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The Artful Todger
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09-12-2019, 11:55 PM
31

Re: Retirement

Originally Posted by Tedc ->
You might have missed the fact that anyone on a Company Pension will still be paying tax, on that pension, so it is "means tested".

I've been retired approaching 27 years and have been required to pay income Tax, with a tax code, during all of that time.

So, for all of those 27 years I've been paying in tax very close to the amount given back as The "State Pension".

Like many others, I've taken very little back out.

How about you?
Same here. I've just paid the dues I couldn't avoid paying and had very little returned, far less than I paid. Now because my only income is my SARB I no longer pay tax.
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09-12-2019, 11:58 PM
32

Re: Retirement

Originally Posted by Baz46 ->
Maybe the contributions we pay should be invested in a private pension fund, at least we would get more for what we pay in.

I know that for and over a shorter time of contributing I receive far more from my private pension than the state pension or benefit, whatever name you like to give it. Also nobody changed the date by which that 'pension pot' become available, it was of my choosing too.

The same with NHS payments, no waiting times with private healthcare, if a procedure or operation is required it is done within a few days.
I think you can still opt out of SERPs. What if your pension company goes bust?

If private healthcare was the only option in town then there would be waiting times. Again you have the risk of companies going out of business.
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10-12-2019, 10:16 AM
33

Re: Retirement

Talking of retirement. Why did you retire? Did you wish to? Were you forced to? Speaking for myself, I did not want to retire but was advised to on medical grounds. I worked full time till I was seventy and had no intention of retiring until I was told that for the good of my health I should call it a day. This did not mean however that i was going to sit on my rump all day doing nothing. I took on a role with the parish council, I took on the role of caretaker at our local village hall, I ran a monthly quiz show at the same village hall for twenty odd years. I did not want to retire. Sadly the day has come when I have to take things easy though if I felt I could be of use to an employer somewhere I would jump at the chance.
Being on my own and having no garden to potter about in makes the days drag. But don,t get me wrong. I am enjoying retirement but given the chance I would go back to work.
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10-12-2019, 11:08 AM
34

Re: Retirement

Originally Posted by AnnieS ->
I think you can still opt out of SERPs. What if your pension company goes bust?

If private healthcare was the only option in town then there would be waiting times. Again you have the risk of companies going out of business.
SERPs is no longer, it has been replaced by the Second State Pension apparently. I have no idea of whether or not this can be contracted out of as SERPs could. As for pension companies going bust that is probably unlikely as these are often large insurance companies. Not impossible but doubtful if that would happen.

https://www.profilepensions.co.uk/blogs/what-is-serps


Perhaps there would be waiting times if private healthcare was the only option, nothing like the NHS at present though or they would have no customers. For example two weeks or so for an appointment to see an NHS GP? If you were paying for private healthcare and could go to another company for the same monthly cost why would you stay with one that couldn't do better than this?

Like pension companies though these are often run by large insurance companies. With both private healthcare and pension companies these are run to make a profit, therefore I believe will be far more efficiently run than the government presently manages with the NHS and pensions.
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10-12-2019, 12:58 PM
35

Re: Retirement

Originally Posted by AnnieS ->
I think you can still opt out of SERPs. What if your pension company goes bust?

If private healthcare was the only option in town then there would be waiting times. Again you have the risk of companies going out of business.
Annie,

I had private health care until I was in my early 60s.
After that it became too expensive.

However, on the subject of waiting times, I have learned that these are often caused by the way the Specialists Manage their time.

e.g. A Specialist who deals with Knee Jobs might schedule all of his/her appointments putting the Private payers first and only getting to the NHS patients after that.

That would appear to be the same in other specialities, people who had Private packages even being moved to the front in the waiting room.

That's the way money works.

The NHS needs to have their own Specialists/Surgeons.

But who would take on that role?
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10-12-2019, 01:19 PM
36

Re: Retirement

Originally Posted by big ben ->
Talking of retirement. Why did you retire? Did you wish to? Were you forced to? Speaking for myself, I did not want to retire but was advised to on medical grounds. I worked full time till I was seventy and had no intention of retiring until I was told that for the good of my health I should call it a day. This did not mean however that i was going to sit on my rump all day doing nothing. I took on a role with the parish council, I took on the role of caretaker at our local village hall, I ran a monthly quiz show at the same village hall for twenty odd years. I did not want to retire. Sadly the day has come when I have to take things easy though if I felt I could be of use to an employer somewhere I would jump at the chance.
Being on my own and having no garden to potter about in makes the days drag. But don,t get me wrong. I am enjoying retirement but given the chance I would go back to work.
I retired at 54. I had planned to retire at 55 but was able to retire a few months early. Never looked back.
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10-12-2019, 02:46 PM
37

Re: Retirement

Originally Posted by The Artful Todger ->
I retired at 54. I had planned to retire at 55 but was able to retire a few months early. Never looked back.
You did as you wished. Good on you.
You did. I didn,t. You were happy to retire early, I did not want to retire at all. End of!!. I don,t think anyone should be criticised for wanting to retire early or Vice Versa.
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