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Pensions - Arrrghhh!!!
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Horasio
Posts: 6,676 Forumite
Pensions at the moment remind me of endowment mortgages of the 80s and just as pitiful.
I can only liken sorting pensions out to dealing with toothache, you put it off and put it off, because it is so unpleasant.
I know very little about pensions, except they relate to company performance and interest rates. If anyone wishes to explain how it works, please explain in very simple bite size portions, as it confuses me big time.
My husband was made redundant in 1992 and got his pension details from his last employer, which we put into a new pension. He has been a limited company since and paid into another pension plan. The forecasts are an insult and he is due to get payout on that in 5 years time.
I think it covers life assurance, where he dies, I get a lump sum.
I wish we could cash the pensions all in and put it towards a house, the use it is going to be to him in 5-10 years time, compared to property growth. I feel we are throwing good money down the drain to be honest.
He has been offered a permanent job with no pension.
What is the best course of action for him?
I can only liken sorting pensions out to dealing with toothache, you put it off and put it off, because it is so unpleasant.
I know very little about pensions, except they relate to company performance and interest rates. If anyone wishes to explain how it works, please explain in very simple bite size portions, as it confuses me big time.
My husband was made redundant in 1992 and got his pension details from his last employer, which we put into a new pension. He has been a limited company since and paid into another pension plan. The forecasts are an insult and he is due to get payout on that in 5 years time.
I think it covers life assurance, where he dies, I get a lump sum.
I wish we could cash the pensions all in and put it towards a house, the use it is going to be to him in 5-10 years time, compared to property growth. I feel we are throwing good money down the drain to be honest.
He has been offered a permanent job with no pension.
What is the best course of action for him?
An average day in my life:hello: :eek::mad: :coffee::coffee::coffee::T 
:rotfl: :rotfl: 
:eek::mad: :beer:
I am no expert in property but have lived in many types of homes, in many locations and can only talk from experience.
:rotfl: :rotfl: :eek::mad: :beer:I am no expert in property but have lived in many types of homes, in many locations and can only talk from experience.
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Comments
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Can you post some more details about the pensions?
eg
Provider
Transfer value
Fund(s) the money is invested in
Annual charges payable
Maturity projectionTrying to keep it simple...
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Pensions at the moment remind me of endowment mortgages of the 80s and just as pitiful.
Whys that? Its just a tax wrapper that allows you to invest in all the areas you could want in exactly the same way as unit trusts and ISAs.I know very little about pensions,
Perhaps that is the problem. You are pre-judging pensions without knowing a thing about them.I wish we could cash the pensions all in and put it towards a house, the use it is going to be to him in 5-10 years time, compared to property growth. I feel we are throwing good money down the drain to be honest.
That is an incorrect assumption to make. Stockmarket has outperformed property over the last 3 years. Property has had a good rise around 6 years ago but that has slowed up in most areas. You get the odd month of increase but there are many that now feel that the property market is on the brink of a fairly large drop. Like any investment, we dont know if, when, how or what will happen but you should never asssume that property is the answer to everything. Just look at the crash in the 90s.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
OK now you (dunstonh) have criticised what I have said. As I said, I don't have much knowledge about pensions, if you DO know how it all works, then I would like to know how it does.
You obviously do know, you claim to be a financial advisor. So advise or suggest not criticise.
Do you have any constructive suggestions as to what to do? I didn't post to be put down for my ignorance on the matter.
Not a very useful reply, just a good excuse to exercise your seniority, and profession in the forum and give no constructive advice.
You seem to have forgotten the 'be nice to other forum member's rule.
Shame there isn't a 'no thanks' button
It's a sad state when you can't ask for help in the appropriate place from people with knowledge.
What a waste of timeAn average day in my life:hello: :eek::mad: :coffee::coffee::coffee::T :rotfl: :rotfl: :eek::mad: :beer:
I am no expert in property but have lived in many types of homes, in many locations and can only talk from experience.0 -
I will have to find out that information. It is a huge minefield and I know very little about it, despite asking financial advisors.EdInvestor wrote:Can you post some more details about the pensions?
eg
Provider
Transfer value
Fund(s) the money is invested in
Annual charges payable
Maturity projectionAn average day in my life:hello: :eek::mad: :coffee::coffee::coffee::T :rotfl: :rotfl: :eek::mad: :beer:
I am no expert in property but have lived in many types of homes, in many locations and can only talk from experience.0 -
Pensions can indeed be very complicated and vary a great deal in how good or bad they are. Can't really comment before seeing some info, sorry.Trying to keep it simple...0
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Fine, I duck out of this thread.
I have better things to do than help those that want to criticise and be negative without actually knowing what they are on about first.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
CCStar wrote:OK now you (dunstonh) have criticised what I have said.
I appear to be missing a post on this thread...
Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0 -
I am asking for help here, I am not wanting a argument.
We are worried about our pension and whether it is working for us.
I thought I was posting in the right forum An average day in my life:hello: :eek::mad: :coffee::coffee::coffee::T :rotfl: :rotfl: :eek::mad: :beer:
I am no expert in property but have lived in many types of homes, in many locations and can only talk from experience.0 -
Paul_Herring wrote:I appear to be missing a post on this thread...
Is that a helpful response to my question?
All I want to know is whether pensions are the way to go these days.
I thought this was the right place to post An average day in my life:hello: :eek::mad: :coffee::coffee::coffee::T :rotfl: :rotfl: :eek::mad: :beer:
I am no expert in property but have lived in many types of homes, in many locations and can only talk from experience.0 -
As already mentioned, can't provide any real help without more details of the pension(s) in question.Trying to keep it simple...0
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