Early Retirement

Errata

It doesn't matter at 63 if you're actively seeking work or not, at that age in todays economy you're unemployable.

JamesT_2

Hi All
I rang the job centre I was informed I was not entitled to jobseeker allowance unless actively seeking employment. I was also told between the age of 60 to 65 I get NIC credits automatically i.e. no need to do anything further myself. Morally I would not wish to claim JSA anyway!

I also rang the tax number given by my pension provider to ensure I do not pay too much tax, unfortunately I did not have my pension reference number to hand so was asked to obtain this then ring back.

I later found this number on one of the many letters I have received....I will ring back when I have the energy <smile>

The next thing my wife and I have to sort out is Pension Annuity providers!
Its a real minefield retirement isn't it!

Thanks for all the comments so far!
My retirement quest continues!!!

JamesT

Oblivion

JamesT wrote: »

Hi All
I rang the job centre I was informed I was not entitled to jobseeker allowance unless actively seeking employment. I was also told between the age of 60 to 65 I get NIC credits automatically i.e. no need to do anything further myself. Morally I would not wish to claim JSA anyway!

Nice to know there are still some people left in this country with integrity James. May I wish you a long and happy retirement which is at least as enjoyable as mine is proving to be.

Dave.

McKneff

Oblivion wrote: »

Nice to know there are still some people left in this country with integrity James. May I wish you a long and happy retirement which is at least as enjoyable as mine is proving to be.

Dave.

Dave - I know what i said earlier but on this post i agree with you 100%

James - Good luck in your retirement

chesky369

"I will be talking to my tax office later to ensure my tax deductions are no longer on an 'emergency' basis, my pension provider says until I tell the tax office my incomes this is usual?

Welcome to the hell that is the newly retired person's relationship with the revenue department. For the first six months of my retirement I had five different tax codes sent to me. One does not appreciate the sheer beauty of the PAYE system until one leaves it.

Oblivion

chesky369 wrote: »

Welcome to the hell that is the newly retired person's relationship with the revenue department. For the first six months of my retirement I had five different tax codes sent to me. One does not appreciate the sheer beauty of the PAYE system until one leaves it.

As is so often the case when dealing with faceless bureaucratic services, it's pot luck who you get to speak to. In my case when I retired, one telephone call to the Revenue had it all sorted in minutes and the chap I spoke to couldn't have been more helpful, offering all sorts of advice to ensure I had covered all the bases.

Dave.

JamesT_2

Hi All

My wife has a money purchase plan fund which only totals £11829
She asked whether under the pension fund 'Triviality' rule could she take the whole fund as a lump sum and pay tax on the amount over 25% as getting a decent annuity from insurance companies for such a small fund is not easy. She was told that under the triviality rules she would have to add any state pension and other pensions to the fund value and then see if it came under the £16500 limit? Is this correct?

This seems wrong to me but I suppose they know more about it than us.

If so she would probably have to forego taking 25% as a tax free lump sum and use all the £11829 of the total fund to purchase an annuity. Some insurance companies we have looked at on the internet will only quote for funds in excess of £10000

Any advice appreciated!
JamesT

cyclonebri1

chesky369 wrote: »

"I will be talking to my tax office later to ensure my tax deductions are no longer on an 'emergency' basis, my pension provider says until I tell the tax office my incomes this is usual?

Welcome to the hell that is the newly retired person's relationship with the revenue department. For the first six months of my retirement I had five different tax codes sent to me. One does not appreciate the sheer beauty of the PAYE system until one leaves it.

Only 5???? In my first 9 months i've had 12:mad: :mad: :mad: :mad:

Up down up down u................:rolleyes:

EdInvestor

JamesT wrote: »

She was told that under the triviality rules she would have to add any state pension and other pensions to the fund value and then see if it came under the £16500 limit? Is this correct?

No.State pensions are not included in the total for triviality calculation.So if it is her only private or company pension she should be OK.

JamesT_2

Thanks EdInvestor

My wife is going to see an Independent Financial Adviser she can discuss this with him
Regards
JamesT