The Retirement Thread
3 lurkers |
172 watchers
Jan 2023
10:59am, 30 Jan 2023
7,065 posts
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westmoors
lammo, my DB pension was closed and frozen ~8 years ago. When it was wound up, everyone received a letter stating what pension/annuity it equated to if taken at retirement age. The letter also stated it would be index linked. Long service awards were at 10 year intervals, but since the company has been bought out and sold out, the awards are now at 5 year intervals. I've done 23 years 9 months with two years 2 months to go. |
Jan 2023
11:06am, 30 Jan 2023
2,990 posts
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Ally-C
When I reached 10 years service I got a pin badge that was at the most worth 10p, never wore it obviously.
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Jan 2023
11:13am, 30 Jan 2023
62,427 posts
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Velociraptor
Doctors used to get a sliding scale of financial rewards for long service (called "seniority") but I think that was withdrawn and merged with the general pay pool a long time ago.
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Jan 2023
11:15am, 30 Jan 2023
39,894 posts
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EvilPixie
teaching had nothing I did get a his and hers tiffany watch from one company in 2004 - Mr Pix has never taken his out of the box, think I wore mine once. Should flog them really haha |
Jan 2023
11:24am, 30 Jan 2023
7,128 posts
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bigleggy
Working in IT, I've found it impossible to stay anywhere for long. The Elephant keeps trying to throw you off. I went through a 3 years period where I was finding a new job every 3 months on average. That was the great IT offshoring of jobs to India in mid to late 2000's. My job was to prove a role could be done from my kitchen table. Once done, it would be moved to India and done for a fraction of the price they were paying me. I would be giving the next role.......rinse and repeat. That taught me to never let the grass grow under your feet, look for signs of change and be ready to jump rather than wait to get pushed. Now, however, I'd probably be open to being 'let go' even if I am only in Week 3 of my current role 
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Jan 2023
11:31am, 30 Jan 2023
11,783 posts
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lammo
Thanks Curly, food for thought there, and Westmoors, i'll double check on that index linking.
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Jan 2023
11:35am, 30 Jan 2023
24,252 posts
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GimmeMedals
I would have got a long service award for working for the same Local Authority at 25 years, except I did 10 years, then skipped across the border for 2 years, hopped back again and only managed another 16 years before retiring.
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Jan 2023
12:25pm, 30 Jan 2023
7,130 posts
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bigleggy
Just read that article 3m posted the link to. It's bonkers !!! The Chancellor say Britain needs you to the over 50's. Yet the over 50's who still want to work can't find any. Someone is wrong !!! I also like the use of language about 'luring' the over 50's back to work. Like if they tweak it a bit it will seem more attractive than retirement !!!!! |
Jan 2023
12:32pm, 30 Jan 2023
24,349 posts
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Bazoaxe
I will be 37 years at the same employer in May, although it has changed shape and form over that time and is a very different business to that which I joined. I have only really had 3, maybe 4 different roles. Our DB closed in 2016 when I had 29 years service in the scheme (could only joint at 20). There was no real choice but a consultation exercise where some small concessions made and we also got extra payments into the new DC if we signed new T&Cs. A small number refused the new T&Cs and missed the extra payments |
Jan 2023
1:10pm, 30 Jan 2023
970 posts
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Shades
Pix - well you should know then in a few months if and how any changes affect your job.
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CumbriAndy Useful Links
FE accepts no responsibility for external links. Or anything, really.- Money Helper
- How Much is Enough to Retire On?
- Retirement Living Standards
- How much will you need to retire?
- Free Govt website for pension advice
- SIPP pensions
- ISAs
- Check your National Insurance contributions
- Check your state pension account
- Martin Lewis on pensions
- Support and advice for those widowed under the age of 50
- Power of Attorney information
- Making the most of your retirement
- 20 tips for a happy retirement
- Married Couple's Allowance
- Aviva guide to retirement planning
- U3A
- U3A Local Sites - map
- Make a Power of Attorney
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