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

[SSS]

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 At least i'll be safe in the knowledge i havent contributed to Spivs/Wideboys bonuses and fees

[weeksy]

[Screwdriver]

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...

[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.

[JackyJoll]

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.

[Count Steer]

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.

[Bustaspoke]

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

[Dodgy69]

So where is the BEST place to put your personal pension. Drawdown jobby. ???

[Mr. Dazzle]

You need to figure out when you're gonna die, then it's way easier to identify the best

[Dodgy69]

I do believe we all have a common interest though, we all want our investments to grow every year.

[Count Steer]

I do believe we all have a common interest though, we all want our investments to grow every year.

Not necessarily.

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.

[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

[Count Steer]

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.

[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 ) 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.

[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

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.

-4.3% I've had 10k out tax free and that crystallises 40k.

[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

[Count Steer]

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.

-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%. 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!

[Horse]

-4.3%? I'd say you're riding things out pretty well. Me and Hoss probably have nice dreams about -4.3%. 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.

[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

[Horse]

-4.3%? I'd say you're riding things out pretty well. Me and Hoss probably have nice dreams about -4.3%. 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% ...