Compound interest and retirement

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Compound interest and retirement (datagenetics.com)

Bert put aside three and a half times as much money as Alf, but by delaying he has a smaller pension pot.

Spectacular example of why when saving (e.g. for a pension) it’s often more important to save early than it is to save lots. So get saving! Even with an understanding of compound interest, these numbers can surprise you.

The only time better than today would have been yesterday, and you already missed that boat.

Bureaucracy vs. Common Sense

In addition to the pension I get from my “day job” employer, I maintain a pension pot with a separate private provider which I top up with money from my freelance work. I logged in to that second pension provider’s (reliably shonky, web-standards-violating) website about a month ago and found that I couldn’t do anything because they’d added a new mandatory field to the “My Profile” page and I wasn’t allowed to do anything else until I’d filled it out. No problem, I thought: a few seconds won’t kill me.

Neon sign showing the words "Work Harder"
If I’m lucky, I might be able to afford to retire this century.

The newly-added field turned out to be “Gender”, and as it was apparently unacceptable to leave this unspecified (as would be my preference: after all, I’ll certainly be retiring after November 2018, when gender will cease to have any legal bearing on retirement age), I clicked the drop-down to see what options they’d provided. “Not provided”, “Male”, and “Female” were the options: fine, I thought, I’ll just pick “Not provided” and be done with it. And for a while, everything seemed fine.

Gender field with options "Not provided", "Male", "Female".
Leaving the field as the undefined “Select One” option wasn’t valid (I tried!) so I changed the value.

Over three weeks later I received a message from them saying that they hadn’t yet been able to action the changes to my profile because they hadn’t yet received hard-copy documentary evidence from me. By this point, I’d forgotten about the minor not-really-a-change change I’d made and assumed that whatever they were on about must probably be related to my unusual name. I sent a message back to them to ask exactly what kind of evidence they needed to see. And that’s when things got weird.

I received a message back – very-definitely from a human – to say that what they needed to see what evidence of my gender change. That is, my change of gender from “not specified” to “not provided”.

Fluttershy says "If I had fingers, I'd be showing you one."
Fluttershy gets it.

They went on to suggest that I could get my doctor to certify a letter verifying my gender change. Needless to say, I haven’t made an appointment to try to get my GP to sign a document that confirms that my gender is “not provided”. Instead, I’ve emailed back to ask them to read what they just asked me for again, and perhaps this time they’ll engage both brain cells and try to think about what they’re actually asking, rather than getting tied up in knots in their own bureaucratic process. Let’s see how that goes.

Personal Effects

Since my dad’s funeral, a little over a month ago, I’ve been responsible – as executor of his will – for leading the efforts to deal with the distribution of his estate. By necessity of the complexity of the case, we’ve had to draft some friendly lawyers, but there’s still been an awful lot to be taken care of by my sisters, my mother, my dad’s partner, and I, among others. Some bits have been easier than others.

TV Licensing, for example, have been particularly useless, as evidenced by this cheque.

Standard Life‘s pensions department, for example, made my dealings with them very easy: they explained exactly what they needed from me, exactly what they’d do with it, and how quickly they could act upon it. TV Licensing, on the other hand, seem to be working against me rather than for me, issuing me a cheque made out as it is to “Executor of MR P HUNTLEY”, which was subsequently rejected by my bank on account of being in the name of nobody at all. I suppose I could easily change my name in order to accept that cheque, but that seems like the wrong solution. Plus I’ve always felt like more of a “Dan” than an “Executor”.

For some reason, my dad kept his copy of the (rather thick) book “Internet Explorer 4 At A Glance”; a book whose necessity I would have questioned even back in 2001, when it was published.

I’ve begun packing up the contents of my dad’s house, too, so that they can be meaningfully distributed to whoever ought to have them. This leads to an inevitable clash, of course, between the lawyers and the local council. The former want us to remove as little as possible before they can appraise the value of the contents, which is relevant to the assessment of inheritance tax. The latter demand that the house be left unfurnished so that it does not become liable for council tax. In order to walk the fine line between the two I’ve been packaging things up based on their types: his vast library of transport books in these boxes, etc. And despite great efforts (such as the work it took to disassemble the rusty old trampoline in the back garden), it still feels like there’s a long, long, long way to go.