La Dolce Vita

[9goals2hattricks3pen]

On hols in Italy atm and got talking to a couple of Brits both aged 63 who have just taken early retirement. Until a couple of months ago they had no idea it was an option until their Financial Advisor explained the new rules Osborne introduced in 2015.
Previously they could only take an annuity which I think he said would have grossed them £6k pa obviously not enough to live on. They estimated they needed £22kpa. Their FA simply told them to take the cash they needed tax free from their pot over the 2 years until they received their state pensions when they then only need to take £6k pa to bridge the gap. Their pot would last until their 90's.
The two of them both hated their jobs and were so pleased to be 'free' The detail of this might be a bit sketchy but anyone in a similar situation might want to ask the question.
Having taken early retirement 8 years ago I can only recommend it.

PS Is La Dolce Vita in Brum still there. Had many a happy night out there in the 70's.

[WBA53]

Exactly what I did and couldn't have done it without a FA,as its a complicated business to get access to certain kinds of private pensions like mine was,left the rat race behind in 2015 best thing I ever did

[WBA1955]

Looking'forward'to'my'gold'plated'pension'and'the' 5'signings'before'Saturday.;D

[Baggies_Boy_Tony]

Exactly what I did and couldn't have done it without a FA,as its a complicated business to get access to certain kinds of private pensions like mine was,left the rat race behind in 2015 best thing I ever did

Made redundant and decided on early retirement in 2003, moved to North Wales in 2004, all in all the best thing I did, although redundancy was forced on me.

[WBA1955]

I'have'applied'for'VR'twice'and'each'time'been'tur ned'down.The'reason'they'gave'was'i'could'do'many' different'jobs.
The'real'reason'was'i'have'worked'there'for'31'yea rs'and'it'would'cost'them'too'much.

[BaggieBlood]

A word of caution to anyone thinking about taking advantage of these new pension rules.

I read somewhere that there are a lot of charlatans trying to con people with the dodgy advice they give.

I would check the official. Government websites for guidance.

On another note Tony, I may be wrong, but you renewed your Season ticket and that must a long trek from Wales?

I only mention it we visited the other half's family in Caermarthenshire and it took over 3 hours from Brum, never realised Wales was that big.

[9goals2hattricks3pen]

From what I hear the word of caution applies equally whether you go the annuity or cash withdraw route. Always considered my F A to be a mate and he has always done a good job for my finances.
He is a Gillingham fan so you might question his judgement but not his loyalty.

[WBA53]

Anyone thinking of doing the same do what I did get a FA from the financial conduct authority and don't mess with any cold callers

[Joy_Division]

I took lump sums from two waste of time pensions of which 25% was tax free. Then with my decent works pension which had been frozen due to redundancy I used the lump sum and pension combination to quit working at 63. Assuming I'm still around I'll start collecting my state pension May 2018. Without doubt one of the best decision I ever made, along with ditching the first wife and marrying my second wonderful wife of the last 30 years. I'm so grateful that the taking of pensions as a lump sum was introduced. I could not imagine having to do 50 hours a week in that God forsaken hole where I finished my working life.

[WBA53]

I took lump sums from two waste of time pensions of which 25% was tax free. Then with my decent works pension which had been frozen due to redundancy I used the lump sum and pension combination to quit working at 63. Assuming I'm still around I'll start collecting my state pension May 2018. Without doubt one of the best decision I ever made, along with ditching the first wife and marrying my second wonderful wife of the last 30 years. I'm so grateful that the taking of pensions as a lump sum was introduced. I could not imagine having to do 50 hours a week in that God forsaken hole where I finished my working life.
very similar story to mine,redundant from what was rolls Royce when it closed in 92 paid into the company pension scheme for little more than 18 years,left it in their coffers until 2014 accruing by law at least 7.5% interest annually and WOW thank you very much Gideon Osbourne,all my dreams and wants became a reality and the greedy annuity companys didn't have the chance to grab hold of it,its mine until I die and then whats left will be passed on to swmbo and the kids after that.again thank you Gideon :heart: