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  • FIRST POST
    • edinburgher
    • By edinburgher 2nd May 14, 3:58 PM
    • 10,741Posts
    • 56,151Thanks
    edinburgher
    Only freedom will do
    • #1
    • 2nd May 14, 3:58 PM
    Only freedom will do 2nd May 14 at 3:58 PM
    It has come to my attention that I have been here for a very long time

    I joined these forums in a dim and distant past, where money was my enemy and the weight of my student debts left me crushed and panicked, unable to picture a future where I would be able to get a debit card (never mind a mortgage).

    5 years later and the milestones of marriage, first home and first car have come and gone. Throughout it all, I have had a creeping feeling that something wasnít quite right. I donít get the world of work, and while Iíve never been unemployed in my adult life, Iíve tried too hard to try my hand at too many things and Iím left feeling like Iím an actor who recognises the play, but does not understand his motivation.

    As some of you will know, I have experienced some real heartache of late. Your messages of support and hope have been so touching and in many cases, I have got more comfort from anonymous individuals who took the time to get in touch than people I know in the Ďrealí world.

    While money would have done nothing to prevent it, the luxury of savings and our hard work over the years meant that we were in a position to make the right decisions and take our time with our next steps. Returning to work has been a real blow and without sounding even more melodramatic, I donít think Iíd realised just how damaging I find the merry-go-round of rote work, office politics and bureaucracy.

    It wonít do, I canít believe that this is as good as it gets and to quote one of my favourite singers ĎWe can always build a world better than thisí.

    From this point on, I plan to dedicate myself to achieving financial independence. Not MFW, but freedom from all the nonsense that we go through to just to pay for a pile of bricks and a few years of leisure at the end of our span.

    Hopefully you can join me for the journey
Page 286
    • edinburgher
    • By edinburgher 30th Jun 17, 12:02 PM
    • 10,741 Posts
    • 56,151 Thanks
    edinburgher
    Thank you all - I am feeling like a weight has been lifted off my shoulders today - the weight of my own unrealistic expectations?

    Just thankful to be looking forward to the near future for change and for the flexibility to have a weekly daddy daughter day.

    {Sentimentality warning} DD has been under the weather lately and is back on form - I have never been so appreciative of the chance to run around the living room pretending to be a 'kissing shark' - yes, a shark who kisses toddlers {/sentimentality}

    £1.92 OPed, off to update some stoozing spreadsheets
    • Karmacat
    • By Karmacat 30th Jun 17, 5:35 PM
    • 28,064 Posts
    • 154,272 Thanks
    Karmacat
    Kissing shark is a very Dad thing

    **oozes sentimentality**

    The paycheck is so that you actually have the energy to do things like that I'm glad she's back on form with health, Ed
    Save
    Retired August 2016
    • edinburgher
    • By edinburgher 1st Jul 17, 12:24 PM
    • 10,741 Posts
    • 56,151 Thanks
    edinburgher
    So, a wee bit inefficient, but it looks like my best bet re. pensions will be to open a Close Brothers SIPP (low fees + no transfer out charges for when the pot becomes big enough to move to a fixed fee broker). This will mean leaving £3-4k in my Best Invest SIPP, their transfer fees are too steep to make it worth moving (would take something like 15 years to break even moving from 0.3% to 0.25% with their fees).

    I'll need to get started fairly quickly, my last day of work in my current place will be at the end of July

    OPed £1.04 and spent the last of my Mr M vouchers from the recent spate of JL voucher buying to get £10 worth of groceries for 6p
    • edinburgher
    • By edinburgher 2nd Jul 17, 11:23 AM
    • 10,741 Posts
    • 56,151 Thanks
    edinburgher
    Boo! Close Brothers not currently accepting new online applications Have filled in a contact form, hopefully they come back to me.

    £1.65 OPed.
    • Suffolk lass
    • By Suffolk lass 3rd Jul 17, 12:30 PM
    • 1,556 Posts
    • 17,917 Thanks
    Suffolk lass
    Boo! Close Brothers not currently accepting new online applications Have filled in a contact form, hopefully they come back to me.

    £1.65 OPed.
    Originally posted by edinburgher
    We have a S&S ISA through Charles Stanley Direct. In case you are interested they are offering a free SIPP wrapper if your combined assets are over £30k. I think you might be talking about moving a DC pension pot, rather than a SIPP. In the money pages of one of The Times or The Telegraph on Saturday, Fidelity came out as a good option for successful pension pot management. Not sure if these offer other options for you to investigate.
    MFiT T4 #2 update 42.67% after Q7 £5,465 behind where I should be
    Save £12k in 2017 #64 - £9,260.94 saved (84.19%) after October - my annual target is £11,000
    OS Grocery Challenge 2017 budget of £3,600 £3000 (reduced from Apr) - 78.56% including stores after October
    My DFD is http://forums.moneysavingexpert.com/showthread.php?t=5593594
    • edinburgher
    • By edinburgher 3rd Jul 17, 12:46 PM
    • 10,741 Posts
    • 56,151 Thanks
    edinburgher
    Thanks SL, I'm a current CSD customer, but they're very expensive when it comes to transfers out. So while they may be a good home for my pot now (would comfortably pass the £30k total assets test), the costs of a transfer out later down the line would be prohibitive. My current SIPP provider (Best Invest) are similar.

    £1.xx OPed.

    On a completely different note, I have joined SSS in the Premium Bonds club. I am using them to save for a holiday of a lifetime to Japan and wanted somewhere with at least the FSCS protections that would make it difficult for me to withdraw money...
    • hign10pines
    • By hign10pines 3rd Jul 17, 2:50 PM
    • 356 Posts
    • 358 Thanks
    hign10pines
    I use Hargreaves Lansdown for both my SIPP and LISA, not that I invest much at present though

    Surveys 2017: Opinion Outpost - £5 £10 | Prolific - £20.55 £65
    Debt: £7462 | 1250 OD | 189 Aqua | 4773 Loan | 460 Lloyds | 435 Marbles | 355 Barclaycard
    • Calfuray
    • By Calfuray 3rd Jul 17, 3:10 PM
    • 974 Posts
    • 5,904 Thanks
    Calfuray
    Thanks SL, I'm a current CSD customer, but they're very expensive when it comes to transfers out. So while they may be a good home for my pot now (would comfortably pass the £30k total assets test), the costs of a transfer out later down the line would be prohibitive. My current SIPP provider (Best Invest) are similar.

    £1.xx OPed.

    On a completely different note, I have joined SSS in the Premium Bonds club. I am using them to save for a holiday of a lifetime to Japan and wanted somewhere with at least the FSCS protections that would make it difficult for me to withdraw money...
    Originally posted by edinburgher
    I can confirm this would be a holiday of a lifetime. Feel free to PM me if you want any advice in the planning stages.

    Also, hi
    • edinburgher
    • By edinburgher 3rd Jul 17, 3:52 PM
    • 10,741 Posts
    • 56,151 Thanks
    edinburgher
    Welcome back Cal (and thanks for the offer of travel tips)
    • AlexLK
    • By AlexLK 3rd Jul 17, 5:40 PM
    • 5,821 Posts
    • 30,226 Thanks
    AlexLK
    Congratulations on the new job, Ed.

    Are you still working towards the IFA qualifications too?
    Saved £11,000 in 2015, £9,800 in 2016.
    From a £32,000 debt on 2/9/2013 to debt free on 12/1/2015.
    • edinburgher
    • By edinburgher 4th Jul 17, 8:33 AM
    • 10,741 Posts
    • 56,151 Thanks
    edinburgher
    Congratulations on the new job, Ed.

    Are you still working towards the IFA qualifications too?
    Originally posted by AlexLK
    No Alex, I do not have time to study for a full set of qualifications as well as working f-t and being a dad

    Without meaning to sound defeatist, the career average pension provided by the new job will be plenty to meet our expectations in retirement, so no need to earn megabucks!

    £1.31 OPed, saving a princely £2.05 in interest
    • edinburgher
    • By edinburgher 5th Jul 17, 1:23 PM
    • 10,741 Posts
    • 56,151 Thanks
    edinburgher
    £1.20 Oped and £10 made from referring a fellow forumite to RateSetter

    Getting myself in a bit of a tizzy trying to wrap up awkward loose odds and ends at my current job - I think I need to remember that the world will not be ending just because I'm leaving the company
    • Calfuray
    • By Calfuray 5th Jul 17, 3:51 PM
    • 974 Posts
    • 5,904 Thanks
    Calfuray
    £1.20 Oped and £10 made from referring a fellow forumite to RateSetter

    Getting myself in a bit of a tizzy trying to wrap up awkward loose odds and ends at my current job - I think I need to remember that the world will not be ending just because I'm leaving the company
    Originally posted by edinburgher
    Definitely not, although I'm sure you'll be missed. Congrats on the new job, once I've done a bit more cleaning/painting/tidying I'm going to have to catch up on your diary and see what I've missed!
    • katep23
    • By katep23 5th Jul 17, 9:16 PM
    • 1,189 Posts
    • 8,960 Thanks
    katep23
    I have considered transferring in either/both my DC pension and my SIPP, as from memory (the reason my original preserved DB pension is worth a few grand a year), the rates offered were very good. But at that point, the concept of FI was unheard of and my horizon has shifted.
    Originally posted by edinburgher
    I'm sure you know this but you have a year from joining your new organisation to transfer in to the LGPS - and as I have recently discovered you only need to have started the process (advised your LGPS that you wish to do so and have requested transfer in quotes) rather than have got transfer out and transfer in costs so it is somewhat longer than a year.

    Interestingly (or not) my DC pension which I paid into for 4.5 months in an ill-fated job got me a transfer out quote within 4 weeks whereas my DB (NHS) pension I paid into for 9 months took almost 4 months to produce the same...
    Last edited by katep23; 05-07-2017 at 9:18 PM.

    • edinburgher
    • By edinburgher 5th Jul 17, 9:31 PM
    • 10,741 Posts
    • 56,151 Thanks
    edinburgher
    Unfortunately I've been told they only accept transfers in from other public sector schemes, which is a bit pants. That said, I'm going to have to use LGPS/SIPP/ISA ladder to allow me to retire before 58 in any case
    • Karmacat
    • By Karmacat 6th Jul 17, 9:44 AM
    • 28,064 Posts
    • 154,272 Thanks
    Karmacat
    Without meaning to sound defeatist, the career average pension provided by the new job will be plenty to meet our expectations in retirement, so no need to earn megabucks!
    Originally posted by edinburgher
    That's not defeatist, that's working smart
    Save
    Retired August 2016
    • themadvix
    • By themadvix 6th Jul 17, 10:38 AM
    • 1,117 Posts
    • 6,428 Thanks
    themadvix
    Just catching up - congrats on the new job!
    OPs 2017 = £2603/£10000
    S&S ISA = £300/£600
    OPs made 2016 = £6142.12
    Starting balance 2012: £132000; balance June 2017: £99,974
    MFW2017 no. 38
    • Suffolk lass
    • By Suffolk lass 6th Jul 17, 7:03 PM
    • 1,556 Posts
    • 17,917 Thanks
    Suffolk lass
    I think I remember you saying you had another db pension that was associated with a previous employment. I have it in my head that it was CS-like. I think you would want to keep that separate anyway as it will be accruing growth through whatever annual inflator they use, whereas if you transfer it in you will set its' withdrawal date to age 68 (ugh) - several people in my scheme opted out and back in again a month later so although they have had their salaries capped since 2010 (max 1% pa) their pension has been increasing faster. If people don't think they will get promoted it's a good way of preserving their benefits under their scheme rules (age for instance) and growing it. As most public sector pensions have changed from final salary to career average for people your age, this is another benefit worth preserving, I think.
    MFiT T4 #2 update 42.67% after Q7 £5,465 behind where I should be
    Save £12k in 2017 #64 - £9,260.94 saved (84.19%) after October - my annual target is £11,000
    OS Grocery Challenge 2017 budget of £3,600 £3000 (reduced from Apr) - 78.56% including stores after October
    My DFD is http://forums.moneysavingexpert.com/showthread.php?t=5593594
    • edinburgher
    • By edinburgher 7th Jul 17, 11:18 AM
    • 10,741 Posts
    • 56,151 Thanks
    edinburgher
    Thanks Suffolk Lass - I think your points are all spot on. For once, the wonderful realisation is that everything is exactly fine just the way it is

    Retirement is going to be messy - 5+ pensions and an ISA

    DD currently napping after an hour being mental in the pool, a skip turned up at 07:30 this morning so that I can clear out the garage and I have 10 hour cider braised pulled pork cooking in the oven

    Mr S is my new bargain spot. I got 2.5kg pork shoulder, 8 quarter pounders, 1.6kg of 97% meat sausages, 0.5kg of turkey breast and 0.5kg of turkey mince for a tenner

    Just updating some spreadsheets just now and waiting for the to kick in.

    £1.23 OPed and I ordered a bargain copy of 'Sapiens', a book that has been getting recommended by lots of bloggers who are much smarter than me
    • Karmacat
    • By Karmacat 7th Jul 17, 11:48 AM
    • 28,064 Posts
    • 154,272 Thanks
    Karmacat
    That looks a goooooooooood book! Puts me in mind of the anthropology third of my degree, way back when. Though there've been so many discoveries since then, as well as wonderful theoreticians - enjoy!
    Retired August 2016
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