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

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

Post by SSS »

Horse wrote: Wed Aug 23, 2023 1:24 pm
SSS wrote: Wed Aug 23, 2023 12:51 pm I dont have any pensions

the plans ive put in place is invested in property, land, precious metals etc.
You don't have formal pension savings * but you have planned and arranged diverse provision.

* perhaps with tax benefits
Indeed, for a workplace/contributory type pension scheme - I dont have any, but have tried to navigate as best I can the old age & income scenario as i see/saw it.
It may work, it may not. Suppose i'll soon find out :D At least i'll be safe in the knowledge i havent contributed to Spivs/Wideboys bonuses and fees
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

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

Post by Screwdriver »

weeksy wrote: Tue Sep 05, 2023 1:33 pm Image
Just met up with an ex. MOD mate I went to university with. He's obviously just got his MOD pension too.

Turned up on a spanky new Ducati 950SP...
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by gremlin »

Having seen my IFA, apparently the answer for me and Mrs. G is 'Looking good'.

However, as we now seem to be funding the Gremlinette's uni education and living fees, the dream of retirement at 55 is remains just that. A dream. :lol:
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by JackyJoll »

SSS wrote: Wed Aug 23, 2023 12:51 pm
Mrs SSSs dad was one of the Equitable Life pension holders when it went bust.
A work pension scheme I was in (AEAT) failed in 2012. I had transferred everything out to a new job 10 years earlier, so I escaped. The Government stepped in, in some way, but people still lost a lot. A legal case dragged on for years.

If I remember correctly, the Govt paid 90% of expected benefits but only post-1998 (I think) accruals were to be index linked. That may mean that some of those pensioners are now starting to suffer.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Count Steer »

Potter wrote: Sat Sep 09, 2023 4:19 am This may be of help.

https://www.hl.co.uk/retirement/preparing/pension-wise
"Pension Wise is a free and impartial government service designed for everyone aged 50 or over, who has a UK-based personal or workplace pension. "
Good call. I used the service a while ago. Quite impressed with the response, info and advice. Actually got a human being assessing the question and providing a detailed response rather than lists of available info. :thumbup:
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Bustaspoke »

Potter wrote: Sat Sep 09, 2023 4:19 am This may be of help.

https://www.hl.co.uk/retirement/preparing/pension-wise
"Pension Wise is a free and impartial government service designed for everyone aged 50 or over, who has a UK-based personal or workplace pension. "
I used them a couple of years back,same experience as count steer :thumbup:
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Dodgy69 »

So where is the BEST place to put your personal pension. Drawdown jobby. ???
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Mr. Dazzle »

You need to figure out when you're gonna die, then it's way easier to identify the best :thumbup:
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Dodgy69 »

I do believe we all have a common interest though, we all want our investments to grow every year. 👍
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Count Steer »

Dodgy69 wrote: Sat Sep 09, 2023 7:14 pm I do believe we all have a common interest though, we all want our investments to grow every year. 👍
Not necessarily. :D

Sometimes, if you're putting money in, you want dips in the market so your money/income reinvested buys more shares/units, then pick up again. A dip's not a good time to be taking money out though.

It's a ratchet thing. :thumbup:
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Dodgy69 »

Can you transfer a personal pension into one of these ns&I without being taxed on it. ?? My current PP obviously offers 25%TF and the rest being taxable. So, if I withdraw it, I'd be taxed big time and wouldn't be worth it.

Withdrawing the 25% would be straightforward but cuts the returns a lot. ??

Still 13k down at True Potential and don't see anything changing soon.

https://www.nsandi.com/guaranteed-returns
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Count Steer »

Dodgy69 wrote: Sun Sep 10, 2023 9:17 am Can you transfer a personal pension into one of these ns&I without being taxed on it. ?? My current PP obviously offers 25%TF and the rest being taxable. So, if I withdraw it, I'd be taxed big time and wouldn't be worth it.

Withdrawing the 25% would be straightforward but cuts the returns a lot. ??

Still 13k down at True Potential and don't see anything changing soon.

https://www.nsandi.com/guaranteed-returns
Don't think so. I don't think you can even hold fixed rate bonds inside SIPP, only bonds that are quoted on the Stock Exchange...bit of a minefield, you can hold some NS&I products - 'permitted investments' and even, some say, Premium Bonds (Others say not). It's getting into expert advisor territory though.

On the bright side, if your funds are reinvesting dividends, you'll see things perk up more when/if the markets pick up. I don't know what £13k is as a % but, tbh, everything is looking a bit :( Patience is a virtue. :D
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Mr. Dazzle »

I can buy fixed bonds in my SIPP....I was looking just t'other day. Big long list varying from 25 year government ones at a couple of percent up/down (depends on your attitude :D ) to 1 year corporate ones at nearly 7%.

Can also buy ETFs of bonds...I.e. shares in a fund made up entirely of bonds, but all taken care of by someone else. Classic less risk but need to pay a management fee instead.

Deffo worth getting pro advice on that one! You're by no means guaranteed to get your money back on the higher rate ones. In fact if you buy them in my SIPP you have to complete a "do you really understand?" quiz first.

Might also be different for me cause I'm still in the 100% paying in mode.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Dodgy69 »

Count Steer wrote: Sun Sep 10, 2023 9:53 am
Dodgy69 wrote: Sun Sep 10, 2023 9:17 am Can you transfer a personal pension into one of these ns&I without being taxed on it. ?? My current PP obviously offers 25%TF and the rest being taxable. So, if I withdraw it, I'd be taxed big time and wouldn't be worth it.

Withdrawing the 25% would be straightforward but cuts the returns a lot. ??

Still 13k down at True Potential and don't see anything changing soon.

https://www.nsandi.com/guaranteed-returns
Don't think so. I don't think you can even hold fixed rate bonds inside SIPP, only bonds that are quoted on the Stock Exchange...bit of a minefield, you can hold some NS&I products - 'permitted investments' and even, some say, Premium Bonds (Others say not). It's getting into expert advisor territory though.

On the bright side, if your funds are reinvesting dividends, you'll see things perk up more when/if the markets pick up. I don't know what £13k is as a % but, tbh, everything is looking a bit :( Patience is a virtue. :D

-4.3% I've had 10k out tax free and that crystallises 40k.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Mr. Dazzle »

Don't forget you're also liable for tax on the profit from these NS&I bonds so that needs considering too.

Probably liable. Depends on what else you do and how much you make.

Really not the place to be asking ;)
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Count Steer »

Dodgy69 wrote: Sun Sep 10, 2023 3:38 pm
Count Steer wrote: Sun Sep 10, 2023 9:53 am
Dodgy69 wrote: Sun Sep 10, 2023 9:17 am Can you transfer a personal pension into one of these ns&I without being taxed on it. ?? My current PP obviously offers 25%TF and the rest being taxable. So, if I withdraw it, I'd be taxed big time and wouldn't be worth it.

Withdrawing the 25% would be straightforward but cuts the returns a lot. ??

Still 13k down at True Potential and don't see anything changing soon.

https://www.nsandi.com/guaranteed-returns
Don't think so. I don't think you can even hold fixed rate bonds inside SIPP, only bonds that are quoted on the Stock Exchange...bit of a minefield, you can hold some NS&I products - 'permitted investments' and even, some say, Premium Bonds (Others say not). It's getting into expert advisor territory though.

On the bright side, if your funds are reinvesting dividends, you'll see things perk up more when/if the markets pick up. I don't know what £13k is as a % but, tbh, everything is looking a bit :( Patience is a virtue. :D

-4.3% I've had 10k out tax free and that crystallises 40k.
-4.3%? I'd say you're riding things out pretty well. Me and Hoss probably have nice dreams about -4.3%. :lol: At one point Truss-onomics had a slab of mine down 25%, (but fortunately that's only part of it and I don't have to draw down on it so it can stay in 'rest and recuperation' mode). At -4.3% I'd say your guys are doing OK!
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Horse »

Count Steer wrote: Sun Sep 10, 2023 4:12 pm -4.3%? I'd say you're riding things out pretty well. Me and Hoss probably have nice dreams about -4.3%. :lol: At one point Truss-onomics had a slab of mine down 25%
I can't remember exact figures, but one of the smaller pots shrank from near £12k to £8+

Similar in the others.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Count Steer »

For those that don't get fatigued by more than a short paragraph, this article gives a perspective on pot size, draw down rates (4% rule) and why retiring during a market low and drawing down is a Bad Thing.

https://www.fidelity.co.uk/markets-insi ... V5Tu783npr
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Horse »

Horse wrote: Sun Sep 10, 2023 5:15 pm
Count Steer wrote: Sun Sep 10, 2023 4:12 pm -4.3%? I'd say you're riding things out pretty well. Me and Hoss probably have nice dreams about -4.3%. :lol: At one point Truss-onomics had a slab of mine down 25%
I can't remember exact figures, but one of the smaller pots shrank from near £12k to £8+

Similar in the others.
New statement: it's fallen 10% ... :roll:
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