doorstep so thats where he stayed, looking all put-upon that I wasn't there
    Save
    Retired August 2016
    • beanielou
    • By beanielou 23rd Jun 17, 8:39 PM
    • 46,763 Posts
    • 166,821 Thanks
    beanielou
    I love ginger cats
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • Karmacat
    • By Karmacat 24th Jun 17, 10:15 AM
    • 27,559 Posts
    • 149,913 Thanks
    Karmacat
    Me too, beanie! I just started to read A Streetcat Named Bob, so it was extra-appealing when Ginger Cat reappeared

    I went out yesterday on a proper long walk, ie a couple of hours, and feel utterly exhausted today, even though we were shaded and it was much cooler. I forget how bad I am at doing things outside the house

    Still, good news this morning: thanks to 2 150 point surveys in 10 days, I was able to claim my yougov £50 today 12 surveys in June, so my yougov account tells me, thats a *lot*.

    I wanted to walk into the local town centre today, but I feel really rough, so not walking anywhere, as I want to be able to go to my sister's tomorrow while my niece is there. Garden tidying, foraging notes, thats it. Maybe Ginger Cat will drop by
    Retired August 2016
    • beanielou
    • By beanielou 24th Jun 17, 11:07 AM
    • 46,763 Posts
    • 166,821 Thanks
    beanielou
    The Streetcat film is good too.
    Saw it last month.
    Take it easy. .

    Well done you on You Gov .
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
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