Early-retirement wannabe

fatbeetle

edinburgher wrote: »

Was it Goldiegirl (MFW poster, sometimes appears on here) whose husband discovered a 6 figure pension that he had forgotten about? Seriously, it's almost as bad as those people getting £20k cheques for PPI they didn't realise they had :rotfl:

I found out, (thanks to this forum I may add, ) that I had a NHS pension which will pay £3463.00 pa and a £10,300.00 lump sum on hitting retirement age, or £3037.00 pa and £9,500.00 lump if I were to take it now.

That was a very good day.:beer:

gadgetmind

westv wrote: »

only £5k from 60. A pittance in comparison.

Only? As a pot of money, that would be at least £125k and probably north of £150k, so very much a life-changing sum and 2x the size of the average DC pension pot that people manage when having to save their own money.

edinburgher

gadgetmind wrote: »

Only? As a pot of money, that would be at least £125k and probably north of £150k, so very much a life-changing sum and 2x the size of the average DC pension pot that people manage when having to save their own money.

Indeed! I wouldn't kick £125k out of bed

geoffers4

atush wrote: »

With DB pensions and 75K in cash, I think you are being a bit too conservative. I would at the very least consider investing your 25K PA going forwards into S&S isas- maybe into income producing funds which you can compound now, and take the natural income from later?

You have 35 years, but will be contracted out for much of that it seems. So you really need a statement/forecast to see how much you will actually get (although as you keep working each additional year will get you an extra 4 something a week until you hit the max).

What are you OH pension arrangements?

Yes I could consider S&S ISA, although some thought of buying a second property overseas so capital maybe going into that instead.
Bit surprised by the suggestion I've been contracted out - as not aware I have at any stage in my career. How do I find out? I will certainly get more accurate forecasts from all the pensions providers when I reach 55 next year.
OH has only recently started minimum payments into Local Govt pensions scheme, so negligible.

Thanks for your thoughts atush.

atush

Buying a second property overseas is nice- I ought to know.

but I would take care of equities investments first as homes overseas dont generally (and again i ought to know) produce any income but instead drain funds.

OldBeanz

geoffers4 wrote: »

Yes I could consider S&S ISA, although some thought of buying a second property overseas so capital maybe going into that instead.
Bit surprised by the suggestion I've been contracted out - as not aware I have at any stage in my career. How do I find out? I will certainly get more accurate forecasts from all the pensions providers when I reach 55 next year.
OH has only recently started minimum payments into Local Govt pensions scheme, so negligible.

Thanks for your thoughts atush.

You may do better starting a thread of your own as this thread tends to be used by those in the dying throws of giving up work, those having just found out why they did not give up work before and those who really should do it now.

Given that you have DB pensions you will be contracted out and have a starting pension at the moment of approx £120 rather than £155. It will take 8 years contributions to move to £155.
Your wife is spending her money while she could be putting all her earnings into a pension and receiving tax relief while spending it in retirement without tax. She can draw £16k pa from a pension without paying tax.

Marine_life

OldBeanz wrote: »

...this thread tends to be used by those in the dying throws of giving up work, those having just found out why they did not give up work before and those who really should do it now.

Who would that be then?

DancingBadger

Marine_life wrote: »

Who would that be then?

No-one round here. :whistle:

Secret_Saving_Squirrel

Hello,

Yes it was my oh who had an excellent pension that he didn't know he had. To be fair, he had not worked for the company for many years and he had tried to trace them through the pension tracing service a while ago but they had been taken over and changed their name so nothing came up.

In the end, they found him, and you will all be glad to know that we have massively sped up our plans to transform our lives!

edinburgher

Mini milestone - managed to explain salary sacrifice to wife today without her falling asleep

First conversation we've had about eventual ER when she didn't complain about discussing pensions when 'that's ages away'!