Giving every £ a job

Blackcats

Have had some pensions paperwork through - for one of the pensions it is information I already knew and I now need to decide the balance between lump sum and annual pension.  There is a minimum/maximum scale to work within.  With the rising cost of living I'm thinking higher pension, lower lump sum but then I also have a lump sum figure in mind so I might calculate what pension I'd get if I took that amount of lump sum.  The formula is for every extra £12 of lump sum you reduce annual pension by £1, which I think means if you live longer than 12 years you are better off with more pension?  

I'll get a cuppa and a calculator and work on some numbers.  

I'm going for a walk first to clear my head.  

foxgloves

Glad to hear there was something at a 'granular level' in your report, @Blackcats. I used to work in the same sector as Mr F before I took VR in the austerity cuts & whenever he goes on a training course, I whatsapp him a list of corporate-ese so he can play Bullsh*t Bingo. He says that he has to try not to laugh when my list pings up on his phone.
F x

savingholmes

Yes - you're right on the pension calc. To buy that level  of pension in the open market would cost you £25-40 per £1 a year - so they get quite a saving if you take a bigger lump sum.

Blackcats

Ah thank you SH - that's helpful.  I've got some provisional figures that I'm comfortable with but I'll take a few days to mull it over a bit more.  I've got some paperwork to send off too which I'll aim to do this week.  

I'm aiming for a well-being week - some gentle exercise every day - no excuses, no procrastination - I've decided that I'm worth a minimum of 30 minutes a day to improve fitness.  I've been trying to make healthier food choices too and a very stubborn, hard to shift kg has now gone.  I wonder where the kgs that we lose disappear to in the universe 🤔

I've been coasting with my battle with council tax - I have been making a big monthly payment but I haven't been throwing everything at it iyswim.   So I've claimed £10.20 from £co and rounded down bank accounts to make another £100 overpayment before payday on Thursday.  The balance is now £1000 (started in April at £3750 😵‍💫 - it's obviously very expensive living in a mansion 🤣 (actually looking at the size of some of the houses I pass on my walk I dread to think how much their running costs are!) 

Cheery_Daff

Ooh, well done on the council tax battle! I confess I never worked out what ours is annually - I thought ours was expensive but annually it's £2352 so perhaps not as bad as I thought!! 😮

savingholmes

That is a very ouchy CT.

Good luck on pension decision. The other thing to consider though is your pension lump sum is likely to be tax free but main pension isn't 

Blackcats

Thanks Cheery and SH.
good point about tax free lump sum v taxable pension.  I've added up net worth and assets other than home which has been reassuring.  There is a possibility that I can fund a fairly audacious plan within current funds (it's a zero risk proposition).  

I made the mistake of looking at the smart meter earlier - it must be truly awful to have a certain amount of £'s to put on a pre-pay meter and to watch that being eaten up so quickly.

I'm relatively pleased with my well-being week - managed a quick spin on the exercise bike on 4 out of 5 days (dusted it off and removed the cobwebs first 👏) and have had 3 good walks.  I suppose it requires a consistent effort to creat habits.

I've just done September's budget and can afford another £500 towards council tax which means that I can make the final payment with my last full time wage in September.  It feels like a relief not to have that in the monthly budget for a few months.  I will try and put some money away to kickstart next year though.

just mulling over whether to spend £39 at Lidlees before 31st to get a £10 voucher.  I don't need anything urgently, however, there's plenty I can stock up on and £10 is a good way to start September.  I think I'll do a list and go on Tuesday.  

Alchemilla

Good reminder about Liddly, I'll send DH on Tuesday.

savingholmes

Good luck whatever route you decide.

Blackcats

Alchemilla my DH is off to Lidlees tomorrow too with a list ... I can but hope that he manages to stick with it 😇
thanks SH 

A nice day today with no spending - a walk taking our flasks and some home made brownie,  (it's the first cake I've made in the air fryer and it was delicious).  Then we relaxed with music and edged closer to finalising pension choices.

chili glazed sausages with colcannon and veggies for tea.  Currently drinking a cuppa and watching the first episode of the original Magnum.