Can I check that my understanding of my pension options are correct?

EpsomOldie

Thanks GunJack (not a guy though!)

atush

EpsomOldie wrote: »

Hello Atush

No other savings etc apart from a couple of grand. In the past year or so when I knew retirement was imminent, I've thrown all my savings and a huge part of my salary at overpaying on the mortgage and buying AVCs - that's how I know I can manage on c20k pa. The AVCs have been very tax efficient, and although the 'having no savings' thing sounds reckless, I knew that I could 'claw back' the mortgage o'payments at any time if needed.

So i'll ask again- will 129K be enough for your plans AND an emergency/replacement cash fund? You need one going forwards.

EpsomOldie

@Atush

Oops, sorry, missed that. Yes I believe so. Not everything house-wise needs to be done at once.

Muscle750

Certainly a nice postion to be in, we dont have lavish life styles either but our private sector pensions are way behind in their values, as stated funded by the state, youve obviously done well in AVC of £77k. Us in the private sector who had our FS schemes ripped from under our feet continued to fund these nice LGPS pensions. My employer puts in 5% as do I. How much percent did the taxpayer put into yours month in month out? And ill remember the statement "Working in LGPS is no picnic" . Nor is dragging someone out the ditch or on the side of the m4 at 3 am in the rain either.

AlanP_2

Muscle750 wrote: »

Certainly a nice postion to be in, we dont have lavish life styles either but our private sector pensions are way behind in their values, as stated funded by the state, youve obviously done well in AVC of £77k. Us in the private sector who had our FS schemes ripped from under our feet continued to fund these nice LGPS pensions. My employer puts in 5% as do I. How much percent did the taxpayer put into yours month in month out? And ill remember the statement "Working in LGPS is no picnic" . Nor is dragging someone out the ditch or on the side of the m4 at 3 am in the rain either.

I think I've said this before in response to one of your comments - If you want a Local Government pension of your own work for a Local Authority.

FatherAbraham

GunJack wrote: »

Oh !!!!!!!!!! Leave the guy alone, if he's been in LGPS for long enough he's probably done more public service than you could dream of, and thoroughly deserves his retirement on whatever the scheme rules allow him to....

People who diss the Civil Service and Public Sector ought to try it...it's no picnic..

As I clearly said in my first post on this thread: "No-one is saying you don't deserve your pension, but don't expect many friends if you keep trying to claim that you are going to have to live modestly."

Did you miss that bit in your inchoate rage?

Care to quote the bit where I disrespected Civil Service and Public Sector workers back at me? That should be an interesting hunt.

And what exactly do you know about my contribution to public service, to back up your other claim?

GunJack

EpsomOldie wrote: »

Thanks GunJack (not a guy though!)

Oops!! sorry

GunJack

AlanP wrote: »

I think I've said this before in response to one of your comments - If you want a Local Government pension of your own work for a Local Authority.

Exactly..and pay for the privilege...LPGS is a funded scheme..

GunJack

FatherAbraham wrote: »

As I clearly said in my first post on this thread: "No-one is saying you don't deserve your pension, but don't expect many friends if you keep trying to claim that you are going to have to live modestly."

Did you miss that bit in your inchoate rage?

Care to quote the bit where I disrespected Civil Service and Public Sector workers back at me? That should be an interesting hunt.

And what exactly do you know about my contribution to public service, to back up your other claim?

Anyone living on a pension of around half salary is going to have to live more modestly than when they were working, so what's with you insinuating that they are pleading poverty?? Stating facts, morelike. Until we live in a system that pays everyone the same, salary and pensions, some will be better off, some worse. Why diss those slightly better off than some?? Do you also slate people with £1m DC pots? Or people with £30k or less pots??


..and you wrote:-

"Intriguing reply.

You don't acknowledge that your retirement outcome is far in excess of that experienced by the majority of your cohort, rather than "modest".

More than just a snide dig as the OP has a FS LGPS pension...why??? jealous?? Or just hate anyone in the public sector with a half-decent pension?? Or is it anyone with a FS pension??

If you don't want people to react to your disrespectful comments, keep them to yourself.

k6chris

Everyone makes life choices about what they want to do and where they want to work. If the most important thing for you is a good final salary pension then look for jobs that have good final salary pensions, it’s a free country. Having worked for 27 years in the private sector and latterly 5 years in the public sector, I do agree that some (many?) of my public sector colleagues take their pension for granted, rather than leaping out of bed every morning and going “wow!”. If you want an LGPS Pension, start applying for jobs that have one.