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Post by skint4achange on Feb 12, 2018 22:50:08 GMT
I don't have an empire....................................................................................................................Yet!
But when I do, I am going to buy a fleet of flying monkeys and take over the world! 
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macq
Member of DD Central
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Post by macq on Feb 12, 2018 22:51:35 GMT
looks like spankchain should be your next one!
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dc848
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Post by dc848 on Feb 12, 2018 23:24:41 GMT
Dear Skint, You whippersnappers wont be getting any state pension at age 65 - you are are far too young. Im afraid yours wont kick in till you reach 67. www.gov.uk/state-pension-ageThis website also gives you solid government advice on NI contributions, and can tell you what you personally have paid since leaving school, and gives a prediction of your state pension in 2035 (yes, thats a loooong way off). Hmmm. Just saw this www.gov.uk/government/news/proposed-new-timetable-for-state-pension-age-increasesIf you are 48 or younger, you will suffer till you reach 68. Outrageous. |
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jonah
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Post by jonah on Feb 13, 2018 6:29:07 GMT
Are you sure that your state pension will be all you hoped for? Im no expert, but my Defined Benefit pension whilst generous, is going to have a large impact on my state pension when it eventually kicks in. So in my humble opinion, some solid advice from an expert there would be time well spent. This was one of the reasons why I was also looking to put more into ISA than pension. If I don't have too much in pension it may not affect my state pension too badly. But from what I can gather, a defined benefit pension will not adversely affect my state pension (I stand by to be corrected here).
The key question for a defined benefit pension is whether it was contracted out. If so, you paid less NI and so might be entitled to less state pension as a result. I say might as this is complicated. Worth checking your scheme, no idea if armed forces pensions had different rules. There is a government HMRC site which shows how much state pension you are currently entitled to based on your NI number. Edit... just spotted the post above has the link... missed this page!
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Post by davee39 on Feb 13, 2018 9:26:49 GMT
Pension contributions matched 100% by an employer and supplemented by tax relief on subscribed capital should always beat an ISA. Even if you were taxed at 50% on income withdrawal you have received that 50% from your employer, enjoyed 25% tax free (if that lasts) and had a tax rebate contribution. The position was different with compulsory annuities because you generally had no control of your pension fund. My wife has a modest H & L SIPP and I find it very straightforward to administer.
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Post by Deleted on Feb 13, 2018 10:03:34 GMT
Of possible share portals I would look at
iii they charge you something like £80 a year but give you the money back as a trade credit so as long as you deal twice a quarter then free
Halifax free and the website is easy to use, part of Lloyds so you don't also want to put money in their dealing service. Certainly the first place to put money.
Fidelity a small charge once you get over the £250k 500k 1m barriers (I think 1m is free), Fidelity amalgamate all holdings to calculate total charges and they have finally got their website to work properly
HL the most expensive of the better quality fund holders and interestingly they don't amalgamate the totals in yout SIPP ISA trade account to hit their holding barriers but treat each account as individuals. Of all my various fund holders I ought to close this account as honestly HL is over-expensive and not very good. Something to do with the board being ancient and the company does great marketing.
Cash protection is now only £75k I think.
If yoiu ever feel the need to move money between trad money portals say for an ISA you will find some amazing slowness, depending on just how badly they are managed. The smaller ones are worth avoiding, I transfered out of Selftrade within the last 5 years and they took 6 months.....
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poppyland
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Post by poppyland on Feb 13, 2018 12:58:26 GMT
Just one thing to add: investments can be passed on to your wife and children if you were to die. Pensions can't. That's why my husband and I are not bothering with pensions, but just amassing a pile of capital. Hopefully in due course we will be able to draw an income from it whilst still letting the capital sum increase yearly in line with inflation, and then when one or both of us die, the remaining one, and the kids will still have it all there. Not the same with a pension.
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macq
Member of DD Central
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Post by macq on Feb 13, 2018 13:28:12 GMT
Just one thing to add: investments can be passed on to your wife and children if you were to die. Pensions can't. That's why my husband and I are not bothering with pensions, but just amassing a pile of capital. Hopefully in due course we will be able to draw an income from it whilst still letting the capital sum increase yearly in line with inflation, and then when one or both of us die, the remaining one, and the kids will still have it all there. Not the same with a pension. think you will find that since the pension changes in 2015 and the need to buy an annuity that the rules of what happens with your money when you die has changed
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poppyland
Member of DD Central
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Post by poppyland on Feb 13, 2018 14:16:49 GMT
think you will find that since the pension changes in 2015 and the need to by an annuity that the rules of what happens with your money when you die has changed We don't have any money in any kind of pension fund, and never have, so I can't see that we'll be forced into buying an annuity. We've been self-employed all our working lives. We decided against taking out a private pension, and so just have savings, which we're currently trying to grow into a decent sum through P2P. Looking back, I'm glad we never put anything into a pension fund, because as you say, there are rules about what you can do with it. We are free to do what we like.
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macq
Member of DD Central
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Post by macq on Feb 13, 2018 14:36:40 GMT
think you will find that since the pension changes in 2015 and the need to by an annuity that the rules of what happens with your money when you die has changed We don't have any money in any kind of pension fund, and never have, so I can't see that we'll be forced into buying an annuity. We've been self-employed all our working lives. We decided against taking out a private pension, and so just have savings, which we're currently trying to grow into a decent sum through P2P. Looking back, I'm glad we never put anything into a pension fund, because as you say, there are rules about what you can do with it. We are free to do what we like. sorry - what i meant by changes was that you could now leave to children(and others) if you had wanted.But as you mention in your case you have made another plan already
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Post by skint4achange on Feb 13, 2018 18:17:07 GMT
Dear Skint, You whippersnappers wont be getting any state pension at age 65 - you are are far too young. Im afraid yours wont kick in till you reach 67. www.gov.uk/state-pension-ageThis website also gives you solid government advice on NI contributions, and can tell you what you personally have paid since leaving school, and gives a prediction of your state pension in 2035 (yes, thats a loooong way off). Hmmm. Just saw this www.gov.uk/government/news/proposed-new-timetable-for-state-pension-age-increasesIf you are 48 or younger, you will suffer till you reach 68. Outrageous. Oh my. All this information while I have been at work!
I don't recall stating that I would receive my pension at 65 as I was aware that I would not receive my pension until the age of 67 as I was born in 1969. You say 2035 is a long way off, but I can still remember new years eve 1999 like it was yesterday! That was 18 years ago and 2035 is the same time away! 
I have already checked my NI contributions and I have 33 years so should be ok , unless the buggers change the goalposts again!
I am glad to see that is just a proposal and not been through parliament yet! But, I can't see how it won't go through as people are certainly living longer now. I think soon the state pension will be just a story that people tell their great grandchildren about!
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Post by skint4achange on Feb 13, 2018 18:23:29 GMT
We don't have any money in any kind of pension fund, and never have, so I can't see that we'll be forced into buying an annuity. We've been self-employed all our working lives. We decided against taking out a private pension, and so just have savings, which we're currently trying to grow into a decent sum through P2P. Looking back, I'm glad we never put anything into a pension fund, because as you say, there are rules about what you can do with it. We are free to do what we like. sorry - what i meant by changes was that you could now leave to children(and others) if you had wanted.But as you mention in your case you have made another plan already Yes, I agree with Macq. The pension rules now state that any remaining pension pot is passed to your widow/widower unless you have specified another beneficiary for the money to enter trust etc. I am not sully up on that part yet, but I do know that it does not die with you, the same as premium bonds don't die with the holder.
There is no requirement to buy an annuity and you can take 25% tax free. You can take the rest too from what I understand but pay tax on it.
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Post by eascogo on Feb 13, 2018 21:52:51 GMT
Wish I'd kept the it but yesterday I saw a chart which placed the UK's basic state pension payout at 2nd from bottom from around 30 nations, I was jaw dropping stunned. At the very top of the league table was the tiny nation Croatia. At the very bottom was South Africa. The UK was just above (and I do mean just above) SA in terms of the buying power of the money given it's pensioners. All other developed nations were in some instances way above us in how much value they placed upon and gave their older generation. Yes, state pension for the UK at the very bottom of the table in this article published yesterday (OECD figures): www.dailymail.co.uk/news/article-5379521/Britain-pays-retirees-worst-state-pension.htmlBut from what I read elsewhere the Chinese are infinitely worse off so little reason to despair yet.
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stevio
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Post by stevio on Feb 13, 2018 23:19:35 GMT
Wish I'd kept the it but yesterday I saw a chart which placed the UK's basic state pension payout at 2nd from bottom from around 30 nations, I was jaw dropping stunned. At the very top of the league table was the tiny nation Croatia. At the very bottom was South Africa. The UK was just above (and I do mean just above) SA in terms of the buying power of the money given it's pensioners. All other developed nations were in some instances way above us in how much value they placed upon and gave their older generation. Yes, state pension for the UK at the very bottom of the table in this article published yesterday (OECD figures): www.dailymail.co.uk/news/article-5379521/Britain-pays-retirees-worst-state-pension.htmlBut from what I read elsewhere the Chinese are infinitely worse off so little reason to despair yet. This may have something to do with the relatively low rate of tax in the UK to pay for pensions, although this is being shifted to employers now paying the bill www.theguardian.com/money/2017/may/27/tax-britons-pay-europe-australia-us
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Post by Deleted on Feb 14, 2018 8:11:27 GMT
No the badly paying state pension in the UK is part of a general infantalism of the general public since around 1945. Constant currency devalution, lots of putting off till tomorrow what needs to be done today and politicians offering easy choices. There is no something for nothing,  education, poor morals a love of Z level celebrities finally add up Pensions no longer based on salary £ down Loads of borrowing No solution to NHS No investment in infrastructure Focus on rights not responsabilites Movement towards employment rather than worthwhile employment Long period of low interest rates leading to high level of vampire-firms Majority of citizens no longer paying income or capital gains taxes just VAT, so disconnect with duties etc etc Having a hard morning |
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education, poor morals a love of Z level celebrities finally add up