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Early retirement


Brick Tamland

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Heres bloody retirement Aberdeen style -

 

Retire from your final salary pension job at about 60.    At that time you will have over 30 years service, and with a 1/60th final salary scheme you retire on half your final salary,which can give a pension (yes pension) sometimes in excess of 100k per annum if you worked in an oil company at relatively senior levels that many can attain.  £50k pension is very common.

 

Then (like Alex Salmond) set up your own Company to advise and consult, being then liable only to 20% corporation tax.  But first, pay your spouse £6000 per year out that Company as "secretary" which then is offset against Corporation Tax.  Then, open a SIPP for your spouse and pay that £6000 into it hence getting 20% tax uplift, turning the £6000 into over £7000 at taxpayers expense. 

 

The money sloshing around up here his obscene, and the sooner the Scottish Govt hammer high earners the better. 

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Just now, deesidejambo said:

Heres bloody retirement Aberdeen style -

 

Retire from your final salary pension job at about 60.    At that time you will have over 30 years service, and with a 1/60th final salary scheme you retire on half your final salary,which can give a pension (yes pension) sometimes in excess of 100k per annum if you worked in an oil company at relatively senior levels that many can attain.  £50k pension is very common.

 

Then (like Alex Salmond) set up your own Company to advise and consult, being then liable only to 20% corporation tax.  But first, pay your spouse £6000 per year out that Company as "secretary" which then is offset against Corporation Tax.  Then, open a SIPP for your spouse and pay that £6000 into it hence getting 20% tax uplift, turning the £6000 into over £7000 at taxpayers expense. 

 

The money sloshing around up here his obscene, and the sooner the Scottish Govt hammer high earners the better. 

 

You seen pretty bitter about people retiring on a cushy income. They took advantage of a system that was very generous (a different discussion for a different thread) which will be paid for by my generation. 

 

I work alongside a lot of final salary oil managers and I bear no ill will to the fact that someone in my exact position will retire with a pension larger than my salary, while I’ll retire on a pension approximately 15% of my final salary. It’s life. Fair play to them. 

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Just now, houstonjambo said:

 

You seen pretty bitter about people retiring on a cushy income. They took advantage of a system that was very generous (a different discussion for a different thread) which will be paid for by my generation. 

 

I work alongside a lot of final salary oil managers and I bear no ill will to the fact that someone in my exact position will retire with a pension larger than my salary, while I’ll retire on a pension approximately 15% of my final salary. It’s life. Fair play to them. 

**** right I'm bitter.

 

But its not their fault  - they will milk as much as they can and remain millionaires.   I say the Govt should tax them more though.   50% tax band at £80k to start with.

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  • 2 weeks later...
kawasakijambo
On 10/13/2017 at 14:10, Stuart Lyon said:

Morgan 16years and 5 months old when I joined the Civil Service on 10/1/66. I started work in the Ministry of Ag, Fish and Food in London as a Clerical Assistant and then got a transfer back to Edinburgh to a job in the PO at Lothian House (now flats as I am sure you know) above the ABC/Odeon in August 1966. Chose to join BT when the then government split Posts and Telecoms in 1968.

I worked in Lothian House around 1980, the Philatelic Bureau.

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12 hours ago, kawasakijambo said:

I worked in Lothian House around 1980, the Philatelic Bureau.

I bet you put your stamp on that department ;)

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49 minutes ago, John Findlay said:

I bet you put your stamp on that department ;)

Probably drank in the Penny Black at lunchtimes.

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kawasakijambo
55 minutes ago, Morgan said:

Probably drank in the Penny Black at lunchtimes.

Not when I worked in Lothian Road, the Burnt post or Minskys was the choice of the day.

 

I did get moved later to Waterloo Place, then it was Penny Black breakfast and Guildford for lunch, happy days.

Edited by kawasakijambo
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39 minutes ago, kawasakijambo said:

Not when I worked in Lothian Road, the Burnt post or Minskys was the choice of the day.

 

I did get moved later to Waterloo Place, then it was Penny Black breakfast and Guildford for lunch, happy days.

I was actually having a wee joke about stamps but it turns out I got it right (sort of!).

 

Burnt Post used to be a haunt of ours too though. 

 

Guildford occasionally too but usually the Cafe Royal.

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6 hours ago, kawasakijambo said:

Not when I worked in Lothian Road, the Burnt post or Minskys was the choice of the day.

 

I did get moved later to Waterloo Place, then it was Penny Black breakfast and Guildford for lunch, happy days.

Every time I see The Burnt Post it reminds me of the night I was in there with me mate Ian who has a twin. I was getting drinks in and saw him talking to someone but couldn't see anyone else. Turned out he was talking to himself in the morrored bit and though he was his brother.

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  • 3 years later...

I retired at fifty six,  have had twenty nine years of it last month, one regret, I wish I had done it sooner. It allowed me to complete bucket lists, only stressors were bad golf games which I done daily for the first thirteen years in a small town with desert climate in BC. I was fortunate in taking my fathers advice and prodding from the age of about four to join the police, get good pensions and benefits. I was also fortunate that my wife accepted my proposal of marriage, as she gave me all the support in the world and made the necessary sacrifices for me to improve education and thus advance in my career. 

When talking to a medical person recently I commented in the hospital that if Esther and I walked out that door never to come back, we would not turn  around and say I wish we had, because we used our retirement particularly to do it all.

 

Edited by Sharpie
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2 hours ago, stevie1874 said:

Just looked over this old thread as was searching pensions. Anyway especially the op, any regrets re retiring early? Anyone else change their views?

None whatsoever !!   My company closed down a few years after I took an early retirement "opportunity", so it worked very well for me.   Garden, fishing, dogs, meeting up with friends for lunch/drinks now and again,  and a few UK holidays per year - pretty much what I'd hoped retirement would be like.      You have to stay reasonably active though, physically and mentally, or else you could spiral downhill way too early.

 

A work friend was made redundant a few years after I left - he felt totally lost not working and eventually succeeded in finding  another job in his late 50s. Purely for something to do, he didn't need the money.   Each to their own though.

 

Anyone who has retired on a good final salary pension with long service can consider themselves extremely fortunate  - hardly anyone under the age of 50  will have a full final salary pension by the time they retire, so it will be a financial struggle for many.  Increasingly so for folk in their 40s and 30s. 

 

 Governments and financial institutions are culpable for causing severe financial hardships in the future for millions of folk.  

 

 

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Just now, Greedy Jambo said:

My boss tried to talk me out of taking a pension ("it's a con") he said. 

He probably just didn't want to contribute towards it. 

If I retire at 67 my pension will give me the princely sum of £70 a month. I don’t imagine that will buy much by then. 

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14 minutes ago, Tazio said:

If I retire at 67 my pension will give me the princely sum of £70 a month. I don’t imagine that will buy much by then. 

You'll need to weigh up your options, mate. 

1. You buy your clothes from Home Bargains (wear Halloween outfits throughout the year)

2. Prison (roof over your head, free meals and no need for a TV License)

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