Penguins, pelicans and the inland revenue...

ex-pat_scot

Workerdrone said:

Secret2ndAccount said:

p00hsticks said:

Competely off topic, but as the OP started it....

...

I thought you were going to ask what kind of car the OP was planning to buy.
OP, what kind of car do you have in mind? Far too little talk of buying expensive cars in this forum.

Well, I’m glad not to be judged and appreciate your interest. Do you remember the song in the 80’s. Dignity by deacon blue. About the bin man who saves and buys a boat for retirement. Well I feel a lot like that.  My journey started in1994 when I was wondering round London and stumbled across the McLaren shop in park lane near the Dorchester. I’d never seen a more beautiful car and set my heart on one day owning the marque. Luckily for me a McLaren automotive started producing road cars so one day I hope to own a McLaren 570s spiyder with a stretch goal of a 720s spyder.

There's nothing wrong in spending intentionally.
That's a beautiful aim - and Dignity was wonderfully observed and written (and sung).
Enjoy the dream, and the sweet taste of eventual ownership.

Dazed_and_C0nfused

one day I hope to own a McLaren 570s spiyder with a stretch goal of a 720s spyder.

Maybe time to relocate to Australia??

https://www.topgear.com/car-news/supercars/aussies-you-can-now-buy-daniel-ricciardo-edition-mclaren-720s

cfw1994

Workerdrone said:

Secret2ndAccount said:

p00hsticks said:

Competely off topic, but as the OP started it....

...

I thought you were going to ask what kind of car the OP was planning to buy.
OP, what kind of car do you have in mind? Far too little talk of buying expensive cars in this forum.

Well, I’m glad not to be judged and appreciate your interest. Do you remember the song in the 80’s. Dignity by deacon blue. About the bin man who saves and buys a boat for retirement. Well I feel a lot like that.  My journey started in1994 when I was wondering round London and stumbled across the McLaren shop in park lane near the Dorchester. I’d never seen a more beautiful car and set my heart on one day owning the marque. Luckily for me a McLaren automotive started producing road cars so one day I hope to own a McLaren 570s spiyder with a stretch goal of a 720s spyder.

I think it is great you have this target driving (😉) your plans forwards!
Also agree that Dignity was a great song 👍

You mention warranty and servicing: do remember to add in a factor for insurance: I’ve never owned motoring exotica (MG Metro never counted as it wasn’t the 6R4 🤣, XR2, XR3, Colt Turbo were all just my boy racer phase🤪), so no direct experience of that cost….but I recall a sales guy I worked with about 18yrs ago  suggesting his Ferrari ran up about £6k in annual bills for service+insurance (he was quite young, mind) 😱

I assume you are active (or at least lurking) on Pistonheads for wisdom of the automotive kind.  Also has a half-decent finance sub-forum 😎👍

MX5huggy

Just to point out any NHS pension can be taken from 55 with a reduction for taking it early. The reductions are such that they are cost neutral ie they reflect that you will receive the pension for additional years. 

I think it was decided the other day on another thread that different sections could be taken at different times (ie 1995 vs 2015). 

https://www.nhsbsa.nhs.uk/sites/default/files/2019-08/Early%20Retirement%20factsheet%20%2805.2017%29%20V3.pdf

I don’t know if your calculations are close to being correct, from my understanding McCloud is so complicated it’s going to take years to workout each member’s best option. But broadly FS pensions are better for those that have large pay increases at the end of their career (your wife) and CARE better for those that have steady pay throughout. 

Workerdrone

cfw1994 said:

Workerdrone said:

Secret2ndAccount said:

p00hsticks said:

Competely off topic, but as the OP started it....

...

I thought you were going to ask what kind of car the OP was planning to buy.
OP, what kind of car do you have in mind? Far too little talk of buying expensive cars in this forum.

Well, I’m glad not to be judged and appreciate your interest. Do you remember the song in the 80’s. Dignity by deacon blue. About the bin man who saves and buys a boat for retirement. Well I feel a lot like that.  My journey started in1994 when I was wondering round London and stumbled across the McLaren shop in park lane near the Dorchester. I’d never seen a more beautiful car and set my heart on one day owning the marque. Luckily for me a McLaren automotive started producing road cars so one day I hope to own a McLaren 570s spiyder with a stretch goal of a 720s spyder.

I think it is great you have this target driving (😉) your plans forwards!
Also agree that Dignity was a great song 👍

You mention warranty and servicing: do remember to add in a factor for insurance: I’ve never owned motoring exotica (MG Metro never counted as it wasn’t the 6R4 🤣, XR2, XR3, Colt Turbo were all just my boy racer phase🤪), so no direct experience of that cost….but I recall a sales guy I worked with about 18yrs ago  suggesting his Ferrari ran up about £6k in annual bills for service+insurance (he was quite young, mind) 😱

I assume you are active (or at least lurking) on Pistonheads for wisdom of the automotive kind.  Also has a half-decent finance sub-forum 😎👍

Ive not properly lurked on piston heads for a while. I will give it another look. For insurance I'm looking at around £1200 a year I think. In terms of servicing, there's no main dealer near me, there are some high end garages but they have high end costs too. Luckily there are a lot of YouTube videos appearing showing the kit needed for say an oil change and how it works on the various cars, so as I say I think striking up a good rapport with a capable mechanic and sourcing the parts myself is the way to go.

"They say the two best days in a supercar owners life are the day you buy it... and the day you sell it" :-)

Workerdrone

MX5huggy said:

Just to point out any NHS pension can be taken from 55 with a reduction for taking it early. The reductions are such that they are cost neutral ie they reflect that you will receive the pension for additional years. 

I think it was decided the other day on another thread that different sections could be taken at different times (ie 1995 vs 2015). 

https://www.nhsbsa.nhs.uk/sites/default/files/2019-08/Early%20Retirement%20factsheet%20%2805.2017%29%20V3.pdf

I don’t know if your calculations are close to being correct, from my understanding McCloud is so complicated it’s going to take years to workout each member’s best option. But broadly FS pensions are better for those that have large pay increases at the end of their career (your wife) and CARE better for those that have steady pay throughout. 

Thanks, I am certain from reading the NHS own documents the parts can be taken at different ages. McCloud does seem complex but its nice to know there are options when the time comes.

"It doesn't matter if the glass is half full or half empty, it only matters how many glasses you have in front of you at the table"

TARDIS

1995 scheme minimum age is 50 if joined before 6/4/06 and no break in service >5yrs. 2015 is 55. Both with actuarial reduction as above (less if special status class in 1995 scheme which sounds unlikely in your wife’s case).

BUT there is a consultation at the moment to increase up to 57 in line with personal pensions.

You can take the schemes at different time but you can’t take one and keep contributing to the other.

I’ve not had time to go through your numbers but for most people not working past 60, the extra 7yrs are best in the 1995 scheme, more so if further pay rises expected. Depending on her role might be worth looking into other things that can increase her pensionable pay in her last 12 months as things such as night shift and on call supplements sometimes are pensionable I believe.

I understand the TRS will be updated by 2023 with the default position being put back into the 1995 scheme for the remedy period which will give you a better idea of likely figures.