Planning ahead.

[dinkysatan]

Guys, I dont know if you have the final salary pension over there...

I started at a bank 15 years ago, the pension was a final salary which is/was a great benefit. Basically for every year I work I'd get 1/60th of my final salary from retirement until I died.

So.... its been taken away, no arguments tough shit.

But. I now have something like $800,000.00 in my pension. Great
yay. Frozen.

Am I on my own here in thinking cash it in? Pay off my mortgage and debts and just fucking live? I keep thinking I might not make 60, if I do so how good will life be?

What would you do?

I may lose 40% in tax, I may lose 10% in offshore scheme.

thoughts?

[Mr I]

I have a fps too, what makes you think you can.cash it in? transfer value doesn't means you can.cash it, do you also have death benefits than ruin with it? fps is goldeneye bro, when your older you'll be thankful

[dinkysatan]

I have a fps too, what makes you think you can.cash it in? transfer value doesn't means you can.cash it, do you also have death benefits than ruin with it? fps is goldeneye bro, when your older you'll be thankful

They moved me to the defined benefits pension (with life insurance) and froze the final salary pot. I can move the pot elsewhere or leave it where it is. I know someone who has already cashed theirs in, not entirely sure how I need to speak him. I have found sites that offer to buy 85% of the pot.

I know what you are saying though I may live to regret it or I might not be here to spend it!

[Mr I]

you have 1/4 of your.current salary index linked and guaranteed too pay out from when your 65 or take early at less at 60.

this also means you are no longer holden handcuffed to your current job, but I bet the defines benefit pension they replaced with is good employer contributions? toter in a good place brio compared to many. also if you cash it in somehow and get.divorced your fucked

[dinkysatan]

you have 1/4 of your.current salary index linked and guaranteed too pay out from when your 65 or take early at less at 60.

this also means you are no longer holden handcuffed to your current job, but I bet the defines benefit pension they replaced with is good employer contributions? toter in a good place brio compared to many. also if you cash it in somehow and get.divorced your fucked

15% non conributary of my basic. But, its in the wind that we have 2 years before they make us redundant.

I'm hearing you fella, and I appreciate it. I'm interest only mortage today, so I'm thinking convert from pension pot into bricks and motar.

TBH this is like my first cycle, everything cries 'no be safe' but I know what I'm going to do.

[Mr I]

well if they make you redindant banks usually pay off well especially fifteen years employment, keep your head.down bro, either big payout or your too expensive to lay off, just dont give em another reason to sack ya, also if you got interest only mortgage and your allowed to make overpayment then you have best if both worlds, I have this also but every other fucker cant get one now lol

[Scrumhalf]

For something as important as this, you need to consult a financial adviser. Seriously.

You need this money to last until you die (or more if you want to leave anything behind for your children). There are right ways and wrong ways to do this and I cannot emphasize too strongly how important it is to consult an expert.