Pension rip offs

Boldoneye

Midfield
I'm 60 years old and I got made redundant 3 years ago and have only had on and off part time work ever since as no one wants to employ owld folk full time. Anyway I've got a couple of small pensions that ended, one when I got made redundant and another about 10 years before that. I got a 'projection' letter off one of them a couple of days ago off one of them, normally I just bin them but I decided to look into this one as I was bored.

The value of it now is £31,195 the 'projected value when I'm 65 will be £31,500, so a capital of just over £30,000 will make just £300 interest over 5 years!!!!!! unbelievable. Also, when I retire they plan to give me £1320 a year of my own money, this equates to me living to just over 88 years old before I even get my money back ( a lifetime working in the yards and heavy industry, I don't think so!) and don't forget they are still making money on the capital whilst they are paying me back over the years. Imagine going to a Bank and asking for a loan of £30,000 and saying you will start paying it back in 5 years time and you want it interest free over 30 years and if I die 'tuff'' your'e getting nowt back. It's an absolute rip off and I would urge any younguns out there not to get one. Wish I could just withdraw the lot, but apparently pensions don't work like that. Bastards.
 


I'm 60 years old and I got made redundant 3 years ago and have only had on and off part time work ever since as no one wants to employ owld folk full time. Anyway I've got a couple of small pensions that ended, one when I got made redundant and another about 10 years before that. I got a 'projection' letter off one of them a couple of days ago off one of them, normally I just bin them but I decided to look into this one as I was bored.

The value of it now is £31,195 the 'projected value when I'm 65 will be £31,500, so a capital of just over £30,000 will make just £300 interest over 5 years!!!!!! unbelievable. Also, when I retire they plan to give me £1320 a year of my own money, this equates to me living to just over 88 years old before I even get my money back ( a lifetime working in the yards and heavy industry, I don't think so!) and don't forget they are still making money on the capital whilst they are paying me back over the years. Imagine going to a Bank and asking for a loan of £30,000 and saying you will start paying it back in 5 years time and you want it interest free over 30 years and if I die 'tuff'' your'e getting nowt back. It's an absolute rip off and I would urge any younguns out there not to get one. Wish I could just withdraw the lot, but apparently pensions don't work like that. Bastards.
Urging young'uns not to bother with pensions is pretty much the worst advice you could give them like. :lol:
 
I'm 60 years old and I got made redundant 3 years ago and have only had on and off part time work ever since as no one wants to employ owld folk full time. Anyway I've got a couple of small pensions that ended, one when I got made redundant and another about 10 years before that. I got a 'projection' letter off one of them a couple of days ago off one of them, normally I just bin them but I decided to look into this one as I was bored.

The value of it now is £31,195 the 'projected value when I'm 65 will be £31,500, so a capital of just over £30,000 will make just £300 interest over 5 years!!!!!! unbelievable. Also, when I retire they plan to give me £1320 a year of my own money, this equates to me living to just over 88 years old before I even get my money back ( a lifetime working in the yards and heavy industry, I don't think so!) and don't forget they are still making money on the capital whilst they are paying me back over the years. Imagine going to a Bank and asking for a loan of £30,000 and saying you will start paying it back in 5 years time and you want it interest free over 30 years and if I die 'tuff'' your'e getting nowt back. It's an absolute rip off and I would urge any younguns out there not to get one. Wish I could just withdraw the lot, but apparently pensions don't work like that. Bastards.

How long had you been paying into this pot and at what percentage? Because the figures suggest not very long or not very much, or both.

An advert for starting your pension as early as possible if ever there was one.
 
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I'm 60 years old and I got made redundant 3 years ago and have only had on and off part time work ever since as no one wants to employ owld folk full time. Anyway I've got a couple of small pensions that ended, one when I got made redundant and another about 10 years before that. I got a 'projection' letter off one of them a couple of days ago off one of them, normally I just bin them but I decided to look into this one as I was bored.

The value of it now is £31,195 the 'projected value when I'm 65 will be £31,500, so a capital of just over £30,000 will make just £300 interest over 5 years!!!!!! unbelievable. Also, when I retire they plan to give me £1320 a year of my own money, this equates to me living to just over 88 years old before I even get my money back ( a lifetime working in the yards and heavy industry, I don't think so!) and don't forget they are still making money on the capital whilst they are paying me back over the years. Imagine going to a Bank and asking for a loan of £30,000 and saying you will start paying it back in 5 years time and you want it interest free over 30 years and if I die 'tuff'' your'e getting nowt back. It's an absolute rip off and I would urge any younguns out there not to get one. Wish I could just withdraw the lot, but apparently pensions don't work like that. Bastards.
think yersell lucky it aint counted against you claiming any benefits these days
 
I'm 60 years old and I got made redundant 3 years ago and have only had on and off part time work ever since as no one wants to employ owld folk full time. Anyway I've got a couple of small pensions that ended, one when I got made redundant and another about 10 years before that. I got a 'projection' letter off one of them a couple of days ago off one of them, normally I just bin them but I decided to look into this one as I was bored.

The value of it now is £31,195 the 'projected value when I'm 65 will be £31,500, so a capital of just over £30,000 will make just £300 interest over 5 years!!!!!! unbelievable. Also, when I retire they plan to give me £1320 a year of my own money, this equates to me living to just over 88 years old before I even get my money back ( a lifetime working in the yards and heavy industry, I don't think so!) and don't forget they are still making money on the capital whilst they are paying me back over the years. Imagine going to a Bank and asking for a loan of £30,000 and saying you will start paying it back in 5 years time and you want it interest free over 30 years and if I die 'tuff'' your'e getting nowt back. It's an absolute rip off and I would urge any younguns out there not to get one. Wish I could just withdraw the lot, but apparently pensions don't work like that. Bastards.
With you being made redundant, does the scheme not allow you to get hold of the lump sum and pension now without penalties?

I know if I take mine at 55 and not 65, I’ll lose 35%, but I’d made redundant I can access at 55 with no penalties?

Pointless waiting and adding a few extra % when you could be drawing it now and likely make more money over the next 5 years than you would in interest.
 
We were mis-sold a pension 30 years ago, before I got wise. When it came up the £80,000 it was worth turned out to be £3,853. I went to the Financial Ombudsman with all the paperwork and they found in my favour. The other side appealed and had the case overturned. I was not told exactly why. We now manage ok, the bloke who sold it to us used to go to the same gym as me. Never set eyes on him since, seven years now.
 
With you being made redundant, does the scheme not allow you to get hold of the lump sum and pension now without penalties?

I know if I take mine at 55 and not 65, I’ll lose 35%, but I’d made redundant I can access at 55 with no penalties?

Pointless waiting and adding a few extra % when you could be drawing it now and likely make more money over the next 5 years than you would in interest.
f***ing hell. I know what I'd be asking for Christmas every single year from now on.
 
f***ing hell. I know what I'd be asking for Christmas every single year from now on.
Was going to be made redundant last year, I’d have had 23/60ths of a final salary pension which I could’ve got at 55, which would be 12 years time.

But was offered a position last minute and I decided to stay on, each year it’s another 60th and based on previous cycles I’m sure redundancy will come round again in those 12 years with any luck.

Stayed on last time because of working from home and being around the wife whilst she’s established her new franchise...now she’s settled I could easily work away these days.
 
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Grab any random young'un. It's much more likely to be maybe over maybe not.

We don't know that based on the op. How long were you paying into that pension, how much were you paying in etc.

Either way it's an argument for young'uns understanding their pensions, not simply not bothering with them.
You can 'understand' them as much as you want, my experience says that you have to live to an unrealistic age before you even get your money back.
 
You can 'understand' them as much as you want, my experience says that you have to live to an unrealistic age before you even get your money back.

You definitely need to go and get some independent advice on your pension. As pointed out, a draw down will avoid you having to live to 88 to get the full fund back when compared to an annuity.
 

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