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Retirement Age

Community Veteran
Posts: 18,542
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Registered: 12-08-2007

Retirement Age

I'm glad I retired early Smiley  There is a suggestion that those still in work will have to work until they're 70 Roll eyes
http://www.dailyexpress.co.uk/posts/view/119571/Now-work-until-you-re-70-warns-pensions-expert
28 REPLIES
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Registered: 11-01-2008

Re: Retirement Age

Thought that had been known for a long time?
Having had my final salary pension shut down after the tax grab and watched the holy grail of stakeholder pension shrink by more than I put in it; I fully expect to work until I'm 80....
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itsme
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Registered: 07-04-2007

Re: Retirement Age

Received my pension policy statement today and it's now looking like the value of the plan is less than the money paid in. Not a happy bunny and in my opinoin all FA's are thieving ..........
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Re: Retirement Age

Looks like we'll be chasing retirement until the Final Destination. Wink
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Re: Retirement Age

It's all academic anyway because it will just add more people to the sickness benefit list. I live in a very working class area and it is well documented that the morbidity/mortality rates in these areas are well below those in more affluent areas. Folk round here will just not be fit to work into their 70's.
itsme
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Re: Retirement Age

If you want to find out your retirement age http://www.thepensionservice.gov.uk/state-pension/age-calculator.asp it was a useful tool as it confirmed that I only need 30 years contributions. Which I already got but could be hit and miss whether I would have acrued 44 years partially down to bad record keeping by DHSS. As this only affected basic state pension and not SERPS I now don't have to look forward to a fight to prove that the missing contributions is down to them.
Community Veteran
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Registered: 06-04-2007

Re: Retirement Age

Quote from: itsme
Received my pension policy statement ... it's now looking like the value of the plan is less than the money paid in.

Yep, all pension account valuations/predictions will look pretty poor for a while as the stock market is subdued.
On the flip side, the money going into your account for the last 12 months, assuming you put money in it monthly, will have been buying shares at a cheap price and should do well when the stock market recovers ... we hope.
SW.
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Re: Retirement Age

Quote from: godsell4
On the flip side, the money going into your account for the last 12 months, assuming you put money in it monthly, will have been buying shares at a cheap price and should do well when the stock market recovers ... we hope.

Surely that should be an *if* the stock market recovers..
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itsme
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Re: Retirement Age

Unfortunately no money has been going into it for the last 4 years and if policies are close to maturing they will not have time to recover to the same levels a couple of years ago.
I have other policies where I have bee informed by the insurance companies that annual bonuses probably will not be paid for the coming future, and this after 5 years with no annual bonus, as they will be using the final bonus to reward investors. Unfortunately with a final bonus you need a crystal ball to determine whether you will receive one and at what rate. I don't know whether you have to be brave or stupid to invest in endownment or pension policies.
Community Veteran
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Re: Retirement Age

I'm sorry to hear that, I had hoped we were talking about accounts that were not so close to the date where you had to do something with them. Sad
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Community Veteran
Posts: 3,486
Registered: 02-10-2008

Re: Retirement Age

The really lucky people seem to be those who retired about 10 to 20 years ago.
We used to hear of many cases of people aged between 50 and 60 being given very generous golden handshakes from large companies. I seem to remember some being with BT.
Both my father and uncle retired at 60 on VERY generous terms - cash sum, keep the company car less than a year old, etc.
I see many people like that still around me.
But those days seem to have gone for the foreseeable future.
Community Veteran
Posts: 18,542
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Registered: 12-08-2007

Re: Retirement Age

I retired about 10 years ago but unfortunately my main pension pot was with Equitable Life Sad  There may be a glimmer of hope on the horizon but I'm not holding my breath Roll eyes
Community Veteran
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Registered: 24-09-2008

Re: Retirement Age

Drawback with the 70's rule is there won't be enough work to go around.
Slightly different subject.........DAK: Anybody (currently) working after retirenment age. Are NHI employer contributuion still payable. I'm aware employee contributions are exempt as are self employed.
jmd
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Re: Retirement Age

1.If you are still working after the official retirement age then you no longer need to pay NI Contributions.  You need to get in touch with them and employer to arrange.
Not sure if it is still the same but if for a man unemployed after 60 he does not need to "sign on" for Contributions if your Jobseekers benefit has run out.  They are awarded automatically at retirement age.  Worth checking if in that situation.  Also then may be eligible for Pension Credit.
2.I am very glad I am retired even if I could have got more by working longer - especially now Jobcentre Plus offices are getting busier again [which is where I used to work] - I could not cope with the hassle.
Community Veteran
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Registered: 02-10-2008

Re: Retirement Age

@JMDIP - yes I have heard of people who were long term unemployed - on Jobseekers - and then when they reach 60 - they move them off onto Pension Credit I believe - which I was told gives them almost as much as a normal penison - but at 60 instead of 65. I suppose this is working on the basis that it is difficult to find people of that age work. ?  - or is this just a way to amend the statistics ?

The other problem I see  - is that despite what the law may now say, may emplyers are still agest - and prfere younger people - so what chance would smeone 65 to 70 have of getting a job.
I know some companies like B&Q make a point of employing older people as they find them more reliable - so there needs to be a major programme of employer education.