Final Salary Pensions / Deficits / Benefits (long post)

[martncags]

It’s not possible for certain schemes (teachers, armed forces, NHS etc), but seeing as I’ve been doing them for 15 years then I’m fairly certain of how they are done.

Not sure if i'm doing this right - i rarely post. My girlie has been told she not allowed to t/f her DB pension - end of. Not the news she wanted on top of a terminal illness diagnosis.
I, however, spent 5 years working darn sarf and vowed i would not give one penny of my earnings to some flashy-dressed City of London based bookmaker (not a dig at you SWP) . I instead have some income-deriving assets based in the North West which is where i spend all my money - more than happy with my decision thanks

 

[ganganvince]

Sorry to hear that buddy.

Thankfully not my main pension but it is/ will be for thousands of others

 

[SWP's back]

Excellent post Mate. Another reason why it’s important that those in DB schemes understand exactly where their pension value has got to, especially in the years running up to retirement. The government has been reducing the maximum pension pot value on a regular basis. Last time I looked it was £1m which although it seems a huge amount, can readily be achieved by someone who has been with the same employer for the duration of their career. If you breach the limit the tax on the excess is punitive.

That’s a great point mate and I should have included it in the OP.

 

[SWP's back]

Not sure if i'm doing this right - i rarely post. My girlie has been told she not allowed to t/f her DB pension - end of. Not the news she wanted on top of a terminal illness diagnosis.
I, however, spent 5 years working darn sarf and vowed i would not give one penny of my earnings to some flashy-dressed City of London based bookmaker (not a dig at you SWP) . I instead have some income-deriving assets based in the North West which is where i spend all my money - more than happy with my decision thanks

Sorry to hear about your partner.

Just FWIW, you can put anything you want into your SIPP (within reason), you could jut hold government treasury notes if you wanted to. And my OP wasn’t about taking out a pension over property or businesses but rather about letting people in DB schemes know their options.

 

[TCIB]

I still remember the chap saying it now. In the early 90's a smart chap on finances made a statement that pensions will be screwed and it would start about now. Nothing i am seeing in the world is showing him to be wrong.

I have no pension tbh. I feel the urge to invest in my older years in another manner, not sure what though.

 

[PannickAtTheDisco]

Nobody in 323 makes more noise than us. I had a young mum and her young lad next to me for the Bristol game and apologised for the potential use of some 'French' during the game!

that's just the hip replacements squeaking.

 

[ganganvince]

Sorry to hear that buddy.[/QUOTE
Still looking to get it out though reckon it will be worthless in 10 years when i need it

 

[aguero93:20]

I still remember the chap saying it now. In the early 90's a smart chap on finances made a statement that pensions will be screwed and it would start about now. Nothing i am seeing in the world is showing him to be wrong.

I have no pension tbh. I feel the urge to invest in my older years in another manner, not sure what though.

Property or a balanced and well spread out stock portfolio.

 

[SWP's back]

Property or a balanced and well spread out stock portfolio.

To be fair a pension is usually the latter, just with your tax back when you contribute.

 

[Dave Ewing's Back 'eader]

that's just the hip replacements squeaking.

Steam escaping from the flasks? Zimmer frames hitting the backs of the seats? More probably the loose change we have from our FSP's.