BIG BANK LITTLE DOSH
- Thread starter billyo
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What about the cleaning products that the banks floorwashers use.
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More likely to be supplied by a specialist cleaning company - for instance, company I work for used ecolab for pest control and cleaning products. The use of other cleaning products was not allowed and they'd kick up a stink at their yearly review of the store if they found bleach and fairy liquid by the sinks.
ANYWAY!
you guys ,you know me 
you should have known my spelling but you all knew who i ment , anyway i'm now worried sick about my pension,s you start to think if saving your dosh is a good idea it's getting hot in bankland
you should have known my spelling but you all knew who i ment , anyway i'm now worried sick about my pension,s you start to think if saving your dosh is a good idea it's getting hot in bankland have you got a personal pension or a company pension?
if a personal one (1) what is it invested in (2) is it a stakeholder (low charges) scheme? (3) have you got less than ten years till you draw on it? (4) if you don't mind saying - are you a basic rate taxpayer?
if a personal one (1) what is it invested in (2) is it a stakeholder (low charges) scheme? (3) have you got less than ten years till you draw on it? (4) if you don't mind saying - are you a basic rate taxpayer?
what with the Halifax merging with thr TSB and cheap price airlines going bust, is there a trend back to the big 4 banks and major airlines that were the norm 30 odd years ago?
one thing it leads to is lack of choice and monopolies,perhaps ripe for nationalisation?
All i know is as there is a lack of cofidence in the banking system pehaps we should be given back the choice of being paid in cash if we so wish.
one thing it leads to is lack of choice and monopolies,perhaps ripe for nationalisation?
All i know is as there is a lack of cofidence in the banking system pehaps we should be given back the choice of being paid in cash if we so wish.
prices go up, prices go down. Most likely in 7 years (or 5, or maybe 3) it will have gone up quite a bit from today's lows. Today would be a particularly bad day to start drawing on your pension because the fund value is almost certainly lower than it was 12 months ago, or 6, or 3, or 1.
IMO this is a good time to leave the fund to grow.
However, at any time after your 50th birthday, you can start taking income from some or all of your pension fund, and a tax-free lump sum. From memory, if you are 55, you can draw an income of up to 7% p.a. of fund value. However (1) today the fund value is low due to the markets subsiding (2) if the fund does not grow by 7% or more each year, its value will be eroded because you will be drawing more than it earns.
As a basic rate taxpayer, your pension contributions do not get such a substantial rebate as they would if you were a higher-rate taxpayer (or a non-taxpayer) although contributions receive a rebate of the income tax you pay (the principle is, untaxed when they go in, but taxed when they come out). Some people would say that because prices are low this year, this is a good time to buy, as prices will be higher in a few years. Unfortunately our gut feeling leads us in the opposte direction.
If you have your own company, you can get an extra benefit if the company makes the pension contributions, rather than them coming out of your wages, because they are then not subject to Employers NI which is about 12% this is a good deal, because it means that each £1 going into the fund costs less than 70p out of your pocket (tax and NI).
If you are an employee, and the company makes a contribution to match your own, get as much as you can of their money.
IMO this is a good time to leave the fund to grow.
However, at any time after your 50th birthday, you can start taking income from some or all of your pension fund, and a tax-free lump sum. From memory, if you are 55, you can draw an income of up to 7% p.a. of fund value. However (1) today the fund value is low due to the markets subsiding (2) if the fund does not grow by 7% or more each year, its value will be eroded because you will be drawing more than it earns.
As a basic rate taxpayer, your pension contributions do not get such a substantial rebate as they would if you were a higher-rate taxpayer (or a non-taxpayer) although contributions receive a rebate of the income tax you pay (the principle is, untaxed when they go in, but taxed when they come out). Some people would say that because prices are low this year, this is a good time to buy, as prices will be higher in a few years. Unfortunately our gut feeling leads us in the opposte direction.
If you have your own company, you can get an extra benefit if the company makes the pension contributions, rather than them coming out of your wages, because they are then not subject to Employers NI which is about 12% this is a good deal, because it means that each £1 going into the fund costs less than 70p out of your pocket (tax and NI).
If you are an employee, and the company makes a contribution to match your own, get as much as you can of their money.
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