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>> | No. 3840
3840
The OFT have come out and said that many old (i.e. set up before 2001) pension schemes have high charges and offer savers poor value for money. They've also suggested a cap for auto-enrolment schemes, but it's going to be an almost meaningless gesture as you'd be very hard pressed to find a provider offering auto-enrolment terms with annual management charges greater than 1% anyway. |
>> | No. 3841
3841
Spy.jpg ![]() ![]() ![]() Did someone say pension....? |
>> | No. 3842
3842
UK pensions are a waste of time. It's amazing how it varies abroad though. Value for money is far better elsewhere, sadly (for most the UK population being screwed daily). |
>> | No. 3843
3843
>>3842 |
>> | No. 3858
3858
To me, Auto Enrolment seems like an excuse to scale back the State Pension because more people will have their own personal pensions. |
>> | No. 3859
3859
>>3858 |
>> | No. 3860
3860
>>3859 |
>> | No. 3861
3861
>>3860 |
>> | No. 3862
3862
Annuityrates.png ![]() ![]() ![]() >>3861 |
>> | No. 3863
3863
>>3861 |
>> | No. 3864
3864
>>3863 |
>> | No. 3865
3865
>>3858 |
>> | No. 3866
3866
>>3865 |
>> | No. 3867
3867
>>3866 |
>> | No. 3868
3868
>>3867 |
>> | No. 3869
3869
>>3868 |
>> | No. 3870
3870
>>3868 |
>> | No. 3871
3871
>>3869 |
>> | No. 3872
3872
>>3871 |
>> | No. 3873
3873
>>3872 |
>> | No. 3874
3874
>>3873 |
>> | No. 3875
3875
|
>> | No. 3876
3876
I could be wrong, but aren't group money purchase schemes quite dated now? As far as I'm aware, they're occupational schemes that employers used in the 80's and 90's when they were switching from defined benefit (final/average salary) schemes to defined contribution schemes which still kept the trustee structure in place. These days new pension schemes are almost certain to be group personal pension plans. I don't know if this meant the trustees could choose what the scheme assets should be invested in or if that only applies to defined benefit schemes. |
>> | No. 3877
3877
>>3876 |
>> | No. 3878
3878
>>3877 |
>> | No. 3879
3879
>>3877 |
>> | No. 3880
3880
>>3875 |
>> | No. 3881
3881
>>3868 |
>> | No. 3883
3883
Apparently they're mad on Mumsnet that Auto-Enrolment means they'll have to pay pension contributions for nannies, gardeners and cleaners. |
>> | No. 3885
3885
>>3884 |
>> | No. 3886
3886
>>3883 |
>> | No. 3887
3887
>>3885 |
>> | No. 3892
3892
Cofunds have announced they're scrapping their £40 annual platform charge (although the reality is that they forgot to actually charge anyone for it since they implemented it in January). |
>> | No. 3893
3893
They've just had a pensions expert on BBC Breakfast, because Scottish Widows have released a report saying that a 25-year-old needs to save £66 per month if they want an annual income of £5,800 (with no inflation proofing) on top of the State Pension when they retire. |
>> | No. 3894
3894
>>3893 |
>> | No. 3895
3895
>>3894 |
>> | No. 3896
3896
>>3895 |
>> | No. 3897
3897
>>3896 |
>> | No. 3898
3898
Can someone explain because I'm not quite sure. What's the difference between giving my money to a pension provider and keeping money stuffed underneath my mattress? |
>> | No. 3899
3899
>>3898 |
>> | No. 3900
3900
>>3899 |
>> | No. 3901
3901
>Management fees charged by pension providers could be capped between 0.75% and 1%, according to proposals being set out by the government. The Treasury is consulting on its plans to cap fees, which it says could save people tens of thousands of pounds. Some older schemes set up more than a decade ago have been found to charge up to 2.3% a year in management fees. |
>> | No. 3902
3902
>>3901 |
>> | No. 3935
3935
I was at a presentation by Standard Life and Aviva earlier. |
>> | No. 3936
3936
>>3935 |
>> | No. 3937
3937
>>3936 |
>> | No. 3945
3945
>>3936 |
>> | No. 3946
3946
>>3945 |
>> | No. 3947
3947
They've been talking about salary sacrifice at work. They gave me a statement that shows that if they reduce my gross pay by nearly 6% my net pay will remain the same because there's less income tax and national insurance to pay along with no personal pension deduction. They then pay an employer contribution that is just under 13% greater than what's paid overall now. Any reason I shouldn't do it? |
>> | No. 3948
3948
>>3947 |
>> | No. 4036
4036
>>3948 |
>> | No. 4037
4037
Last thing I'll say on the pension charges cap, the FT say it is a bad idea but can see why Webb has gone for it as it "offers the chance for jolly soundbites. It is not, however, based on good economics." The OFT also recommend against a cap. |
>> | No. 4049
4049
The problem with salary sacrifice and lowering your gross pay is the impact on the "ladder". Typically once you get a rung up you should have a floor under you that increases each step of the way. By accepting this drop you're knocking yourself down if you move to another employer or role. |
>> | No. 4050
4050
>>4049 |
>> | No. 4052
4052
>>4049 |
>> | No. 4095
4095
Apparently Mexico is the only developed nation with a State Pension less generous than ours. |
>> | No. 4096
4096
>>4050 |
>> | No. 4097
4097
>>4095 |
>> | No. 4098
4098
>>4096 |
>> | No. 4099
4099
>>4098 |
>> | No. 4100
4100
>>4096 |
>> | No. 4101
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>>4098 |
>> | No. 4105
4105
>>4100 |
>> | No. 4108
4108
>>4105 |
>> | No. 4228
4228
>>4097 |
>> | No. 4262
4262
On the subject of National Insurance: |
>> | No. 4263
4263
>>4262 |
>> | No. 4264
4264
>>4262 |
>> | No. 4265
4265
>>4264 |
>> | No. 4266
4266
>>4265 |
>> | No. 4268
4268
>>4262 |
>> | No. 4271
4271
>>4268 |
>> | No. 4273
4273
>>4271 |
>> | No. 4275
4275
>The date when people must be 68 to draw a state pension - formerly scheduled for 2046 - will be brought forward to the mid-2030s, Chancellor George Osborne will announce later. Plans to be announced in Mr Osborne's Autumn Statement mean the age could rise again to 69 by the late 2040s. |
>> | No. 4276
4276
>>4275 |
>> | No. 4277
4277
>>4275 |
>> | No. 4278
4278
>>4276 |
>> | No. 4279
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>>4277 |
>> | No. 4280
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>>4278 |
>> | No. 4281
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>>4280 |
>> | No. 4282
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>>4280 |
>> | No. 4283
4283
>>4276 |
>> | No. 4288
4288
>>4283 |
>> | No. 4290
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>>4288 |
>> | No. 4331
4331
Pensioners are being 'burgled' by insurers on annuities |
>> | No. 4358
4358
The Graun are saying people in their 20s should be putting 12% of their salary away for retirement and even more if they leave pension saving until later. |
>> | No. 4359
4359
>>4358 |
>> | No. 4360
4360
>>4359 |
>> | No. 4733
4733
I've heard that if you get enrolled in a pension scheme the government have made it a bit of a hassle to opt out in the hope that people won't be bothered - something about going to the far end of a fart to request the necessary forms because your employer isn't allowed to give you one so they can't pressure you into opting out. Even if you do opt out your employer will already have made a deduction from your pay and you'll have to wait until the next payroll to get it refunded. At least, these are the gripes I've heard from colleagues. |
>> | No. 4734
4734
>>4360 |
>> | No. 4736
4736
>>4734 |
>> | No. 4738
4738
>>4736 |
>> | No. 4746
4746
>>4738 |
>> | No. 4756
4756
So when are interest rates going to finally go up high enough (or at all) to make saving and pensions worth while? Right now and for some time it has felt punishing to those who spent their lives doing the right thing while the BoE and government push everyone to breaking point and bend over backwards for those who were reckless and lived beyond their means. |
>> | No. 4758
4758
>>4756 |
>> | No. 4760
4760
>>4756 |
>> | No. 4761
4761
>>4756 |
>> | No. 4762
4762
>>4761 |
>> | No. 4764
4764
>>4761 |
>> | No. 4765
4765
>>4760 |
>> | No. 4766
4766
>>4764 |
>> | No. 4767
4767
>>4765 |
>> | No. 4769
4769
>>4767 |
>> | No. 4770
4770
>>4769 |
>> | No. 4775
4775
Polly has written a fluff piece about Steve Webb's decision to postpone putting a cap on Auto Enrolment charges for at least a year. It may be just me, but it seems like a meandering mess that glosses over the subject matter so she can have a pop at the wicked corporations (even though if you read the pension industry's response to the DWP consultation they are overwhelmingly in favour of standardising charges and making disclosure of them mandatory) and the nasty Tories (Steve Webb is a twat trying to grab headlines). I'm not convinced she actually knows the difference between a pension fund and a pension provider. In fact, it's worse than that - scaremongering and discouraging young people from retirement planning, when the average charge on a pension scheme set up in 2012 was a reasonable 0.51% (almost all of the money in schemes with high charges were set up over a decade ago) and there has been several reports recently warning that many are likely to face poverty in old age because they have barely put any thought to funding their retirement, is incredibly reckless. Polly is trying to perpetuate the narrative that pensions are confusing and a rip-off without really trying to understand the subject matter because it goes against what she wants to preach. She's misrepresenting Mitchell Johnson at the end; he's recommended having one combined annual allowance for pensions (which will be £40k for 2014/15) and ISAs (£11,880) which you can split how you like, but Polly has somehow construed that as meaning they're going to get rolled into one account. The only way I can fathom the line 'The Treasury would add £1 for every £1 saved, equal relief for all' from what I can see in the report (http://www.cps.org.uk/files/reports/original/121123104830-costlyandineffective.pdf) is that she has completely misunderstood the recommendation about scrapping higher rate tax relief on pension contributions so that everyone gets the same % rate - I can find no mention of this outside of her article. |
>> | No. 4776
4776
>>4775 |
>> | No. 4777
4777
>>4776 |
>> | No. 4810
4810
>>4756 |
>> | No. 4816
4816
>>4810 |
>> | No. 4854
4854
One of yesterday's Editor's Picks on the Graun was another opinion piece of pensions - this time by some bint at Investors Chronicle. |
>> | No. 4855
4855
>>4854 |
>> | No. 4856
4856
>>4855 |
>> | No. 4857
4857
>>4856 |
>> | No. 4858
4858
>>4857 |
>> | No. 4859
4859
>>4858 |
>> | No. 4860
4860
>>4859 |
>> | No. 4861
4861
the-slammer.jpg ![]() ![]() ![]() >>4860 |
>> | No. 4894
4894
The government are considering privatising the administration of the State Pension or, judging by the last line, the Guardian could be engaging in some Daily Mail style scaremongering. |
>> | No. 4895
4895
>>4894 |
>> | No. 4896
4896
>>4895 |
>> | No. 4897
4897
>>4896 |
>> | No. 4898
4898
>>4897 |
>> | No. 4899
4899
>>4898 |
>> | No. 4903
4903
>>4899 |
>> | No. 4904
4904
>>4903 |
>> | No. 4937
4937
>>4761 |
>> | No. 4950
4950
90% of people know that they can a better annuity at retirement if they shop around, but only around half can be bothered to do so - I'd say this is more a case of people not giving too much attention to one of the most important financial decisions they have to make than the system being 'broken', although it certainly has its flaws. It's well known in many industries that lazy customers who stick with one provider/insurer won't get the best deal, some people won't be happy until they don't have to take any personal responsibility for their own lives whatsoever and get their arses wiped for them instead. |
>> | No. 4951
4951
Thinking about it, the solution is bleeding obvious. If the government makes it compulsory for annuity providers to publish a table of their standard rates each week, say what £100k could buy someone on their 55th to 65th birthday, and gets The Pensions Advisory Service to compile them in one place then there's no excuse not to shop around and it could see rates rising. It really is that simple, no need for bluster and the FCA to investigate for a further year. |
>> | No. 5071
5071
In the budget they've said that they're increasing the limits for trivial commutation (cashing it in because the values are too low) from £2,000 to £10,000 from one employment and from £18,000 to £30,000 for your overall pension benefits. |
>> | No. 5086
5086
>>5071 |
>> | No. 5087
5087
>>5086 |
>> | No. 5088
5088
>Osborne unveiled a series of reforms that come into force on 27 March, abolishing several technical rules that will mean pensioners can take more of their savings as cash immediately. He also promised by April next year to remove all remaining tax restrictions on access to pension pots. "Pensioners will have complete freedom to draw down as much or as little of their pension pot as they want, any time they want. No caps. No drawdown limits." |
>> | No. 5089
5089
>>5088 |
>> | No. 5090
5090
_73690936_bingoad[1].jpg ![]() ![]() ![]() I thought this poster was a joke at first. Then I found out it's legit. |
>> | No. 5091
5091
>>5090 |
>> | No. 5095
5095
>>5091 |
>> | No. 5096
5096
>>5089 |
>> | No. 5098
5098
>>5090 |
>> | No. 5099
5099
>>5090 |
>> | No. 5100
5100
almurraypointingIm005223_lightbox.jpg ![]() ![]() ![]() >>5091 |
>> | No. 5102
5102
>>5099 |
>> | No. 5104
5104
>>5102 |
>> | No. 5105
5105
>>5104 |
>> | No. 5106
5106
>>5105 |
>> | No. 5107
5107
>>5106 |
>> | No. 5108
5108
HOORAY FOR GIDEON |
>> | No. 5109
5109
We could still have a very cold winter yet, Gids. It's not over. |
>> | No. 5110
5110
Jesus! I don't think I've ever seen quite so much Old Etonian jizzum roll down the chin of a newspaper before. Not to say it's never happened of course. |
>> | No. 5111
5111
>>5110 |
>> | No. 5112
5112
Balls' response is that people will squander their money if they can take it all at once; Labour really hate letting people take personal responsibility for their own lives. |
>> | No. 5117
5117
>>5112 |
>> | No. 5121
5121
>>5117 |
>> | No. 5122
5122
>>5111 |
>> | No. 5125
5125
>>5121 |
>> | No. 5129
5129
>>5125 |
>> | No. 5138
5138
>>5122 |
>> | No. 5139
5139
>>5110 |
>> | No. 5140
5140
>>5088 |
>> | No. 5142
5142
Savers locked into rip-off pensions and investments could be given a free exit or moved to better deals, regulators will say next week. |
>> | No. 5143
5143
>>5142 |
>> | No. 5144
5144
>>5143 |
>> | No. 5145
5145
>>5144 |
>> | No. 5146
5146
>>5144 |
>> | No. 5147
5147
>>5146 |
>> | No. 5156
5156
This seems to have gone under the radar after the budget, but the government announced towards the end of last week that, with effect from 1 April 2015, the default fund for qualifying workplace pension schemes will be capped at 0.75% and they'll review it in 2017. |
>> | No. 5180
5180
Steve Webb has said that the next government will have to look into increasing the minimum contributions for Auto Enrolment from 8% as it won't be enough for many. |
>> | No. 5200
5200
Apparently we have one of the most sustainable pension systems in the world. God help everywhere else. |
>> | No. 5204
5204
>Employees will be able to put their money into Dutch-style “collective pensions”, shared with thousands of other members, in a radical shake-up of workplace pensions expected to be disclosed in the Queen's speech on Wednesday. |
>> | No. 5205
5205
>>5204 |
>> | No. 5206
5206
>>5205 |
>> | No. 5207
5207
>>5205 |
>> | No. 5208
5208
>>5207 |
>> | No. 5209
5209
Apparently tax relief on pensions is going to be one of the electioneering 'battlegrounds'. The Centre for Policy Studies say it should be 50%, but only on the first £8k, the Lib Dems want it capped at somewhere between 20-30%, the Tories haven't come up with a plan yet and Labour want to keep it at 40% for higher rate taxpayers but cap it at 20% for additional rate taxpayers. |
>> | No. 5214
5214
The finalised details of the pension reforms unveiled in the budget will be unveiled tomorrow, following the consultation period: |
>> | No. 5215
5215
>>5214 |
>> | No. 5216
5216
>>5214 |
>> | No. 5272
5272
>>5125 |
>> | No. 5276
5276
>>5125>>5272 |
>> | No. 5341
5341
>>4746 |
>> | No. 5371
5371
It's in the news today that you can stagger taking your tax-free cash (which you could anyway) and Osborne is proclaiming that YOU CAN USE YOUR PENSION JUST LIKE A BANK ACCOUNT. |
>> | No. 5373
5373
The Pensions Advisory Service has launched a pilot where they offered free guidance to 9,000 retirees, only 2.5% took them up. So much for Gideon's posturing. |
>> | No. 5413
5413
OP here, if I take this complaint to the Financial Ombudsman Service do you think I have a case? Apologies in advance if it's tl;dr. |
>> | No. 5490
5490
Labour want to cut tuition fees to £6,000 and they're going to fund this by capping the amount you can take tax-free from your pensions at £36,000 and changing tax relief on contributions for basic and higher rate taxpayers to a flat 30% while lowering it to 20% for additional rate taxpayers. |
>> | No. 5491
5491
>>5490 |
>> | No. 5492
5492
>>5491 |
>> | No. 5493
5493
>>5491 |
>> | No. 5494
5494
>>5492 |
>> | No. 5495
5495
>>5494 |
>> | No. 5496
5496
Isn't it only high earners who actually pay off their tuition fee loan? I have no idea how much you have to earn for your repayments to be greater than the added interest but I don't seem to have made much headway in paying off my loan. |
>> | No. 5497
5497
>>5496 |
>> | No. 5498
5498
>>5497 |
>> | No. 5499
5499
>>5498 |
>> | No. 5500
5500
>>5499 |
>> | No. 5501
5501
>>5495 |
>> | No. 5502
5502
Well if we Greens had our way we'd scrap all the fees. Under the current system, although poor people aren't necessarily burdened with the loan, the taxpayer will always lose out in the long-term (it's like a PFI for higher education); rich people who pay their fees out of their own pocket get to avoid the inflation-tied interest and hence opt out of the graduate-tax-like system anyway, which is regressive; and as the Tories keep selling off the loan books there's no telling what conditions the former students will have imposed on them in the future. Best way to fund it, like pretty much all public services, is make it free at the point of use for all and raise progressive taxes on the rich. |
>> | No. 5503
5503
>>5502 |
>> | No. 5504
5504
>>5503 |
>> | No. 5505
5505
University should be more expensive and difficult to get into, and the repayments more harsh. Yesterday at University, two students were bragging about getting low 50s in their essays because they'd done it all in the last day and barely read anything. A lot of the people in that class are the same. They just don't care, and I think it's because they're not really paying for it. Taxpayers are paying for it. People measure how they should treat things by how much they paid for it. Those students would be more upset about dropping their phone than failing their essays. |
>> | No. 5506
5506
>>5505 |
>> | No. 5507
5507
>>5505 |
>> | No. 5508
5508
>>5505 |
>> | No. 5509
5509
http://britfa.gs/pol/ |
>> | No. 5510
5510
>>5502 |
>> | No. 5511
5511
>>5510 |
>> | No. 5512
5512
>>5510 |
>> | No. 5513
5513
Are we trying to become like America? Why can't we have free, or maybe just really cheap tuition fees? |
>> | No. 5514
5514
http://britfa.gs/pol/ |
>> | No. 5515
5515
>>5514 |
>> | No. 5516
5516
>>5508 |
>> | No. 5517
5517
http://britfa.gs/pol/ |
>> | No. 5518
5518
>>5513 |
>> | No. 5519
5519
>>5518 |
>> | No. 5520
5520
>>5519 |
>> | No. 5521
5521
So, what about them pensions, eh then, lads? |
>> | No. 5522
5522
>>5521 |
>> | No. 5523
5523
>>5520 |
>> | No. 5524
5524
0.jpg ![]() ![]() ![]() WHAT? |
>> | No. 5525
5525
>>5523 |
>> | No. 5526
5526
>>5525 |
>> | No. 5527
5527
>>5522 |
>> | No. 5528
5528
>>5527 |
>> | No. 5529
5529
>>5528 |
>> | No. 5530
5530
>>5518 |
>> | No. 5531
5531
>>5527 |
>> | No. 5532
5532
Harry.jpg ![]() ![]() ![]() >>5531 |
>> | No. 5533
5533
wotevs.jpg ![]() ![]() ![]() >>5532 |
>> | No. 5534
5534
>>5518 |
>> | No. 5535
5535
>>5534 |
>> | No. 5536
5536
>>5534 |
>> | No. 5537
5537
>>5536 |
>> | No. 5538
5538
>>5537 |
>> | No. 5539
5539
>>5535 |
>> | No. 5540
5540
>>5538 |
>> | No. 5542
5542
>>5534 |
>> | No. 5543
5543
>>5540 |
>> | No. 5544
5544
>>5542 |
>> | No. 5545
5545
>>5544 |
>> | No. 5546
5546
>>5542 |
>> | No. 5547
5547
>>5544 |
>> | No. 5548
5548
>>5546 |
>> | No. 5549
5549
>>5547 |
>> | No. 5550
5550
>>5549 |
>> | No. 5551
5551
>>5550 |
>> | No. 5552
5552
>>5549 |
>> | No. 5553
5553
>>5549 |
>> | No. 5554
5554
>>5550 |
>> | No. 5555
5555
>>5554 |
>> | No. 5556
5556
>>5555 |
>> | No. 5557
5557
>>5551 |
>> | No. 5559
5559
>>5557 |
>> | No. 5560
5560
>>5556 |
>> | No. 5561
5561
>>5544 |
>> | No. 5562
5562
>>5561 |
>> | No. 5563
5563
>>5562 |
>> | No. 5564
5564
>>5563 |
>> | No. 5565
5565
>>5562 |
>> | No. 5566
5566
>>5565 |
>> | No. 5567
5567
When you are born, you take on a "debt" that is never paid off, that is structured in the same way as student debt, but you get no say in it. It's called income tax. |
>> | No. 5568
5568
>>5567 |
>> | No. 5569
5569
>>5568 |
>> | No. 5570
5570
>>5568 |
>> | No. 5572
5572
>>5568 |
>> | No. 5573
5573
>>5569 |
>> | No. 5575
5575
>>5573 |
>> | No. 5576
5576
Getting back to pensions for a moment (controversial idea, I know): |
>> | No. 5577
5577
>>5576 |
>> | No. 5578
5578
>>5576 |
>> | No. 5579
5579
>>5578 |
>> | No. 5580
5580
>>5576 |
>> | No. 5581
5581
>>5577 |
>> | No. 5582
5582
>>5580 |
>> | No. 5583
5583
>>5582 |
>> | No. 5584
5584
Miliband's claiming he'd cap charges on drawdown plans, citing some charging as much as 2.75%. You'd have to be pretty thick to pay that much - Royal London's offering is 0.50% for plans greater than £60k, Scottish Widows' 0.28% for plans greater than 50%, LV's is 0.25% on plans above £20k, Aegon's is 0.3% on the first £250k, Aviva's is 0.30% for plans above £30k and Legal & General's is 0.1% above £30k, so it looks like a meaningless soundbite to me as I can't imagine anyone going into drawdown as a result of the Budget changes paying excessive charges unless they're an utter mong. |
>> | No. 5585
5585
Hang on, lads, I've just had a thought. |
>> | No. 5586
5586
>>5585 |
>> | No. 5587
5587
>>5586 |
>> | No. 5588
5588
>>5585 |
>> | No. 5589
5589
>>5588 |
>> | No. 5590
5590
>>5589 |
>> | No. 5591
5591
It's expected that Gideon will announce in the Budget this week that people with an annuity already in place will be able to cash it in from next year. |
>> | No. 5592
5592
>>5591 |
>> | No. 5593
5593
>>5592 |
>> | No. 5594
5594
>>5593 |
>> | No. 5595
5595
>>5594 |
>> | No. 5596
5596
>>5595 |
>> | No. 5597
5597
>>5594 |
>> | No. 5598
5598
An investigation has been launched into claims the details of millions of people's pensions are being sold to fraudsters and cold-calling firms. |
>> | No. 5599
5599
>>5598 |
>> | No. 5600
5600
Why is cold calling legal anyway? |
>> | No. 5601
5601
>>5600 |
>> | No. 5602
5602
>>5601 |
>> | No. 5603
5603
>>5602 |
>> | No. 5604
5604
>>5603 |
>> | No. 5605
5605
>>5604 |
>> | No. 5606
5606
>>5605 |
>> | No. 5607
5607
>>5606 |
>> | No. 5608
5608
>>5607 |
>> | No. 5610
5610
>>5602 |
>> | No. 5612
5612
>>5599 |
>> | No. 5613
5613
>>5612 |
>> | No. 5614
5614
>>5613 |
>> | No. 5615
5615
Is it really going to fuel a BTL boom? |
>> | No. 5616
5616
>>5595 |
>> | No. 5618
5618
>>5616 |
>> | No. 5623
5623
>>5613>>5614 |
>> | No. 5638
5638
The Work & Pensions Select Committee have proposed increasing the age from which you can access your private pension benefits to 5 years below State Pension Age, so in a few years it'll go from 55 as it is now to 61 if they get their way. It wasn't that long ago you can access them from age 50. |
>> | No. 5639
5639
28DE84EB00000578-3088131-image-a-10_1432066140137.jpg ![]() ![]() ![]() The Mail, Telegraph and Mirror are all advocating for the over 55s to make pension contributions with the intention of cashing it in in the near future to take advantage of tax relief and the new rules. |
>> | No. 5640
5640
Also, I've just noticed that the Daily Mail infographic is wrong for the higher rate taxpayer. If they paid in £600 then tax relief on the contribution would gross it up to £750 and they'd be able to claim a tax refund (or adjustment to their tax code) of £150 through their self assessment. |
>> | No. 5641
5641
>>5640 |
>> | No. 5642
5642
The Daily Mail are reporting that Mumsnet are still mad at being forced to pay pension contributions for their nannies because of auto-enrolment. |
>> | No. 5643
5643
>>5642 |
>> | No. 5644
5644
>>5643 |
>> | No. 5645
5645
>>5641 |
>> | No. 5646
5646
>>5644 |
>> | No. 5647
5647
>>5644 |
>> | No. 5648
5648
>>5647 |
>> | No. 5649
5649
>>5648 |
>> | No. 5654
5654
Fraudsters are posing as members of Pension Wise, i.e. the governments free guidance service, to con people out of their money. |
>> | No. 5655
5655
>>5654 |
>> | No. 5656
5656
>>5655 |
>> | No. 5657
5657
>>5656 |
>> | No. 5658
5658
>>5657 |
>> | No. 5659
5659
>>5658 |
>> | No. 5660
5660
>>5657 |
>> | No. 5661
5661
Scottish Widows have revealed that they've had 185,000 enquiries since the pension freedoms came into effect, of which 70% (just under 130,000) entirely cashed their pension in. The average pot cashed in was below £20,000. |
>> | No. 5680
5680
Pensions freedoms in CRISIS. |
>> | No. 5685
5685
>>5680 |
>> | No. 5686
5686
Would now be a good time to switch more of my pension into funds investing in Europe or should I wait until the shit hits the fan more? |
>> | No. 5687
5687
>>5686 |
>> | No. 5688
5688
>>5687 |
>> | No. 5689
5689
genChart.png ![]() ![]() ![]() Actually, although most equity sectors have fallen 4-6% over the last month, it's not significant enough to warrant messing around with my investment strategy in the hopes of exploiting a fall in the market. |
>> | No. 5690
5690
>>5689 |
>> | No. 5691
5691
>>5690 |
>> | No. 5692
5692
>>5691 |
>> | No. 5693
5693
genChart.png ![]() ![]() ![]() >>5692 |
>> | No. 5694
5694
Unsurprisingly, the removal of the 55% tax charge on lump sum death benefits for crystallised funds/funds held by those over 75 means that more people are planning on using their pension as a vehicle to pass on their estate and potentially avoid Inheritance Tax. |
>> | No. 5695
5695
I have no idea why the Guardian have called this a raid on pension pots, but it looks like the Government are going to reduce the amount of tax relief available on contributions by additional rate taxpayers. |
>> | No. 5696
5696
Osborne hinted today that he's considering scrapping tax relief on pension contributions and making income taken out free from tax. In effect, they'll be like ISAs you can't access until you're old but you'll be able to benefit from employer contributions and the tax efficient growth of pension funds. |
>> | No. 5697
5697
>>5696 |
>> | No. 5719
5719
I'm not entirely sure what they're getting at, but the Guardian are trying to claim the fact that men are more likely to save into a pension than women is evidence of the gender pay gap. |
>> | No. 5720
5720
>>5719 |
>> | No. 5721
5721
>>5720 |
>> | No. 5722
5722
Which? are claiming that those taking advantage of the pensions freedoms with a new flexi-access drawdown plan face a 'lottery' of whether they get ripped off by their provider because the system is 'madly complex'. |
>> | No. 5723
5723
>>5719 |
>> | No. 5724
5724
>>5723 |
>> | No. 5725
5725
>>5722 |
>> | No. 5726
5726
Capture.png ![]() ![]() ![]() I read something in the FT today saying they're expecting the consultation on tax relief on pension contributions means that it'll be scrapped completely. |
>> | No. 5727
5727
>>5726 |
>> | No. 5728
5728
>>5727 |
>> | No. 5731
5731
Research by PwC finds that giving pensions the same tax regime as ISAs is more popular than the current system. They found that most people don't actually understand the current system, but would rather they were taxed while they were still working than in retirement. |
>> | No. 5753
5753
The Mail are stepping up their campaign about the new State Pension and how the government announcements about it have been misleading due to the number of people whom won't recieve the full amount. |
>> | No. 5755
5755
Just started a new job in the NHS. My wages are being garnished for an NHS pension. Not sure if I want to stay in the NHS. Should I opt-out of the pension scheme? |
>> | No. 5756
5756
>>5755 |
>> | No. 5757
5757
>>5755 |
>> | No. 5758
5758
>>5755 |
>> | No. 5760
5760
>>5758 |
>> | No. 5762
5762
>>5756 |
>> | No. 5763
5763
The Tax Incentivised Savings Association (TISA) has recommended to Osborne's green paper "Strengthening the incentive to save: a consultation on pensions tax relief" that employers and employees should be dissuaded from using the, er, tax incentivised saving of salary sacrifice arrangements in order for the Treasury to raise greater revenue. I'm not entirely sure they've grasped what they're supposed to stand for. |
>> | No. 5764
5764
Can anyone else hear the prerecorded phone messages already? |
>> | No. 5765
5765
>>5758 |
>> | No. 5766
5766
>>5765 |
>> | No. 5767
5767
>>5765 |
>> | No. 5768
5768
>>5765 |
>> | No. 5769
5769
>>5768 |
>> | No. 5771
5771
>>5770 |
>> | No. 5772
5772
>>5771 |
>> | No. 5773
5773
>>5772 |
>> | No. 5775
5775
The Grauniad are scaremongering that there has been a COLLAPSE in the average contributions to company pension schemes, from 9.1% to 4.7%, and have speculated it's because greedy employers are being tightfisted when the reality is that 2.5million people have been automatically enrolled into a workplace pension scheme, many with initial contributions starting at 1% employer, 1% employee gross, which is bound to bring the average down. |
>> | No. 5776
5776
>>5775 |
>> | No. 5777
5777
>>5776 |
>> | No. 5778
5778
Ros Altmann's response to all the criticism about the new flat-rate State Pension can be summarised as "Shurrup, you'll be better off. Besides, don't blame me - it's the fault of that Lib Dem, Steve Webb." |
>> | No. 5779
5779
>>5776 |
>> | No. 5780
5780
>>5779 |
>> | No. 5781
5781
Gideon has announced that the 89 Local Authority pension schemes are to be merged into six wealth funds, with assets of over £25billion each, so the funds can be utilised for British infrastructure projects. Quite a shrewd way to boost spending, really. |
>> | No. 5782
5782
Robert-Maxwell-001.jpg ![]() ![]() ![]() >>5781 |
>> | No. 5783
5783
>>5782 |
>> | No. 5784
5784
>>5783 |
>> | No. 5794
5794
>>5784 |
>> | No. 5813
5813
Two pension threads, but this one has the words "public sector" in recent replies so I figure I'll get a better answer in this one. |
>> | No. 5814
5814
>>5813 |
>> | No. 5815
5815
>>5814 To add to this: |
>> | No. 5839
5839
7c9f9c4b-b17a-49a7-a8d3-72a7733ae684-1020x678.png ![]() ![]() ![]() The CPI was -0.1% in September, which just happens to be the month they use to measure future increases to the ISA allowance and public sector pension increases. Funny that. |
>> | No. 5860
5860
1464.jpg ![]() ![]() ![]() The DWP have unveiled a monster called Workie that's meant to warn small employers they'll need to automatically enrol their workers in a pension scheme. Presumably this has come about due to the increasing number of enforcement actions issued by The Pensions Regulator and the number of whistleblowers reporting non- compliance by their employers. |
>> | No. 5891
5891
>Most workers reaching retirement will be worse off under the new universal state pension, expected to be set at £155 a week, according to a highly critical analysis of secretary of state Iain Duncan Smith’s flagship policy. |
>> | No. 5892
5892
>>5891 |
>> | No. 5893
5893
>>5892 |
>> | No. 5894
5894
>>5893 |
>> | No. 5895
5895
>>5894 |
>> | No. 5896
5896
They've announced today that a decision on tax relief on pension contributions, which was anticipated to be made during the Autumn Statement, has been pushed back to the 2016 Budget. |
>> | No. 5904
5904
>>5860 |
>> | No. 6018
6018
ChartBuilder.png ![]() ![]() ![]() I'm thinking about switching 10-15% of my pension pot into BlackRock Gold & General, which has returned just over -63% over the past 5 years. Is this a stupid idea? Buy low, sell high and all that. Gold and mining won't keep tumbling forever. |
>> | No. 6031
6031
Steve Webb has said Pension Wise, the free guidance service from the government, has been a massive waste of money after it's emerged that it has cost nearly £40 million so far and it has only given guidance to about 18,000 people. Effectively around £2,000 for each piece of guidance given and research has indicated around 40% of these have said the service was of very little or no use to them. I've also read that demand has been so low that many staff have been redeployed within CAB and other places so they actually have something to do. |
>> | No. 6047
6047
>>5839 |
>> | No. 6048
6048
>>6047 |
>> | No. 6049
6049
>>6048 |
>> | No. 6050
6050
Workers in the UK will have the worst pensions of any major economy and the oldest official retirement age of any country, according to the Organisation for Economic Cooperation and Development. |
>> | No. 6051
6051
>>6050 |
>> | No. 6052
6052
>>6050 |
>> | No. 6053
6053
>>6052 |
>> | No. 6054
6054
>>6053 |
>> | No. 6055
6055
>>6054 |
>> | No. 6056
6056
>>6054 |
>> | No. 6057
6057
>>6055 |
>> | No. 6058
6058
>>6057 |
>> | No. 6059
6059
>>6058 |
>> | No. 6060
6060
>>6059 |
>> | No. 6061
6061
>>6060 |
>> | No. 6062
6062
>>6053 |
>> | No. 6063
6063
>>6062 |
>> | No. 6064
6064
>>6062 |
>> | No. 6066
6066
I've heard there's a group of women, calling themselves Women Against State Pension Inequality or something, and they're positively furious that they haven't actually paid attention during the past 20 years or so about the State Pension Age for women being brought in line with that for men and it's only just dawned on them now that they won't receive it at age 60 so they are demanding that the government puts all women born after 6 April 1951 in the same position had they been born before 5 April 1950, i.e. they want their State Pension backdating/bringing forward to age 60. |
>> | No. 6099
6099
>At least 16 million people under the age of 43 will be worse off as a result of the new “flat rate” state pension, new figures released by the Government have revealed. |
>> | No. 6100
6100
>>6099 |
>> | No. 6101
6101
>>6100 |
>> | No. 6102
6102
>>6101 |
>> | No. 6103
6103
>>6101 |
>> | No. 6104
6104
>>6102 |
>> | No. 6105
6105
>>6104 |
>> | No. 6106
6106
>>6105 |
>> | No. 6107
6107
>>6106 |
>> | No. 6108
6108
>>6107 |
>> | No. 6109
6109
>>6108 |
>> | No. 6111
6111
>Pension tax perks for higher earners are set to be abolished in George Osborne’s March Budget as the chancellor pitches a pension overhaul towards swing voters on lower incomes. |
>> | No. 6113
6113
>>6111 |
>> | No. 6128
6128
>>6111 |
>> | No. 6139
6139
Up to four million people retiring from April are at risk of receiving an incorrect amount of state pension because their incomes are being calculated using data "riddled" with errors, The Telegraph has learned. |
>> | No. 6140
6140
Whoops. Accidentally deleted >>6114, which was: |
>> | No. 6157
6157
Steve Webb is claiming that Osborne is planning on scrapping tax relief on contributions and being able to take a 25% tax free lump sum at retirement. If that happens then the only incentive to save in a pension will be employer contributions. He's going to make himself so unpopular that he'll never replace Cameron |
>> | No. 6158
6158
>>6157 |
>> | No. 6159
6159
>>6158 |
>> | No. 6167
6167
>>6158 |
>> | No. 6168
6168
>>6159 |
>> | No. 6169
6169
>>6168 |
>> | No. 6170
6170
How much money do I have to save to not die? |
>> | No. 6171
6171
>>6168 |
>> | No. 6172
6172
>>6170 |
>> | No. 6173
6173
>George Osborne is set to abandon a planned raid on middle-class pensions in the face of a Tory backlash. |
>> | No. 6174
6174
>>6173 |
>> | No. 6175
6175
ChartBuilder.png ![]() ![]() ![]() >>6018 |
>> | No. 6176
6176
There's a nice little bonus in the budget for savers - the lifetime ISA. You can contribute up to £4000 per year and get a 25% bonus if you use the money to pay for a house or withdraw it after the age of 60. |
>> | No. 6177
6177
>>6176 |
>> | No. 6178
6178
>>6176 |
>> | No. 6179
6179
>>6178 |
>> | No. 6180
6180
>>6176 |
>> | No. 6181
6181
|
>> | No. 6182
6182
>>6181 |
>> | No. 6183
6183
>>6182 |
>> | No. 6184
6184
>>6183 |
>> | No. 6185
6185
>>6184 |
>> | No. 6186
6186
>>6185 |
>> | No. 6187
6187
>>6186 |
>> | No. 6188
6188
>>6183 |
>> | No. 6189
6189
>>6182 |
>> | No. 6190
6190
>>6189 |
>> | No. 6481
6481
The government has said a pledge to keep the “triple lock” on the state pension will remain in place for the rest of this parliament, after Ros Altmann argued the policy should be abandoned after 2020. |
>> | No. 6484
6484
>>6481 |
>> | No. 6485
6485
>>6484 |
>> | No. 6486
6486
>>6485 |
>> | No. 6487
6487
>>6486 |
>> | No. 6488
6488
>>6487 |
>> | No. 6489
6489
>>6488 |
>> | No. 6490
6490
>Millions of workers could be denied flexible access to their final salary pension pots if a radical shake-up to let companies ditch pension promises made to staff is passed by the Government. |
>> | No. 6529
6529
To the surprise of no one, except the media and the Labour party, the majority of people using flexi-access drawdown are being prudent about the level of income they are taking. |
>> | No. 6530
6530
>>6529 |
>> | No. 6531
6531
>>6530 |
>> | No. 6532
6532
FTSE 100 companies reporting pension deficits paid out 25% more in dividends than their combined deficit |
>> | No. 6533
6533
>>6532 |
>> | No. 6534
6534
>>6533 |
>> | No. 6535
6535
>>6534 |
>> | No. 6659
6659
At an event during the Labour conference Steve McCabe, on the work and pensions committee, has suggested changing pensions tax relief so it favours young people more. |
>> | No. 6660
6660
>>6659 |
>> | No. 6661
6661
>>6660 |
>> | No. 6662
6662
>>6661 |
>> | No. 6663
6663
>>6662 |
>> | No. 6664
6664
>>6663 |
>> | No. 6665
6665
>>6664 |
>> | No. 6666
6666
>>6664 |
>> | No. 6667
6667
>>6666 |
>> | No. 6668
6668
>>6667 |
>> | No. 6669
6669
>>6668 |
>> | No. 6670
6670
Debbie Abrahams, shadow work and pension secretary by virtue of being able to fill a vacancy after Angela Rayner was moved to shadow education secretary as a result of the mass cabinet resignations, has declared at the Labour conference today that they would introduce a socialist pension system if they were in power. |
>> | No. 6671
6671
>>6670 |
>> | No. 6672
6672
>>6671 |
>> | No. 6673
6673
Tory conference time. Richard Harrington, pensions minister and property developer, has suggested that, like the Lifetime ISA, people should be able to use their pensions to fund a property purchase. Now that's a turn up for the books. |
>> | No. 6674
6674
John Glen, the parliamentary private secretary to Philip Hammond was asked at an event today whether there will be a change to the pension tax relief system in the Autumn Statement. He's said that it's a very real possibility because it will fit in with Theresa May's plans on assisting working people on low incomes and this would be evidence of that they're actually doing something with these intentions. |
>> | No. 6675
6675
>>6674 |
>> | No. 6676
6676
>>6675 |
>> | No. 6679
6679
The work and pensions secretary, Damian Green, has thrown his weight behind proposals for a new State Pension system where you reach State Pension age after building up 45 years of NI credits - someone leaving school at 18 could get their State Pension at 63 whereas someone going to university could have to wait until they were 66/67. |
>> | No. 6680
6680
shit.jpg ![]() ![]() ![]() >>6679 |
>> | No. 6696
6696
927084-System__Resources__Image-1088760.jpg ![]() ![]() ![]() Pension news: |
>> | No. 6697
6697
>>6696 |
>> | No. 6698
6698
>>6679 |
>> | No. 6699
6699
Screenshot_2016-10-25-20-30-21.png ![]() ![]() ![]() >>6697 |
>> | No. 6738
6738
The government may be preparing to increase the official state pension age to 70 for millions of people currently in their 20s, a former minister has claimed. |
>> | No. 6739
6739
>>6738 |
>> | No. 6740
6740
>>6739 |
>> | No. 6741
6741
>>6739 |
>> | No. 6742
6742
>>6741 |
>> | No. 6743 |