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Question Pensions

4 years 5 months ago #37816 by joyce
This is all very interesting. I could retire now, but I'm still carrying on at the moment, because it suits me to do so as it helps me subsidise the kids. However although I can get my retirement pension now. What I can't access is my pension with the local authority who insist I have to retire from the school to get it. Which is odd as I also have a pension from when I worked in the medical labs for which there was no such distinction. How can they do that? If I retired and went to work somewhere else they would pay it, why not now? Such is life I suppose :(

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4 years 5 months ago #37818 by AndyG

joyce wrote: What I can't access is my pension with the local authority who insist I have to retire from the school to get it.


In my experience, you can't continue to work and retire at the same time with the same company as you're being paid twice.
However, if you retired (ie stopped working) then started working again (for instance, part time with the same employer) that would be ok as it's not continuous employment - strange but true. I know of someone who in the last twenty five or so years has received early pension, redundancy, full pension, at least two more redundancy payments and is currently still working part time at 70-something at the same College ...

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4 years 5 months ago #37819 by JimSloan
I think the best advice in this tread comes from Baldilocks, it's such an mine field-get yourselves to a good adviser.

I'm 28 and thought I had a good idea about the changes coming in until I started reading here! I'm not too worried about getting up to speed now though- in 70 years time when I'm due to retire it'll all have changed.

A scientist is always fine
The following user(s) said Thank You: Baldilocks

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4 years 5 months ago - 4 years 5 months ago #37820 by Allan the Tech

JimSloan wrote: I'm 28 and thought I had a good idea about the changes coming in until I started reading here! I'm not too worried about getting up to speed now though- in 70 years time when I'm due to retire it'll all have changed.


You wont get the opportunity to retire Jim, chances are you will die on your feet. :ohmy: If I am lucky (at 45ish) I might just squeeze a few years of retirement before I snuff it. If it wasn't for the fact that I get death benefits (no, not me but others) and a spouse's pensions when I die then I wouldn't bother contributing to a LG pension scheme. Sometime it makes more sense to spend yer money on beer rather than save it (or maybe move the cash offshore?) as our government would prefer us to do. :silly:

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4 years 5 months ago #37849 by bsimmo
I'm not worrying about it. I'm ignoring pensions as really don't earn enough and the money now is more important.

By the time it comes to retirement for us everything will have changed a few times again, so why worry about it now.
If I'm working till I'm 70+ anyway, what's the point.

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4 years 5 months ago #37853 by AndyG
Though I don't necessarily agree, I can't say I blame you. I was happily tootling along with the LGPS until they started the pension reorganisations and extending the state pension age at which point I started re-evaluating things.

Whatever happens I think everyone should be considering their pension age (a little put aside for a long time is easier than desperately trying to catch up later in life). The best way to do this is for the individual to consider but, whatever happens, I wouldn't rely on the Government giving you anything significant in your old age any more - they're too busy wasting our tax money on things like election material, moats and fashion consultants ...
The following user(s) said Thank You: ladyinwhite

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4 years 5 months ago #37855 by JimSloan
The ducks don't look after themselves AndyG...

A scientist is always fine

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4 years 5 months ago #37857 by DampSquib
bsimmo, I had the same thoughts when I worked for about 4 years part time for peanuts when my children were young. My older (and wiser) fellow technician told me I should pay into LGPS at the time as it was a really good scheme, but I thought the money was too precious to spend out on something way in the future when I had the family finances to consider. Anyway, I am now wishing I had listened to him, as I have now found out what I will get for the years I have been in LGPS and what I will be missing out on for those years I wasn't in!

I would urge anyone thinking of not paying into a pension, especially LGPS that the employers put into too, please look into what you could loose (should have gained) in the future. I am urging my children to continue paying into a pension, whether a work one or private as I can see the state pension receding well into the future or being eroded, as it is a simple way for the government to save a huge amount of money! Lesson over...

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4 years 5 months ago #37858 by bsimmo
I paid into a pension when I was earning considerably more for a few years. I was even paying my student loans off.

But in this job when you are literally few quid over the low tax rate, what is the point.

I look at people in their 60's now half aching, even the Teachers are finding it hard now they cannot retire, finding it difficult to work and I see the 70 year olds really struggling, regular doctors and ointments for this that and the other.

What's the point in paying in if I get little time to really enjoy the money.

Unless I can retire early on my pension, I don't remember any projection allowing that. It's a gamble in the end.
Can you spend what you pay in before you die once retired? Would it be better to pay off any mortgage quicker with the money instead and reap the benefits earlier and lower overall interest on that and then start saving if you can.

Who knows.




(for the record I do actually now pay in a little to whatever government enforced-ish workplace system was put in place, mainly as I wasn't going to miss that little bit at the time I know I squeeze at bit more out of the company, but that's only for a year, for 8 years before that I didn't see the point and wouldn't miss it now.)


I will say I don't think I'm a minority in these thinking either at my 'middle aged-ish-ness' :hb

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