Cold Called - Watch Rip Off Britain

molerat
molerat Posts: 31,848 Forumite
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edited 17 May 2017 at 9:41AM in Pensions, annuities & retirement planning
Rip Off Britain item on cold calling pension scams. One guy ended with only £30K from his £210K pot (after the taxman had taken their £40K off him) ! BBC1- catch up on iPlayer.

Comments

  • atush
    atush Posts: 18,726 Forumite
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    Watched it. Wont stop many/most though.
  • prosaver
    prosaver Posts: 7,026 Forumite
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    How does the pension thing work?
    If you get a grand a year pension, do you get that till u die..?
    so do they calculate the value by ,
    U retire at 60 and they think u wil live to 80, so that 20 years pension, so your pensions worth 20 k
    Ì google it ,, nothing ,just adverts.
    “Life isn't about finding yourself. Life is about creating yourself.”
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  • Linton
    Linton Posts: 17,158 Forumite
    Name Dropper First Post First Anniversary Hung up my suit!
    prosaver wrote: »
    How does the pension thing work?
    If you get a grand a year pension, do you get that till u die..?

    Yes, and for DB pensions the £1K is usually increased completely or partially with inflation.
    so do they calculate the value by ,
    U retire at 60 and they think u wil live to 80, so that 20 years pension, so your pensions worth 20 k
    Ì google it ,, nothing ,just adverts.

    That at a simplistic level is the starting point. The other key factor is that the DB pension scheme will be investing the money that it intends to use in the future to pay the pension. When interest rates are very low, like now, the pension scheme needs to set aside more money. Which is why transfer values are currently unusually high.
  • Linton
    Linton Posts: 17,158 Forumite
    Name Dropper First Post First Anniversary Hung up my suit!
    prosaver wrote: »
    How does the pension thing work?
    If you get a grand a year pension, do you get that till u die..?
    so do they calculate the value by ,
    U retire at 60 and they think u wil live to 80, so that 20 years pension, so your pensions worth 20 k
    Ì google it ,, nothing ,just adverts.

    Alternatively for a DC pension you start off with a lump sum in a pension and can do various things with it, including buying a payment every year. It's the value of the pot that is defined and the amount of income you can get from it is the outcome.
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