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  #1  
Old 16-08-2016, 03:02 PM
Baffled Bob 2 Baffled Bob 2 is offline
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Pensions

Do you know anything about them? Especially fellow 50-somethings.

Course you don't. (eaglejez excepted). Because it's all dull.

I thought I'd share this article though. Not particularly cheering for those of us with low to average amounts (75-100,000) in private sector pension schemes. But interesting nonetheless. I'd never even bothered to actually find out what an annuity was.

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Just carry on working everyone. Or die.
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Old 16-08-2016, 03:07 PM
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There was a hilarious/terrifying article in well I forget what it was in about a week or so back which showed the gap between what people thought they would get and what they would actually get.

Cannot find it now but was based on this / or an updated version of this

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Old 16-08-2016, 03:13 PM
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Save 500K and get an income of 11K pa? You'd have to live to 120 to get your money back. My wife would do that out of spite.

Anyone not taking as much of their pension pot as a lump sum as they can needs his or her head read.*




* Disclaimer - Please consult a proper financial adviser before cashing in your life savings. Not someone who's read an article and now thinks he's Robert Peston
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Old 16-08-2016, 03:17 PM
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I would bet plenty of coin that we'll see pension contributions move from tax free in / taxable on the way out to the other way around (contributions out of taxed income but tax free from that point onwards).

I would guess within five years
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Old 16-08-2016, 03:37 PM
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no need to buy an annuity anymore. You are now allowed to take 25% of your pot every year tax free to fund class A drugs, women and cars. This doesn't apply to FS schemes but they are rich gits so can get stuffed
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Old 16-08-2016, 03:48 PM
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Originally Posted by eaglejez View Post
no need to buy an annuity anymore.
I saw that. Ironic that having just found out what an annuity is, I now know I don't want one.

Sadly 25% of my pension pot will not buy me fast cars or fast women. Drugs are possible. But might be of quite low quality.
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Old 16-08-2016, 04:04 PM
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nicky came here looking for the peace and quiet; the healthy air and the healthy dietnicky came here looking for the peace and quiet; the healthy air and the healthy dietnicky came here looking for the peace and quiet; the healthy air and the healthy dietnicky came here looking for the peace and quiet; the healthy air and the healthy dietnicky came here looking for the peace and quiet; the healthy air and the healthy dietnicky came here looking for the peace and quiet; the healthy air and the healthy dietnicky came here looking for the peace and quiet; the healthy air and the healthy dietnicky came here looking for the peace and quiet; the healthy air and the healthy dietnicky came here looking for the peace and quiet; the healthy air and the healthy dietnicky came here looking for the peace and quiet; the healthy air and the healthy dietnicky came here looking for the peace and quiet; the healthy air and the healthy diet
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I would bet plenty of coin that we'll see pension contributions move from tax free in / taxable on the way out to the other way around (contributions out of taxed income but tax free from that point onwards).

I would guess within five years
Is that just to screw us over or is their a good reason to change?
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Old 16-08-2016, 04:25 PM
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rhino_mik came here looking for the peace and quiet; the healthy air and the healthy dietrhino_mik came here looking for the peace and quiet; the healthy air and the healthy dietrhino_mik came here looking for the peace and quiet; the healthy air and the healthy dietrhino_mik came here looking for the peace and quiet; the healthy air and the healthy dietrhino_mik came here looking for the peace and quiet; the healthy air and the healthy dietrhino_mik came here looking for the peace and quiet; the healthy air and the healthy dietrhino_mik came here looking for the peace and quiet; the healthy air and the healthy dietrhino_mik came here looking for the peace and quiet; the healthy air and the healthy dietrhino_mik came here looking for the peace and quiet; the healthy air and the healthy dietrhino_mik came here looking for the peace and quiet; the healthy air and the healthy dietrhino_mik came here looking for the peace and quiet; the healthy air and the healthy diet
And anyone with a decent public sector pension is to be looked on in scorn because they have the temerity to want to protect their rights.
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Old 16-08-2016, 04:28 PM
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Is that just to screw us over or is their a good reason to change?
Honestly? It will screw people over but there is a good reason for doing it.
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Old 16-08-2016, 05:01 PM
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swissroll came here looking for the peace and quiet; the healthy air and the healthy dietswissroll came here looking for the peace and quiet; the healthy air and the healthy dietswissroll came here looking for the peace and quiet; the healthy air and the healthy dietswissroll came here looking for the peace and quiet; the healthy air and the healthy dietswissroll came here looking for the peace and quiet; the healthy air and the healthy dietswissroll came here looking for the peace and quiet; the healthy air and the healthy dietswissroll came here looking for the peace and quiet; the healthy air and the healthy dietswissroll came here looking for the peace and quiet; the healthy air and the healthy dietswissroll came here looking for the peace and quiet; the healthy air and the healthy dietswissroll came here looking for the peace and quiet; the healthy air and the healthy dietswissroll came here looking for the peace and quiet; the healthy air and the healthy diet
The big pension con - as more and more are finding out. Sainsburys offer lots of checkout jobs for the over 70s these days
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Old 16-08-2016, 05:14 PM
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vitesse came here looking for the peace and quiet; the healthy air and the healthy dietvitesse came here looking for the peace and quiet; the healthy air and the healthy dietvitesse came here looking for the peace and quiet; the healthy air and the healthy dietvitesse came here looking for the peace and quiet; the healthy air and the healthy dietvitesse came here looking for the peace and quiet; the healthy air and the healthy dietvitesse came here looking for the peace and quiet; the healthy air and the healthy dietvitesse came here looking for the peace and quiet; the healthy air and the healthy dietvitesse came here looking for the peace and quiet; the healthy air and the healthy dietvitesse came here looking for the peace and quiet; the healthy air and the healthy dietvitesse came here looking for the peace and quiet; the healthy air and the healthy dietvitesse came here looking for the peace and quiet; the healthy air and the healthy diet
I turned 55 this year and I want to take my 25% drawdown as they call it. I enquired to my pension provider and guess what they do drawdown!

I have to transfer the whole lot to another pension provider. I know nothing about pensions so I have made an appointment with an independent financial adviser to see where to put it.

Rather than risk some bloke off the internet, I went with one from Hargreaves Landsdown who were the pension advisors who set the pension plan up for my old employer about 10 years ago.
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Old 16-08-2016, 05:16 PM
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And anyone with a decent public sector pension is to be looked on in scorn because they have the temerity to want to protect their rights.
You're confusing wild eyed envy with scorn.
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Old 16-08-2016, 05:23 PM
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I turned 55 this year and I want to take my 25% drawdown as they call it. I enquired to my pension provider and guess what they do drawdown!

I have to transfer the whole lot to another pension provider. I know nothing about pensions so I have made an appointment with an independent financial adviser to see where to put it.

Rather than risk some bloke off the internet, I went with one from Hargreaves Landsdown who were the pension advisors who set the pension plan up for my old employer about 10 years ago.
It really should be straightforward, might cost you a grand or thereabouts though. Good luck.
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Old 16-08-2016, 05:36 PM
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I turned 55 this year and I want to take my 25% drawdown as they call it. I enquired to my pension provider and guess what they do drawdown!

I have to transfer the whole lot to another pension provider. I know nothing about pensions so I have made an appointment with an independent financial adviser to see where to put it.

Rather than risk some bloke off the internet, I went with one from Hargreaves Landsdown who were the pension advisors who set the pension plan up for my old employer about 10 years ago.
Mr Hargreaves was the major backer behind the Leave campaign - you might be better off with someone off the internet!

Seriously I believe they are considered good but expensive. I'd try shopping round a bit before making a decision.
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Old 16-08-2016, 05:44 PM
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Mr Hargreaves was the major backer behind the Leave campaign - you might be better off with someone off the internet!

Seriously I believe they are considered good but expensive. I'd try shopping round a bit before making a decision.
Thanks for the advice. They have all my pension details already as they did an appraisal for me about 10 years ago. The first meeting is a freebie and then once I make a decision, if I want to proceed and take their advice they charge 2%.

Do you think 2% is expensive? I don't really know what percentage I should expect to be paying?
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Old 16-08-2016, 05:50 PM
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It really should be straightforward, might cost you a grand or thereabouts though. Good luck.
Thanks. I fear it maybe a bit more than that though. All dependent on the size of the pot.

I hate pensions, it's just too much jargon that goes straight over the top of my head. Buying an annuity is a waste of space nowadays, might as well enjoy some of the money whilst I still able to.
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Old 16-08-2016, 06:10 PM
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I would bet plenty of coin that we'll see pension contributions move from tax free in / taxable on the way out to the other way around (contributions out of taxed income but tax free from that point onwards).

I would guess within five years
There is talk of this indeed. But how would that work for people who have already paid in tax free? They can't benefit both ways at the expense of the younger working generation.
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Old 16-08-2016, 07:41 PM
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There is talk of this indeed. But how would that work for people who have already paid in tax free? They can't benefit both ways at the expense of the younger working generation.
they won't. You'll end up with a split system. Some in one regime, some in another
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Old 16-08-2016, 07:46 PM
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they won't. You'll end up with a split system. Some in one regime, some in another
Out of interest what's the better scheme?
Paying on the way in or out?
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Old 16-08-2016, 09:46 PM
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Out of interest what's the better scheme?
Paying on the way in or out?
I'm no expert so this may be rubbish but off the top of my head:

- current methodology is probably better for higher rate tax payers who get 40% tax relief on contributions but may well only pay standard rate on the pension.

- less clear to me if there is a difference for basic rate tax payers but a basic state pension will use most of the personal allowance so there won't be much in it.

- paying contributions out of net pay rather than gross could mean fewer people pay in less

Of course switching means a one off windfall for the government who get tax both on contributions (new scheme) and on payouts (old scheme) during the transitional period. Think this may explain much of the enthusiasm for a switch but perhaps I'm just cynical.
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