Franglais:
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only another 2,000 more “Monday mornings”… [/size]
Maybe you meant this as a theme for the day:
youtube.com/watch?v=Ox42QVcfTtI
drover:
It’s actually very easy to consolidate pensions,
Also very easy to give away all your pensions to a scammer. Be very careful!
antm4n:
rearaxle:
That’s if you live to see it.Sent from my SM-T976B using Tapatalk
Collect mine in 2.5 years at age 55[emoji846]. Got a significant number of local government pension years in (deferred) and now started another as I’ve left driving for the moment and back in local government again. I was thinking about putting my pension from driving almost 4 yrs into my new gov pension and adding AVC’s in as well, but I could do with specialist advice.
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I opted out of serps into a private pension in 1990 with only their bit going in I just cashed it in this month £23000 16500 ish after tax and that will reduce as with that I will be on the 40% tax band for a month or two towards end of year. But still worth more to me now than about 500 a year at 65. The new pensions are a better deal with contributions from both which in about 6 0r 7 years has accrued about 50% what the other did in 31
chester1:
I opted out of serps into a private pension in 1990 with only their bit going in I just cashed it in this month £23000 16500 ish after tax and that will reduce as with that I will be on the 40% tax band for a month or two towards end of year. But still worth more to me now than about 500 a year at 65. The new pensions are a better deal with contributions from both which in about 6 0r 7 years has accrued about 50% what the other did in 31
I too, like most, contracted out of SERPs in 1990ish into a private pension. The understanding at the time was that your State Pension would be a reduced one with the contracted out one making up the difference, hopefully outperforming too. This is no longer true because as I am still working my NI contributions have built up to a full State Pension again. I tracked this build up on the Gov.uk website and have had it confirmed by them. I look at this private pension funded entirely by the government as free money. I have no plans to touch it until I need it and the entire sum is payable to my beneficiary should I croak it before drawing it.
I opted out of serps into a private pension in 1990 with only their bit going in I just cashed it in this month £23000 16500 ish after tax and that will reduce as with that I will be on the 40% tax band for a month or two towards end of year. But still worth more to me now than about 500 a year at 65. The new pensions are a better deal with contributions from both which in about 6 0r 7 years has accrued about 50% what the other did in 31
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Do you know how much money went into your pension and how old are you now and how many years have you until retirement age
Of course you should lock your money away in a highly incentivised (too good to be true?) scheme without the ability to withdraw any of it until you are at least 55.
The Government make the rules & you can trust them surely?
You know they love looking after the working class over & above the investment & banking sector so what could go wrong?
Pension schemes are regulated by “The Prudential Regulation Authority”, the same company that was involved in pension abuses through three different decades, so all good there.
The financial greats who get to invest the money on your behalf obviously won’t be stupid enough to fall for AAA rated bonds full of subprime mortgages. After all there are ratings agencies who check & certify all that complicated stuff for them so no need to check themselves.
You will also have been warned time & time again that investments can go down as well as up & you may get back less than you have invested so you can trust they are being open with you.
In order to keep you safe from bad investments such as gold (I mean real physical gold, not ‘paper’ gold) the regulators will prevent you investing your pension money in that.
So sure, go ahead & lock your money away for 25 years and hope the FIAT currency you will be paid out in still has the trust of the people (& hence some value) from 2047 onward.
Every Ponzi scheme has winners, where will you be on that pyramid?
mac12:
I opted out of serps into a private pension in 1990 with only their bit going in I just cashed it in this month £23000 16500 ish after tax and that will reduce as with that I will be on the 40% tax band for a month or two towards end of year. But still worth more to me now than about 500 a year at 65. The new pensions are a better deal with contributions from both which in about 6 0r 7 years has accrued about 50% what the other did in 31
Do you know how much money went into your pension and how old are you now and how many years have you until retirement age
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I was 24 in 1990 and 55 now and it was due to pay out from 65 if you have been in employment the whole time yours will probably be a bit higher than my 23k as I had about 10 years of self employment. When you pull it out 25% is tax free and the pension people deduct the income tax from the rest but be warned some will deduct 40% and you will need to deal with HMRC for the rebate at the end of the year. Mine didn’t but I will hit the 40% tax band for the last month or so of this financial year. Some will also allow you to take half now and half later so you can split into two financial years. But take some professional advice tho mate I’m just going by my experience of drawing mine mate. It is a simple process tho
ScaniaUltimate:
Every Ponzi scheme has winners, where will you be on that pyramid?
That’s a…
Slightly biased and not necessarily true account of the situation. Surely, the very things that you’re suggesting about govt’s robbing people could have taken place 25 years or 25 years ago before that.
What would you suggest a newbie driver do for a pension if the system in place isn’t to be trusted?
Chester1 for a comparison I’ve now checked.my serps,I’m 60 in May and opted out in 1987 when I was 25 and back in 10 years later in 1997 during that time £9425 went in and according to my statement from May last year it’s now worth £53589 which if I don’t take a lump sum gives me a pension of £2322 per year
mac12:
Chester1 for a comparison I’ve now checked.my serps,I’m 60 in May and opted out in 1987 when I was 25 and back in 10 years later in 1997 during that time £9425 went in and according to my statement from May last year it’s now worth £53589 which if I don’t take a lump sum gives me a pension of £2322 per year
That would seem about right you have about 18 years paid in over me mate. Have to work out if 53k is worth more to you now or £190 a month after you retire
£2322 is handy to have but it’s 25 years to get my money back and I’ll be 90 that doesn’t sound good
yourhavingalarf:
ScaniaUltimate:
Every Ponzi scheme has winners, where will you be on that pyramid?That’s a…
Slightly biased and not necessarily true account of the situation. Surely, the very things that you’re suggesting about govt’s robbing people could have taken place 25 years or 25 years ago before that.
What would you suggest a newbie driver do for a pension if the system in place isn’t to be trusted?
I agree it is biased as I was ‘robbed’ in the 90’s by the Prudential who, like many other companies, legally (i.e. under the Government created rules) front loaded their fees in the highly pushed pension schemes of that time. It was pure abuse & hence had to be changed, but not with recompense for those abused.
Fortunately for me I learned from that & chose a different route - one where I had control over my own money which allowed me to stop working full time in my early 40’s.
I consider all those who have paid into NI for decades, yet are now threatened with insufficient state pension provision, as having been robbed by the Government. This includes those who opted to put more in via AVC’s too.
The "Waspi"s certainly feel robbed by the Government.
The Government allowed Robert Maxwell to steal from his work’s pension fund.
The Government bailed out the banks with our money then allowed them to continue on as before - i.e. wasting our pension savings.
The Government is currently allowing RBS to continue stealing business’s from their owners, even whilst they are under Government ownership.
The Government managed to spend £37,000,000,000 in 2 years on track & trace. Can it even be possible to spend that much without theft?
The Government insidiously use RPi & CPi to maximise their take from us whilst minimising their payments to us.
The Government are always stealing from us, therefore to think pension contributions are sacrosanct is unwise.
As Governments around the world watch how strongly supported, hard fought protests such as the gilets jaunes in France & the Hong Kong protests have been successfully suppressed they will only grow in their audacity towards us. Just look at the lying, thieving bunch we have in power now pushing through such a restrictive bill on protesting that will mean protesters can be arrested at almost every event.
This current pension scheme is designed to prop up the stock market; not as an altruistic provision to provide for ex-workers in retirement.
The tax payer funded ‘top ups’ are further ways to funnel tax payer money into private business’s.
You should & must invest for your future, but that future begins right now & locking money up when you are 25, which you may need when you are 30, is not a good idea.
It depends on each individual person as to the best route for their retirement provision but using ISA’s will allow access to the stock market, free of tax on gains, & is flexible & can be withdrawn at any time. You don’t get the front loaded addition from the Government but nor do you get told to pay tax on it at the withdrawal stage or forced to buy an annuity. If the rules or your circumstances change you can withdraw the money & choose another option.
The world is changing at a faster pace now than ever before due to technology amid climate change. That will make the world (& our financial needs) become unrecognisable in 25 years using today’s viewpoint.
A personal pension is one basket for your eggs, but I certainly would not make it a big one.
I’ll say it again, why does anyone want money in old age?.. if you can get a lump sum at 55…TAKE IT FFS!!..enjoy it while you can.
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ScaniaUltimate:
The world is changing at a faster pace now than ever before due to technology amid climate change. That will make the world (& our financial needs) become unrecognisable in 25 years using today’s viewpoint.
Thank you…
Nicely laid out and some good bullet points. I agree, the banks and successive governments have cheated us over the decades. If I was starting out now I’ve no idea what I’d do for long term investment. As I’ve said previously, my only planning in my 20s was which pub would have the most available chickybabes ™ in them.
Crypto seems to be the buzzword for young techies for making money but, whether that in itself isn’t another giant pyramid scheme I can’t say.
I didn’t know enough about investing when I first started and I’m not a great deal wiser now. What I have saved and shuffled around is enough to keep me going to when I kark it. I got lucky.
It’s been more luck than judgement. I hope today’s young investors and pension seekers put in more effort than I did.
Remember folks the retirement age is 67, “yes we’ve been already robbed of a couple of years”…I have a daughter in law at 32 with cancer and crohn’s, lost a brother at 58 lost me dad at 48 ect…live today coz the gov will take everything off you later on if you become I’ll.
Had a driver come our yard last year…pulls up gets out goes in office , comes out puts his hands on his head …drops dead on the spot on the weight bridge…age 60…thought he had heartburn…think on people.
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If you spend all your money before pension age and I can partly see the sense in doing so then what do you live on in retirement as the state pension won’t be enough
mac12:
If you spend all your money before pension age and I can partly see the sense in doing so then what do you live on in retirement as the state pension won’t be enough
It depends what you spend your money on now & what you expect from retirement.
If you spend it all on depreciating assets & a lifestyle of debauchery then you will most likely be found wanting.
If you spend it on appreciating assets & hobbies that can keep you interested until death then you will most likely be fine.
A mortgage/rent free life with hobbies/interests that genuinely suit our own particular nature require little funding in the later years.
Just be aware that there is no such thing as an “Independent Financial Advisor”; no advisor is independent of his own wants/needs before yours.
Take advice from many different sources but apply advice that is most suited to your own character.
One thing I would recommend for everybody is to save hard until you have 6 months of living expenses saved up in cash (or a good enough equivalent).
Once you have that you can move from job to job without too much fear.
It becomes easier to move on to better things & take chances which you believe will improve your lifestyle or wealth.
When your employer knows you are not dependent on them for next months wages to survive financially they will probably treat you more carefully.
Nobody owns you, but you are a slave to the system if you have nothing but your month by month salary to live on - which is where Government & employers want you to be.
That sounds good but doesn’t really answer the question if you earn £40000 per year working and then retire on a state pension of £10000 what do you live on
All pensions are a rip off whether private or state.They are all calculated on the basis of not paying out all of the fund before death and the provider pockets a large chunk of any accrued interest/profits before retirement and after and the returns are all taxable when you draw it and add it to the state pension.
Much better to put the spare cash into paying off the mortgage sooner and/or a larger better house.
A large part of the pension will be invested in the property and construction market anyway except in that case the pension provider and the tax man gets much/most of the benefit.
What do you think you will be doing in old age with the money…don’t forget you be tucked up in bed for 6pm…why have a car …you will hardly drive it, maybe it will be on YouTube as a barn find with 20k on clock. Ffs get real…some one who never work and never paid a pension, goes in a care home paid for…you on the other hand worked and have to go in a care home…guess what?..you pay for ya soup n bread.
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