[dannypearson]

pdcmoon417, on Jan 27 2006, 07:50 PM, said:

WHEN DO U GET TO THAT AGE

When I'm 53

(Another 29 years yet)

[Ernie Ernie Ernie]

dannypearson, on Jan 27 2006, 07:49 PM, said:

Under the current "85 year rule" for government workers I can retire at 53.

Think again Danny the 85 year rule has gone unless you are already over 50

[dannypearson]

Ernie Ernie Ernie, on Jan 27 2006, 08:05 PM, said:

Think again Danny the 85 year rule has gone unless you are already over 50

Not gone yet, at least according to the Email we received today, although it will definitely be gone by the time I reach 53!!!

[Ernie Ernie Ernie]

dannypearson, on Jan 27 2006, 08:08 PM, said:

Not gone yet, at least according to the Email we received today, although it will definitely be gone by the time I reach 53!!!

It's well gone mate. If you aren't 50 already you've shot it. Trust me I've got 25 years in and was counting down etc

You will have to work until you ae 70!!! No early escape route

[dannypearson]

Ernie Ernie Ernie, on Jan 27 2006, 08:13 PM, said:

It's well gone mate. If you aren't 50 already you've shot it. Trust me I've got 25 years in and was counting down etc

You will have to work until you ae 70!!! No early escape route

I know that (work until 70)

Seriously the email we had today still quotes the 85 year rule. Though it did say that it will probably be revoked very soon (something to do with the age discrimination law) if parliament have there way (which they will)

[Ernie Ernie Ernie]

dannypearson, on Jan 27 2006, 08:17 PM, said:

I know that (work until 70)

Seriously the email we had today still quotes the 85 year rule. Though it did say that it will probably be revoked very soon (something to do with the age discrimination law) if parliament have there way (which they will)

the 85 year rule is still there BUT not for everyone. I can't remember if it was last April or this you had to be 50

[dannypearson]

Ernie Ernie Ernie, on Jan 27 2006, 08:22 PM, said:

the 85 year rule is still there BUT not for everyone. I can't remember if it was last April or this you had to be 50

From memory there was a date - 31 March 20???????? on the email which states that people who were aged ???? on that date will be protected against future changes if (when)they happen, so those will still be eligible under the "85 year rule" even if (when) it is abolished

They threatened to change it last year, but backed down under the threat of strike (which wouldn't have been good publicity just before the general election)

[Ernie Ernie Ernie]

dannypearson, on Jan 27 2006, 08:24 PM, said:

From memory there was a date - 31 March 20???????? on the email which states that people who were aged ???? on that date will be protected against future changes if (when)they happen, so those will still be eligible under the "85 year rule" even if (when) it is abolished

They threatened to change it last year, but backed down under the threat of strike (which wouldn't have been good publicity just before the general election)

they should change it, every year a year older another years service in etc, when it was coming down in 2's the 85 seemed to be getting close very quickly for me. Already up to 69 tomoz so another 8 and I'd be done

[dannypearson]

Ernie Ernie Ernie, on Jan 27 2006, 08:35 PM, said:

they should change it, every year a year older another years service in etc, when it was coming down in 2's the 85 seemed to be getting close very quickly for me. Already up to 69 tomoz so another 8 and I'd be done

Why "should" they change it though? You don't have to retire once you reach the "85 year" trigger level, it is just an option open to you - Same as when I have been in service 40 years, I wouldn't get any more of a Pension the longer I stay but I won't have to retire, and probably won't as I will "only" be 62.

[Ernie Ernie Ernie]

dannypearson, on Jan 27 2006, 08:39 PM, said:

Why "should" they change it though? You don't have to retire once you reach the "85 year" trigger level, it is just an option open to you - Same as when I have been in service 40 years, I wouldn't get any more of a Pension the longer I stay but I won't have to retire, and probably won't as I will "only" be 62.

as I've read it even after you have your 40 in you won't be able to retire you just have to keep going. I'd have took the 85 year option then gone 3 days a week with an agency

[dannypearson]

Ernie Ernie Ernie, on Jan 27 2006, 08:47 PM, said:

as I've read it even after you have your 40 in you won't be able to retire you just have to keep going. I'd have took the 85 year option then gone 3 days a week with an agency

You can always take early retirement, usually you just forego some Pension rights. However as the formula for the pension is something along the lines of x/20th of your final leaving salary (where x is the number of years service up to a maximum of 40) you would not get any bigger Pension for the years you serve over 40 was the point I was trying to make (badly, lol)

[dannypearson]

spireiteblue, on Jan 27 2006, 09:09 PM, said:

I was glad i took a pension out when i was at work,also took AVC's out too,so if you can afford to do it put in a bit extra a week or month depending on when you get paid,it could come in handy.

They take about £100 a month from my wages!!!! I'm not investing in any other pensions on top of that.

[Ernie Ernie Ernie]

dannypearson, on Jan 27 2006, 08:59 PM, said:

You can always take early retirement, usually you just forego some Pension rights. However as the formula for the pension is something along the lines of x/20th of your final leaving salary (where x is the number of years service up to a maximum of 40) you would not get any bigger Pension for the years you serve over 40 was the point I was trying to make (badly, lol)

It's 1/80th of final salary times your years for your pension and 3/80ths times years for your lump sum. Of course by the time we finish they will have doen away with final salary deals

[t0b1a5]

dannypearson, on Jan 27 2006, 11:11 PM, said:

They take about £100 a month from my wages!!!! I'm not investing in any other pensions on top of that.

But Danny, you probably cover that just with your gambling profits

[dannypearson]

Ernie Ernie Ernie, on Jan 27 2006, 09:17 PM, said:

It's 1/80th of final salary times your years for your pension and 3/80ths times years for your lump sum. Of course by the time we finish they will have doen away with final salary deals

They will definitely change by the time I retire, probably 4 or 5 times . So 40 years service will in effect then get 1.5 times your final salary as a lump sum. And half of your final salary as an annual pension (presumably it will increase by the standard 3% April upratings annually) Not the greatest incentive to save for your future is it, when those that don't will get Pension Credits (or whatever is in effect then) and their rent (where applicable) and council tax paid - so in reality we will probably only be as well off as those that don't invest for their future.

There was also something about increasing your lump sum, but for every £12 extra you take in a lump sum you lose £1 off your annual Pension.

So you could take an extra 12k as a lump sum and lose a grand a year off your Pension.