Lease cars and lack of pension provision
Discussion
sidicks said:
craigjm said:
do you read all the T&C's of everything you sign in minute detail? Microsoft and Apple could own everyones souls the number of times over the years you have been asked to agree to pages of conditions before using their software and most of us would be none the wiser.
Exactly my point - very few people bother with the T&Cs for what they buy, as they are importantly written using legal language.sidicks said:
You could call the pension company customer service line and ask for a summary of the charges under the contract.
So I ask the scammer to explain how they plan to scam me?If I ever get taken to court, I'll ask the prosecution solicitor for advice on how to handle the case!
Anyhow, it's not just about charges, it's about the small print, the tiny exclusions and suchlike that nobody notices.
As for mobile phone contracts - yes they are similar but most people understand how they work and they all mostly contain the same stuff. The only extents to which mobile phone companies scam people (eg roaming charges, out of bundle data charges) are pretty well known and most people avoid or accept these. Pensions are not like that - they are all very different and nobody actually understands them.
craigjm said:
So maybe one of the ways products can be improved for the millenial generation is to make a T&C that is easy to understand bullet points without any jargon. That would actually benefit everyone who is not actually in the industry.
The jargon is explained in the documentation.zarjaz1991 said:
So I ask the scammer to explain how they plan to scam me?
They aren't 'scammers'. HTHzarjax1991 said:
If I ever get taken to court, I'll ask the prosecution solicitor for advice on how to handle the case!
Anyhow, it's not just about charges, it's about the small print, the tiny exclusions and suchlike that nobody notices.
As for mobile phone contracts - yes they are similar but most people understand how they work and they all mostly contain the same stuff. The only extents to which mobile phone companies scam people (eg roaming charges, out of bundle data charges) are pretty well known and most people avoid or accept these. Pensions are not like that - they are all very different and nobody actually understands them.
More nonsense.Anyhow, it's not just about charges, it's about the small print, the tiny exclusions and suchlike that nobody notices.
As for mobile phone contracts - yes they are similar but most people understand how they work and they all mostly contain the same stuff. The only extents to which mobile phone companies scam people (eg roaming charges, out of bundle data charges) are pretty well known and most people avoid or accept these. Pensions are not like that - they are all very different and nobody actually understands them.
I'm out.
sidicks said:
craigjm said:
So maybe one of the ways products can be improved for the millenial generation is to make a T&C that is easy to understand bullet points without any jargon. That would actually benefit everyone who is not actually in the industry.
The jargon is explained in the documentation.craigjm said:
sidicks said:
craigjm said:
do you read all the T&C's of everything you sign in minute detail? Microsoft and Apple could own everyones souls the number of times over the years you have been asked to agree to pages of conditions before using their software and most of us would be none the wiser.
Exactly my point - very few people bother with the T&Cs for what they buy, as they are importantly written using legal language.craigjm said:
TSCfree said:
Good idea - At least the kids would know the in and outs of leasing a vehicle!
Doesnt matter what the text is about. If you have to supply it with a glossary of terms then you are not communicating clearly enough.What alternative are you proposing?
craigjm said:
Doesnt matter what the text is about. If you have to supply it with a glossary of terms then you are not communicating clearly enough.
Agreed. The 2 pension annual statements sat in front of me provide a fairly rounded view of the scheme and free from jargon. There still isn't any mention of transfer costs however.TSCfree said:
Agreed. The 2 pension annual statements sat in front of me provide a fairly rounded view of the scheme and free from jargon. There still isn't any mention of transfer costs however.
That could be because you haven't asked for the cost of a transfer and/or because your scheme don't charge you for a transfer.A tax incentivised investment system into a centralised fund operated by seriously successful managers from which immediate income can be derived. That's what I propose. One that people can continue to contribute to and take proportionally increasing income from or return the income to accumulate thereby creating even more income. Contribute a lot to it or a little. Throughout working life and with the income continuing into retirement.
Just a late night suggestion
Just a late night suggestion
CarlosFandango11 said:
TSCfree said:
Agreed. The 2 pension annual statements sat in front of me provide a fairly rounded view of the scheme and free from jargon. There still isn't any mention of transfer costs however.
That could be because you haven't asked for the cost of a transfer and/or because your scheme don't charge you for a transfer.TSCfree said:
That's tomorrows phone call! So what's involved with the transfer of a pension?
Sorry, not my area.If you give a bit more detail there are some knowledgeable people around, but it's worth starting your own thread otherwise it will be lost in all of the rubbish in this thread.
drainbrain said:
A tax incentivised investment system into a centralised fund operated by seriously successful managers from which immediate income can be derived. That's what I propose. One that people can continue to contribute to and take proportionally increasing income from or return the income to accumulate thereby creating even more income. Contribute a lot to it or a little. Throughout working life and with the income continuing into retirement.
Just a late night suggestion
That already exists. It's called an ISA. Although you would have to choose your "fund operated by seriousness successful managers".Just a late night suggestion
TSCfree said:
That's tomorrows phone call! So what's involved with the transfer of a pension?
That might help:https://www.pensionsadvisoryservice.org.uk/about-p...
CarlosFandango11 said:
That already exists. It's called an ISA. Although you would have to choose your "fund operated by seriousness successful managers".
Nope. Mine's a centralised fund. It's a collective fund, not an individual one, although your individual account is a part of it. Managers by appointment and provable track record and subject to change. drainbrain said:
CarlosFandango11 said:
That already exists. It's called an ISA. Although you would have to choose your "fund operated by seriousness successful managers".
Nope. Mine's a centralised fund. It's a collective fund, not an individual one, although your individual account is a part of it. Managers by appointment and provable track record and subject to change. drainbrain said:
TSCfree said:
That's tomorrows phone call! So what's involved with the transfer of a pension?
That might help:https://www.pensionsadvisoryservice.org.uk/about-p...
So essentially I need to request a transfer value.
These are the OH's before anyone assumes I sign up to any old scheme without reading T&C's
Edited by TSCfree on Monday 20th February 00:35
Edited by TSCfree on Monday 20th February 00:39
TSCfree said:
Useful, Thanks - I still had to google what type of pension a stakeholder pension is, apparently it's a DC. There you go, every days a school day.
So essentially I need to request a transfer value.
The transfer value will be the current fund value. If it's a stakeholder pension, there won't be any charge from your scheme to transfer it.So essentially I need to request a transfer value.
Edited by TSCfree on Monday 20th February 00:35
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