Early Retirement....First Week

coyrls

pro_bono wrote: »

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

Car insurance (change of occupation to "retired"), is all that I can think of and all that I have done.

Jack_Itin

Panic over......Lump sum is now in bank account along with I think, first month's pension.....quite a nice feeling !!......my only concern is that the monthly pension is not quite what I was quoted on my pension forecast.......waiting to see if I have a letter from them tomorrow, if not, then on the 'phone on monday......Jack.

Jack_Itin

Just worked it out, and monthly pension is £72 less than quoted.....is it possible that lump sum could be higher than original quote ?.....in which case the £393 is not actually the 1st monthly pension payment at all, and is part of this higher lump sum......any thoughts welcomed.........Jack.

Deneb

Depending on your actual retirement date, and the day of the month on which your ongoing pension will be paid, the first payment could be for less than a complete month.

For example, my wife recently retired on 11th April. Her pension is paid monthly in arrears. The monthly payment date was set as the 9th of each month. Her first payment actually went into the bank today, but for slightly less than the quoted monthly pension as it covers a period of two days less than a full month.

Jack_Itin

Deneb, Thank you for that, that would explain it.....although my birthday was on the last day of April, I actually retired on the 2nd of May, due to holiday cover.....I think a full bank statement in the morning may throw some light on it, and, if no correspondence has arrived by Monday, then a phone call to pension administrator.......Jack.

jem16

Jack_Itin wrote: »

Deneb, Thank you for that, that would explain it.....although my birthday was on the last day of April, I actually retired on the 2nd of May, due to holiday cover.....I think a full bank statement in the morning may throw some light on it, and, if no correspondence has arrived by Monday, then a phone call to pension administrator.......Jack.

It's quite likely to be this but you should have been told exactly when your normal payment date is.

Have you got your P45 from work yet?

Jack_Itin

Jem, No, not got P45 yet.........Jack

jem16

Jack_Itin wrote: »

Jem, No, not got P45 yet.........Jack

Best also check your tax code. It probably would be 1060L M1 but could be something else like BR. A wrong tax code could account for lower amount too.

Jack_Itin

Jem, Tax code on last wage slip is 1066L......Jack.

Jack_Itin

Regarding my tax code, why is it 1066, and not 1060 ?......I really don't understand such matters, so in plain English please......also, how will now being on a zero hours contract affect my tax code ?......with no set hours/wage, how do they calculate this ?.........any thoughts appreciated, Jack.