Are you also saving for retirement?

chewmylegoff

Yep, I have a Company/Personal Pension and/or ISA savings

housesitter wrote: »

There is the profit margin for the "city fat cats".

yeah, it would be so much better if people would just manage investments for free, the cheek of it.

of course, when you put it in the bank, there is no "fat cat charge", because the rate of interest you are getting paid is exactly what the bank makes on that money you have deposited with them, and no-one is creaming anything off...

Dithering_Dad

Yep, I have a Company/Personal Pension and/or ISA savings

chewmylegoff wrote: »

yeah, it would be so much better if people would just manage investments for free, the cheek of it.

of course, when you put it in the bank, there is no "fat cat charge", because the rate of interest you are getting paid is exactly what the bank makes on that money you have deposited with them, and no-one is creaming anything off...

And if you get a BTL property for your pension, there is no estate agent, letting agent, solicitor, electricity & gas checker, building insurer, etc. creaming anything off either!

Kenny4315

At 64 I'm going to sell the wife, should get a few bob for her.

housesitter

Yep, I have a Company/Personal Pension and/or ISA savings

chewmylegoff wrote: »

yeah, it would be so much better if people would just manage investments for free, the cheek of it.

It'sa bit pathetic that people seem to generally take the extreme view point against comments others make, but c'est le vie. Whatever makes you happy.

Kenny: three reasons why I didn't jump at it yet:

1) Was planning to go to USA. No way now. Unles Obama turns the country around the place is DOA.
2) Didn't think I'd be here that long. Not a lot of point if your pension pot is a couple of years worth and yo ucannot trasfer it into the next company's fund. From a friend with my pots she has been unable to do this. AFAIk not all are the same, so are nicer.
3) I saw the edge of the abyss.

downdraw seems to avoid the fat cat aspect somewhat. ie: leaving large amounts in the fund after your annuity RIP.

I'm not against people making profit. So long as it's reasonable and ethical. I see the city creaming the milk when the profits are up, I don't see them adding to the pot when their expertise puts cracks in it. Not even an apology, but they wil still take their fees for managing to make a loss on your investment.

Fair ?

Kenny4315

I have some pensions from various companies floating about, which are doing about as well as an asthmatic ant in a running race, only in these due to tax breaks or company paying into them or combination of both. I'd rather have control for my own destiny, and be able to get the cash when I want, or whenever I see the right opportunity arise.

Dithering_Dad

Yep, I have a Company/Personal Pension and/or ISA savings

housesitter wrote: »

It'sa bit pathetic that people seem to generally take the extreme view point against comments others make, but c'est le vie. Whatever makes you happy.

Kenny: three reasons why I didn't jump at it yet:

1) Was planning to go to USA. No way now. Unles Obama turns the country around the place is DOA.
2) Didn't think I'd be here that long. Not a lot of point if your pension pot is a couple of years worth and yo ucannot trasfer it into the next company's fund. From a friend with my pots she has been unable to do this. AFAIk not all are the same, so are nicer.
3) I saw the edge of the abyss.

downdraw seems to avoid the fat cat aspect somewhat. ie: leaving large amounts in the fund after your annuity RIP.

I'm not against people making profit. So long as it's reasonable and ethical. I see the city creaming the milk when the profits are up, I don't see them adding to the pot when their expertise puts cracks in it. Not even an apology, but they wil still take their fees for managing to make a loss on your investment.

Fair ?

I know it wasn't aimed at me, but thought I'd chip in anyway. I think chewmylegoff's comments were just a bit of lighthearted banter rather than a real dig, and as such they liven up the debate (well, unless they're aimed at me, in which case they're a disgraceful personal attack!!!)

The current rules with company pensions are that if you are with a company for less than 2 years they have to give you the option of having your pension contributions returned (less tax) or you can transfer the pot (including their contributions) to your own personal pension. I was with a company for 23 months and so moved my pension to a stakeholder - it was really quick and easy to do, took about a month in total. If you're with a company for more than 2 years then they have to offer you the choice of moving the fund or keeping it in the company pension.

As far as the fat cats are concerned, you can either put your money into a tracker fund (this follows an index and so is not managed) or if you don't want to risk them in equities you can put your money into cash or fixed/index-linked funds. I also saw the edge of the abyss and so I moved all of my pension pot into a cash fund prior to the recent crashes. I hardly lost a penny.

kennyboy66_2

Yep, I have a Company/Personal Pension and/or ISA savings

housesitter wrote: »

It'sa bit pathetic that people seem to generally take the extreme view point against comments others make, but c'est le vie. Whatever makes you happy.

Kenny: three reasons why I didn't jump at it yet:

1) Was planning to go to USA. No way now. Unles Obama turns the country around the place is DOA.
2) Didn't think I'd be here that long. Not a lot of point if your pension pot is a couple of years worth and yo ucannot trasfer it into the next company's fund. From a friend with my pots she has been unable to do this. AFAIk not all are the same, so are nicer.
3) I saw the edge of the abyss.

downdraw seems to avoid the fat cat aspect somewhat. ie: leaving large amounts in the fund after your annuity RIP.

I'm not against people making profit. So long as it's reasonable and ethical. I see the city creaming the milk when the profits are up, I don't see them adding to the pot when their expertise puts cracks in it. Not even an apology, but they wil still take their fees for managing to make a loss on your investment.

Fair ?

If you are in for less than 2 years in most cases you get the value of you contibutions back (or course you lose the tax relief and investments may have gone down).

It doesn't really matter if you can't transfer to a new employers scheme, your fund will still grow and be there for you when you retire.

I'm never a great fan of financial advisors bu for 99% of people to join a company scheme where the employer chips in should be a no brainer.

Why would the economic situation prevent you from moving to the USA - my guess would be that they will be the first major economy out of recession.

Prudent

Yep, I have a Company/Personal Pension and/or ISA savings

I paid off my mortgage as fast as possible. I always contributed to my company pension through that time and kept a level of savings for emergencies.

Once it was paid off, I concentrated on doing improvements to the house (which I bought in a poor state of repair) and improving my savings. I have now started an additional private pension just in case the state pension is miniscule but the time I retire. I am doing the last of the big jobs on the house just now and then will look at stocks and shares isas. I am 43 and my pension scheme pays out from age 60 so I am hoping to have enough to enough to retire before I reach 66.

I see my house as my home rather than an investment, although I reccognise it makes good financial sense to keep the house well maintained.

Masomnia

No, I'm too busy saving for a house to worry about retirement!

I wasn't really sure which to put, as all of them apply to me really, so I decided to be controversial and go for the middle one.

I'm 19, so the very fact that I've saved money in four figures puts me in an unusual position. So no pension, as I don't have a regular income being a student. I'm not saving for a house specifically, though I've decided I would like to own my own home and the money is mainly being saved with a deposit in mind. My thinking is that if I build up an emergency fund now, I'll be able to buy a car etc when I graduate without have to take outs loans and waste money on interest. I'll have a savings pot to begin with and then can make pension provision once I start earning.

housesitter

Yep, I have a Company/Personal Pension and/or ISA savings

DD, thanks for starting the thread. Again, wasn't aware of that detail about returning the money.
It might have been nice is the pensions advisor from the management company had actually mentioned it... :rolleyes:

kennyboy66 wrote: »

Why would the economic situation prevent you from moving to the USA - my guess would be that they will be the first major economy out of recession.

Not the economy, more the way it's turning into a facist police state nightmare. But that's fairly OT for this thread I think.