Gov taken my new motorhome

[laurieash]

Just worked out that the gov has robbed me of £65,520
By increasing my pension age by one year to 66 years old. And my wife from 60 to 66 also.
Plus private pension to 66.
So could have got a good motorhome for that amount.

 

[Pilote270]

much sympathy !
nil illigitimi carborundem

 

[CazPaul]

You’re not on your own join the club.

 

[tonka]

Exactly the same here for Mrs Tonka and me..

I was able to access my private pension aged 50 and I did straight away.
Been taking that now for 12 years (yes, i'm 62) But I calculated that i still need to have that for another 20 years to get back what i paid in..

 

[pappajohn]

Sue the DWP.
Time someone stood up to them.

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[Cheshirecat57]

Why is you private pension postponed to 66?

 

[Pilote270]

take the max lump sum now and re-invest in pension. ( tax free money plus tax allowance against new pension investment)

 

[laurieash]

Why is you private pension postponed to 66?

Would have payments from age 65 but now 66.

 

[Gerby]

I do sympathise with you, SWMBO has also had to postpone her retirement date due to the changes but as I was able to retire in 2015 at the age of 53 on a Fire Service pension I am not in any position to complain.

 

[pappajohn]

take the max lump sum now and re-invest in pension. ( tax free money plus tax allowance against new pension investment)

Take the lump sum now and enjoy life.
There are no pockets in a shroud.
Can never understand folks who amass vast sums of money then peg it not having spent any.

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[bigtwin]

Why is you private pension postponed to 66?

I was asking myself the same question.

Would have payments from age 65 but now 66.

Is your private pension eligibility linked to the state pension age? That seems most unusual.

take the max lump sum now and re-invest in pension. ( tax free money plus tax allowance against new pension investment)

Erm, isn’t that illegal? Doesn’t that come under the ‘recycling’ legislation?

Certainly you could re-invest the tax free lump sum but not back into a pension where the state would automatically add 20% in lieu of tax paid.

Perhaps Otter Spotter can confirm?

Ian

 

[Odd-no-more]

I was one of the last to get my pension at age 65, I was still working so put all of it and more into my private pension thereby avoiding the higher rate of income tax
Mrs. Ex will not get her pension until age 66, we always thought we would retire at the same time,but she is still working, although on furlough at the moment, so getting something back.

 

[Odd-no-more]

I was asking myself the same question.


Is your private pension eligibility linked to the state pension age? That seems most unusual.



Erm, isn’t that illegal? Doesn’t that come under the ‘recycling’ legislation?

Certainly you could re-invest the tax free lump sum but not back into a pension where the state would automatically add 20% in lieu of tax paid.

Perhaps Otter Spotter can confirm?

Ian

Once you have taken money out, the limit for putting money back in is approx £3,000. I fell foul of this when I returned to work for a period and was not able to invest into my pension.

 

[bigtwin]

Once you have taken money out, the limit for putting money back in is approx £3,000. I fell foul of this when I returned to work for a period and was not able to invest into my pension.

Agreed (I think it might be £3,600 from recollection). Hence my challenging ”taking the max lump sum now and re-invest in pension”.

Ian

 

[Pilote270]

agreed - the rules behind this way of enhancing a pension can be fraught.
option - drawdown lump sum before retirement and live of that whilst utilizing salary sacrifice. use the tax free monies to live off and put increased salary monies into pension scheme.

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[Chris51]

I got my pension at 65 but unfortunately in feb 2016 missed out of nearly £35 a week {post April 2016--new pension rates } .Wife had to work an extra 6 years (66).Both worked hard all our lives and been ripped off by the GOV !

 

[Pilote270]

sorry to hear that Chris. twas the same here.
Also my company was the first one to experience the " black art" of revolving door receivership. Company went bust at 1 minute to twelve and was bought at 1 minute past.
All liabilities and pensions were cast aside and flung into what is now the gov. lifeboat scheme for pensions.

 

[VXman]

Why is you private pension postponed to 66?

I was asking myself the same question.
Is your private pension eligibility linked to the state pension age? That seems most unusual.

Anyone can take private pensions from 55. Of course you won't have as much but even so its your choice.

My official retirement age for my work pension was 60 but I went at 58. Won't get my state pension til I'm 67!!!

 

[mitzimad]

this leveling of of ages is denying couples retired time together

 

[Richard n Ann]

Nobody told me when to retire, I packed in at 46 when we bought the van. Never looked back. Enjoy yourself while you can

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[bigtwin]

Anyone can take private pensions from 55. Of course you won't have as much but even so its your choice.

My official retirement age for my work pension was 60 but I went at 58. Won't get my state pension til I'm 67!!!

I don’t disagree with what you’ve said but taking your pension early isnt the issue being debated; the OP seems to be suggesting that either:

• he can’t take his private pension until age 66
• his private pension is linked to his state pension

Ian

 

[mikebeaches]

Would have payments from age 65 but now 66.

I'm still puzzled why you HAVE to wait until 66 to take a private pension?

Normally available from age 55 (although amount will likely be scaled back compared to taking it at 65 or 66).

Decided to take my private pension at 60.

 

[bigtwin]

I'm still puzzled why you HAVE to wait until 66 to take a private pension?

The queue’s getting longer.

Ian

 

[Wabs]

What’s the fuss,,, just spend it,,who knows how long we are here for...I ll be skint in 10 years,,then I’ll get a paper round,,lol

 

[carolyn]

I chose to take my pension at 55, if I’d worked until I was 60 it would have been a lot bigger but I would not have had anywhere near as much fun. It might not have been good for my health either. Both my parents died young so that influenced my decision of course. I won’t get my state pension until 66 , it will be a reduced amount because I was opted out even though the website says I get the full amount.

I don’t like being classed as a “waspi” woman. I knew what was going to happen years ago. A few women might not have done but most of us had plenty of warning.

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[rb62]

I chose to take my pension at 55, if I’d worked until I was 60 it would have been a lot bigger but I would not have had anywhere near as much fun. It might not have been good for my health either. Both my parents died young so that influenced my decision of course. I won’t get my state pension until 66 , it will be a reduced amount because I was opted out even though the website says I get the full amount.

I don’t like being classed as a “waspi” woman. I knew what was going to happen years ago. A few women might not have done but most of us had plenty of warning.

We did exactly the same so for the three years until we retired we were
a) receiving a pension b) not paying into a pension c) had a lump sum to invest

 

[Clipgate]

Consider Bitcoin is all will say

 

[The Wino]

I only do 2 days a week Liz is retired. We stopped full time work aged 56/55. We won't get state pensions until 67. I still feel like the state pension is pretty generous given the average current life expectancy and average contribution. When the state pension was set up life expectancy was a few years at most more than pension age and it was bonkers that women live longer but used to retire earlier what sensible reason would there be for that. I suppose they could have started paying it for a limited number of years instead roughly to the like expectancy when it was introduced that would leave pensioners a lot more worse off though.

 

[VXman]

I don’t disagree with what you’ve said but taking your pension early isnt the issue being debated; the OP seems to be suggesting that either:

• he can’t take his private pension until age 66
• his private pension is linked to his state pension

Ian

My point is that I don't think that is the case. I may be wrong as I'm not claiming to be a financial expert but I believe the law allows you to take your pension from 55. Yes the pension may be set up to have a normal pension age of 66 but that doesn't mean you cannot take it before then.

 

[Coolcats]

Just worked out that the gov has robbed me of £65,520
By increasing my pension age by one year to 66 years old. And my wife from 60 to 66 also.
Plus private pension to 66.
So could have got a good motorhome for that amount.

As a population we allowed our government to be one of the lowest payers of pensions. We allowed the government to move our retirement age. Personally I would have been happy to pay more into the system.

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