Diesel

Just asking as I'm scared to check the state of my projections/estimated return. No doubt the 'board will still be swanning about in Bentleys, but my pension wasn't doing too well BEFORE all the latest financial shennanigans! I'm with the Pru by now (so not my initial diligent, researched choice - they simply bought Scot Am).

Should I just have more holidays, buy a jetski and enjoy wine costing much more than £5 a bottle and accept I'm on a loser with this pension thing???

D

unclebuck

While I could advise you, I would recommend Scoobynet's very own 'king' of advisers, who I'm sure will pitch up on this thread in short order...

Phil

Don't start me on this

Found out my "safe" money was in the Standard Lifes Sterling One Account

hoskib

iTrader: (1)

i had my forecast statement through last week. not good, not good at all.

putting it under the mattress for the last 10 years i would have more than it's worth now.

i know it's a long game thing, but the tempation to pull the lot out and at least see some sort of guaranteed safe interest earnt is incredibly tempting

PaulC72

I wish you well TBH, I don't have a pension I would rather enjoy it now and consider things later on, after all if you don't make it was it worth it that said, i'll have my house and some money save {lol} which hopefully will see me through.

Like most options they are all a gamble

Chip

Final salary scheme for me so all fine at the momenet.

Chip

SunnySideUp

I'm not even going to mention how this Labour Government has sailed my 'Copper Bottomed Guaranteed Pension' down the river I have been stitched up by this Government on my Pension

But, they did give me all my Icelandic money back

Pensions are in a dire state, I doubt they will be able to recover.

What gets me really angry is the Bankers/Financial Gurus who cream off £millions 'for advising' What a bloody con that is!!

Diesel

Hmmm - need to look into this more then and get a statement.

All I need to know is how much I have put in and what is it worth now? If it isn't impressive after about 20 years then that tells the story in laymans terms and proves the only people that benefit from pensions are those selling them and managing them

What IFA will advise me not to put any more money in though? They don't make a living like that!

D

Chip

Pete,

Youve only got yourself to blame. It was YOU that voted them into power all those years ago. And now your going to pay the price.


Chip

hoskib

iTrader: (1)

that's the long and short of it for me aswell, i couldn't give a flying one what % of what i own. tell me how much i've spent and how much i've got.

one piece of paper instead of the reams of crap that gets wedged through the letterbox.

think how much money they would save

Diesel

Infuriating isn't it - all this evasion and smoke and mirrors. I got long letters from both my mortgage providers recently as rates have changed and fixed term deals have ended. These letters SO lacked actual relevant detail I had to call both up to ask basic questions. One question was 'so what is the actual interest rate now'?

Still I guess the reams of info satisfy the regulator if not the b client!

D

mart360

got several options...

final salary scheme at the mo

Some in a private gathering sod all interest

and some with the gov, doing badly


Mart

GaryK

Thats why i don't have a pension and never will. I asked a financial adviser many years ago about the biggest benefit of a pension. "You can't get at your money" was the reply, hmmm so I just have to watch my investment plummet and not be able to do anything about it, errr right!

SunnySideUp

I'm not sure NOT having a Pension is wise ....... it is subject to 40% Tax Relief remember! Basically, every £100 I plough in is worth £140 - difficult to beat that (but, the advisors cream so much off that the benefit is pretty much negated!).

I am on a Final Salary Scheme, with a Lump Sum .... there is talk that premiums will rise, the Lump Sum will disappear, the Index Linking will go and I will have to work extra years!!

Midlife......

iTrader: (2)

Suunnysideup

I thought as a public employee you had a Final salary scheme like me ?

Did you take a 1.5% pay cut this year to fund it like our mob ?

I guess you have a Private pension / AVC as well..

do tell LOL

Shaun

SunnySideUp

We were privatised in 1993 ......

cookstar

iTrader: (6)

Final salary with a voluntary additional add on to boost the lump sum.

And a couple of properties.

EddScott

Trust me, advisers are just as angry with Standard Life as clients. Their literature was misleading with statements like "Wholly invested in cash" what they didn't make clear was that the fund also invested in other money market investments - floating rate notes on UK mortgages. What has happened is that due to the US mortgage market imploding and the lack of movement on trading these things is that all the good as been brought down with the bad.

This little number has cost Standard Life any future business with our firm. On the plus side though 4.8% drop is better than if you were in equity based funds where we've seen as much as 30% wiped off portfolios.

These are by no means safe. Yes you have an idea of what you are going to be paid come retirement but don't forget that money has to come from somewhere and it has to be invested in order to produce enough money to pay everybody.

speedking

Only been with my current employer for a short while but:
value at start of year = £3000
paid in = £5000
'profit' = -£2000

So on an average investment of £5500 they have made -36%.

Pete, don't forget that you will be taxed on your pension when you receive it. Admittedly this is likely to be at a lower rate, but you are effectively deferring the tax, not avoiding it. (Also you earn interest on the tax amount so is a good thing.)