Boldoneye
Midfield
It was at a Newcastle Building Society 'free' half hour pension advice session the FA told me drawdown could only be done through a FA.(Financial Adviser)Can you not fire off emails and save yourself £1200
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It was at a Newcastle Building Society 'free' half hour pension advice session the FA told me drawdown could only be done through a FA.(Financial Adviser)Can you not fire off emails and save yourself £1200
Mate, your experience is ignoring them until you're bored one day at 60You 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.
So what would have changed if I'd read every single word of them?Mate, your experience is ignoring them until you're bored one day at 60
You and I and the rest of our age-group were told in the late 80's by the Government at the time to start off a private pension marra.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.
Mate I'm not arguing about the amount I'm getting back, it's the fact that if you live to an average age you will not even get back what you have paid in.You and I and the rest of our age-group were told in the late 80's by the Government at the time to start off a private pension marra.
I did that in 1989 when I was 29 years old- and put in regular amounts, and am now reaping what I have sown now after I took early retirement due to health reasons.
£31k in your pension pot doesn't seem like you have put in a great deal since the late 80's I'm afraid marra.
I would use "draw-down" for your pension pot T.B.H.
Thanks, I 'll give it a read.Options for using your defined contribution pension pot | MoneyHelper
It’s important to understand your options because what you decide now will affect your retirement income for the rest of your life.www.moneyadviceservice.org.uk
Or you could look at it as would you have saved that amount in your savings account and kept it for old age if you hadn’t of used a pension scheme.Mate I'm not arguing about the amount I'm getting back, it's the fact that if you live to an average age you will not even get back what you have paid in.
Thanks, I 'll give it a read.
Fair comment, yes I would have saved that money. I know because I did (and more) in Bonds and Building Societies, and that money is earning more than what my Pension is.Or you could look at it as would you have saved that amount in your savings account and kept it for old age if you hadn’t of used a pension scheme.
The crash screwed a lot of pensions up too with interest rates staying so low afterwards for such a long period of time
Could always cryogenically freeze yourself until your 95, defrost and you’ll be up on the deal
So just draw it down and use it that way.Fair comment, yes I would have saved that money. I know because I did (and more) in Bonds and Building Societies, and that money is earning more than what my Pension is.
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 have a pension from another company that will see me fine from 55. However currently paying into the government workplace pension scheme and they sent me a projection of what ithe estimated value will be and income I will get off it if I take it at 55. I will have to live till I am 109 to get back the money I will have paid in ffs. I'll just take it as a lump sum and take the tax hit on it.
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.
Was having a quick look while having a dump earlier, a pot of that amount would have gotten about £2200 a year pre recession, OP is only getting £1300 today. Canny shite like.If only it was as simple as that, you need the money to work for you, just starting early and sticking money in at a certain rate doesn't guarantee you anything.
You have to rely on those who are supposed to know what they are doing to get a decent return.
Can you not fire off emails and save yourself £1200
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 have a pension from another company that will see me fine from 55. However currently paying into the government workplace pension scheme and they sent me a projection of what ithe estimated value will be and income I will get off it if I take it at 55. I will have to live till I am 109 to get back the money I will have paid in ffs. I'll just take it as a lump sum and take the tax hit on it.
See, this is news to me, the FA at Newcastle building society didn't mention you could do this. Thanks mate.Take a fixed term annuity say over 10 to 15 years at state pension age. Should the personal allowance be say 15k and pensions are less in total then it's zero tax and national insurance and your gross income is in your hip. It is just a life expectancy gamble with fixed term but if you can work it so it's tax free then you ain't paying tax twice.
That’s doesn’t sound right mind mate. Normally, you can expect your contributions back pretty quickly. The 25% tax free lump sum normally covers a large chunk of your contributions