Starting the process of accessing your DC pension

[Alex321]

Not sure how you reach that conclusion?

Median weekly earnings for full-time employees were £766.60 in April 2025,

https://www.ons.gov.uk/employmentan...rveyofhoursandearnings/2025#employee-earnings

That's £40k pa, only just below the "comfortable" £43k for a single, and well above the £31k "moderate".

That £43K is not gross income, it is outgoings. That means a gross income of around £55K

 

[fossyant]

That £43K is not gross income, it is outgoings. That means a gross income of around £55K

Mad isn't it, no way would I need that. I won't be buying another car (hopefully), I don't need expensive holidays. My bikes will last me out and more.

I've a colleague that's retired (or both have) early 60's and they are managing on £2k per month between them and that's not pulling any extra in, and before the state pension arrives. They are busy 'doing stuff', so not sat in.

 

[fossyant]

Given my 'colleague' who stripped to his underwear in a lecture kept his job, I'm not sure what "really naughty" could be

Spoiler: don't watch the video if you're squeamish.

I'd like to do some other things once retired, so don't want to be waiting too late. Yes, I could probably pick up part-time teaching quite easily, but intend to try something different.

OK, we've got rid for lots less, but that would be a sacking.

I plan to do stuff, but it's not accountancy, or not the level I do it at (management) - I'd maybe help out a charity, or just go do ANY charity work. My colleague that's retired from the same job, she helps out at a food bank.

We've a few that are down right nasty folk to staff/students, so they are 'on the list' and being managed out, but they aren't 'sackably bad enough'. Financially we're a very strong Uni, so we only get rid of folk we can do without and don't need replacing. We've reviewed in detail many staff in my Faculty. 99% great, but there is the odd few that are doing not a lot - these are being targeted for one reason or another.

 

[Regular.Cyclist]

I’m on a DB pension and, currently, intend to take my ‘95 scheme element at the end of March following my 60 birthday the previous December. On current calculations that already puts me well into the moderate range and my wife will still be working for a several more years taking the household income well into comfortable.

I then have the option to drop at least 10% of my contracted hours for one year (I can return to 100% after that) but the plan is to go completely. The up to 90% option is a good contingency though.

Later, at a time to be decided, I will draw the CARE scheme part of my pension and, possibly around the same time, be able to take my state pension, unless it becomes means tested or similar.

On current figures my wife and I will be able to maintain the comfortable range throughout even if we end up getting denied the state pension.

 

[ebikeerwidnes]

We have been retired for a while now - about 7 years
as said before I retired earlier than I expected due to circumstances

but we worked out that we would be fine on my pension and her small pension - due to her job - would allow for some extras

and in a few weeks I get the OAP and a few weeks after that she gets her

then we will be even better off

not living in luxury
but the house is paid off
the solar panels drop the energy bills in summer to almost zero

and we don;t want or need luxury stuff - a lot of our tastes are basic and traditional rather than luxury and expensive


so we are fine so far!

 

[midlife]

I’m on a DB pension and, currently, intend to take my ‘95 scheme element at the end of March following my 60 birthday the previous December. On current calculations that already puts me well into the moderate range and my wife will still be working for a several more years taking the household income well into comfortable.

I then have the option to drop at least 10% of my contracted hours for one year (I can return to 100% after that) but the plan is to go completely. The up to 90% option is a good contingency though.

Later, at a time to be decided, I will draw the CARE scheme part of my pension and, possibly around the same time, be able to take my state pension, unless it becomes means tested or similar.

On current figures my wife and I will be able to maintain the comfortable range throughout even if we end up getting denied the state pension.

If that’s an NHS pension you drop 10% of your pensionable pay and not hours ?

 

[Regular.Cyclist]

If that’s an NHS pension you drop 10% of your pensionable pay and not hours ?

True but, assuming staying in the same band, it’s one and the same.