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The Retirement Thread

1 lurker | 172 watchers
Sigh
Sigh
Jan 2023
4:09pm, 29 Jan 2023
18,967 posts
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Sigh
Great news, OTHT! Let's all hope it stays that way (or better) for a while.
Hanneke
Hanneke
Jan 2023
11:18pm, 29 Jan 2023
98,808 posts
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Hanneke
I have filed my self assessment tonight and things seem to have changed?
I have a PAYE section again, and it mentions my last employer and tax code. It also mentions a rather high estimated income and large amount of income tax to pay!
This is over 2022/23! I have earnt pittence, free lance, as per 2021/22 and only pay class 2 NIC.
I am sort of worried...
Or has that been triggered by my request to pay 25% of my private pension and £200 a month going forward? Still, where do they get that figure from? Is that based on my last year in employment, back in 2013?
Should I be worried? Or will this sort itself out once I file my 22/23 return? In which case I better file that in April, so the know I am still below the tax treshold?
Hanneke
Hanneke
Jan 2023
11:20pm, 29 Jan 2023
98,809 posts
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Hanneke
And I thought the 25% was tax free? But the rest obviously taxed...
lammo
lammo
Jan 2023
8:40am, 30 Jan 2023
11,782 posts
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lammo
Morning all, sad news at the end of last week, mrs lammo's DB pension is going to be closed, after 25 years of contributions.

I'm yet to see the docs but apparently it will be frozen and a new DC scheme introduced.

Anything i need to be aware / wary of?

I've always had DC pensions, so i'm Ok there i think.

Thanks
EvilPixie
EvilPixie
Jan 2023
8:48am, 30 Jan 2023
39,887 posts
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EvilPixie
5 years at work

Hopefully not 5 more!!
HappyG(rrr)
HappyG(rrr)
Jan 2023
8:57am, 30 Jan 2023
45,415 posts
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HappyG(rrr)
I've never been 5 years at any company! Or not without it changing, being sold, bought or outsourced! Well done EP.

Really excited that this might be my last 2.5 years! :-) G
Shades
Shades
Jan 2023
8:59am, 30 Jan 2023
968 posts
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Shades
Hanneke - that does sound a bit strange.

When I cashed in a small pension and was taxed on 75% of the value it was treated like PAYE and the pension provider sent me a P45. As the tax year doesn't end until 5th April, maybe that's why a PAYE section has now appeared on your tax return.

I think you're right, once your return is filed then it should be clearer.
Rosehip
Rosehip
Jan 2023
9:01am, 30 Jan 2023
27,936 posts
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Rosehip
Hann, phone them. Sounds like taking the pension has triggered some assumptions about how much it is.
um
um
Jan 2023
9:03am, 30 Jan 2023
6,973 posts
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um
But I hope the staff discount & freebies are worth it.
Who knew McVitie's was really pladis (with a star)? Not me, till now.

Fun fact? Where I've worked, the 10 year anniversaries have been seen as a big job turnover factor. People stop and think, "10 years for this? Do I want to be doing this for another 10 years?".
Whereas 25 years are met with "Half-way!"

But I hope your retirement (aka freedom) plans work out EP.
EvilPixie
EvilPixie
Jan 2023
9:11am, 30 Jan 2023
39,889 posts
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EvilPixie
Yes Mcvities became United Biscuits (UB) then were bought out by a Turkish company when we became Pladis
I always refer to UB the public know Mcvities

I have found myself hoping for redundancy as a result of us losing the KP contract now. I know I can't retire off it and it won't be much of a payout but if the alternative is working with the other team my big boss runs then I want out!
Mr Pix has been here for 19 years in August the awards a new so he's missed out on loads of gifts and money. They are in 5 year brackets ... he doesn't want to get to the 20 yrs

About This Thread

Maintained by Sigh
A place for baggy spaciousness: "The quality of time, soft attention and ease that we could enjoy 'doing nothing' "
(thanks to TheScribbler for the term (p1516)!)
( see also: neilthewriter.co.uk
and
darkangelswriters.com )

Retirees Hall of Fame

star CumbriAndy star (17.04.25)
Dillthedog (27.03.25)
westmoors (27.03.25)
dobbers (26.02.25)
McGoohan (15.01.25)
Marmite (01.01.25)
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Hibeedeb (02.08.24)
Winniefree (08.07.24, 2nd attempt)
EvilPixie (24.06.24)
Snail (21.06.24)
GregP (14.06.24) (after part retirement 31.03.23)
Fizz :-) (13.06.24)
Jaks (15.05.24) (third time of retiring)
HellsBells (31.03.24) (orig. May 2018)
TROSaracen (07.02.24)(semi retired since mid 2019)
Hanneke (01.02.24)
Jenni-far-far (28.12.23)
FergusG (22.12.23)
Mrs Jigs (Luverlylegs) (11.12.23)
eL Bee! (30.11.23)
Lip Gloss (22.11.23)
jda (28.08.23)
RFJ (23.08.23)
Sigh (28.07.23)
Schnecke (end of school term 07.23)
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Ally-C (08.06.23)
Rebel (12.05.23)
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Windsor Wool (05.04.23)
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Garfield (provisional, 27.02.23) (see p.699)
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MaltDrinker (30.07.21)
DoricQuine (15.06.21)
Mandymoo (21.05.21)
Eynsham Red (06.05.21)
GimmeMedals (31.08.20)
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um (May 2017)
macca 53 (31.10.17)
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Flatlander (November 2011)
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Celebrating reduced hours

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In the Waiting Lounge, with one eye on the door

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