Pension

[Bodd]

What happened to his daughter?

Andy

She's still at the house addicted to coffee

 

[Mottie]

I trusted Richard Branson

I wouldn’t trust him to pyss on me if I was on fire.

 

[Bodd]

It will depend on the value of your fund. I believe Virgin charge (depending on fund) 1% or 0.6% of your account value p.a.

I use a provider that charges a fixed fee regardless of value.

I believe other trackers charge around 0.2%

Not a massive pension but hopefully I'll go as long as I can.

Problem is who to trust. Unless in the know its like Russian roulette

 

[Mottie]

What happened to his daughter?

Andy

Last seen arranging parties at her house for Prince Andrew.

 

[JohnD]

Not a massive pension but hopefully I'll go as long as I can.

Problem is who to trust. Unless in the know its like Russian roulette

I've updated my earlier post.

I've heard good things about Legal and General, have a look at their pensions website.

If you go for a tracker fund, you can see how accurately it maps the index (high charges will mean it falls behind) and look at their charges. When you have a growth of a few percent a year, anyone who charges 1% or 0.6% could be taking ten or twenty percent of your growth!!!!

 

[crystal ball]

I have a decent pension and since retiring my "take home pay" is better than when I was working. Pay as much into your pension fund as you can to ensure a worry free retirement is my advice.

Choose your provider carefully is the only caveat I would make.

Is it a private fund or final salary/ company

 

[Mottie]

Luckily, my pension matured a couple of years ago on my 60th birthday and it was a GAR pension although I had no idea that it was one and no idea what a GAR pension was until my mate, who knows a fair bit about pensions, told me. Jammy barsteward was what he called me.

 

[crystal ball]

I wouldn’t trust him to pyss on me if I was on fire.

I doubt RB has much day to day dealings with pension funds, how many heads of financial institutions are we aware of, who are the bosses at Aviva, Scottish Life etc they could all be self serving rogues

 

[Mottie]

I think Virgin, like Trump are more of a brand where they sell their name out to others or partner with others and like to give the impression it’s all theirs. They may own some companies outright but nowhere near as much as you think. Check out the owners of Virgin rail/Atlantic/wine/money/records.

 

[JohnD]

Luckily, my pension matured a couple of years ago on my 60th birthday and it was a GAR pension although I had no idea that it was one and no idea what a GAR pension was until my mate, who knows a fair bit about pensions, told me. Jammy barsteward was what he called me.

When I started work at a brick castle in Holborn, the annuity rate had for many years been about 10%, and I found in my desk drawer a bunch of marketing pension calculators showing how much your pension would be, based on 10% p.a. growth and 10% annuity rate (inflation ignored).

Much more optimistic than anyone would dare promise today.

Another L&P Society went bust when policyholders with GARs complained that their w/p funds policies had been devalued. Since it was a mutual society, it was impossible to meet the promises to any of the members without taking money from other members. All assets belonged to the mutual. There were no shareholders to suffer the pain, and no shareholders funds. The High Court found that the Society must fulfill its promises. It was impossible.

 

[Old Salt]

Is it a private fund or final salary/ company

Bit of both really, ex forces pension got the ball rolling and then some time in the electricity industry with some addition from a private fund.

No easy choices as to where to put your pot or who to trust I'm afraid.

Are pension funds covered by the financial authority guarantee similar to bank deposits?

 

[crystal ball]

Earlier you said to pay as much as you can into your pension to ensure worry free future, for the likes of me, bodd and a few others on here we are the only contributors and are stuck with an annuity at the end, rates are abysmal and taxable

 

[motorbiking]

The money that is gone from a pension, is gone, no point stopping paying in. Its likely that things will start to improve soon. Having said that, if you have debts or mortgage etc.. this should be the first priority with any spare cash. I've stopped looking at mine and I am capped in terms of tax free contributions, but I'd be putting more in if I could without the tax impact. Pension is down about £250k and have other investments down about £200k. I try not to think about what I could have bought with that money..

 

[JohnD]

stuck with an annuity at the end, rates are abysmal and taxable

not the only option.

drawdown may be better.

 

[motorbiking]

Are pension funds covered by the financial authority guarantee similar to bank deposits?

defined benefits or contributions?

Once you start collecting if it goes bust the government have a protection scheme. But as JohnD says drawdown, may be the way to go. Plenty of ways of getting 3-5% as you slowly eat in to the pot.