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Pensions

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By *icketysplits OP   Woman
over a year ago

Way over Yonder, that's where I'm bound

Not enough people pay into a pension scheme. We are facing a pension crisis. Why is Danny Alexander et al suggesting that parents and grandparents should release their pension funds to help family to buy their first properties?

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By *icketysplits OP   Woman
over a year ago

Way over Yonder, that's where I'm bound

A woman just asked this on QT.

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By *andyguy59Man
over a year ago

Gatwick

"Not enough people pay into a pension scheme. We are facing a pension crisis. Why is Danny Alexander et al suggesting that parents and grandparents should release their pension funds to help family to buy their first properties?"

Beccause as ever the government are more interested in influencing next week rather than the next decade....

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By *andyguy59Man
over a year ago

Gatwick

Missed QT last night.....

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By *icketysplits OP   Woman
over a year ago

Way over Yonder, that's where I'm bound


""Not enough people pay into a pension scheme. We are facing a pension crisis. Why is Danny Alexander et al suggesting that parents and grandparents should release their pension funds to help family to buy their first properties?"

Beccause as ever the government are more interested in influencing next week rather than the next decade...."

The penny that keeps failing to drop is also that it's only those with money that can do this anyway. The pension returns have been quite low over the last few years and annuities are too small for many. It's helping a precious few again and I can't see how it stimulates the housing market in any meaningful way.

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By *ittle_brat_evie!!Woman
over a year ago

evesham

I don't have a pension. This is on my to do list

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By *icketysplits OP   Woman
over a year ago

Way over Yonder, that's where I'm bound


"I don't have a pension. This is on my to do list "

I have been paying into one for almost 25 years. The statement I received last week says that it is basically worth £3k right now. I would have more if I had just put the money randomly on horses or greyhounds.

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By (user no longer on site)
over a year ago

One point that is overlooked is that over the years many many people have paid into pensions but never been around to collect, where is that money?

Also the influx of many nationalities that do not contribute but will be entitled to a pension if they are around long enough.

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By (user no longer on site)
over a year ago

I'm not sure I hear it right and wasn't paying too much attention when it was on the radio but I thought it was an idea for Parents\Grandparents to just use the pension as a form of guarantee and not actually "cash it in"

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By *icketysplits OP   Woman
over a year ago

Way over Yonder, that's where I'm bound


"One point that is overlooked is that over the years many many people have paid into pensions but never been around to collect, where is that money?

Also the influx of many nationalities that do not contribute but will be entitled to a pension if they are around long enough."

The death payment goes to the estate, which is of course lower than the pension annuity. The whole scheme is based on people not being able to collect the full amount they expect/paid in. That's why people living longer is such a crisis.

You can't cash in your state pension.

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By *ove2-shareCouple
over a year ago

South Gloucestershire

One of the real issues that noone talks about with pensions is how during the eighties, many pension funds became a major fund used for asset stripping companies via corporate raiding. It was short termist money making whereby funds were used to buy up viable and often developing companies and dismantle them as thier breakage value was considered more valuable for a quick profit. This in turn inflated the profit margins of the pension funds who were then able to demonstrate amazing growth forcasts which were ridiculously unrealistic, but in turn encouraged a pension bubble not unlike the housing one, at least until reality set in. Now they are the ones who cry foul.

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By (user no longer on site)
over a year ago

This is what will happen......

The goverment gets us all to put lots of money into pension shcemes, then they will come along and nick half of it in new taxes ,remember our friend 'Gorden Brown' lol,......stick your money where it's safe from these money grabbing vulture's

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By *icketysplits OP   Woman
over a year ago

Way over Yonder, that's where I'm bound


"One of the real issues that noone talks about with pensions is how during the eighties, many pension funds became a major fund used for asset stripping companies via corporate raiding. It was short termist money making whereby funds were used to buy up viable and often developing companies and dismantle them as thier breakage value was considered more valuable for a quick profit. This in turn inflated the profit margins of the pension funds who were then able to demonstrate amazing growth forcasts which were ridiculously unrealistic, but in turn encouraged a pension bubble not unlike the housing one, at least until reality set in. Now they are the ones who cry foul."

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By *nnyMan
over a year ago

Glasgow


"This is what will happen......

The goverment gets us all to put lots of money into pension shcemes, then they will come along and nick half of it in new taxes ......... "

Remarkably prophetic.

It's all up for grabs from tomorrow.

Who's got plans?

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex


"This is what will happen......

The goverment gets us all to put lots of money into pension shcemes, then they will come along and nick half of it in new taxes .........

Remarkably prophetic.

It's all up for grabs from tomorrow.

Who's got plans?"

We have but we won't be doing anything about them until the first rush is over and we've taken advice.

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By *ouple in LancashireCouple
over a year ago

in Lancashire

i think for some it will be an issue of feck it lets do this that or the other whilst we can..

which is fine till in few years whomever government in power says, 'sorry you had your pension and should have been more prudent'..

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex


"i think for some it will be an issue of feck it lets do this that or the other whilst we can..

which is fine till in few years whomever government in power says, 'sorry you had your pension and should have been more prudent'..

"

We should live so long!

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By *ouple in LancashireCouple
over a year ago

in Lancashire


"i think for some it will be an issue of feck it lets do this that or the other whilst we can..

which is fine till in few years whomever government in power says, 'sorry you had your pension and should have been more prudent'..

We should live so long!

"

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By *iss_tressWoman
over a year ago

London


"This is what will happen......

The goverment gets us all to put lots of money into pension shcemes, then they will come along and nick half of it in new taxes .........

Remarkably prophetic.

It's all up for grabs from tomorrow.

Who's got plans?"

I have a final salary pension and one that was frozen for years. Come September when I'm 55 I'll release the frozen one and enjoy every penny.

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex


"This is what will happen......

The goverment gets us all to put lots of money into pension shcemes, then they will come along and nick half of it in new taxes .........

Remarkably prophetic.

It's all up for grabs from tomorrow.

Who's got plans?

I have a final salary pension and one that was frozen for years. Come September when I'm 55 I'll release the frozen one and enjoy every penny. "

Yep. Don't blame you.

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By *icketysplits OP   Woman
over a year ago

Way over Yonder, that's where I'm bound

We were talking about releasing our pensions and endowments this evening.

I'm worth more dead than alive looking at my current annual statements.

The tax question on these from tomorrow is interesting as it makes a huge difference if you don't release anything until you have a low earning year.

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By (user no longer on site)
over a year ago

One of the few benefits left for being in the armed forces i will finnish in 2 years time with a good lump sum and pension from day 1

Will offset all my tax allowance against my monthly pension and then i only have to find a low wage job to enjoy a good standard of living untill state pension kicks in

My forces pension will more than cover my mortgage and other outgoings

I feel sorry for people who have to contribute into there own pension schemes to enjoy a decent lifestyle in later life xx espeacially as they are at the mercy of bankers and government

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By *lshere77Man
over a year ago

Wigan

Cos Danny and George hope the working class will bail out the banks again

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By *inaTitzTV/TS
over a year ago

Titz Towers, North Notts

Private Eye are tipping this to be the next big mis-selling scandal. I'm leaving my money where it is and hope to put a lump sum in to top it up.

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By (user no longer on site)
over a year ago


"We were talking about releasing our pensions and endowments this evening.

I'm worth more dead than alive looking at my current annual statements.

The tax question on these from tomorrow is interesting as it makes a huge difference if you don't release anything until you have a low earning year.

"

Even more so if you release enough to take your income for the one tax year over £115k or something. That way you lose even the basic personal allowance of c£10k.

Careful planning should make it tax efficient.

Oooooooh err, tax avoidance is everywhere.

Despite the right or wrong boom of the Pensions Industry in the 80's, the industry was fucked from G. Brown and 97 onwards. It won't recover.

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By *icketysplits OP   Woman
over a year ago

Way over Yonder, that's where I'm bound


"Private Eye are tipping this to be the next big mis-selling scandal. I'm leaving my money where it is and hope to put a lump sum in to top it up. "

It certainly has that potential.

I'm toying with being feckless and spending the lot in one go.

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By *inaTitzTV/TS
over a year ago

Titz Towers, North Notts


"Private Eye are tipping this to be the next big mis-selling scandal. I'm leaving my money where it is and hope to put a lump sum in to top it up.

It certainly has that potential.

I'm toying with being feckless and spending the lot in one go. "

Well as I want to chuck some more into mine and you want to spend yours, we could kill two birds here

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By (user no longer on site)
over a year ago


"Private Eye are tipping this to be the next big mis-selling scandal. I'm leaving my money where it is and hope to put a lump sum in to top it up.

It certainly has that potential.

I'm toying with being feckless and spending the lot in one go.

Well as I want to chuck some more into mine and you want to spend yours, we could kill two birds here "

In general, there may be exceptions, people would be a lot better off paying off their mortgages much more quickly than paying towards PP's.

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By (user no longer on site)
over a year ago


"We were talking about releasing our pensions and endowments this evening.

I'm worth more dead than alive looking at my current annual statements.

The tax question on these from tomorrow is interesting as it makes a huge difference if you don't release anything until you have a low earning year.

Even more so if you release enough to take your income for the one tax year over £115k or something. That way you lose even the basic personal allowance of c£10k.

Careful planning should make it tax efficient.

Oooooooh err, tax avoidance is everywhere.

Despite the right or wrong boom of the Pensions Industry in the 80's, the industry was fucked from G. Brown and 97 onwards. It won't recover. "
.

Correct me if I'm wrong here because pensions are not my speciality.

Under the new rules you can draw out 25% every year tax free!.

So in four years you could draw out 5 million all without paying tax?.

It sounds very good but then I read on martin Lewis that the average pension pot was only 45k anyhow and 25% of that wouldn't have incurred tax under the old system.

So apart from people blowing there 45k on shopping and millionaire bankers getting there huge pots tax free.... Is it really that great an idea

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By *icketysplits OP   Woman
over a year ago

Way over Yonder, that's where I'm bound


"Private Eye are tipping this to be the next big mis-selling scandal. I'm leaving my money where it is and hope to put a lump sum in to top it up.

It certainly has that potential.

I'm toying with being feckless and spending the lot in one go.

Well as I want to chuck some more into mine and you want to spend yours, we could kill two birds here

In general, there may be exceptions, people would be a lot better off paying off their mortgages much more quickly than paying towards PP's."

That's what I decided to do after about 20 years of personal pension payments not adding up to much. The reduction in interest over the lifetime of the mortgage seems a better investment.

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By *icketysplits OP   Woman
over a year ago

Way over Yonder, that's where I'm bound


"We were talking about releasing our pensions and endowments this evening.

I'm worth more dead than alive looking at my current annual statements.

The tax question on these from tomorrow is interesting as it makes a huge difference if you don't release anything until you have a low earning year.

Even more so if you release enough to take your income for the one tax year over £115k or something. That way you lose even the basic personal allowance of c£10k.

Careful planning should make it tax efficient.

Oooooooh err, tax avoidance is everywhere.

Despite the right or wrong boom of the Pensions Industry in the 80's, the industry was fucked from G. Brown and 97 onwards. It won't recover. .

Correct me if I'm wrong here because pensions are not my speciality.

Under the new rules you can draw out 25% every year tax free!.

So in four years you could draw out 5 million all without paying tax?.

It sounds very good but then I read on martin Lewis that the average pension pot was only 45k anyhow and 25% of that wouldn't have incurred tax under the old system.

So apart from people blowing there 45k on shopping and millionaire bankers getting there huge pots tax free.... Is it really that great an idea "

I think that's correct. Paul Lewis has done several Moneybox programmes on this now. Timing seems to be everything on this.

Of course it's may not really be an option for those who have had to buy an annuity already or where your pension policy ties you to an annuity - they still have that control unless you move. The plan is that you can take your money if you want to, and pay the tax, or leave it alone and keep it tax efficient.

I have five years before I have to make any big decisions on this but those having to make the decision this year will experience all the kinks in the system.

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

It's entirely possible that I'm wrong but I understood that the first 25% is tax free but the remainder taxable whenever you draw it.

I do know that the company I have the pension with that I would consider taking money from said that they would charge for drawing money after the first amount so there's that to take into account too.

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By (user no longer on site)
over a year ago


"We were talking about releasing our pensions and endowments this evening.

I'm worth more dead than alive looking at my current annual statements.

The tax question on these from tomorrow is interesting as it makes a huge difference if you don't release anything until you have a low earning year.

Even more so if you release enough to take your income for the one tax year over £115k or something. That way you lose even the basic personal allowance of c£10k.

Careful planning should make it tax efficient.

Oooooooh err, tax avoidance is everywhere.

Despite the right or wrong boom of the Pensions Industry in the 80's, the industry was fucked from G. Brown and 97 onwards. It won't recover. .

Correct me if I'm wrong here because pensions are not my speciality.

Under the new rules you can draw out 25% every year tax free!.

So in four years you could draw out 5 million all without paying tax?.

It sounds very good but then I read on martin Lewis that the average pension pot was only 45k anyhow and 25% of that wouldn't have incurred tax under the old system.

So apart from people blowing there 45k on shopping and millionaire bankers getting there huge pots tax free.... Is it really that great an idea "

I think if you look it up you'll find that The tax free part of a pension fund is limited to a lifetime allowance of £1.5 million, falling to £1 million next year. That applies to defined benefits and defined contribution funds. You can't take out more than 25% of the limit as tax free money even if you are a millionaire banker.

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By (user no longer on site)
over a year ago


"It's entirely possible that I'm wrong but I understood that the first 25% is tax free but the remainder taxable whenever you draw it.

I do know that the company I have the pension with that I would consider taking money from said that they would charge for drawing money after the first amount so there's that to take into account too. "

From what I've seen the remainder would be taxable at your marginal rate, so could be taxed at 40% if you have other sources of income that take you into the higher rate tax band

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By *icketysplits OP   Woman
over a year ago

Way over Yonder, that's where I'm bound


"We were talking about releasing our pensions and endowments this evening.

I'm worth more dead than alive looking at my current annual statements.

The tax question on these from tomorrow is interesting as it makes a huge difference if you don't release anything until you have a low earning year.

Even more so if you release enough to take your income for the one tax year over £115k or something. That way you lose even the basic personal allowance of c£10k.

Careful planning should make it tax efficient.

Oooooooh err, tax avoidance is everywhere.

Despite the right or wrong boom of the Pensions Industry in the 80's, the industry was fucked from G. Brown and 97 onwards. It won't recover. .

Correct me if I'm wrong here because pensions are not my speciality.

Under the new rules you can draw out 25% every year tax free!.

So in four years you could draw out 5 million all without paying tax?.

It sounds very good but then I read on martin Lewis that the average pension pot was only 45k anyhow and 25% of that wouldn't have incurred tax under the old system.

So apart from people blowing there 45k on shopping and millionaire bankers getting there huge pots tax free.... Is it really that great an idea

I think if you look it up you'll find that The tax free part of a pension fund is limited to a lifetime allowance of £1.5 million, falling to £1 million next year. That applies to defined benefits and defined contribution funds. You can't take out more than 25% of the limit as tax free money even if you are a millionaire banker."

Thanks. You can be our very own Lewis now.

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex


"It's entirely possible that I'm wrong but I understood that the first 25% is tax free but the remainder taxable whenever you draw it.

I do know that the company I have the pension with that I would consider taking money from said that they would charge for drawing money after the first amount so there's that to take into account too.

From what I've seen the remainder would be taxable at your marginal rate, so could be taxed at 40% if you have other sources of income that take you into the higher rate tax band"

That's what I understood.

I've spoken to the pension company themselves several times and asked as many questions as I can think of so I only need pay for a small amount of a financial advisers time.

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By (user no longer on site)
over a year ago

[Removed by poster at 06/04/15 09:38:36]

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By *abioMan
over a year ago

Newcastle and Gateshead

i knew this would come up as a topic eventually......

so for full disclosure, I work on this project for the civil service....

what i would suggest to everyone who is coming up on 55 would be to book an appointment to see a "pension wise" advisor...

"pension wise" is a project set up by the government, the money advisory service (MAS), and the citizens advice bureau to try and help people give as much information as they can to make informed decisions as to what they may or may not want to do.....

they will ask you to get some information.... which is where we come in at the civil service... we can do you a state pension statement telling you where you stand in regard to state pension entitlement... and how to get information with regard to any lost private pensions people may have out there...

the CAB money advisors are going to be able to do face to face appointments to go thru all the information with you.....

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex


"i knew this would come up as a topic eventually......

so for full disclosure, I work on this project for the civil service....

what i would suggest to everyone who is coming up on 55 would be to book an appointment to see a "pension wise" advisor...

"pension wise" is a project set up by the government, the money advisory service (MAS), and the citizens advice bureau to try and help people give as much information as they can to make informed decisions as to what they may or may not want to do.....

they will ask you to get some information.... which is where we come in at the civil service... we can do you a state pension statement telling you where you stand in regard to state pension entitlement... and how to get information with regard to any lost private pensions people may have out there...

the CAB money advisors are going to be able to do face to face appointments to go thru all the information with you..... "

I asked for a state pension forecast about six weeks ago, still not received it, is there a delay?

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By *abioMan
over a year ago

Newcastle and Gateshead


"

I asked for a state pension forecast about six weeks ago, still not received it, is there a delay?"

at the moment the answer is yes.... for several reasons... state pension retirement age changes.... and for 2016 changes it means we have to do the calculations twice (and for the new calculation we have to work it out manually.... )

so if you have asked for one... it will get to you.. honest

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex


"

I asked for a state pension forecast about six weeks ago, still not received it, is there a delay?

at the moment the answer is yes.... for several reasons... state pension retirement age changes.... and for 2016 changes it means we have to do the calculations twice (and for the new calculation we have to work it out manually.... )

so if you have asked for one... it will get to you.. honest"

Good, thank you. I shall of course hold you personally responsible if it doesn't

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By *icketysplits OP   Woman
over a year ago

Way over Yonder, that's where I'm bound


"i knew this would come up as a topic eventually......

so for full disclosure, I work on this project for the civil service....

what i would suggest to everyone who is coming up on 55 would be to book an appointment to see a "pension wise" advisor...

"pension wise" is a project set up by the government, the money advisory service (MAS), and the citizens advice bureau to try and help people give as much information as they can to make informed decisions as to what they may or may not want to do.....

they will ask you to get some information.... which is where we come in at the civil service... we can do you a state pension statement telling you where you stand in regard to state pension entitlement... and how to get information with regard to any lost private pensions people may have out there...

the CAB money advisors are going to be able to do face to face appointments to go thru all the information with you..... "

It's Onny and his amazing ability to find the threads from way back when that are pertinent to the current trending topics.

I think I started this thread during the 2013 budget and someone posted about fees. Enter Onny... and then Fabio gets to tell us what we need to know.

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By (user no longer on site)
over a year ago

Final salary pension ftw ^_^

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By *nnyMan
over a year ago

Glasgow


"i knew this would come up as a topic eventually......

so for full disclosure, I work on this project for the civil service....

what i would suggest to everyone who is coming up on 55 would be to book an appointment to see a "pension wise" advisor...

"pension wise" is a project set up by the government, the money advisory service (MAS), and the citizens advice bureau to try and help people give as much information as they can to make informed decisions as to what they may or may not want to do.....

they will ask you to get some information.... which is where we come in at the civil service... we can do you a state pension statement telling you where you stand in regard to state pension entitlement... and how to get information with regard to any lost private pensions people may have out there...

the CAB money advisors are going to be able to do face to face appointments to go thru all the information with you.....

It's Onny and his amazing ability to find the threads from way back when that are pertinent to the current trending topics.

I think I started this thread during the 2013 budget and someone posted about fees. Enter Onny... and then Fabio gets to tell us what we need to know.

"

I wouldn't want to start a thread on a topic which has been done to death but which I've missed. Searching helps but only if the OP has their spelling right.

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By *at69driveMan
over a year ago

Hertford


"

I asked for a state pension forecast about six weeks ago, still not received it, is there a delay?

at the moment the answer is yes.... for several reasons... state pension retirement age changes.... and for 2016 changes it means we have to do the calculations twice (and for the new calculation we have to work it out manually.... )

so if you have asked for one... it will get to you.. honest"
. I asked for one about six weeks ago and got an instant result . I am registered on the gov.uk website with HMRC etc

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By *ig1gaz1Man
over a year ago

bradford

for those intending to cash in the pensions be aware of this below

The Mindful View

Expert Opinion

Retirees who raid pensions will be blocked from state benefits

27 March 2015

Retirees who purposefully exhaust their pension pots and fall back on the state will not be given means-tested benefits, the government has confirmed.

The Department for Work and Pensions (DWP) has clarified how it would deal with those who spend their pension and then expect the state to fund their retirement, which many were concerned would add extra pressure on taxpayers.

It has now confirmed that if someone spends or gives away their pension fund, the DWP will treat them as if they still have that pension fund when calculating entitlement to means-tested benefits. Individuals will have to tell DWP and their local authority, which pays out some benefits directly, that they have accessed their pension pots.

The DWP uses pension credit – which is used to top up the incomes of the poorest pensioners – to illustrate its point.

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By (user no longer on site)
over a year ago

As a layperson who has researched the subject and is close to retirement so a vested interest, here's a few thoughts. But I am not a financial adviser so this is not advice!

* If one of you is a non tax payer then you can pay c£2.8k into a private pension each year and the govt tops it up with tax relief to £3.6k. If you have spare cash it's a better return than most other places! Note that you can keep the pension invested in cash if you want risk-free investment and you still get the tax relief as a return on your investment

* You get tax relief at your highest rate when paying into a pension. When you take it out then most likely you will be in the 20% rather than 40% band so you pay less tax on taking it out than the govt gave you in the first place!

* Your pension pot is legal inheritance tax mitigation. If you die before 75 then the pot is completely free of all income tax. If you die after 75 it's taxable at the beneficiary's marginal tax rate, which may well be zero

* The advice services set u by the govt are limited in their nature. They will provide general GUIDANCE but not ADVICE. The former will point out your options, the latter will spell out the financial implications, risks and opportunities of a suggested course of action - but you need to pay a financial adviser for this. All the experts, Paul Lewis et al, seem to have a consistent view that financial advice can be beneficial in terms of saving you more than it costs but if your pot is small then there may be little upside to gain if it's offset by chargeable advice

All a bit of minefield for the unwary, but the general advice seems to be not to panic and don't rush into anything if time is on your side.

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By *abioMan
over a year ago

Newcastle and Gateshead


"

so if you have asked for one... it will get to you.. honest. I asked for one about six weeks ago and got an instant result . I am registered on the gov.uk website with HMRC etc"

that is because... at 49.... one would have only have been produced for you a statement under the rules as they are at the moment....

at the moment we tell people they will be no worse off in april 2016 under the new rules as they would be under the current rules.....

because of the new pension rules with regards to private pensions, for those people who are 55 or over we a producing a state pension statement where they stand under both the current rules and the new rules... and its the new rules that have to be worked out manually...

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By *asques and boxersCouple
over a year ago

Ashford and dept16

[Removed by poster at 07/04/15 23:06:52]

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By *lackbirdtimestwoWoman
over a year ago

birmingham


"A woman just asked this on QT."

And how about those people on zero hours who have no opportunity to pay into a pension scheme at all,,,,, it's worrying that politictions never look at the bigger picture,,,,

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By *anchestercubMan
over a year ago

manchester & NI


"A woman just asked this on QT.

And how about those people on zero hours who have no opportunity to pay into a pension scheme at all,,,,, it's worrying that politictions never look at the bigger picture,,,, "

Good point - I didn't even think of that.

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By *at69driveMan
over a year ago

Hertford


"

so if you have asked for one... it will get to you.. honest. I asked for one about six weeks ago and got an instant result . I am registered on the gov.uk website with HMRC etc

that is because... at 49.... one would have only have been produced for you a statement under the rules as they are at the moment....

at the moment we tell people they will be no worse off in april 2016 under the new rules as they would be under the current rules.....

because of the new pension rules with regards to private pensions, for those people who are 55 or over we a producing a state pension statement where they stand under both the current rules and the new rules... and its the new rules that have to be worked out manually..."
. Thanks for clarifying . Your knowledge is much appreciated .

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By (user no longer on site)
over a year ago


"A woman just asked this on QT.

And how about those people on zero hours who have no opportunity to pay into a pension scheme at all,,,,, it's worrying that politictions never look at the bigger picture,,,, "

I think you'll find that if they are treated as employees or workers (not self employed) then they should be auto-enrolled into a workplace pension if earning the equivalent of about £5800 PA or more and the business has 5 or more workers. Also anyone can get a stakeholders pension -even if unemployed e.g a working wife could pay into a stakeholder pension fund for her unemployed husband (if the money was available). Alternatively anyone can open a private pension fund - being on a zero hours contract doesn't stop you doing that (though if it's just an excuse for paying someone badly, a pension might not be affordable).

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By *icketysplits OP   Woman
over a year ago

Way over Yonder, that's where I'm bound

Warnings of the scammers ready to pounce and get their hands on the freed up pension pots.

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex


"Warnings of the scammers ready to pounce and get their hands on the freed up pension pots.

"

I'm waiting for the calls, in fact I'm looking forward to them

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By *icketysplits OP   Woman
over a year ago

Way over Yonder, that's where I'm bound


"Warnings of the scammers ready to pounce and get their hands on the freed up pension pots.

I'm waiting for the calls, in fact I'm looking forward to them "

Give them a proper workout.

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex


"Warnings of the scammers ready to pounce and get their hands on the freed up pension pots.

I'm waiting for the calls, in fact I'm looking forward to them

Give them a proper workout.

"

Since a man scammed my mum with a "Microsoft" phone call I have some personal karma to dispense to scammers.

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By (user no longer on site)
over a year ago

I filled out a form for my Dad as I was thinking of getting him an annuity. Loved the response:

If you drink, we will give you higher payments.

If you smoke, we will give you higher payments.

If you do no exercise, we will give you higher payments.

If you take recreational drugs, we will give you higher payments.

At least I know now what to fill in when I am looking for myself!!

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By *nnyMan
over a year ago

Glasgow


"I filled out a form for my Dad as I was thinking of getting him an annuity. Loved the response:

If you drink, we will give you higher payments.

If you smoke, we will give you higher payments.

If you do no exercise, we will give you higher payments.

If you take recreational drugs, we will give you higher payments.

At least I know now what to fill in when I am looking for myself!! "

Enhanced Annuity pays more to people in poor health cos they're not expected to live so long but they don't usually just take your word for it.

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By *icketysplits OP   Woman
over a year ago

Way over Yonder, that's where I'm bound


"I filled out a form for my Dad as I was thinking of getting him an annuity. Loved the response:

If you drink, we will give you higher payments.

If you smoke, we will give you higher payments.

If you do no exercise, we will give you higher payments.

If you take recreational drugs, we will give you higher payments.

At least I know now what to fill in when I am looking for myself!! "

As the press report this morning says that the overweight are less likely to develop dementia should I take up drink, drugs and (more) sloth now? I only have five years until I can consider drawing my meagre pension pot.

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By *icketysplits OP   Woman
over a year ago

Way over Yonder, that's where I'm bound


"Warnings of the scammers ready to pounce and get their hands on the freed up pension pots.

I'm waiting for the calls, in fact I'm looking forward to them

Give them a proper workout.

Since a man scammed my mum with a "Microsoft" phone call I have some personal karma to dispense to scammers. "

I had that call too but I didn't get scammed.

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex


"Warnings of the scammers ready to pounce and get their hands on the freed up pension pots.

I'm waiting for the calls, in fact I'm looking forward to them

Give them a proper workout.

Since a man scammed my mum with a "Microsoft" phone call I have some personal karma to dispense to scammers.

I had that call too but I didn't get scammed.

"

My mum did

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By (user no longer on site)
over a year ago

I work for a huge firm in the UK we do pension reviews and we are fully regulated by the FCA THE financial conduct authority and a lot of people are scared of doing anything to their pensions due to all the scans out there which is a shame as we are actually helping people take today for example he had an old serps pension from the late 80s early 90s we found him 28k and advised him on how to look after it it's a free review aswel which everyone is entitled to but as has been mentioned people are scared to do anything

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By (user no longer on site)
over a year ago

I also deal in frozen pensions where you paid into through an old job that you no longer work there avg annual management charges are between 3 and 8 percent we get those down to 0.5 to 1 percent

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex


"I work for a huge firm in the UK we do pension reviews and we are fully regulated by the FCA THE financial conduct authority and a lot of people are scared of doing anything to their pensions due to all the scans out there which is a shame as we are actually helping people take today for example he had an old serps pension from the late 80s early 90s we found him 28k and advised him on how to look after it it's a free review aswel which everyone is entitled to but as has been mentioned people are scared to do anything "

I'm not scared. I know where to go for impartial advice that's what I've done in the past and will do in the future. Some chancer rings me out of the blue with something that sounds too good to be true and they'll be getting the sharp edge of my tongue.

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By (user no longer on site)
over a year ago


"I work for a huge firm in the UK we do pension reviews and we are fully regulated by the FCA THE financial conduct authority and a lot of people are scared of doing anything to their pensions due to all the scans out there which is a shame as we are actually helping people take today for example he had an old serps pension from the late 80s early 90s we found him 28k and advised him on how to look after it it's a free review aswel which everyone is entitled to but as has been mentioned people are scared to do anything

I'm not scared. I know where to go for impartial advice that's what I've done in the past and will do in the future. Some chancer rings me out of the blue with something that sounds too good to be true and they'll be getting the sharp edge of my tongue."

You might not be but the people I have personally dealt with haven't had a clue what to do . not lot of people are financially savy some people even have their own ifa who is screwing them it's not right my uncle got scammed by his "trusted ifa" the people I help are really thankful we are even listed on the FCA website and you have to be the best of the best to be on their x

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