Private pension age going up from 55.....
Discussion
bazza white said:
I don't see why for private pensions. A fair few will retire on their private pension at an earlier age freeing up jobs.
Aged 31 now I'm dreading it tbh, very few retire from the steel insustry in one piece. Ive been here 3 years and scares the hell out of me seeing people dying in their working life or going off long term sick at 60ish. Not many retire with full health.
someone retiring now began work before HASAW 1974 Aged 31 now I'm dreading it tbh, very few retire from the steel insustry in one piece. Ive been here 3 years and scares the hell out of me seeing people dying in their working life or going off long term sick at 60ish. Not many retire with full health.
people who started work prior to the 'six pack' of workplace safety legislation ( manual handlings ops regs, DSE regs, PUWER, etc ) are now in their forties ...
bazza white said:
I don't see why for private pensions. A fair few will retire on their private pension at an earlier age freeing up jobs.
Aged 31 now I'm dreading it tbh, very few retire from the steel insustry in one piece. Ive been here 3 years and scares the hell out of me seeing people dying in their working life or going off long term sick at 60ish. Not many retire with full health.
For those with demonstrably poor health / lower life expectancy then a significantly enhanced annuity would be payable.Aged 31 now I'm dreading it tbh, very few retire from the steel insustry in one piece. Ive been here 3 years and scares the hell out of me seeing people dying in their working life or going off long term sick at 60ish. Not many retire with full health.
fandango_c said:
XJ Flyer said:
I wasn't asking for an 'annuity' I was asking for a 'loan/mortgage' on similar/same terms as an 'annuity'.In which case just like a mortgage the loan is secured on the property it's lent against.
So I ask again what bank or mortgage lender would be stupid enough to lend me money on those terms.In which I take out the mortgage and only need to start to repay it at age 65 at typical annuity pension rates IE £100 per week for every £100,000 borrowed.With all the outstanding loan payments/debt being written off and my estate keeps the property assuming I die at any time after taking out the loan.The fact that they wouldn't is proof of the scam that is the pensions 'industry'.
Very odd question - unsurprisingly there aren't any banks which you be stupid enough to offer the loan that you mention. Why would a bank want exposure to mortality risk? So I ask again what bank or mortgage lender would be stupid enough to lend me money on those terms.In which I take out the mortgage and only need to start to repay it at age 65 at typical annuity pension rates IE £100 per week for every £100,000 borrowed.With all the outstanding loan payments/debt being written off and my estate keeps the property assuming I die at any time after taking out the loan.The fact that they wouldn't is proof of the scam that is the pensions 'industry'.
Edited by XJ Flyer on Thursday 24th July 18:59
You seem to be very confused between what banks do and what insurance companies do.
Or to put it another way a very expensive,if not financially suicidal,way of funding/insuring the possibility of living more than 20 years past retirement.In which first the pension fund holders take their cut and then the isurance industry takes their bit after that.As I said I'm out.
Edited by XJ Flyer on Thursday 24th July 22:53
XJ Flyer said:
I'm guessing that no insurer would cover such a loan either.
Or to put it another way a very expensive,if not financially suicidal,way of funding/insuring the possibility of living more than 20 years past retirement.In which first the pension fund holders take their cut and then the isurance industry takes their bit after that.As I said I'm out.
Throughout this thread, you seem to have done a lot of 'guessing' - perhaps educating yourself would be preferable in future...Or to put it another way a very expensive,if not financially suicidal,way of funding/insuring the possibility of living more than 20 years past retirement.In which first the pension fund holders take their cut and then the isurance industry takes their bit after that.As I said I'm out.
Edited by XJ Flyer on Thursday 24th July 22:53
XJ Flyer said:
It seems a clear enough analogy to me.I'm just reversing the deal which the bankers are offering pensioners.But,no surprise,obviously such a deal wouldn't be on the table in that case.I've got no interest in what the pension providers are saying to justify the rip off idea of pensions either.
Most pension providers are not banks. Perhaps you need a basic financial education before arguing with a poster that does have one?There are going to be a lot of millionaires thanks to pensions.
Many, many people in DB schemes may have accrued a pension worth £30kpa. In some cases that transfer value will be £1m.
Even an average db member retiring on £15k may have a £400k transfer value.
Their houses, savings etc will be no where near that in many cases.
Many, many people in DB schemes may have accrued a pension worth £30kpa. In some cases that transfer value will be £1m.
Even an average db member retiring on £15k may have a £400k transfer value.
Their houses, savings etc will be no where near that in many cases.
GAjon said:
The way I read the new access to pension pot rules is you will only be able to draw down on savings in excess of about £100k.
As you have to be able to provide yourself a pension of c£12k a year.
So state 1 is about £7k a year, so a top up of £5k is required.
To buy a £5k pension you will need about £100k.
So only if you have over that will you be able to take it as cash?
Am I reading that correctly?
Thats as it stands at present, not so beyond April.As you have to be able to provide yourself a pension of c£12k a year.
So state 1 is about £7k a year, so a top up of £5k is required.
To buy a £5k pension you will need about £100k.
So only if you have over that will you be able to take it as cash?
Am I reading that correctly?
garyhun said:
Thanks - I thought I was right on this but good to have it confirmed.
So really no one should retire until then - although I foresee a lot of problems with pensioners pissing their pension up the wall and then having nothing.
No doubt some will but a small minority I'm sure.So really no one should retire until then - although I foresee a lot of problems with pensioners pissing their pension up the wall and then having nothing.
People who have been disciplined enough to save into a pension scheme for a significant proportion of their life aren't going to suddenly abandon that and rely on the Government for their income.
PurpleMoonlight said:
No doubt some will but a small minority I'm sure.
People who have been disciplined enough to save into a pension scheme for a significant proportion of their life aren't going to suddenly abandon that and rely on the Government for their income.
Good point.People who have been disciplined enough to save into a pension scheme for a significant proportion of their life aren't going to suddenly abandon that and rely on the Government for their income.
I'll be buying a Lambo hopefully
bit will still be able to support myself. jonah35 said:
There are going to be a lot of millionaires thanks to pensions.
Many, many people in DB schemes may have accrued a pension worth £30kpa. In some cases that transfer value will be £1m.
Even an average db member retiring on £15k may have a £400k transfer value.
Their houses, savings etc will be no where near that in many cases.
given the vastest majority of remaining DB schemes are 50 % / 40years full time schemes Many, many people in DB schemes may have accrued a pension worth £30kpa. In some cases that transfer value will be £1m.
Even an average db member retiring on £15k may have a £400k transfer value.
Their houses, savings etc will be no where near that in many cases.
a 30K pension means retiring from job paying in excess of 60k
NHS doctors and dentists, senior managers , chief Officer ranks in the mergency services, head teachers
most normal Public sector Professionals will retire , assuming they have 40 years service - and many female professionals won't ) will be looking at a pension in the realms of 15k -20 pa from theier jobs paying high 20ies to 40 k pa
mph1977 said:
given the vastest majority of remaining DB schemes are 50 % / 40years full time schemes
Surely most of the public sector schemes were (originally at least) 1/60ths schemes, and those that were 1/80ths schemes had additional lump sum benefits (3/80ths) to make them equivalent to 1/60ths schemes!mph1977 said:
a 30K pension means retiring from job paying in excess of 60k
NHS doctors and dentists, senior managers , chief Officer ranks in the mergency services, head teachers
most normal Public sector Professionals will retire , assuming they have 40 years service - and many female professionals won't ) will be looking at a pension in the realms of 15k -20 pa from theier jobs paying high 20ies to 40 k pa
But there are lots of them and the liability for benefits accrued to date is now well over £2 trillion (assets = zero)NHS doctors and dentists, senior managers , chief Officer ranks in the mergency services, head teachers
most normal Public sector Professionals will retire , assuming they have 40 years service - and many female professionals won't ) will be looking at a pension in the realms of 15k -20 pa from theier jobs paying high 20ies to 40 k pa
Edited by sidicks on Friday 25th July 21:03
RYH64E said:
Equitable Life did me a big favour, put me off pensions for life. For the last 20 years or so I've only invested in assets I directly control, it's worked well and I'll take an income or sell up at a time of my choosing and nobody else's.
^^^Pension industry is based on smoke and mirrors. Tax relief is transparent but all the fees attaching are not. Robert Maxwell plundered and others followed. Bring on the next PPI esque scandal and shame this farce of an industry with massive payouts.
Kinkell said:
^^^
Pension industry is based on smoke and mirrors. Tax relief is transparent but all the fees attaching are not. Robert Maxwell plundered and others followed. Bring on the next PPI esque scandal and shame this farce of an industry with massive payouts.
Oh dear, were back to the ignorant idiots who don't even understand the difference between DB and DC schemes and are referring to issues from 25 years ago...Pension industry is based on smoke and mirrors. Tax relief is transparent but all the fees attaching are not. Robert Maxwell plundered and others followed. Bring on the next PPI esque scandal and shame this farce of an industry with massive payouts.
sidicks said:
Oh dear, were back to the ignorant idiots who don't even understand the difference between DB and DC schemes and are referring to issues from 25 years ago...
Not at all. If I'd had access to a public sector pension or a blue chip final salary private sector pension I'd have been very happy, unfortunately the pension schemes available to me weren't worth a carrot and I'm glad I realised this early, before I'd paid a fortune in contributions. The investments I did make (property and business) have done very well in the last 20 years, far better than any pension could possibly have achieved. Just the house I bought (£60k in '95) has tripled in value and returned the equivalent of £800/month every year since, and will continue to do so for the foreseeable future. As for tax relief, if and when I sell the business I'll get entrepreneurs relief on a very significant sum.Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff