Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: STEMO on 23 July 2018, 15:52:52
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I worked for Vauxhall motors in Ellesmere Port for about 8 months in the early seventies. During this time, I paid into a company pension. Today I received a letter informing me that this pension would now pay out.
I can take a lump sum of £38.80, the first 25% being tax free, but the remaining 75% being subject to income tax, which the pension company, Abbey Life, will deduct.
Or...I can take an annual pension of £1.94. This may be subject to income tax, depending on my personal circumstances.
They advise me to contact an independent financial advisor before making a decision.
What would you do? ;D
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I worked for Vauxhall motors in Ellesmere Port for about 8 months in the early seventies. During this time, I paid into a company pension. Today I received a letter informing me that this pension would now pay out.
I can take a lump sum of £38.80, the first 25% being tax free, but the remaining 75% being subject to income tax, which the pension company, Abbey Life, will deduct.
Or...I can take an annual pension of £1.94. This may be subject to income tax, depending on my personal circumstances.
They advise me to contact an independent financial advisor before making a decision.
What would you do? ;D
Surprise, surprise........take the £38.80 and run!! ;D ;D ;D
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I worked for Vauxhall motors in Ellesmere Port for about 8 months in the early seventies. During this time, I paid into a company pension. Today I received a letter informing me that this pension would now pay out.
I can take a lump sum of £38.80, the first 25% being tax free, but the remaining 75% being subject to income tax, which the pension company, Abbey Life, will deduct.
Or...I can take an annual pension of £1.94. This may be subject to income tax, depending on my personal circumstances.
They advise me to contact an independent financial advisor before making a decision.
What would you do? ;D
Surprise, surprise........take the £38.80 and run!! ;D ;D ;D
About £33 after tax...I could put half a tank of diesel in with that. :)
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I worked for Vauxhall motors in Ellesmere Port for about 8 months in the early seventies. During this time, I paid into a company pension. Today I received a letter informing me that this pension would now pay out.
I can take a lump sum of £38.80, the first 25% being tax free, but the remaining 75% being subject to income tax, which the pension company, Abbey Life, will deduct.
Or...I can take an annual pension of £1.94. This may be subject to income tax, depending on my personal circumstances.
They advise me to contact an independent financial advisor before making a decision.
What would you do? ;D
Surprise, surprise........take the £38.80 and run!! ;D ;D ;D
About £33 after tax...I could put half a tank of diesel in with that. :)
;D ;D
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Transfer the lot into your other provider.
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Now you made it public, expect begging letters and friends and family, who you have not seen in years to appear :(
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Now you made it public, expect begging letters and friends and family, who you have not seen in years to appear :(
I don't have any friends and most of my family moved...during the night. Hard to fathom why, really. :-\
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Take the £1.94 per annum, as you said in another thread that you come from a family that has enjoyed longevity! ;)
As the amount is so small, you might not have to pay tax on it, so after 17 years you'll be in profit! :)
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Consider taking the £1.94 as that is a 5% return. Ask them if you get a guaranteed payment length, say you are looking for 5 years as a minimum and is there any annual inflation escalation, while keeping a straight face and taking in a deeply serious voice, but she might have to discuss it with her boss before she gets back to you. ;D ;D ;D
If she suggests that you are taking the pee, tell her, well your letter started it. ;D ;D ;D
So, then take the mighty lump sump and look to buy an open market annuity with it. ;D ;D ;D
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Spend it wisely 😀😁😂
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Take the lump sum and you might actually be able to buy some shoes that fit you properly :-*
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I worked for Vauxhall motors in Ellesmere Port for about 8 months in the early seventies. During this time, I paid into a company pension. Today I received a letter informing me that this pension would now pay out.
I can take a lump sum of £38.80, the first 25% being tax free, but the remaining 75% being subject to income tax, which the pension company, Abbey Life, will deduct.
Or...I can take an annual pension of £1.94. This may be subject to income tax, depending on my personal circumstances.
They advise me to contact an independent financial advisor before making a decision.
What would you do? ;D
How did you achieve that, at a car plant in Liverpool in the 70's.
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Must've been a strike breaker :D :D :D
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Steve, I think given the variety of advice offered, you should consult your financial adviser, ignore him, and then buy another Omega with the £38.80. ::) :y
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Steve, I think given the variety of advice offered, you should consult your financial adviser, ignore him, and then buy another Omega with the £38.80. ::) :y
I'd need an estate, and it would have to be a facelift. I might have to put a tenner towards the payout. :-\
But, yes, worth considering.
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Steve, I think given the variety of advice offered, you should consult your financial adviser, ignore him, and then buy another Omega with the £38.80. ::) :y
I'd need an estate, and it would have to be a facelift. I might have to put a tenner towards the payout. :-\
But, yes, worth considering.
For £33 I might even wash it for you when you collect it :D