Cash in company pension?

wotsthat

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.

I'm no psychologist but I'd guess that calling people stupid or otherwise implying that they are !!!!!! in some way will do little to raise general awareness of financial matters.

I'm getting my tin hat ready for when the next poor unfortunate comes along asking what they think is a perfectly innocent question - little do they know what's in store!

bendix

Not !!!!!!. Lazy. There is a world of difference.

The basic knowledge of finances you need as an ordinary person in this country are not in the JD Rockefellar league. It's pretty simple, particularly given the nanny levels of protection the FSA provides the ordinary punter with.

That people can't be bothered to know or learn those basics - or be interested enough to let them sink in when they are told them or when they read them - is a damning indictment on modern society and frankly goes a long way to explain the indebtedness (both personal and national) that we find ourselves in today.

If those innocents are horrified by my robustness in this, so be it. Tough love never hurt anyone. It's precisely all this 'there there, it's not your fault you don't know, its the evil banks' attitude around today might make us all feel a bit nicer inside, but it's counter productive.

Laziness and stupidity are laziness and stupidity, however you dress it up.

Loughton_Monkey

bendix wrote: »

Laziness and stupidity are laziness and stupidity, however you dress it up.

Agreed.

I always try to 'understand' a reason for someone asking. Actually, I can fully understand, say, the bottom quartile in the IQ stakes not knowing that you can't 'cash in' a pension. What I do find strange, though, is why they go to all the trouble to seek out this forum, register, and ask. Instead of the most brainlessly obvious things I would have thought they's do, like:

1. Ask their boss.
2. Ask their workmates.

So if these people are all collectively as ignorant, then I worry.

3. Ask down the pub.
4. Phone up the pension company.

Or is it that they have done all these things, don't believe it, and thing that someone on this forum is going to unleash some sort of miracle like "... ah, but there's a loophole about if you need it for childrens education and you fill in form RPD666G(1) then they will let you have...."

These people have probably surrendered a Life Assurance policy at some stage in their miserable lives, and think that pension and insurance are the same things.

dunstonh

what I do find strange, though, is why they go to all the trouble to seek out this forum, register, and ask. Instead of the most brainlessly obvious things I would have thought they's do, like:

1. Ask their boss.
2. Ask their workmates.

or look at the paperwork they have which says it in multiple places.

It is getting a little scary from an advice point of view. I know a firm that had an FSA visit on pensions and they told that firm to pay out redress to a company director (of multiple companies) who had a number of investment properties as he wouldnt understand the investments on the pension and he should have had a basic stakeholder pension. what sorts of funds were used? just your normal unit trust funds. nothing weird or wonderful. If a company directors and property investors cant be considered as having sufficient knowledge to understand then god help anyone else. However, the FSA did back down on that case (and a few others). It turned out the three FSA inspectors held no industry relevent qualifications and had no experience themselves. So, it was more a case that they didnt understand rather than the actual consumer. Doesnt really fill you with confidence though.

Peelerfart

"the bottom quartile in the IQ stakes "

What a wonderful way of putting it !

bendix

dunstonh wrote: »

or look at the paperwork they have which says it in multiple places.

It is getting a little scary from an advice point of view. I know a firm that had an FSA visit on pensions and they told that firm to pay out redress to a company director (of multiple companies) who had a number of investment properties as he wouldnt understand the investments on the pension and he should have had a basic stakeholder pension. what sorts of funds were used? just your normal unit trust funds. nothing weird or wonderful. If a company directors and property investors cant be considered as having sufficient knowledge to understand then god help anyone else. However, the FSA did back down on that case (and a few others). It turned out the three FSA inspectors held no industry relevent qualifications and had no experience themselves. So, it was more a case that they didnt understand rather than the actual consumer. Doesnt really fill you with confidence though.

Let's poke a stick at the elephant in the room, shall we?

This website is pretty complicit in the whole thing too, organising numerous petitions to help people who should know better claim redress from banks for daring to charge them fees when they fall into overdraft situation and . . umm . . .become liable to fees as per their overdraft conditions.

As I've already said once today, it's the compensation culture gone mad. As a nation we have no sense of individual responsibility. It's always someone else's fault.

cyclonebri1

bendix wrote: »

Let's poke a stick at the elephant in the room, shall we?

This website is pretty complicit in the whole thing too, organising numerous petitions to help people who should know better claim redress from banks for daring to charge them fees when they fall into overdraft situation and . . umm . . .become liable to fees as per their overdraft conditions.

As I've already said once today, it's the compensation culture gone mad. As a nation we have no sense of individual responsibility. It's always someone else's fault.

Cut the crap and all the deflecting bullsh!te.

Treat newcomers as such, not morons, or keep your trap shut, clear enough??

I'm going to add to this;

I joined mse about 3 years ago with a question about pensions, a very simple one for the experts, even in spite of me being on the consultative committee of my then companies pension scheme.

If I'd have been faced with the ignorant and arrogant crape that bendix splurts, then I would not have made a 2nd post.

For the 2nd time of asking in this thread, and in your words the 2nd time I've asked it today bendix, just what are you trying to offer/achieve/gain?????????????

It escapes me:(

dunstonh

bendix wrote: »

Let's poke a stick at the elephant in the room, shall we?

This website is pretty complicit in the whole thing too, organising numerous petitions to help people who should know better claim redress from banks for daring to charge them fees when they fall into overdraft situation and . . umm . . .become liable to fees as per their overdraft conditions.

As I've already said once today, it's the compensation culture gone mad. As a nation we have no sense of individual responsibility. It's always someone else's fault.

There is a complaints handler for a firm (i.e. deals with complaints received, not a complaints generating company) who has posted a few times in the reclaims section (or how to commit fraud section in some cases). He has said that up to half the complaints they receive about PPI compensation are from people that dont even have PPI. I know from mortgage advisers and complaints generated through compliance companies that they are suffering high ratios of try-it-on and fraudulent claims. Sites like this do encourage them as its seen as a nothing to lose situation. However, that is not the case. I know a young, relatively new mortgage adviser who got his first complaint earlier in the year. It was via a claims company and it was full of bull. Luckily, he had enough of an audit trail and evidence to show it was complete rubbish (plus they didnt have the product they were complaining about). However, the claims company pushed it to the FOS and that mortgage adviser suffered a £500 charge. Most mortgage advisers are relatively low earnrsd at around £20,000. They cant afford to take such hits from "nothing to lose" try it ons.

purch

Treat newcomers as such, not morons, or keep your trap shut, clear enough??

Does that cover older posters too, or can bendy continue to treat everyone else as morons as long as he is warm and cuddly to the newbie's who are too stupid to know what a pension is :eek:

bendix

cyclonebri1 wrote: »

If I'd have been faced with the ignorant and arrogant crape that bendix splurts, then I would not have made a 2nd post.

Why?

Is it because you disagree with me and my way of replying and would be so paralysed by fear of some words on a computer that you would never return?

Or would you have just shrugged it off and had some sense of personal pride and carried on regardless?

You decide. I'm genuinely interested.