Early Retirement....First Week

plumduff55

Hi, I have just decided to retire in October when I am 60.

I had always planned to take my works pensions at 60 and continue working part time until state pension ( I'm the first age group that has to work to 66).

Anyway my workplace is undergoing a TUPE ( a takeover) and my new employers will not allow me to return to work. So I had the choice of continuing to work and not claim my pension or retire.

After much deliberation I have decided to retire and I am so happy.

Thanks to the mortgage free board I have paid off my mortgage and have some savings. I will use some of my lump sum to subsidise my annual pension until I receive my state pension.

I have been forced into this position and yet it has been a blessing in disguise. I am encourage reading all your stories.

kidmugsy

plumduff55 wrote: »

I'm the first age group that has to work to 66.

When state pension started it paid from age 70.

Gers

Jack_Itin wrote: »

Thanks for the replies......already got something lined up......be happier once I get the lump sum in the bank......Jack.

My lump sum arrived about two weeks before my birthday. I had warned my bank manager to expect the money so she rang me up to say that it was coming in. Bank must get some kind of incoming warning message!

My LA pension is paid on the first working day after 15th of the month - an odd time it seems to me but it's always there and arrived on time too.

I'm sure that none of us will get bored. I've certainly got more than enough to do although I expect a large portion this summer will be watching the sea come and go out again!

I hope all early or even timely retirees have a great time.

Jack_Itin

Just been checking through my correspondence, and I DID receive a letter from my pension department in June last year, saying that, because of ''the difference in payroll timetables'' my first payment will ''most likely be paid in June 2015, and will be backdated''......and that if there are any problems, to ''contact the scheme administrator''................I guess that my concerns may be a little premature.........Jack.

atush

Sounds great for all of you who retired early (voluntarily or not).

Let us know when your pension turns up Jack (Millenium55- you too as I have heard all the my CSP horror stories)

Jack_Itin

Atush........Will do.....if not heard anything by Monday I will be ringing them......maybe a little premature, but would be nice to know what is happening......Jack.

pro_bono

I have been a member for a while, and posted a couple of times re empolyment issues etc... but I have too retired when my employer started to try to renegociate my terms and conditions of employment (but did not follow TUPE rules).
But I have a question re early retirement, which is, do I have to inform my tax office (or anyone else for that matter) that I have made this decision? I left my employment 30/12/2014.

Thanks

Pro Bono:o

xylophone

Are you sure that your tax code is correct?

jamesd

Tell HMRC about your expected income for the year. It's probably lower so they can send your pension provider a higher tax code that will reduce your tax payments.

jem16

jamesd wrote: »

Tell HMRC about your expected income for the year. It's probably lower so they can send your pension provider a lower tax code.

A lower tax code would mean paying more tax - did you really mean to say that? In most cases a tax code would not be changed simply because an income is lower or indeed higher unless there are other circumstances.

This will be Jack's main income so the 1060L tax code will be used just as he probably has now unless he has taxable benefits with his work. He is also going onto a zero hours contract where BR should be used. However if I remember correctly his pension will be below the personal allowance so a split tax code might work best.