A great way to kill off pensions for good

ffacoffipawb

Stupid article, if they do this we may as well spend spend spend and rely on the state

http://www.citywire.co.uk/money/osborne-should-abolish-tax-free-handouts-at-retirement/a507502?re=15025&ea=130063&utm_source=BulkEmail_Money_Daily&utm_medium=BulkEmail_Money_Daily&utm_campaign=BulkEmail_Money_Daily

EDIT: Handout my ar5e!

dunstonh

s someone who is not yet 30 years old, I cannot pretend that I have seen a good argument for parting with my hard-earned in preparation for retirement.

Basic state pension of £5000 a year is usually all it takes. Anyone used to a living standard that is based on more than £100 per week is going to suffer if they do not plan.

I wouldn't touch a private pension with a long, brown stick

Why?

I will be using the next twenty five years to find alternative ways to survive in retirement that reduce, even if by a penny, what insurance comanies and the government can steal (and theft it is).

That pretty much rules out every option going.

So they want young people to save for their future retirement? I'm sure we will, under the floor boards.

So, your plan is to lose money in real terms?

atush

mizzbiz wrote: »

As someone who is not yet 30 years old, I cannot pretend that I have seen a good argument for parting with my hard-earned in preparation for retirement. I wouldn't touch a private pension with a long, brown stick and have never had a company pension. I will be using the next twenty five years to find alternative ways to survive in retirement that reduce, even if by a penny, what insurance comanies and the government can steal (and theft it is).

So they want young people to save for their future retirement? I'm sure we will, under the floor boards.

Oh the Follies (or should we more accurately say the idiocy) of youth?


So tax relief isn't a good argument? Free money for employers contribution isn't a good argmuent? The poverty of pensioners who have relied only on the state pension isn't an argument?:eek:

bigfreddiel

mizzbiz wrote: »

As someone who is not yet 30 years old, I cannot pretend that I have seen a good argument for parting with my hard-earned in preparation for retirement. I wouldn't touch a private pension with a long, brown stick and have never had a company pension. I will be using the next twenty five years to find alternative ways to survive in retirement that reduce, even if by a penny, what insurance comanies and the government can steal (and theft it is).

So they want young people to save for their future retirement? I'm sure we will, under the floor boards.

good luck mate - at your age i thought the same - luckily i saw sense - not soon enough tho' but at least i've got an £8k+ pension due in a few months now - don't know what i would have done otherwise - oh i know, keep on working!

so my advice is get a pension - anything else you do is a bonus

fj

Reaper

Pru’s research shows that 79% of pensioners drawing a company or private pension in 2011 took a lump sum from their fund at retirement. Nothing surprising there. But one in 10 of these now say that they regret this decision.

They based an article on the fact 1 in 10 wished they had made a different decision? What about an article saying "90% of those that took a lump sum are glad they did". Or how about asking how many of those that didn't take a lump sum wish they had - I bet that figure would be around 10% too.

Loughton_Monkey

mizzbiz wrote: »

I never said I would rely on the state pension - no intention of doing so.
I do, however, intend to avoid 'vehicles' which are open to theft in the ways the above article demonstrates and the comments below it bear out. Annuities, insurance companies, investment plans. No chance. I'll manage my own money.

Tax free? - they get it one way or another. I'm not daft - I know I have to make plans - perhaps I didn't make myself clear enough in my post - in fact I know I didn't. Pension plans are a con and will become more so as the government struggles to pay the state pension.

This is a totally free country, and you can do whatever you like.

Some of us might have similar views on, say, Utility companies. Their sales practices have been shameful in some cases. Their reluctance to pass on commodity reductions as quickly as they pass on increases could be described as a 'con'. Their tariffs are extremely complicated and customer service is, at times, pathetic.

If I were to take the same view as yourself, I would simply have the gas and electricity cut off. My life would become sheer misery without Computers, Televisions, Heating, or lighting. My camping equipment would help me survive. My swimming pool would become too cold to use. Hence I will not actually do that. Instead, I learn to shop around, do some research, and try to 'manage' my utility cost.

To avoid Annuities, Pensions, Investment Companies, Insurance Companies, and put your money [as you clearly state] under the floorboards is very 'ambitious'. Those who know about these things will know that you will have an extremely poor retirement, an awful lot of regret, and a miserable time financially as you get older. Or your post is simply 'hot air'.

dunstonh

I do, however, intend to avoid 'vehicles' which are open to theft in the ways the above article demonstrates and the comments below it bear out. Annuities, insurance companies, investment plans. No chance. I'll manage my own money.

Why don't you learn about pensions first before making decisions on inaccurate information. Especially decisions so important as this.

You should also look at it with a more balanced viewpoint.

moonrakerz

mizzbiz wrote: »

what insurance comanies ..................can steal (and theft it is).

So they want young people to save for their future retirement? I'm sure we will, under the floor boards.

So you put it under the floorboards - you don't trust insurance companies, so one assumes you don't take out insurance - then the house burns down...............

Yep ! absolutely superb financial planning !!!!

vax2002

You can not give your money to other people to look after who drive brand new BMW's spend more on lunch than you have a week to live off and expect your money to be there at the end, I am sorry but it just does not add up.
What you are doing is giving your money to crooks and liars and they will spend the lot.
Just as they have done to the last set of mugs, pensions, endowments (who remembers them ), oh dear we have lost your money. absolutely nothing to do with them living like royalty out of the pot until the money ran out, they er, lost it on the markets.
Bull, they spent it !

jamesd

mizzbiz, what options do you think you have that aren't vulnerable to government tampering?

RichandJ

I don't mind people believing the world is run by alien lizards/the Bilderberg group or [insert conspiracy theory of choice here] and failing to plan accordingly for reality.

What I do resent, however, is the fact that, as recently noted on another thread, I will have to pay for their mistakes on pain of imprisonment.