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Author Topic: Retirement  (Read 19144 times)

dougal99

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Re: Retirement
« Reply #175 on: February 15, 2019, 03:17:13 PM »

The letter as I remember was saying I had to keep up my NI contributions to preserve my state pension - even though I had paid in 2 years more than the requisite amount to gain the full endowment. So by their reckoning I would have paid by age 55 the full amount required for a pension, but they expect me to carry on paying until age 66, so a full 11 years more paid in than would be required. I'm just glad I have my superannuated works pension, at least I know whats what with that one. Whatever comes my way in 3 years time by way of state pension will  be a bonus!



I retired at 57 on a company pension and paid no more NI. I had the requisite years for a full state pension and that kicked in when I was 65. However, you have to allow for the guaranteed minimum pension GMP. This is normally paid in the state pension, but is paid by any other pension before state pension age. When the state pension kicks in it takes on the GMP. Voila it's deducted from your company pension. So you can't add the two together when calculating your future income.


Letters for HMRC can be unintentionally worrying. My wife received a letter from them a few years before she retired listing the years she had underpaid NI. Some years were a few pound but several were over 4 figures. The letter advised she could buy them back. Well we were in no position to pay it all. My wife rang the help line and thankfully got a really helpful chap. No you don't have to pay it all, only 3 years to make up to the required number. So were we going to pay off the 4 figure years or the few pound years? Difficult! Anyway as your still working and if you continue to work you don't need to do anything.
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nemesis

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Re: Retirement
« Reply #176 on: February 15, 2019, 04:01:23 PM »

Well, you speak as you find. I have driven manual and auto cars for years. You learn to really drive an auto with two feet. You have two feet and two pedals, two hands and two stalks, it does seem logical. What all people take into consideration is the mixing up of the systems. Forget the manual system. Why is the brake pedal on an auto twice the size of a manual? If autos came first then manuals would not get a look in, like fuel injection versus carbs, and I liked to look at the complexity of the Stromberg, Weber etc.. but where are they now. I had a great conversation with an AA examiner over this point and I can see his point and he could see mine. My thoughts only after 60 odd years driving both systems, nemesis
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Taranis

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Re: Retirement
« Reply #177 on: February 15, 2019, 04:06:45 PM »

Yes I've completely retired from manual now  :-))
My car and motorhome are both robotised gear change. Ducato 3litre Comfortmatic (IVECO) is awesome but alas now obsolete as it cannot meet euro 6. So converters are now using smaller engines with bigger balls. Doubt they'll stand the mileage of the bigger lump.
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ANDY
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Brian60

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Re: Retirement
« Reply #178 on: February 15, 2019, 06:56:54 PM »

There is also the tax liability transfer that can be made use of! For a married couple both on retirement on company pensions, if one or the other is actually paid more than the other. Tax liability can be shared across both pensions. In our case, my pension didn't exceed the tax threshold, but my wifes did. SO part of her tax liability was transferred to me, meaning she pays less tax and I still pay no tax at all. This was all done for us with an application on the .GOV website. Both names and NI numbers and a tick box to say you wished to do it ( as I remember?) Then the taxman does all the legwork for you.

Taranis

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Re: Retirement
« Reply #179 on: February 15, 2019, 06:58:12 PM »

There is also the tax liability transfer that can be made use of! For a married couple both on retirement on company pensions, if one or the other is actually paid more than the other. Tax liability can be shared across both pensions. In our case, my pension didn't exceed the tax threshold, but my wifes did. SO part of her tax liability was transferred to me, meaning she pays less tax and I still pay no tax at all. This was all done for us with an application on the .GOV website. Both names and NI numbers and a tick box to say you wished to do it ( as I remember?) Then the taxman does all the legwork for you.
That will be useful for me thank you, a quick calculation shows that saves my wife £800  :-))
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ANDY
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jaymac

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Re: Retirement
« Reply #180 on: February 15, 2019, 07:11:43 PM »

Not necessarily. Everyone has a basic personal allowance of £11,500 (£12,500 from this April). You are liable to income tax only on that amount by which your total income exceeds this e.g. if your company pension is £10,000 and your state pension is £6500 then you first add them together then deduct £11,500 to give you the taxable amount of income - in that example that's £5,000, so you'd pay £1,000 in tax. The threshold for the 40% tax band will be £50,000 in 2019/20, but you'd pay the 40% tax only on that amount by which your total income after the personal allowance exceeds £50K.
I love retirement so much that I've retired twice!
DM


I would have thought  (if you already pay tax on your company pension) covered that  simpler than a maths lesson.Made the mistake that most would have realised that
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DaveM

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Re: Retirement
« Reply #181 on: February 15, 2019, 07:35:34 PM »

I think the best anyone can take away from this thread is not to rely on a model boats Internet forum to provide any definitive answers relating to income tax and pension matters. I spent 31 years working for HMRC and some of the stuff I've read on this thread is at best anecdotal and at at its worst 'unhelpful'. Forgive me for the maths lesson but many folk find an example set of figures much easier to relate to than a general statement. Explaining finance without using figures is like trying to discuss art without pictures or sounds.

O - and I drive an automatic and brake with my right foot, having got used to that mode after 45 years of driving manual-transmission cars. I couldn't care less which foot anyone else uses, as long as they use it before they hit me.

Dave M
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BrianB6

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Re: Retirement
« Reply #182 on: February 15, 2019, 10:00:43 PM »

PLEASE can we get back to model boats.   >>:-(
UK tax has nothing to do with Mayhem.
Yesterday I put up some shelves for our 4 month old great grandsons books and included a little row boat on the top shelf for when he is big enough to reach it. 

If his Dad does not get to it first  %%
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Taranis

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Re: Retirement
« Reply #183 on: February 15, 2019, 10:05:45 PM »

Hi Brian
The chit chat forum is for discussion about anything. There are plenty of other forum sections to play with
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ANDY
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RMH

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Re: Retirement
« Reply #184 on: February 15, 2019, 10:18:43 PM »

True but this thread has now become rather muddled can we not stick to just one topic
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Taranis

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Re: Retirement
« Reply #185 on: February 15, 2019, 10:22:22 PM »

Itís a catalyst for conversation.
Personally I donít mind where it goes as long as members donít fall out. Anyone who doesnít like the conversation doesnít have to read it.
I donít think that is unreasonable but if moderation disagree I bow to their judgment.
Clearly itís of interest or members wouldnít bother to reply.

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ANDY
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Baldrick

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Re: Retirement
« Reply #186 on: February 16, 2019, 07:02:49 AM »

True but this thread has now become rather muddled can we not stick to just one topic


  It's not muddled !  It's about members viewing retirement who don't know which foot to use on the brake pedal.
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malcolmfrary

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Re: Retirement
« Reply #187 on: February 16, 2019, 09:46:53 AM »


  It's not muddled !  It's about members viewing retirement who don't know which foot to use on the brake pedal.
Spot on!  Reading any particular thread really is optional.
Anybody remember when you needed extra feet for the dip switch and the screen washer?
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Colin Bishop

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Re: Retirement
« Reply #188 on: February 16, 2019, 10:01:13 AM »

Quote
Anybody remember when you needed extra feet for the dip switch and the screen washer?

Unfortanately, yes. And when the gearchange was on the steering column.

Colin
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KitS

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Re: Retirement
« Reply #189 on: February 16, 2019, 11:33:21 AM »


Unfortanately, yes. And when the gearchange was on the steering column.


Groan! Don't remind me, pleeeease!  :((

Tales of a Mk IIIC Hillman Minx that just WOULDN'T change into second to climb up the slope to our test workshop............
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Taranis

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Re: Retirement
« Reply #190 on: February 16, 2019, 11:38:31 AM »

 As a young teenager my uncle had a Hillman Husky and the throttle cable snapped while we were on the road. He got me laid in the back with the floor panel removed to operate the throttle.  I got us home but talk about kangaroo juice  {-)


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ANDY
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grendel

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Re: Retirement
« Reply #191 on: February 16, 2019, 11:44:55 AM »

Ah here is where we can link back to boats, a friend of mine has procedures in place for emergency throttle and steering in case the cables break, it does require at least one other person to either operate the throttle or manually turn the rudder from the top of the rudder post (he has had both fail at one time or other - never both together though.
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Martin [Admin]

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Re: Retirement
« Reply #192 on: February 16, 2019, 12:01:35 PM »


Shall we let this run until Sunday and do you want to continue the discussion?
    :police:
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derekwarner

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Re: Retirement
« Reply #193 on: February 16, 2019, 12:14:50 PM »

Goodness yes Malcolm ..... any older Australian who has driven from Sydney to Melbourne, or Sydney to Brisbane in the dark hours [1000 km for you stay at home poms ok2  ] ....


I say this as they were both approximately a 12 to 14 hour trip.........[only stopping twice in the dark hours for fuel]


Yes ...the positioning of your feet was ....right foot on the accelerator & left foot on the Hi-Beam floor dip switch  :kiss:


In those days we only had two speeds....go...& dip the lights when necessary....mind you if you were discourteous & forgot to dip the lights at a truckie......you were blinded by Manfred Manns revenge  {-)


Derek
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Taranis

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Re: Retirement
« Reply #194 on: February 16, 2019, 12:44:23 PM »


Shall we let this run until Sunday and do you want to continue the discussion?
    :police:


Does it need an agenda? Surely it will fade away if people lose interest all on its own
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ANDY
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Netleyned

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Re: Retirement
« Reply #195 on: February 16, 2019, 01:06:02 PM »

I couldn't care less which foot anyone else uses, as long as they use it before they hit me.


 :-)) :-))
Well said Sir O0
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Taranis

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Re: Retirement
« Reply #196 on: February 16, 2019, 01:07:38 PM »

I couldn't care less which foot anyone else uses, as long as they use it before they hit me.


 :-)) :-))
Well said Sir O0
Ned


Yes quite succinct  :-)
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ANDY
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KitS

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Re: Retirement
« Reply #197 on: February 16, 2019, 02:12:09 PM »


 As a young teenager my uncle had a Hillman Husky and the throttle cable snapped while we were on the road. He got me laid in the back with the floor panel removed to operate the throttle.  I got us home but talk about kangaroo juice  {-)





Cracking motor car, as all Imp derived cars were, not that I'm biased of course.  :-)

I had six Imps of various types in my life, at least two of which I built myself (Pressed Steel made the body shells and that's where I worked.....  ok2.) My fave was a Husky, just like your uncle's in the pic, except mine had an 80 bhp engine.........  ok2
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Taranis

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Re: Retirement
« Reply #198 on: February 16, 2019, 02:16:46 PM »

I don't know the story behind him obtaining that as he usually drove Minor 1000's because he worked for GPO and did under the counter deals with the stores for parts  {-)  Maybe he got fed up of having a new floor pan welded into every single one  O0 . I learned to drive in his Triumph Toledo which was lovely having a hydraulic clutch  :-)
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ANDY
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Taranis

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Re: Retirement
« Reply #199 on: February 24, 2019, 09:09:43 PM »

Over the last three weeks I think me and the wife have concluded I donít need to work even for pocket change so a resolution is imminent
Tomorrow we head for Clumber Park for three days chillaxin in the hope this unseasonal good weather holds
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ANDY
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