Pensions

[Rez 4,961]

Evening.

 

So, admins, apologies if this is 'to far' off topic, and delete as you wish, but you croniz are the only mass lot I know that are honest... Now and then.

 

My accountant has informed me that, due to a good year, I should start looking at private pensions. Don't pay into one at the minute you see.

 

For me personally, I'm a bit out of my depth. Only just got to grips with the tax system, paying for people that shouldn't be here v'man...

 

Anyway. I'm not saying that you lot are all are kicking the bucket, but you most defiantly know more about pensions than myself. Obviously air guns are another matter

 

Anyway, are any of you in private pensions? Who do I look at? What do I do? Are there any you might recommend? With the way the f'kin suits are at the minute at the top in government and so on, I have no idea what to do. Even my old man, 81, says the country is in dire need and anything I do now, might not stand in 50 years "so your f'ked kid".

 

Any advice, information would be much appreciated.

[Rez 4,961]

Having just type the post above I realize its quite confidential. So I guess, kinda forget about it, but info about where to look online for further details would be super.

[philpot 4,982]

I don't mind telling you Rez that I have a private pension and thank god I have. I won't bore you with my details other than to say that had I no pension when the company I worked for got into trouble, I would be in sh1t street now. Fortunately I had paid off my mortgage so no pressure there but I only just have enough to see me until my state pension kicks in on the 1st Jan next year.

 

My ex-wife worked in the pension industry and I remember that Scottish Widows were consistently at the top of pension performers so you can check them out, please take into account that my information is somewhat out of date but I am guessing they will be in the mix. Friends Life have done okay for me as well, more by mistake as they took over Sun Life policies that I also had so I am comfortable in suggesting them as well to be looked at.

 

I don't know how old you are Rez but all I can say is that you NEED to protect yourself, don't rely on company schemes because the directors can take loans against pensions so it may be the case that any policy chosen by a company will benefit the directors more than you, with your own policy, you are in control.

Also remember that the government will stretch out retirement age where ever it can and if you do work which is too stressful or tiring for you to be doing at 70 - 75 even, having your own income makes a big difference. You could also find yourself, like me, without work at 62 and with more contacts around europe than you might imagine but in the climate as was two years ago, there were no jobs and please believe me when I say I spoke to many of the CEO's/directors of companies that I had dealt with for many years but they were ALL feeling the pinch so no jobs available and were in fact making redundancies themselves, thank god I had a few pensions in the background.

 

Look into it now matey, don't wait as you simply do not know what is round the corner, redundancy, closure, illness etc etc but make solid enquiries as to who you will have a pension with before splashing the cash.

 

Good luck with it mate.

 

Phil

Edited April 25, 2016 by philpot

[Rez 4,961]

Thank you Phil.

 

I'm 30. Nearly...

[jeppi26 1,855]

As your work not given you a work place pension?

[tatsblisters 9,619]

Maddness not to get one if you can afford it I am lucky I get a small one from the time I worked for the NCB wich has got me out of the shit on a few occasions [BANNED TEXT] comeing out of work.

[Rez 4,961]

As your work not given you a work place pension?

Work as a partnership mate. So we are the business so to speak. No employees, just me and him.

[pianoman 3,587]

Scottish Widows Jamie. Have one with them myself as a self employed person. Have a look at them. Do it now mate.

 

Give comparison sites and whatever you can find on the web for a look-over for best performing pension schemes and financial planning. But Scottish Widows are a solid performer in the market place.

 

All the best mate.

Simon

[devon flighter 421]

all the above is sound advice about get one asap ! i spent a fair time in insurance / pensions from the age of 21 and took the normal advice on starting early ! ,been self employed nearly all my adult life so looked at the future ! BUT REMEMBER THOUGH INVESTMENTS CAN GO DOWN AS WELL AS UP !!!!,due to timing mine all went down to virtually crap amounts over a relatively short period of time ! fortunately i had the foresight to invest on my own instincts in other things and sort of saved the day "if i had not and had to rely on pensions i would be feked now ,as the amount of money lost in pensions would take more time than ive got to build back up to a decent amount !! " remember also that the guys advising are more than likely on VERY GOOD COMMISSION and i mean "VERY GOOD" on and investments they generate

[Rez 4,961]

Cheers chaps. Much appreciated.

[Mister Gain 1,764]

Rez, bear in mind that you can't even rely on what you thought you were going to be entitled to from the state pension, as the government 'move the goalposts', as they did recently. Because I was born in 1954, I can no longer pick up my state pension when I am 65, I have to wait another year until I am 66, so they have in fact stolen £8000+ from me. They didn't tell me they were going to do that when I retired 9 years ago.

Can't give any opinion on private pensions though as I had a company pension.

[David Aiken 253]

My boss from 1985 said "one day you realise I'm the best boss you'll ever have" Being young and naive I didn't take much notice. Years later I realised he'd sold the company and the shares were put into our private pensions, I received £22000! It's now worth around £81000. Basically a 'free' pension!

[The one 8,476]

Its shocking how many young folk think there too young to start a pension then the year catch up with them and its too late , I like to think im all geared up my retirement with my pension with the mortgage paid off and my first pension kicking in at 60 it should be like a nice raise then the works pension and old age pension kicking in at 65 , its said man shall live for three score year and ten I want mine to be comfortable

[just-A-snap 1,269]

Correct me if I am wrong, but no pension fund is safe, unless those of government guaranty, the rest are open to takeover and plundered from the likes of Robert Maxwell and other Individuals and Corporations. Those of none government guaranty are reliant on the stock market and the fund management from day to day.

 

So far my own pension fund has to my knowledge changed hands three times and has by luck, chance or dammed good management steadily increased, that is not to say that most if not all of it could be wiped out in one day, thus one day the state pension remaining the primary source of income.

[devon flighter 421]

Correct me if I am wrong, but no pension fund is safe, unless those of government guaranty, the rest are open to takeover and plundered from the likes of Robert Maxwell and other Individuals and Corporations. Those of none government guaranty are reliant on the stock market and the fund management from day to day.

 

 

you dont need correcting !they can easily go down as well as up always best to hedge you bets and dont put all your eggs in 1 basket ,