Note to all – read the small print!
I guess what I’m trying to say is that it doesn’t look like there’s a lot we can do about the bad news we received about our company pensions, although we are going to try…! 🙁
This came as a massive shock to everyone – most people knew that once we were sold, our pensions would be frozen but nobody knew that we would suffer such penalties.
Sleight of hand tricksters couldn’t have done a better job of misdirection! Perhaps it wasn’t intentional (ahem), but it was rather sneaky of the company to do this although legally, they have done nothing wrong, it was there for everyone to see.
Morale around the office is as low as I’ve ever seen it – if I wasn’t so busy, I’d get dragged down by it all too.
Interestingly enough, there have been a flurry of recent announcements of very senior personnel taking their retirements early after ‘long and illustrious’ careers – I guess they’ve only just read the small print too in their pension agreements and realised that they’d better get out now on the full benefits while they can!
Change to my Ultimate Goal?
I had a one-to-one with the pension providers and have been advised of what my DB pension will pay out, now that I will no longer be making contributions. Since I hadn’t planned on taking my DB until age 65, I had previously thought that there wouldn’t be much impact.
I was wrong – there is a significant difference! I will need to do some more calculations on my spreadsheets as it’s obvious my original £250k FI goal is now no longer going to be sufficient. I was planning on reviewing it anyway, as there have been some changes to my investments since I originally set it, plus there were lots of things I hadn’t considered (or wasn’t aware of) but I really do need to look at the numbers properly again. Back to the drawing board…
Not long to ‘D-Day’ and there are still so many unanswered questions.
I’m just going to roll with whatever happens….
Despite what’s been going on at work, I’ve had my head down as I’ve still had deadlines to meet and projects to complete. I even did a bit of unpaid overtime to get the work done. Couldn’t let myself get distracted by what was going on, otherwise I’d lose all motivation to work, like some people have already.
The first bit of good news is that my hard work was noticed and appreciated, (not by my boss incidentally but by the project manager I was helping) and I’ve been given a small award (I had a choice between John Lewis or Amazon vouchers – I chose the latter).
One of my friends at work, upon congratulating me asked, “So what are you getting to treat yourself? Don’t tell me you’re going to use them for buying Christmas presents!?”
Actually, that’s precisely what I have in mind for them, to help reduce my Christmas shopping expenses!
I had a quick browse through Amazon and ended up buying one item – a copy of ‘Millionaire Next Door’! The rest I will save for Christmas shopping.
The other news is that in November, I’ll be working 4-day weeks as all holidays have to be used up before the end of the year. Suits me fine!
Anyway on that note, have a good weekend all – I’m out on the razz for the first time in weeks for some much needed laughter and alcohol therapy! 🙂