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

[Horse]

There are a multitude of issues beyond financial, such as notice periods.

Possiby even personal moral challenges, for example if you're a sole trader with a loyal customer base then you might not want to just stop, instead ease off. I've no idea how it would work with any sort of partnership.

My final salary scheme was 65, whether or not I wanted it then. Investment type savings not. State pension for me is next year.

My notice period was minimum three months, I gave more. I started work succession and project planning before October 2022. I wouldn't, couldn't, just say "3 months" then "Bye!".

However, as I've said, I am likely to be returning to work part-time.

Also, as it happens, there's a personal change that is likely to have implications on my spending.

[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!

[Horse]

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.

[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]

[Potter]

In my perfect world we'd see interest levels go back to an average of about 5-6% for the next forty years.
That means your future is very easy to plan for and unless you want to then you don't have to get involved with smiling pension salesmen.

E.g. one could put three quarters of a million in a bank, retire at fifty-five, draw down fifty grand a year, (including a state pension at sixty-seven) and even with small inflation rises thrown in here and there you'd still not run out of money until you were too old to care, or dead.
It could be governed by law, you drip feed over your lifetime, your employer does the same, the money is ring-fenced, etc.

The amounts might change depending on how hard you work, but the principle is that it's not a money making scheme for speculators.

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.

[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?

[Potter]

If I was an FA that genuinely knew where the money was, then I'd probably be making it myself rather than doing it for other people and just taking a wage.
Unless they're doing it through pure altruism, which I think isn't many.

The benefits of using an FA is to advise you of which products are out there and how to access them, because that does take knowledge of the industry. They're also good for general advice about creating a balanced portfolio, and how/when to access these things, if it's all a bit alien to you.

You should use them for advice on how to get into the things you want to get into, but I'm not sure that you should rely on them for actual advice of where to put it, because they don't know any more than anyone else that is guessing.

I like talking to my FA, he's knowledgeable on investment tools, but he's not as right about everything as he wishes he was

I do genuinely wonder why lots of people go to work for many years, often unwillingly, but don't make any effort at all to find out how to save or make their money work better for them.
I think it's parental advice in many cases, my kids get decent amateur advice, I got none.

[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.....