Sunday 21 June 2020

My mini mini mini

School pension kicks in soon and the dreaded forms arrived. I don’t know what it is about official forms that sends me into a tiz but they do. I think I subconsciously think I will be thrown into jail if I do them wrong.

For such a tiny amount there sure were a lot of forms, 10 sides of them depending on what I wanted to do. Did I want to make my lump sum bigger by converting some of the pension into a slightly larger lump sum. I wasn’t going to, then realised I would need to collect this pension for nearly 14 years before I got back the loss of £6 a month for doing so, so I did.

Who knows how long I will live after receiving it. Normally I think long term but for such a small amount didn’t this time.

DB sat with me and I still managed to make a couple of mistakes. We shall see in due course if I have done it correctly.

13 comments:

  1. I dreaded it, I really did, and left it for too long really, although the system is very forgiving. It was a relief to get it all done and, yes, it was comp;icated.
    Well done!
    xx

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    Replies
    1. Got the government paperwork to do when I’m eligible, heaven knows how I will react with that lot.

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  2. My civil service pension was straight forward but my small private Coop pension I bought was a pain. The Coop sold all their pensions to Royal London. I had a guaranteed amount which complicated things but it was eventually sorted.

    ReplyDelete
    Replies
    1. Some small savings bonds have changed companies, not always for the better.

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  3. My military pension was an easy one and I have a couple of years to go before I have to do the government paperwork.

    ReplyDelete
    Replies
    1. Things to look forward to for us both!

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  4. Goodness...as if everything in life wasn't complicated enough already...next top will be thinking about pensions...well about how and when to start taking them anyway. x

    ReplyDelete
    Replies
    1. I waited extra years for this one as it was so small.

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  5. I recently cashed in a pension of mine. I calculated that I'd have to live to be in my nineties to get as much back as I would by cashing it in as a trivial commutation. It is highly unlikely I will live that long, so I took the money now.

    ReplyDelete
    Replies
    1. We cashed in a savings bond for the same reason.

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  6. When my school pension came up about 9 months ago I took the lump sum payment as well. With it I bought a new entertainment stand, desk, carpet for the front room, and with the tax return bought a smoker, a propane firepit, and now a mini computer to add to the television set up. My TV will now become a computer, making life just a bit easier overall.

    God bless.

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    Replies
    1. I hope to get a new computer with some of it.

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    2. I still have quite a lot of my lump sum tucked away - it's a very comforting thing. xx

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