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[Dave_G]

Reading your pension woes brings back all the troubles I had when deciding what to do.

It was an unbelievably stressful time. After about 24 years in a solid job I jacked it in. Mortgage was paid off, and I couldn’t handle the pressure of continuous striving for ‘shareholder value’. Staff were being ground down incessantly.

In 2010 I went to work with a few guys who’d also become disillusioned with the status quo and I stayed there for about 6 years. Then that started to go the same way. Profit above all else.

I got quotes from my long term pension plan provider (the 24 year’s service one) for present, 1-year out and 2-years out and hanging on for another two years would only gain me a few hundred quid a year. In my mind a no-brainer.

I did get financial advice, and as it turned out, the only thing that could have improved my pension scheme was if it had been non-contributory.

So, after all that, I took early retirement at 60. Stress had gone, worry had gone, health had started to improve and I’ve never looked back.

I think the most stressful part was trying to convince my wife that this was the right thing to do.

Perhaps I’m not typical of you guy’s experiences, but that’s what worked for me. Just thought I’d share that.

[TheBoy]

I’m surprised you’ve not gone EV on sacrifice. It’s one of the best tax avoidance things around as far as I can tell. With the benefit of cheap hassle free motoring.

For the avoidance of doubt, as a bit bored of those that get an EV and becoming evangelists, much like vegans...

AN EV DOESN'T CURRENT WORK FOR US

Doesn't matter how expensive or cheap it is, if it doesn't work, it's a waste of money. Simples.

More as tax avoidance though, not the car!!! My push to get one was not the car. Not the running costs, not the service bit. Not actually anything relating to the car itself.

My main reason was to pull money away from the tax threshold. The savings in tax was key, in combination with pension contributions. All to max out what can be kept away from the government ludicrous stealth tax band.

If I had not ordered one it would have been more of a waste of money, as the option to keep the cash instead was far more depressing and gave far to much to the tax away.

I will add that you mentioned minimum wage. So guess you are pushing it down super low.

I think with our scheme some people have taken the car, then increased pension contributions.

The car scheme does check national wage, but pension deductions do not.

So it’s just a method to push it down and save more tax 

As I understand it, any salary sacrifice scheme cannot take you under minimum wage.  I thought that was a legal thing, not specific to any one company.

[TheBoy]

Thieving Amazon delivery drivers.

I know the items were all freebies, but I really, really wanted 2 of them  .  OK, maybe not enough to buy them with my own money . But still thieving bastards!

[STEMO]

Thieving Amazon delivery drivers.

I know the items were all freebies, but I really, really wanted 2 of them  .  OK, maybe not enough to buy them with my own money . But still thieving bastards!

They're just supplementing their pension 

[YZ250]

………….
More as tax avoidance though, not the car!!! My push to get one was not the car. Not the running costs, not the service bit. Not actually anything relating to the car itself.
……………

Nothing to do with the car.    So you chose a car with 600 ponies just to help your tax and pension, absolutely nothing to do with the car itself. I’m guessing that the sheer power of your car is just an added bonus, so how lucky was that. 
That sounds about as convincing as me telling my wife that we must always have the 335’s/435’s because only the *35’s had the winter pack and Nav Pro, which isn’t actually true.   

[STEMO]

………….
More as tax avoidance though, not the car!!! My push to get one was not the car. Not the running costs, not the service bit. Not actually anything relating to the car itself.
……………

Nothing to do with the car.    So you chose a car with 600 ponies just to help your tax and pension, absolutely nothing to do with the car itself. I’m guessing that the sheer power of your car is just an added bonus, so how lucky was that. 
That sounds about as convincing as me telling my wife that we must always have the 335’s/435’s because only the *35’s had the winter pack and Nav Pro, which isn’t actually true.   

It's not like you to be cynical 

[STEMO]

Anyway....my pension plan was/is far superior to anything I've read here.

[YZ250]

…….
It's not like you to be cynical 

    

[tunnie]

………….
More as tax avoidance though, not the car!!! My push to get one was not the car. Not the running costs, not the service bit. Not actually anything relating to the car itself.
……………

Nothing to do with the car.    So you chose a car with 600 ponies just to help your tax and pension, absolutely nothing to do with the car itself. I’m guessing that the sheer power of your car is just an added bonus, so how lucky was that. 
That sounds about as convincing as me telling my wife that we must always have the 335’s/435’s because only the *35’s had the winter pack and Nav Pro, which isn’t actually true.   

You joke but…..

Ford Explorer, Ford MachE, VW ID 7 and a number of others were MORE than the BMW.

They were base specs as well, dribble of power in comparison.

I had to ring up and ask why it was so cheap. BMW were offering LEX 40% off build slots. Everyone was ordering the standard eDrive 40.

So, it felt rude not to 

[tunnie]

I’m surprised you’ve not gone EV on sacrifice. It’s one of the best tax avoidance things around as far as I can tell. With the benefit of cheap hassle free motoring.

For the avoidance of doubt, as a bit bored of those that get an EV and becoming evangelists, much like vegans...

AN EV DOESN'T CURRENT WORK FOR US

Doesn't matter how expensive or cheap it is, if it doesn't work, it's a waste of money. Simples.

More as tax avoidance though, not the car!!! My push to get one was not the car. Not the running costs, not the service bit. Not actually anything relating to the car itself.

My main reason was to pull money away from the tax threshold. The savings in tax was key, in combination with pension contributions. All to max out what can be kept away from the government ludicrous stealth tax band.

If I had not ordered one it would have been more of a waste of money, as the option to keep the cash instead was far more depressing and gave far to much to the tax away.

I will add that you mentioned minimum wage. So guess you are pushing it down super low.

I think with our scheme some people have taken the car, then increased pension contributions.

The car scheme does check national wage, but pension deductions do not.

So it’s just a method to push it down and save more tax 

As I understand it, any salary sacrifice scheme cannot take you under minimum wage.  I thought that was a legal thing, not specific to any one company.

The car schemes check in detail. As I’ve asked if I could have a second car via the scheme. You can but it’s subject to checks.

The pension deductions as far can tell, don’t know about car deductions. The car scheme does not impact pension, as the pension calculations take place before the car scheme does.

So the car won’t reduce pension contributions.

For pension you can wack in anything from what I’ve heard.

[Viral_Jim]

For pension you can wack in anything from what I’ve heard.

Yup, up to £60k or 100% of your relevant earnings (whichever is the lower). Or (I think) £10k once you've taken money out of your pension other than tax free cash. Never paid much attention to that bit though as it's not relevant for me, and won't be for 20yrs or so 

[YZ250]

……….
So, after all that, I took early retirement at 60. Stress had gone, worry had gone, health had started to improve and I’ve never looked back.

I think the most stressful part was trying to convince my wife that this was the right thing to do.

Perhaps I’m not typical of you guy’s experiences, but that’s what worked for me. Just thought I’d share that.

I was lucky that the figures that the pension scheme people gave me (almost 40 years in DB pension) were almost on par with my monthly wage anyway, so mine was an easy decision to retire at 58 thankfully.    I was also fortunate not to have stress in my job (CMM Programming), as I’d dealt with any tricky CAD alignment issues many times before, so very little phases you. Management reorganisation was getting on my tit, as all new managers have this obsession with changing things, things that have been tried and tested many years before they arrived. I just stopped listening to them in the end. 

I’ve been retired for almost six years now and have no regrets about retiring early. I miss the people and the banter, but not the job itself.    I’ve got to live until I’m 67 before I qualify for state pension. I might tell them that I’m coping ok without it so I don’t really need it.    Although I shouldn’t joke about that, as they’ll probably means test people with private pensions in the future. 

[YZ250]

…….
They were base specs as well, dribble of power in comparison.

So, it felt rude not to 

Hmm ok, I believe you. 

………
The car schemes check in detail. As I’ve asked if I could have a second car via the scheme. You can but it’s subject to checks.
…………

I’m almost certain that our works scheme was changed because management got the hump when they pulled into a parking space in their new BMW 320, and a shop floor worker pulled up next to them in his M4.    After years of being able to have whatever we wanted, they suddenly imposed this ‘responsible employer’ bullshit financial restriction on us, even though we could still have two vehicles. That’s when I started buying my own with company discount. 

[Doctor Gollum]

Again, that might be true at Sky, but it's not universal.

I currently have no option to pay above the salary sacrifice level.

Just had a look at our Tusker availability out of curiosity and there's not a single vehicle, new or used, that I can qualify for on my basic Apparently this is because HMRC won't allow them to offer options that take the employee below the national minimum living wage.

If I tweak the numbers upto my total gross, then everything opens up... '22 EQS for £696 and about £800 for a new 330e with a few options

[Doctor Gollum]

…….
They were base specs as well, dribble of power in comparison.

So, it felt rude not to 

Hmm ok, I believe you. 

………
The car schemes check in detail. As I’ve asked if I could have a second car via the scheme. You can but it’s subject to checks.
…………

I’m almost certain that our works scheme was changed because management got the hump when they pulled into a parking space in their new BMW 320, and a shop floor worker pulled up next to them in his M4.    After years of being able to have whatever we wanted, they suddenly imposed this ‘responsible employer’ bullshit financial restriction on us, even though we could still have two vehicles. That’s when I started buying my own with company discount. 

Obviously no tax incentive, but there's nothing to stop anyone spending 100% of their take home pay on financing a new Bentley, which kinda makes a mockery of the whole thing