AnOther Posted August 16, 2007 Share Posted August 16, 2007 As if the current stock market turmoil isn't enough to worry about, especially as I'm currently in the process of organising my 25% Tax Free lump sum, I now read this:http://www.taxresearch.org.uk/Blog/2006/08/15/the-future-of-pensions/I can quite believe the scenario being presented and the suggested solution has merit however the prospect of being totally beholden to the government, any government, for my financial future is enough to give me the colly wobbles [:-))]How the average non civil servant Joe, trying to provide a decent living for himself in retirement, is supposed to plan I just don't know. A terribly sad thing to say I know but sometimes I think myself lucky that I'm neared the end than the beginning [:(]Pass the tablets would you dear !(don't worry.....I'm not really THAT near.....) [:D] Link to comment Share on other sites More sharing options...
MrCanary Posted August 16, 2007 Share Posted August 16, 2007 Ernie - can you give us a clue as to what it is all about? I lost interest halfway down that huge screed.......Mel Link to comment Share on other sites More sharing options...
LEO Posted August 16, 2007 Share Posted August 16, 2007 [quote user="ErnieY"]As if the current stock market turmoil isn't enough to worry about, especially as I'm currently in the process of organising my 25% Tax Free lump sum, I now read this:http://www.taxresearch.org.uk/Blog/2006/08/15/the-future-of-pensions/I can quite believe the scenario being presented and the suggested solution has merit however the prospect of being totally beholden to the government, any government, for my financial future is enough to give me the colly wobbles [:-))]How the average non civil servant Joe, trying to provide a decent living for himself in retirement, is supposed to plan I just don't know. A terribly sad thing to say I know but sometimes I think myself lucky that I'm neared the end than the beginning [:(]Pass the tablets would you dear !(don't worry.....I'm not really THAT near.....) [:D][/quote]Hi Ernie,Sorry to hear you are near the end , I've never tried viagra tablets! Link to comment Share on other sites More sharing options...
woolybanana (ex tag) Posted August 16, 2007 Share Posted August 16, 2007 There are now others which work longer and to order Ernie. She who must be obeyed might prefer that. Link to comment Share on other sites More sharing options...
LEO Posted August 16, 2007 Share Posted August 16, 2007 Wooly wrote;There are now others which work longer and to order Ernie. She who must be obeyed might prefer that.------------Her indoors is asking , if you are you talking in terms of inches here! Link to comment Share on other sites More sharing options...
united Posted August 17, 2007 Share Posted August 17, 2007 Ernie,I'm not certain what your specific question is. There are solutions to both final salary pensions and money purchase pension concerns you may have. You may not like some of the alternatives but its worth paying a top class adviser to outline options that will impact on every day of your future.As usual some folk will say advisers are a waste of money, they are if they don't deliver what you want. Identify what you want and choose carefully. The people who think they are no good generally did not put the work into the selection process. Hope it works out for you. Link to comment Share on other sites More sharing options...
AnOther Posted August 17, 2007 Author Share Posted August 17, 2007 Err, I don't think I asked a question did I [8-)]It was more a comment and an observation, possibly of interest to some, possibly not.Thank you, I am seeing an advisor [;-)] Link to comment Share on other sites More sharing options...
Benjamin Posted August 17, 2007 Share Posted August 17, 2007 I hope you're not seeing the one you've got at the moment.That close to retirement you shouldn't have been that heavily exposed to equities. You should have been in cash or bonds. Link to comment Share on other sites More sharing options...
Gastines Posted August 17, 2007 Share Posted August 17, 2007 Is it a case of those at the bottom paying for the mistakes and bonuses, of those at the top?The funny part being amid all this uncertainty, the powers that be are wondering why so many aren't saving/investing for thier future.Regards. Link to comment Share on other sites More sharing options...
Benjamin Posted August 17, 2007 Share Posted August 17, 2007 [quote user="Gastines"]Is it a case of those at the bottom paying for the mistakes and bonuses, of those at the top?[/quote]That's the whole point of the financial services industry isn't?Whatever duff advice is handed out the advisors still get paid! [6] Link to comment Share on other sites More sharing options...
united Posted August 18, 2007 Share Posted August 18, 2007 I am not a financial adviser. There has been a whole load of rogue advisers who have not had the slightest idea what they are doing and worse, employers who have defrauded schemes. Hence the comments above.There have also been a great many gullible purchasers who did not question sales at the time and have been passive purchasers ever since. If they had been more active consumers some of the problems could have been avoided. When I was setting up some investments in the 70s & 80s some of the products around should have been avoided by anyone with 11 plus arithmatic skill. A number of friends suggested I should buy an endowment mortgage. I think one person could explain how with profits worked and what the asset backing was, yet they were paying huge sums in each month. I have had a great adviser who has made me hansome returns. I still ask him for any recommendation, if he has met the person who will be investing my money, how long he/she has managed the fund, performance attribution, risk profile, charges and request him to notify any changes. Financial Services seem to be an area where lots of people give up the personal responsibility they have with other purchases eg cars, houses, etc. Link to comment Share on other sites More sharing options...
Gastines Posted August 18, 2007 Share Posted August 18, 2007 I'm taking on board the comments of Benjamin and United.!!! Very difficult area for those of us [nearly wrote-most of us.] with only a smattering of grey cells. I think the problem for us is that they,the Finance industry+ The Exchequer, can alter the rules as they go along. Fortunately for us no mortgage but just to show how we do get things wrong... As a small "Investment" we kept an endowment going which was supposed to cover an £8.500. mortgage, laughable by todays standards, with something like 8 years to go ,the latest balance quotes a SHORTFALL of approx £5K.. The suggestion being that we increase payments to meet the shortfall.?? I often wonder how I'd have fared in business if I gave quotes like that? Amazing how the lenders always seem to be making record profits and giving each other a nice bonus.After 5 interest increases I'm still waiting for an increase on my lolly.At the last time of enquiring,I was told it takes some time to work through the system, unless your a borrower of course.One good bit of news is that we've just got another £50 from the H.......X for yet another mistake.The first letter of complaint ALWAYS seem to go missing,funny that.Perhaps they assume you'll just give up. They should know better when dealing with my wife!!!Regards. Link to comment Share on other sites More sharing options...
Patmobile Posted August 25, 2007 Share Posted August 25, 2007 [quote user="Gastines"]Is it a case of those at the bottom paying for the mistakes and bonuses, of those at the top?The funny part being amid all this uncertainty, the powers that be are wondering why so many aren't saving/investing for thier future.Regards.[/quote]I bought a Ferrari with my pension money. Unfortunately it was for someone else.Patrick Link to comment Share on other sites More sharing options...
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