Go Back   The 75 and ZT Owners Club Forums > Social Forums > Social Forum
Register FAQ Image Gallery Members List Calendar Mark Forums Read
Notices

Reply
 
Thread Tools Display Modes
Old 23rd September 2019, 19:22   #11
Darcydog
This is my second home
 
Join Date: Jul 2014
Posts: 5,428
Thanks: 3,123
Thanked 3,170 Times in 2,096 Posts
Default

Quote:
Originally Posted by Stevie25 View Post
Useful thread.
I took my Electricity Pension at 50 as part of a generous voluntary scheme, post privatisation.
So now I need to pull all the paperwork again and read exactly what I might be entitled to.
I have just opened a can of worms, haven’t I, thought this would be fairly straightforward !
When you say “took” do you mean you started taking the benefits at age 50?

Or did you receive an enhanced pension “pot” as part of a redundancy package which you will now be accessing when you retire?
Darcydog is offline   Reply With Quote
Old 23rd September 2019, 19:30   #12
Stevie25
Loves to post
 
Rover 75 Saloon

Join Date: Oct 2014
Location: Bangor, NI
Posts: 369
Thanks: 356
Thanked 148 Times in 87 Posts
Default

Quote:
Originally Posted by Darcydog View Post
When you say “took” do you mean you started taking the benefits at age 50?

Or did you receive an enhanced pension “pot” as part of a redundancy package which you will now be accessing when you retire?

I have been paid a company pension monthly since 50 - it has allowed me to retire early, but have worked up until 58
The HMRC (my personal section) which I log into documents all this along with the state pension forecast.
I was hoping just to tidy up a few loose ends, and maybe that’s all it is, but more homework required, I suspect.
Stevie25 is offline   Reply With Quote
Old 23rd September 2019, 20:03   #13
Darcydog
This is my second home
 
Join Date: Jul 2014
Posts: 5,428
Thanks: 3,123
Thanked 3,170 Times in 2,096 Posts
Default

Quote:
Originally Posted by Stevie25 View Post
I have been paid a company pension monthly since 50 - it has allowed me to retire early, but have worked up until 58
The HMRC (my personal section) which I log into documents all this along with the state pension forecast.
I was hoping just to tidy up a few loose ends, and maybe that’s all it is, but more homework required, I suspect.
This intrigued me a bit (I’m sad like that) because I’m not sure you would have been able to take the contracted out bit of an employers pension at age 50?

I may be wrong - in which case you did well with the package you negotiated. But if I’m correct - then could it be possible that you have a “pot” of old “Protected Rights” benefits that you have not accessed yet?

What is confusing me is that in 2006 the earliest pension age for taking benefits changed to 55 from age 50. So it’s a bit confusing as if you are 58 now then you were 50 eight years ago - and that would make it 2011

And based on that - I’m not sure if the rules would allow you to access what was “Protected Rights” at age 50

I’m being cautious because “Voluntary Redundancy via Early Retirement” is complicated in the extreme. As I said in a previous post - the Company Scheme Trustees can - to a degree write their own rules - but differing rules would (I think) still apply to any Protected Rights Benefits.
Darcydog is offline   Reply With Quote
Old 23rd September 2019, 20:43   #14
Stevie25
Loves to post
 
Rover 75 Saloon

Join Date: Oct 2014
Location: Bangor, NI
Posts: 369
Thanks: 356
Thanked 148 Times in 87 Posts
Default

Quote:
Originally Posted by Darcydog View Post
This intrigued me a bit (I’m sad like that) because I’m not sure you would have been able to take the contracted out bit of an employers pension at age 50?

I may be wrong - in which case you did well with the package you negotiated. But if I’m correct - then could it be possible that you have a “pot” of old “Protected Rights” benefits that you have not accessed yet?

What is confusing me is that in 2006 the earliest pension age for taking benefits changed to 55 from age 50. So it’s a bit confusing as if you are 58 now then you were 50 eight years ago - and that would make it 2011

And based on that - I’m not sure if the rules would allow you to access what was “Protected Rights” at age 50

I’m being cautious because “Voluntary Redundancy via Early Retirement” is complicated in the extreme. As I said in a previous post - the Company Scheme Trustees can - to a degree write their own rules - but differing rules would (I think) still apply to any Protected Rights Benefits.

Well I really need to get study my paperwork, to clarify for myself.
I am 62 now, but the voluntary redundancy offer was made when I was 48, couldn’t turn it down on the terms offered.
The company scheme was excellent.
Ill health meant I worked only to 58, but started in full Time employment since 16.
Oh, how the years have flown past.
Remember chatting to other (older) engineers all those years ago, who were really looking forward to 65

Anyway many hundreds of us took it, and it included expert advice, then, from investors, HMRC, and others on how to invest, tax implications and coping with leaving.
But as I get closer to state pension age these other issues I just need to sort out, which is why I was interested in others experience.
Stevie25 is offline   Reply With Quote
Old 23rd September 2019, 20:50   #15
Darcydog
This is my second home
 
Join Date: Jul 2014
Posts: 5,428
Thanks: 3,123
Thanked 3,170 Times in 2,096 Posts
Default

Quote:
Originally Posted by Stevie25 View Post
Well I really need to get study my paperwork, to clarify for myself.
I am 62 now, but the voluntary redundancy offer was made when I was 48, couldn’t turn it down on the terms offered.
The company scheme was excellent.
Ill health meant I worked only to 58, but started in full Time employment since 16.
Oh, how the years have flown past.
Remember chatting to other (older) engineers all those years ago, who were really looking forward to 65

Anyway many hundreds of us took it, and it included expert advice, then, from investors, HMRC, and others on how to invest, tax implications and coping with leaving.
But as I get closer to state pension age these other issues I just need to sort out, which is why I was interested in others experience.
It certainly sounds like all the i’s were dotted and the t’s crossed. I would be seriously surprised if they were not.
Darcydog is offline   Reply With Quote
Old 23rd September 2019, 21:24   #16
baxlin
This is my second home
 
Volvo C70 Convertible and JZR 3 wheeler

Join Date: Nov 2006
Location: Tring, Herts
Posts: 3,960
Thanks: 124
Thanked 173 Times in 124 Posts
Default

Some years ago, before you could do it online, we requested a State Pension forecast for Mrs B, and it came back saying she had missed contributions for a complete tax year a few years previously, but she could buy them back by paying something like £300.

As she had been employed by my company during the year in question, we had all the payment records, and there had been none missed, so we challenged it and got it corrected.

Two things came out of it, firstly they make mistakes, and secondly, the total of the employee's and employer's contributions that year was just over £900!
__________________
Only my opinion, obviously, so please don’t shoot me if it doesn’t match yours!
baxlin is offline   Reply With Quote
Old 24th September 2019, 06:24   #17
Darcydog
This is my second home
 
Join Date: Jul 2014
Posts: 5,428
Thanks: 3,123
Thanked 3,170 Times in 2,096 Posts
Default

Quote:
Originally Posted by baxlin View Post
Some years ago, before you could do it online, we requested a State Pension forecast for Mrs B, and it came back saying she had missed contributions for a complete tax year a few years previously, but she could buy them back by paying something like £300.

As she had been employed by my company during the year in question, we had all the payment records, and there had been none missed, so we challenged it and got it corrected.

Two things came out of it, firstly they make mistakes, and secondly, the total of the employee's and employer's contributions that year was just over £900!
They do make mistakes - and in my experience they are pretty good at correcting them. We found that many people in the NHS who worked at several different Hospitals and different Trusts would end up paying full NIC for each contract. It was very difficult to stop this happening because of how the NHS is set up - but once identified it was easily sorted.
Darcydog is offline   Reply With Quote
Old 24th September 2019, 06:55   #18
Dawn
I really should get out more.......
 
MG ZT 180+ auto

Join Date: May 2016
Location: Ilkeston, Derbys
Posts: 2,743
Thanks: 285
Thanked 1,128 Times in 504 Posts
Default

I am really confused. If SERPS was for high earners why was I advised to do it on minimum wage? It has lost money and now I will get less pension even with the SERPs added on. I was very young and gullible when I did it and now I will have a very small pension for something that only lasted a few years.
Dawn is offline   Reply With Quote
Old 24th September 2019, 07:39   #19
Stevie25
Loves to post
 
Rover 75 Saloon

Join Date: Oct 2014
Location: Bangor, NI
Posts: 369
Thanks: 356
Thanked 148 Times in 87 Posts
Default

Quote:
Originally Posted by Dawn View Post
I am really confused. If SERPS was for high earners why was I advised to do it on minimum wage? It has lost money and now I will get less pension even with the SERPs added on. I was very young and gullible when I did it and now I will have a very small pension for something that only lasted a few years.

Dawn, have you got your State Pension Forecast yet?
If not, it is easy to sign up online with HMRC and get it.
Worth seeing exactly what you are due and when.
Stevie25 is offline   Reply With Quote
Old 24th September 2019, 10:05   #20
Darcydog
This is my second home
 
Join Date: Jul 2014
Posts: 5,428
Thanks: 3,123
Thanked 3,170 Times in 2,096 Posts
Default

Quote:
Originally Posted by Stevie25 View Post
Dawn, have you got your State Pension Forecast yet?
If not, it is easy to sign up online with HMRC and get it.
Worth seeing exactly what you are due and when.
Good advice Dawn.

And just to clarify - SERPS was for everyone BUT! it was designed to benefit those who paid more NIC. So whilst the low paid did benefit - those on high pay paid more into the system and so got more out of the system.

Now it’s a simpler system with 35 years NIC getting everyone a flat rate State Pension far more generous than the old basic State Pension.
Darcydog is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT. The time now is 10:32.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
Copyright © 2006-2023, The Rover 75 & MG ZT Owners Club Ltd