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Anyone retired lately or retiring soon? I will be retiring from the Ottawa Water Systems, Friday April 21, my 55th birthday. You need to be 55 to qualify for your pension over here. I will retire with 36 years with the City of Ottawa. Bit nervous, been at this Corporation since I was 19 years old. I may work part time to keep busy, fish, kayak, I don't know. Just know I'm excited yet nervous, and apparantly that's normal. So I get 72% of my salary, cheque at the end of every month till the day I die. How does it work in Scotland? Is there a specific age to retire? Just curious.. Cheers.. 🏴󠁧󠁢󠁳󠁣󠁴󠁿👍

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You will be miles better off than most of us retiring in Scotland. 

Very, very few folk here will retire at 55 and a tiny fraction will be on a final salary pension like you are on. 

A high % of those living here won't be able to retire until they reach state pension age (state pension will be 70 at best by time i hit retirement age).

My dad retired at 61 in 2017 and only got his state pension a few months back. 

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1 minute ago, Squirrelhumper said:

You will be miles better off than most of us retiring in Scotland. 

Very, very few folk here will retire at 55 and a tiny fraction will be on a final salary pension like you are on. 

A high % of those living here won't be able to retire until they reach state pension age (state pension will be 70 at best by time i hit retirement age).

My dad retired at 61 in 2017 and only got his state pension a few months back. 

Jesus Murphy.. I am fortunate to go at 55 then. How do folk survive over there, that's terrible. That's the government that sets that age I would imagine. Sounds like most folk will not live to enjoy their pension.. Bastards !! 

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4 minutes ago, killiefaetheferry said:

66-67 now in Scotland. State pension about 800-900 a month. You can 'retire' earlier on whatever company pension you've built up, but only get the state element at 66-67. 

Sorry for my ignorance. What is a "state element"? I am.not familiar with the retirement process in Scotland..

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15 minutes ago, Big Ramy 1314 said:

Sorry for my ignorance. What is a "state element"? I am.not familiar with the retirement process in Scotland..

State pension is paid by the government.

Many people will have a private or company scheme in addition to this.

Depending on the terms of your personal schemes you can still stop work earlier than the state pension age.

My dad was pensioned off by the council aged 50. He's still going strong in his mid 80s, touch wood, and has been drawing a pension now for longer than he worked. A good example of why such schemes are rare now and the retirement age is increasing. 

 

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14 minutes ago, Big Ramy 1314 said:

Sorry for my ignorance. What is a "state element"? I am.not familiar with the retirement process in Scotland..


firstly, nice one Ramy, being able to retire at 55 is an achievement and aspiration for many.

 

in Scotland and the rest of the Uk, you get a government pension (if you work for 35 qualifying years), which as stated before Is around £10k a year.

clearly that is not enough money for most people to live on so they invest in an occupational pension to supplement this.  This may be a public sector funded pension if you work in public sector, or a private scheme if you work in the private scheme.

the good old days of final salary pensions like you have, are long gone in this country.  The vast majority of people have to save in to a pot or fund and withdraw money from that and so carry all the investment risk.  They say that the safe withdrawal rate from that is around 3-4% so you are looking t having to have saved £1m to live off 30-40k a year plus state pension.  The problem with the state pension is that the government decides when they want to give it ti you.

it’s a shit show.  

 

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3 minutes ago, Toepoke said:

State pension is paid by the government.

Many people will have a private or company scheme in addition to this.

Depending on the terms of your personal schemes you can still stop work earlier than the state pension age.

My dad was pensioned off by the council aged 50. He's still going strong in his mid 80s, touch wood, and has been drawing a pension now for longer than he worked. A good example of why such schemes are rare now and the retirement age is increasing. 

 

Ok, got it. My pension is paid out by OMERS, I have been paying into it for 36 years. The government will give me an "Old Age" pension at 65, and also a "Canada Pension" at 65.. It all sounds wonderful, but most folk have to keep working over here because the cost of living is insane thanks to that prick Trudeau...

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I am hoping to retire when I am 60 in December. Been fortunate enough to have 2 final salary pensions through employers over the years but none of them anywhere near big enough to retire on , individually or combined . I opted out one of them 2 years ago as I was getting a generous offer and I can now draw from that when I like rather than be restricted to a small pension for the rest of my life. Who knows how long I have to live , I would rather go fookin mental for the first 5 -10 years  when i hopefully have some decent health. It wasnt  easy getting out the final salary pension though , its tightly regulated.

I have been paying as much as i can into my current pension for the past few years, its easier when you dont have kids to help out or a mortgage. I should have enough between the bits and pieces to get by until the state pension kicks in. 

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48 minutes ago, Big Ramy 1314 said:

Anyone retired lately or retiring soon? I will be retiring from the Ottawa Water Systems, Friday April 21, my 55th birthday. You need to be 55 to qualify for your pension over here. I will retire with 36 years with the City of Ottawa. Bit nervous, been at this Corporation since I was 19 years old. I may work part time to keep busy, fish, kayak, I don't know. Just know I'm excited yet nervous, and apparantly that's normal. So I get 72% of my salary, cheque at the end of every month till the day I die. How does it work in Scotland? Is there a specific age to retire? Just curious.. Cheers.. 🏴󠁧󠁢󠁳󠁣󠁴󠁿👍

36 years is great loyalty . Enjoy your retirement Ramy and delighted you got a clean bill if health on the 💩😁

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4 minutes ago, TDYER63 said:

36 years is great loyalty . Enjoy your retirement Ramy and delighted you got a clean bill if health on the 💩😁

Awe cheers TDyer. I am the senior Operator in my department, I loved my job, very fortunate. The lads are planning a farewell breakfast and wee ceremony in the 21st of April. It will be emotional. Hard to believe in 2 weeks my career is over. I have worked hard though over the years and earned my pension. I don't take it for granted. That's why I had the colonoscopy. I want to enjoy life and live it to the fullest. You never know when your time is up.....🏴󠁧󠁢󠁳󠁣󠁴󠁿❤️

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Family will be sound when I pop it. Gave up making any plans for retirement tho. If I'm alive and have any idea who I am at 67 I'll be happy enough (not a great record of long life in my family so having a fuckin ball now while I'm fit to do so).

 

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Just now, Och Aye said:

Family will be sound when I pop it. Gave up making any plans for retirement tho. If I'm alive and have any idea who I am at 67 I'll be happy enough (not a great record of long life in my family so having a fuckin ball now while I'm fit to do so).

 

Fuckin Amen to that pal !! 🏴󠁧󠁢󠁳󠁣󠁴󠁿👊

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4 minutes ago, Big Ramy 1314 said:

Awe cheers TDyer. I am the senior Operator in my department, I loved my job, very fortunate. The lads are planning a farewell breakfast and wee ceremony in the 21st of April. It will be emotional. Hard to believe in 2 weeks my career is over. I have worked hard though over the years and earned my pension. I don't take it for granted. That's why I had the colonoscopy. I want to enjoy life and live it to the fullest. You never know when your time is up.....🏴󠁧󠁢󠁳󠁣󠁴󠁿❤️

It will indeed be emotional. Perhaps even some ‘waterworks ‘ 😆

I will be travelling back from a 5 day holiday in Benidorm with my pals on 21 apr, if I survive it I will have a wee toast to your retirement 🍻

Just one thing, does this mean you are going to be on here more often,  after 21st ? Just asking in case i need to extend that holiday ……

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17 minutes ago, TDYER63 said:

I am hoping to retire when I am 60 in December. Been fortunate enough to have 2 final salary pensions through employers over the years but none of them anywhere near big enough to retire on , individually or combined . I opted out one of them 2 years ago as I was getting a generous offer and I can now draw from that when I like rather than be restricted to a small pension for the rest of my life. Who knows how long I have to live , I would rather go fookin mental for the first 5 -10 years  when i hopefully have some decent health. It wasnt  easy getting out the final salary pension though , its tightly regulated.

I have been paying as much as i can into my current pension for the past few years, its easier when you dont have kids to help out or a mortgage. I should have enough between the bits and pieces to get by until the state pension kicks in. 


that’s the keep point, it’s impossible to plan as nobody knows how long for - I am working on the basis that it’s pipe and slippers after 80, if I can make it to then.

The other spectre on the horizon is care home costs.  Just been through that with my parents and it’s horrific.  Care home closest to me is £3000 per week. PER WEEK!  I’d rather stay in the balmoral or top myself.

 

 

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9 minutes ago, TDYER63 said:

It will indeed be emotional. Perhaps even some ‘waterworks ‘ 😆

I will be travelling back from a 5 day holiday in Benidorm with my pals on 21 apr, if I survive it I will have a wee toast to your retirement 🍻

Just one thing, does this mean you are going to be on here more often,  after 21st ? Just asking in case i need to extend that holiday ……

Perhaps, that's all this board needs..🤣🤣🤣

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6 minutes ago, Malcolm said:


that’s the keep point, it’s impossible to plan as nobody knows how long for - I am working on the basis that it’s pipe and slippers after 80, if I can make it to then.

The other spectre on the horizon is care home costs.  Just been through that with my parents and it’s horrific.  Care home closest to me is £3000 per week. PER WEEK!  I’d rather stay in the balmoral or top myself.

 

 

£3000.00 a week???? 😳😳😳

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1 hour ago, Big Ramy 1314 said:

Anyone retired lately or retiring soon? I will be retiring from the Ottawa Water Systems, Friday April 21, my 55th birthday. You need to be 55 to qualify for your pension over here. I will retire with 36 years with the City of Ottawa. Bit nervous, been at this Corporation since I was 19 years old. I may work part time to keep busy, fish, kayak, I don't know. Just know I'm excited yet nervous, and apparantly that's normal. So I get 72% of my salary, cheque at the end of every month till the day I die. How does it work in Scotland? Is there a specific age to retire? Just curious.. Cheers.. 🏴󠁧󠁢󠁳󠁣󠁴󠁿👍

I’m 63 and about to go part time, will go from 2 X 84 hour working weeks too one 84 week every 5 weeks, gentle slow down too retirement 😁

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