Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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Dont forget the effects of inheritance tax peoples 
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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quote:
Originally posted by Robbo
Dont forget the effects of inheritance tax peoples
Ways round that too 
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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Main reason im not fussed about a pension (unless its totally non contributery) - My grandad paid into a pension for 25years or whatever, retired at 65 then died 2 years later. Myy gran now gets a widows pension but its nothing in comparison to what he paid in. Moneys gone. Id rather have a posession than a piece of paper. I plan on buying flats!!
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Tiger
Member
Registered: 12th Jun 01
Location: Leicestershire Drives:Astra VXR
User status: Offline
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If by the time I get to retirement age all I have to worry about is having no money but i;ve acheived what I wanted in life then I dont give a monkeys to be fair, i'd rather have the money to spend while i'm young and healthy, when i'm old and pissing and shitting myself it wont be much good to me anyway. Anyway, the world ends on June 6th 2012.
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Charlene
Member
Registered: 29th Sep 04
Location: Darlington
User status: Offline
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im not sure what to do, as my dad was with a company for 27 years, its closed down and got redunancy money, although he was paying into a pension and peserved benefits. Now he got to 50, they started paying him monthly amounts which you are meant to get once retired, we looked into him getting his lump sum as this is what you are meant to get, but now the pension company has changed over to capita, they wont allow him to get a lump sum, only to keep the monthly payments which is all wrong, as like he says, what use is the money when he is dead!! Also we worked out that the amount of monthly payments he gets, he wont get all his money worth for the time he will be alive!!
[Edited on 10-08-2008 by Charlene]
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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The arse has fallen out of alot of pension funds aswell hasnt it....making them worth alot less than expected. Ive had indepth convo's with a few money men who dont think their the way to making a comfy retirement!!
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by Cosmo
quote:
Originally posted by Robbo
Dont forget the effects of inheritance tax peoples
Ways round that too
not really, not unless youre very liquidl
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by Colin
The arse has fallen out of alot of pension funds aswell hasnt it....making them worth alot less than expected. Ive had indepth convo's with a few money men who dont think their the way to making a comfy retirement!!
yup, final salary schemes are in massive deificts
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dannymccann
Member
Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline
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Im 20 and havent got a pension plan sorted, but then im still at uni so arent earning the sort of money if i wanted to start one. Im thinking along Colin's lines, you cant get a better pension pot than bricks an mortar in my young and naive opinion of course 
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IvIarkgraham
Premium Member
Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
User status: Offline
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ive been told to start isa's
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Tiger
Member
Registered: 12th Jun 01
Location: Leicestershire Drives:Astra VXR
User status: Offline
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Our financial advisor got round inheritance tax, dunno how but it took a while.
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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quote:
Originally posted by Robbo
quote:
Originally posted by Cosmo
quote:
Originally posted by Robbo
Dont forget the effects of inheritance tax peoples
Ways round that too
not really, not unless youre very liquidl
TBH its a benefit of making your money from being a tax specialist
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Charlene
Member
Registered: 29th Sep 04
Location: Darlington
User status: Offline
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Yeah, i think pensions are good for when your older and want that extra cash, but i dont think its worth it, the amount of money you put in it, you will never get back, its totally ridiculas, its your money so i dont see why you cant choose on how much you get out, either in lump sum or monthly amounts, the company will be making so much interest on my dads while its sat there in their account!
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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theres no "gettign round" IHT, theres ways to minimise it using things liek the 7 year rule and the variosu reliefs and allowances but as i said, you need to be liquid to do that, and also plan early
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by Cosmo
quote:
Originally posted by Robbo
quote:
Originally posted by Cosmo
quote:
Originally posted by Robbo
Dont forget the effects of inheritance tax peoples
Ways round that too
not really, not unless youre very liquidl
TBH its a benefit of making your money from being a tax specialist
yes, i specialised in IHT during my tax exams as well, ahndy thing to know!
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Mike
Organiser: North West and North Wales
Premium Member
Registered: 20th May 06
Location: nr. Skipton, North Yorkshire
User status: Offline
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My dad's been paying into a pension for years, since about 22 iirc, he stopped paying a few years ago tho cos he found out that he's not gonna geet back anywhere near as much as he put in.
My Grandad paid into a pension for most of his working life then died at 63 when it'd only start getting paid out at 65, so he never got a penny back.
There's no way I'm gonna make the same mistake when I've there's been those 2 stories so close to home and I've heard plenty of others too.
I'll be happy to say if I get to retirement age and I've got no money, 'yeah, I cocked up' then I'll continue to graft. If I can't make the money I need for a comfortable retirement then I'll have failed so I'll carry on working, if I can have myself a comfortable, enjoyable retirement, I'll know I've succeeded
I trust myself with my money far more than I'll trust anyone else
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mattk
Member
Registered: 27th Feb 06
Location: St. Helens
User status: Offline
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there is no way on earth im going to still be alive at 65 so im not worrying about a pension,
I do like my savings account though
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Gaz
Member
Registered: 24th Aug 03
Location: Widnes, Cheshire
User status: Offline
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I started at 17.. Currently paying 5.6% into my pension at the minute.
Don't really understand what they seem to do with what they give, i know at the minute they pay in 3% of my salary a month..
Something like they double the final salary... 
Need to read it up but TBH im not exactly in the position to want to retire
*Kat BTW*
[Edited on 10-08-2008 by Gaz]
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline
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A pension scheme worries me when I start my own company 
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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quote:
Originally posted by pow
A pension scheme worries me when I start my own company
Why?!
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Cavey
Member
Registered: 11th Nov 02
Location: Derby
User status: Offline
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I'm 25, only started paying in this year.
I pay 7% i think, and work pays 14% in, works out at £14 a week i pay in, and obviously, £28 they pay in, so £42 a week going in there
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by pow
A pension scheme worries me when I start my own company
Unless you are plannign on havign loads of employees from the get go then dont worry lol!
Besides, you dont have to offer a pension scheme, just have to give your employees the chance to join a stakeholder scheme
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jr
Member
Registered: 20th May 02
Location: Kent
User status: Offline
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My company one is bollocks, and dont want to stay here anyway
how would it work out puting a small amount away in anotehr account
as looked at the bank options, but for them to give you something back, they want too much (at the moment) a month
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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Speak to someone like scottish widows about startign up a stakeholder pension mate
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J da Silva
Member
Registered: 10th Apr 03
Location: The FACTory
User status: Offline
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quote:
Originally posted by Cosmo
quote:
Originally posted by Robbo
Dont forget the effects of inheritance tax peoples
Ways round that too
Invest in properties. 
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