Cash in company pension?

RichandJ

You're right of course, as is bendix, don't know where that optimism came from, obviously wasn't properly awake this morning.

cyclonebri1

bendix wrote: »

We'd still get the same damn questions, irrespective of whether it was a sticky or not.

And why? Because, as dunstonh intimates - but I will express out loud - people are lazy, self-centred, more interested in x-factor than their pensions and, ultimately, lack the faintest degree of intellectual curiousity.

To bendix, in my best trigg voice;

So what you trying to say Delboy??;)


And seriously if you cannot answer a simple if common query from a different "self centred" person, what the hell are YOU trying to achieve/get from this forum??

bendix

cyclonebri1 wrote: »

To bendix, in my best trigg voice;

So what you trying to say Delboy??;)


And seriously if you cannot answer a simple if common query from a different "self centred" person, what the hell are YOU trying to achieve/get from this forum??

The question has been answered a thousand times already. Just an iota of intellectual curiosity and common sense would render the question useless. To anyone with an ounce of intelligence it should be obvious - given the tax breaks, employers contributions etc and, of course, the damn name of the thing - that a pension can't be accessed until you reach pension age.

How hard is that to grasp?

wotsthat

How hard is that to grasp?

Well given the question has been answered a thousand times already it's obviously harder than you give credit for.

Just making the assumption that people are stupid is rather arrogant. People should be encouraged/ forced to save for their retirement but it must be made more clear that this saving will not be available until they retire.

I don't think the key summary is clear enough. It says that benefits will not normally be available before retirement - what's 'normally' mean? Death, divorce, terminal illness flood, or a desire for a new TV? This is not a strong enough statement - it should say benefits will not be available until retirement unless in exceptional circumstances and those circumstances should be listed.

People selling pension advice must do more to make this clear. The cynic in me thinks that if they advised more they'd sell less policies.

bendix

All very well and good, but at what point do we decide that people aren't responsible for their own actions and need the bleedin obvious stated to them time and time again on the basis that, if we don't, they won't comprehend it.

I repeat, surely the clue is in the word pension? I dunno about you, but it seems to be a bit of a giveaway to me.

wotsthat

I repeat, surely the clue is in the word pension? I dunno about you, but it seems to be a bit of a giveaway to me.

Yes it is but you are preaching to the converted.

I'd suggest that pension be replaced with retirement income fund. Pension can just mean monthly payment.

There should be a sticky at the top of this board entitled 'HOW CAN I CASH IN MY PENSION/ RETIREMENT FUND' - people wouldn't like what they read when they opened it i.e. you can't but I'd bet it would be one of the most read posts.

bendix

wotsthat wrote: »

Yes it is but you are preaching to the converted.

I'd suggest that pension be replaced with retirement income fund. Pension can just mean monthly payment.

There should be a sticky at the top of this board entitled 'HOW CAN I CASH IN MY PENSION/ RETIREMENT FUND' - people wouldn't like what they read when they opened it i.e. you can't but I'd bet it would be one of the most read posts.

For a sticky to be on this thread, it would need the moderators to do something.

Moderators being responsible for managing threads is sooooo anti-MSE

dunstonh

People selling pension advice must do more to make this clear. The cynic in me thinks that if they advised more they'd sell less policies.

Most of the requests about cashing in pensions come from those in occupational or group schemes. In those cases, no adviser is used. There will be the scheme booklet for the person to read.

However, even if you look at advised cases, how many times do you have to repeat it before you would be satisfied. Its on the illustrations, its in the key features document, its on the suitability report, you cover it in conversation.

cyclonebri1

bendix wrote: »

The question has been answered a thousand times already. Just an iota of intellectual curiosity and common sense would render the question useless. To anyone with an ounce of intelligence it should be obvious - given the tax breaks, employers contributions etc and, of course, the damn name of the thing - that a pension can't be accessed until you reach pension age.

How hard is that to grasp?

It's not for people that have been here before, but for x's sake please accept that this is the 1st question a newcomer will ask, finf stupid to those in the know but what are you trying to achieve??? to educate or allienate, :wall::wall::wall::wall::wall::wall:, or just off on one?

bendix

cyclonebri1 wrote: »

It's not for people that have been here before, but for x's sake please accept that this is the 1st question a newcomer will ask, finf stupid to those in the know but what are you trying to achieve??? to educate or allienate, :wall::wall::wall::wall::wall::wall:, or just off on one?

All of the above. What's your point?

And I suppose it's a vain attempt to raise general awareness levels and express my absolute horror at the low level of financial savvy there is in this country.

We've truly become a nation of children.