Poll: Love pensions or Hate pensions?
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Love
60.00%
3 60.00%
Hate
40.00%
2 40.00%
Total 5 vote(s) 100%
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Pensions, Tax Efficiency & The HMRC
#16
Here's a snippet from a story on the BBC about the mineworkers pension : ''A call for the government to give £1.2bn of pension funds to ex-miners has been welcomed by campaigners.

Currently the government gets half of any surplus from the miners' scheme, a deal that has made it £4.4bn so far.

Now a parliamentary committee has called for this arrangement to be reviewed, with an initial £1.2bn being handed back to the fund.''

Basically the mineworkers had a pension scheme which is good, it was expensive around 6% of salary but that meant alot of money went in from earnings also matched by the employers mainly the NCB and British Coal. Possibly because the payout is poor being a 1/90ths scheme so even working 30 years means 30/90ths which is 1/3rd x final salary

The £4,400,000 surplus actually shows it was a 'mean scheme' as the after paying out all the pensions the investement fund was hugely in profit (no doubt lots of financial people managing the fund at top dollar)

According to the article the average payout is £84 a week and the initial £1.2Bn refund will raise pensions on average by £14 a week though if the whole surplus gets refunded (£4.4bn) the average pension could go up by around 50%

Anyone getting a 50% rise? Looks like this is a distinct possibility or put another way, if so the 1/90ths scheme mutated into 1/45ths scheme

For some reason, despite Covid and world uncertainty the stock markets have performed particularly well, can't help but think things could go downhill though at any time
In a tree by the brook, there's a songbird who sings, sometimes all of our thoughts are misgiven COYR's
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#17
i've found 4 old pensions so far, but the online experience varies, 1 has no online portal at all, the others do, they also have secure email messaging which i like but difficult getting answers, like i don't have any policy documents and might want to change retirment age/cash in early so asked this sort of stuff but responses are quite poor so far.

But i do want to fall in love with this whole pension thing, i want to really commit to whacking anything surplus i have into a pension but you know, you need to have some confidence that everything is right and you will be able to get to your money when you want it

Now, it certainly seems you can 'Pension Link' a mortgage, though nobody ever mentions it, but if you do find you have a good pension scheme and you have total confidence in it, it will make sense to stick as much into your pension as possible. I really do think Pension Linked Mortgages are probably the best kept secret (**investments can fail completely and go really badly wrong and I am not advising you to do anything, spend all ya cash down the boozer for all i care**).

This is what has happened, back in the 70's 'endowment' mortgages were the order of the day, 2 reasons : a few performed really well (and really back in the day there was something called Life Assurance Relief which was tax relief but qute modest about 7.5% relief on all contributions) but then in the 80's slippery insurance salesman appeared from everywhere and the policies were absolutely loaded with commission and subsequent policies performed really, really badly and in the 90's when these policies were 'maturing' many had fallen way short of paying off the mortgage and have subsequently disappeared virtually

Now then pensions were also riddled with commission back in the day but now there seems to be much more transparency and much less costs, dramatically less costs it seems and much better returns and self management to point now that partly because everyone is terrified of giving financial advice but also noone really gets paid much for 'selling' a pension anymore noone talks about 'pension linked mortgages' at all, i thought they were gone but they ain't, seems a few lenders will lend money 'interest only'

I'll leave it at that for now, i'm actually starting to bore myself
In a tree by the brook, there's a songbird who sings, sometimes all of our thoughts are misgiven COYR's
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#18
(08-05-2021, 12:28 AM)PsychoStanleyStone Wrote: I'll leave it at that for now, i'm actually starting to bore myself

Thank f**k for that.
Πιστέψτε το, θα τα καταφέρω.
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#19
(08-05-2021, 06:58 AM)Sniffer Dog Wrote:
(08-05-2021, 12:28 AM)PsychoStanleyStone Wrote: I'll leave it at that for now, i'm actually starting to bore myself

Thank f**k for that.

Well you managed to bore the rest of the COYR forum community FFS!!!  Dodgy
''My Desire is always to be here, oh City Ground''.
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#20
(08-05-2021, 10:14 AM)Tricky Wrote:
(08-05-2021, 06:58 AM)Sniffer Dog Wrote:
(08-05-2021, 12:28 AM)PsychoStanleyStone Wrote: I'll leave it at that for now, i'm actually starting to bore myself

Thank f**k for that.

Well you managed to bore the rest of the COYR forum community FFS!!!  Dodgy

Thanks fella's!  A beautiful maiden can be extremely boring but good fun to fall in love with, i'd started to think that 'boring' is the new full on hedonism, anyway back to my love affair, i was doing the ground work which i sort of done now and moving onto the exciting stuff which will involve some mathematical comparisons of returns on investment .. .ok i'll go .. for now
In a tree by the brook, there's a songbird who sings, sometimes all of our thoughts are misgiven COYR's
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#21
Can't wait for the next installment.
Πιστέψτε το, θα τα καταφέρω.
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#22
Can you do the updates at 3pm on Saturdays please PSS? There's a void that needs filling.
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#23
(09-05-2021, 02:30 PM)Sniffer Dog Wrote: Can't wait for the next installment.

Don't! Just don't encourage him!!!!.....................................please!! Undecided
''My Desire is always to be here, oh City Ground''.
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#24
Tell you what PSS - I'll meet you for a drink when we can get back into the stadium and I will happily answer all of your pension related queries !
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#25
(10-05-2021, 12:50 PM)Simon Wrote: Tell you what PSS - I'll meet you for a drink when we can get back into the stadium and I will happily answer all of your pension related queries !

i look forward to it Simon, i know it's difficult for you to talk openly on here as there is alot of financial services regulations and you work in the industry
In a tree by the brook, there's a songbird who sings, sometimes all of our thoughts are misgiven COYR's
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#26
It’s more a case of not wanting to bore everyone to be fair !  Smile
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