It's Finally Done

trevjl

Just a thanks to all on here. I don't post very much but have read plenty over the last few years.
What I have learnt has given me the confidence to pull the trigger. I finish 6th September, so 12 working days to go ( 3 day week for the last year).
Used to love the job but the 'elf & safety brigade have got the better of me so it's time to chuck it in. Too many friends and friends of friends seem to be falling around me so time to enjoy myself before it's my time.
£280DC, £100 ISA and a £25K DB in 3 years should see me perfectly well. Intend to enjoy myself as much as I can and if there nout left then tough. If I need care then I wont care where it is !!

Question to finish, Is there anything I need to do, eg inform HMRC and Aviva etc ?? I wont be drawing down anytime soon.

Thank all again for the invaluable knowledge on here

SouthCoastBoy

Congratulations, and all the best in your retirement

pterri

trevjl said:

Just a thanks to all on here. I don't post very much but have read plenty over the last few years.
What I have learnt has given me the confidence to pull the trigger. I finish 6th September, so 12 working days to go ( 3 day week for the last year).
Used to love the job but the 'elf & safety brigade have got the better of me so it's time to chuck it in. Too many friends and friends of friends seem to be falling around me so time to enjoy myself before it's my time.
£280DC, £100 ISA and a £25K DB in 3 years should see me perfectly well. Intend to enjoy myself as much as I can and if there nout left then tough. If I need care then I wont care where it is !!

Question to finish, Is there anything I need to do, eg inform HMRC and Aviva etc ?? I wont be drawing down anytime soon.

Thank all again for the invaluable knowledge on here

trevjl said:

Just a thanks to all on here. I don't post very much but have read plenty over the last few years.
What I have learnt has given me the confidence to pull the trigger. I finish 6th September, so 12 working days to go ( 3 day week for the last year).
Used to love the job but the 'elf & safety brigade have got the better of me so it's time to chuck it in. Too many friends and friends of friends seem to be falling around me so time to enjoy myself before it's my time.
£280DC, £100 ISA and a £25K DB in 3 years should see me perfectly well. Intend to enjoy myself as much as I can and if there nout left then tough. If I need care then I wont care where it is !!

Question to finish, Is there anything I need to do, eg inform HMRC and Aviva etc ?? I wont be drawing down anytime soon.

Thank all again for the invaluable knowledge on here

Well done! Sounds like you’re about a year ahead of me. Similar DC and ISA and a DB to draw on three years after I pull the trigger. Just need to manage the three years but doable. Let us know how you get on, I’ll be watching. 

hugheskevi

Some things to ensure are covered are:

• Address up-to-date with all financial providers
• Death benefit nominees in place and up-to-date on pensions
• Will is up-to-date
• You have a list of where all your financial assets are that your partner or whoever would need them in the event you die or are incapacitated
• Consider power-of-attorney
• Replacing any life insurance, medical insurance, etc, that you previously got through work

Universidad

trevjl said:

Question to finish, Is there anything I need to do, eg inform HMRC and Aviva etc ?? I wont be drawing down anytime soon.

Is it worth drawing down to the limit of your personal tax allowance if you're taking no income over the next three years before the DB kicks in? 

Stubod

..many congrats...hope you have a long, happy and healthy retirement....!!

huw01

Congratulations. I'm 2 months in and I do not miss opening that laptop one little bit. What is nice also now is there is no rush to do anything, at the moment I'm taking a manana manana attitude ! Living off savings for 3 and a bit years until by DB pension will be taken.

Mutton_Geoff

Universidad said:

trevjl said:

Question to finish, Is there anything I need to do, eg inform HMRC and Aviva etc ?? I wont be drawing down anytime soon.

Is it worth drawing down to the limit of your personal tax allowance if you're taking no income over the next three years before the DB kicks in? 

You can draw 33% more than your tax allowance because of the 25% tax free cash element, so for a standard tax code 1257L, you can draw £16,760 from the DC without paying any tax. 25% of £16,760 tax free, the balance falling within your personal allowance. Fund an ISA with that to protect it from tax.

If you have any savings, you could invest a total of your relevant earnings (generally your total pay whilst you were working) which will give you an effective refund of your income tax in the last year as well as additional 25% tax free cash on drawdown. Assumes you haven't exceeded the LTA etc.

It is worth taking advantage of these tax opportunities even though you may not wish to draw your pension yet.

trevjl

Universidad said:

trevjl said:

Question to finish, Is there anything I need to do, eg inform HMRC and Aviva etc ?? I wont be drawing down anytime soon.

Is it worth drawing down to the limit of your personal tax allowance if you're taking no income over the next three years before the DB kicks in? 

yes, I will do that. I have a crystallised pot within the DC as i took some to have a whole family holiday to Florida last year at the end of my treatment. That wasn't cheap !!!!!

trevjl

Mutton_Geoff said:

Universidad said:

trevjl said:

Question to finish, Is there anything I need to do, eg inform HMRC and Aviva etc ?? I wont be drawing down anytime soon.

Is it worth drawing down to the limit of your personal tax allowance if you're taking no income over the next three years before the DB kicks in? 

You can draw 33% more than your tax allowance because of the 25% tax free cash element, so for a standard tax code 1257L, you can draw £16,760 from the DC without paying any tax. 25% of £16,760 tax free, the balance falling within your personal allowance. Fund an ISA with that to protect it from tax.

If you have any savings, you could invest a total of your relevant earnings (generally your total pay whilst you were working) which will give you an effective refund of your income tax in the last year as well as additional 25% tax free cash on drawdown. Assumes you haven't exceeded the LTA etc.

It is worth taking advantage of these tax opportunities even though you may not wish to draw your pension yet.

Thanks will look in to that.

pterri

Mutton_Geoff said:

Universidad said:

trevjl said:

Question to finish, Is there anything I need to do, eg inform HMRC and Aviva etc ?? I wont be drawing down anytime soon.

Is it worth drawing down to the limit of your personal tax allowance if you're taking no income over the next three years before the DB kicks in? 

You can draw 33% more than your tax allowance because of the 25% tax free cash element, so for a standard tax code 1257L, you can draw £16,760 from the DC without paying any tax. 25% of £16,760 tax free, the balance falling within your personal allowance. Fund an ISA with that to protect it from tax.

If you have any savings, you could invest a total of your relevant earnings (generally your total pay whilst you were working) which will give you an effective refund of your income tax in the last year as well as additional 25% tax free cash on drawdown. Assumes you haven't exceeded the LTA etc.

It is worth taking advantage of these tax opportunities even though you may not wish to draw your pension yet.

Sound advice, I’ll be taking some of my ISA and popping it into my SIPP this year before I retire next tax year.