Pension stuff, how's it all looking ? HAve you prepared ?

[Horse]

Yebbut. You withdraw it and do what with it? ISAs, Premium Bonds and Savings Accounts?

Indeed. Taking the whole lot has tax implications.

Otherwise, it's:
Annuity, not great returns
'Flexible draw down', which sort of assumes you don't need a steady, regular and predictable income

Actually, what happened with the bond market was, to my mind, like finding your £50k in Premium Bonds was suddenly £35k or your £85k in a savings account was suddenly £60k. That's how 'safe' it was supposed to be. It's not supposed to happen.

Yup. Hence my belief that most people would be upset by it. It certainly caused me some consternation and rethinking.

It takes a particular sort of stupidity to shake confidence in things that much. Quite a legacy.

I saw an interesting article* that suggested that the big(gest) mistake they made was not discussing it beforehand. Which apparently Blair or Brown did when they were planning changes.

* no, I don't have a link

[JackyJoll]

I saw an interesting article* that suggested that the big(gest) mistake they made was not discussing it beforehand. Which apparently Blair or Brown did when they were planning stages.

Yes, the PM has the same duty as a Naval Admiral: to be right.

At the end of the day, low tax does encourage growth, but life is not simple! She wasn’t carrying the people she needed with her. She should not have accepted the leadership, because the MPs didn’t want her.

[JackyJoll]

My final salary scheme had a maximum rule of 40 years contributions, but no age limit I think. I was only at 34 and a bit years but I was getting old!

I think mine was 40 x 60ths. I got to 16. Then began collecting 'savings' types.

When I started the important Government work, in the white heat of technology in 1987, the UKAEA pension was regarded as a bit crappy, because it paid 1/80 of final salary per year of service. By the time I retired in 2021, those same terms had become some sort of golden ticket and I’m a parasitic gammonboomer!

[Count Steer]

For those that have the patience to read more than a few words, a recent FT article on bonds - origin, why and how the bond market can go wrong - is worth a read. There's a few familiar names crop up (if Michael Milken and Lew Ranieri are familiar names ).

https://www.ft.com/content/5631cc22-a04 ... 07f938f8f3

Similar topics, the Michael Lewis books 'Flash Boys' and 'The Big Short' are worth a read too. The Big Short film (Christian Bale, Brad Pitt etc) isn't bad either.

[Mr. Dazzle]

My final salary scheme had a maximum rule of 40 years contributions, but no ageno limit I think. I was only at 34 and a bit years but I was getting old!

I think mine was 40 x 60ths. I got to 16. Then began collecting 'savings' types.

Mine is/was 45ths with max 45 years contribution. Its a true final salary scheme though, not the more common "career average" that started to take over, and it included overtime in the calc. So you'd get loads of guys in their early 60s doing 150% contract hours in their final year and nearly having a heart attack so they could hugely increase their pension.

Then they'd come back as a contractor anyway when the company realised they couldn't do without em

[JackyJoll]

My final salary scheme had a maximum rule of 40 years contributions, but no ageno limit I think. I was only at 34 and a bit years but I was getting old!

I think mine was 40 x 60ths. I got to 16. Then began collecting 'savings' types.

Mine is/was 45ths with max 45 years contribution. Its a true final salary scheme though, not the more common "career average" that started to take over, and it included overtime in the calc. So you'd get loads of guys in their early 60s doing 150% contract hours in their final year and nearly having a heart attack so they could hugely increase their pension.

Then they'd come back as a contractor anyway when the company realised they couldn't do without em

In some departments, there were also the rumoured unnecessary late career promotions, so the boss’s mates had a good highest reckonable year.

[MyLittleStudPony]

.

[MyLittleStudPony]

Exactly. Just quantify all those Brexit Benefits. Ant can run us through them if required.

Keep it Brexity. Nice and Brexity.

I'm not sure which is worst. Your inane "Keep it Brexity. Nice and Brexity" or Ant's ridiculous assertions of what the EU were planning to do.

I think that's pretty obvious. Just look at all the Brexit Benefits.

The small time right don't like being reminded of their ill advised temerity; but that's their problem. The northern poor seem to have taken it on board.

[Cousin Jack]

Exactly. Just quantify all those Brexit Benefits. Ant can run us through them if required.

Keep it Brexity. Nice and Brexity.

I'm not sure which is worst. Your inane "Keep it Brexity. Nice and Brexity" or Ant's ridiculous assertions of what the EU were planning to do.

I think that's pretty obvious. Just look at all the Brexit Benefits.

The small time right don't like being reminded of their ill advised temerity; but that's their problem. The northern poor seem to have taken it on board.

OK, I've decided. You take the biscuit.

Plonk {x]

[Dodgy69]

True potentials slogan is > "do more with your money" anyone know what that means.

[Mr. Dazzle]

The private pension and investment people are there to make money from you, I'd prefer to cut them out of my affairs, I've met some that aren't as bad as others, but I've never met a single one that I'd save from a burning building.

Ita like any financial service though innit? Started out with a legitimate honest need, which is still there, but inevitably ballooned to incorporate everything from the initial need right up to dodgy pension stealers.

My retirement money is doing better than if I'd just kept it under my mattress and I'm happy to pay someone to assist in that. I won't even begrudge them making a profit so long as I'm still up overall.

It's when they promise to make big returns etc you bumhole should start twitching.

[v8-powered]

Ita like any financial service though innit? Started out with a legitimate honest need, which is still there, but inevitably ballooned to incorporate everything from the initial need right up to dodgy pension stealers.

My retirement money is doing better than if I'd just kept it under my mattress and I'm happy to pay someone to assist in that. I won't even begrudge them making a profit so long as I'm still up overall.

It's when they promise to make big returns etc you bumhole should start twitching.

My missus is an IFA - over the years she's had people come off of her agency and go elsewhere or want to manage their own funds, generally finds about a year later they are back asking for help!
Shocking how many people are getting duped by big return promises only to lose 50k, 75k and more.

[Horse]

True potentials slogan is > "do more with your money" anyone know what that means.

This?

[Horse]

Shocking how many people are getting duped by big return promises only to lose 50k, 75k and more.

The old saying: if it looks too good to be true, then it probably is.

[v8-powered]

Shocking how many people are getting duped by big return promises only to lose 50k, 75k and more.

The old saying: if it looks too good to be true, then it probably is.

A lot of people do get drawn in though, missus has had a few recently - not just oldies either.....

[Yambo]

True potentials slogan is > "do more with your money" anyone know what that means.

This?

I think it's interesting that that video has been produced by the The Financial Conduct Authority and The Pensions Regulator.

They seem to be advertising the fact that they allow the sort of behaviour depicted in the video to happen. Do they have no powers to deal with the thieves? What is their reason for being?

[Horse]

Do they have no powers to deal with the thieves? What is their reason for being?

I suppose it's the difference between someone forcing their way into you home and taking your cash and you inviting them in and handing over an envelope stuffed full of notes.

Along with that, how they caveat their promises.

[Mr. Dazzle]

They seem to be advertising the fact that they allow the sort of behaviour depicted in the video to happen. Do they have no powers to deal with the thieves? What is their reason for being?

Same reason the Police offer home security checks and the Fire Brigade have those chip pan fire demo vans innit?

[Yambo]

The video implies that the FA stole the money. Last time I looked, theft was a crime.

[Screwdriver]

If it was a fair system no doubt you could make money simply by investing in BlackRock for example because there is no doubt at all they are going to make a shit ton of money when we enter this next recession. Chances are though that there will be some special rule that means while these asset management companies make an absolute fortune, their lesser investors will end up getting shafted. Investment capital will be pulled out of the virtual world into real tangible assets like artworks or even gold long before the entire system goes tits up.

Speaking of disasters, looks like a number of very rich people are going to become considerably richer as Hawaii is allowed to burn its way through the homes of those who actually live there. Many of whom made the mistake of refusing to sell up to developers when they had the chance. Bit like the crooked pub if you ask me.

As an aside, I finally twigged why rich assholes like Billy Gates (and Oprah Winfrey in Hawaii) are desperately buying up farmland, as if they care about growing food or doing anything positive for humanity. Turns out it is a massive capital gain tax scam for the super rich (and landowners). There are huge subsidies or capital gains offset specifically for "farmland". Land increases hugely in value of course so you would expect capital gains to also increase. Nope. In fact the super rich get state handouts, millions, merely by dint of the fact they call it "farmland".

I sincerely believe we are entering the "endgame" for our capitalist system. If you're not rich yet, you never will be. The super rich will simply change the rules of the game until they own everything. On the face of it not a terrible prospect for someone like me who could easily live on whatever meagre "universal income" our masters condescend to hand out. Not so good for your pension pot now that they're clearly coming after the middle classes.