06 Nov 2017, 23:19
07 Nov 2017, 20:56
BeamishStout wrote:Just looking forward to 2018 and my impending retirement.
My 60th birthday falls on the day after a bank holiday.
When I put in my notice, in which I stipulate my last day of working, does anyone know if I have to stipulate a 'working day' (i.e Monday to Saturday) as opposed to a 'bank holiday day'. I'm assuming that if you retire at 60 it really means you are only working up to 59 years and 364 days of age. Don't really want to spend my 60th birthday working - too busy celebrating
07 Nov 2017, 23:50
08 Nov 2017, 05:39
Beamishstout wrote:Standard Annual Pension (+Supplement payable) x 20 + Standard Lump Sum + AVC = Capital Value
08 Nov 2017, 11:39
RobertT wrote:As heapsy has alluded to, there is no longer any compulsion to retire at a certain age, that was changed in 2011. So it’s now more a case of resigning and taking your pension!
From what you say, I assume your 60th is on Tuesday 3rd April? So Personally I’d be inclined to make the Saturday or perhaps the Good Friday my last day. The only benefit from officially continuing to work until the Bank Holiday Monday would presumably be another days pay.
RobertT wrote:Also consider any unused holiday entitlement you might have, such as odd days. You might be able to take those in your last week and effectively retire a few days earlier.
RobertT wrote:Beamishstout wrote:Standard Annual Pension (+Supplement payable) x 20 + Standard Lump Sum + AVC = Capital Value
That might be a typo but, as you’re in Section C(as you get a supplement)you don’t get a standard lump sum, but have the choice of giving up some pension to get one. So your sum should read:
Standard Pension(+supplement) x20 + AVC’s = Capital Value
You can then take 25% of the capital value, ideally funded completely by AVC’s, and so preserving your maximum pension.