The FTSE

Discussion in 'Off Topic' started by worsleyweb, 6 Mar 2020.

  1. Bluemanc100

    Bluemanc100

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    I'm putting off asking about my work pension as I've just been made redundant (I was hanging my boots up anyway) and living on SWMBO's newly matured NHS pension and mine from the RAF. I might enquire about the value just so see what it will pay me. I had decided to wait as the market is on its arse
     
  2. Millwallawayveteran1988

    Millwallawayveteran1988

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    Yes. Anyone who got in at those levels did well.

    some other good ones out there too amongst the dross.

    Naked Wines Price - £2.04 on 16 March. Today £4.10. 100% profit in 2 months.

    Fevertree - £9 on 23 March £16.85 today - 87% up. (Having said that, they were £40 a year or so ago!)

    Zoom - $68 1 Jan - $172 now. 153% up YTD.

    It was a buyers market in March but unfortunately the emotional part of the brain kicks in for many and people tend to sell rather than buy and then buy when markets are high when they should be selling.
     
  3. Millwallawayveteran1988

    Millwallawayveteran1988

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    If it’s stock market related you can take what you want from it when you want under the new rules. Bit by bit or up to whole amount. Just need to be careful of tax. No need to buy annuities any more if you don’t want to. They are still really poor value currently.
     

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  4. west didsblue

    west didsblue

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    Got RDSB for 9.18 in mid March. Also CCL for 6.36. Goes some way to making up for getting BT and Aviva a few months earlier before they went down 40%-50%!
     
  5. Bluemanc100

    Bluemanc100

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    Don't you have to justify taking more than 25%? I am sure I could justify it with our other pensions and SWMBOs condition which is life limiting but I wasn't aware I could take the lot
     
  6. M18CTID

    M18CTID

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    If it’s a private pension, I think you can take the lot in one go but you’d get taxed to the hilt so it’s not advisable.
     
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  7. SWP's back

    SWP's back

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    You can take 25% of your total pension pot tax free from age 55.

    After that you pay income tax on drawdowns (so first £12k pa tax free assuming no other income)

    If you’re in an occupational private pension (defined benefit), you may be able to transfer your accrued benefits into a personal pension although Public Sector pension (teacher, NHS, armed forces, firemen etc) can’t be transferred out.
     
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  8. Millwallawayveteran1988

    Millwallawayveteran1988

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    Just be careful with the tax side of things. Pensions became like savings accounts with tax once they rules were changed.

    There are also some older style pension contracts that have guarantees attached so need to check that too. Some have guaranteed annuity rates of 7-10-% which is pretty good and some have protected tax free cash where you can take more than 25% tax free. Don’t do anything rash without looking into what you have first.
     
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  9. Bluemanc100

    Bluemanc100

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    I do need to get some advice... appreciate the comments on BM and at present there is no rush :-)
     
  10. Millwallawayveteran1988

    Millwallawayveteran1988

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    Not a good day for markets today after a rally that looked too good to be true and probably will turn out to be.

    Dow Jones down 6% plus today on renewed economy/2nd wave fears.

    UK and Europe down 4/5%

    They have had a good run though and were almost at levels which indicated a slight blip rather than a full on economic disaster which this will be, at least in the short term.

    Be interesting to see what then next week or so brings.
     

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