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Post by bernythedolt on Jun 21, 2024 15:00:49 GMT
Another uptick here for keeping all payslips. When a friend retired after a long career in the Home Office, they worked out his pension based on just 7 years service. He protested that he'd worked for them for most of his career, but they didn't have any record of him going back beyond 7 years, so were resolute that was all they were going to pay! VERY fortunately for him, he'd kept all his payslips and was able to prove his long service, at which point they had no option than to stump up what he was due.
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
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Post by keitha on Jun 21, 2024 15:36:12 GMT
Something that catches many out is striking, a few days of strike action in a year can lead to that years contributions not being "full", and guess what a non full year counts for nothing.
I have a couple of non full years in my NI record going back to the 1980's and despite paying NI for 51 and a bit weeks it's not full so counts as £0
Ditto if you start work on 12th April you pay NI for 51 weeks but unless you have credit for the other week you get nowt.
At the other end you don't pay NI in the tax year you reach state pension age. Again someone whose birthday is 1st April could easily have 1 year less of contributions than someone born on the 8th of April in the same year
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spiral
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Post by spiral on Jun 21, 2024 17:17:30 GMT
Another uptick here for keeping all payslips. When a friend retired after a long career in the Home Office, they worked out his pension based on just 7 years service. He protested that he'd worked for them for most of his career, but they didn't have any record of him going back beyond 7 years, so were resolute that was all they were going to pay! VERY fortunately for him, he'd kept all his payslips and was able to prove his long service, at which point they had no option than to stump up what he was due. The company that I worked for gave you a statement once per year detailing pensionable salary, years service, projected pension at retirement etc. I assumed that this was a requirement for all company pensions. If not it should be because it would be quite straightforward to spot an error immediately on receipt.
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Post by mostlywrong on Jun 21, 2024 18:42:37 GMT
Another uptick here for keeping all payslips. When a friend retired after a long career in the Home Office, they worked out his pension based on just 7 years service. He protested that he'd worked for them for most of his career, but they didn't have any record of him going back beyond 7 years, so were resolute that was all they were going to pay! VERY fortunately for him, he'd kept all his payslips and was able to prove his long service, at which point they had no option than to stump up what he was due. The company that I worked for gave you a statement once per year detailing pensionable salary, years service, projected pension at retirement etc. I assumed that this was a requirement for all company pensions. If not it should be because it would be quite straightforward to spot an error immediately on receipt. Now called the Annual Benefit Statement which, I think, was introduced by the Tory government a while back. IIRC its introduction was a result of moving to the legal requirement that all businesses have to offer a pension scheme (the minimum is NEST) and you (the employee) have to opt out of the pension contributions if you don't want to contribute to your future.
I think that move was one of the best things that governments have done in the last 50 years. Up there with the various HSAW Acts, IMHO.
MW
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Post by mostlywrong on Jun 21, 2024 18:43:43 GMT
Something that catches many out is striking, a few days of strike action in a year can lead to that years contributions not being "full", and guess what a non full year counts for nothing. I have a couple of non full years in my NI record going back to the 1980's and despite paying NI for 51 and a bit weeks it's not full so counts as £0 Ditto if you start work on 12th April you pay NI for 51 weeks but unless you have credit for the other week you get nowt. At the other end you don't pay NI in the tax year you reach state pension age. Again someone whose birthday is 1st April could easily have 1 year less of contributions than someone born on the 8th of April in the same year I didn't know that! I often threatened to withdraw my labour but never actually got round to doing so...
MW
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scooter
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Post by scooter on Jul 1, 2024 11:38:07 GMT
Hi,
I can move my pension funds around quite easily and as the fund which I no longer pay into is the highest it has ever been, would it be a good time to switch to liquidity to avoid a down turn in the markets when Labour get it on Friday? Or have the markets already adjusted for Starmageddon? I can switch it back when things settle and I don't need to use it.
Any thoughts?
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Post by bracknellboy on Jul 1, 2024 11:51:00 GMT
Hi, I can move my pension funds around quite easily and as the fund which I no longer pay into is the highest it has ever been, would it be a good time to switch to liquidity to avoid a down turn in the markets when Labour get it on Friday? Or have the markets already adjusted for Starmageddon? I can switch it back when things settle and I don't need to use it. Any thoughts?If the markets haven't yet priced in the likelihood of a significant Labour majority then something is very very wrong with the markets.
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scooter
Member of DD Central
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Post by scooter on Jul 1, 2024 12:13:43 GMT
A very good point! But they never like a Labour govt do they and things are still looking good on the pension front. Perhaps all will be good until the budget in Sept.
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
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Post by keitha on Jul 1, 2024 12:37:03 GMT
A very good point! But they never like a Labour govt do they and things are still looking good on the pension front. Perhaps all will be good until the budget in Sept. I believe that is not true, but statistics can prove anything as we know. in terms of year on year performance Sunak is the second best of recent times, however I believe much of that is a bounce back from the disaster that was Truss Boris had the pandemic Cameron/Clegg in coalition ok Tony Blair returned 5% growth year on year, Brown -5.4% a year Best 3 in recent times John Major Rishi Sunak Margaret Thatcher Worst Liz Truss Cameron ( 15/16) Gordon Brown
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Post by mostlywrong on Jul 1, 2024 19:32:09 GMT
Hi, I can move my pension funds around quite easily and as the fund which I no longer pay into is the highest it has ever been, would it be a good time to switch to liquidity to avoid a down turn in the markets when Labour get it on Friday? Or have the markets already adjusted for Starmageddon? I can switch it back when things settle and I don't need to use it. Any thoughts? No-one can answer that question for you, IMHO, because if we could, we would all be in Barbados avoiding Hurricane Beryl...
If you feel that the market has moved too far and fast in your favour, then sell half, and lock in your gains.
As I wrote recently in another thread, if you are worried, grab your handbag and drink, and dance closer to the exit.
MW
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scooter
Member of DD Central
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Post by scooter on Jul 1, 2024 19:52:49 GMT
Thanks. I read once that even if you get out in time, it is equally difficult to get back in in time for the upswing. I would like to think that the pension provider has this covered, but past history does not suggest they are any better at it that I would be.
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
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Post by keitha on Jul 1, 2024 20:56:10 GMT
I have a long term ( 6 years and still running ) investment for my granddaughter with the aim of covering some of her University costs.
As of now the experts have managed to lose 1%
over the same period my "uneducated" picks have produced a 25% profit. I was at 40% before Boris got the boot.
I've lost money on a few investments, 3 have gone completely
I also have several that have been taken over in every case it's been bad, Youngs brewery take over of City pub group 35% down in less than 4 months, Norton takeover of AVAST another big loss
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Post by mostlywrong on Jul 2, 2024 7:29:47 GMT
Thanks. I read once that even if you get out in time, it is equally difficult to get back in in time for the upswing. I would like to think that the pension provider has this covered, but past history does not suggest they are any better at it that I would be. Yes, you might get out close to the top but do you buy back in at -10%, -20% or -30%?
No bells ring and no flags are raised at either the top or the bottom of the market.
Pensions are therefore probably best invested in a standard, diverse, global, long-term package that ignores all the noise.
But where, on earth, do you find such a pension fund?
MW
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