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Short book review: Pensions Simplified by Tony Granger
gadgetmind
Posts: 11,130 Forumite
Anyone wanting to be taken gently by the hand and lead through a "Janet and John" explanation of pensions will be disappointed and will probably give up on this book even faster than they put down "A Brief History of Time."
The writing style is as terse and matter of fact as you'd expect from a book that attempts to cover such a broad and complex subject in less than 200 paperback pages. This is no bad thing, but I was left with the impression that this book is really a set of notes and updates for those who already have a basic grasp rather than those wanting a dummies guide.
I was also disappointed with the level of detail in some areas, and some fairly important information was missing. A couple of examples from the dozen or so I mentally noted as I read the book are, 1) failing the mention that the lump sum from a deferred state pension is taxed at your marginal rate BUT is unique in that it does not push you into higher brackets, 2) failing to mention that multiple pensions can be exercised under triviality in separate tax years as long as it's within a 12 month window.
Nit picking? No, I don't think so. I've seen a fair few on MSE who have been advised on these very issues over recent months and they present some splendid tax saving opportunities.
I feel this really is the major failing of the book: it aims for the middle-ground and therefore fails to provide either the beginner's gentle primer or the fine detail for those who are doing their own pensions and retirement planning.
Should you buy it and read it? Yes, if you're in the middle ground and just want to understand what your IFA and everyone else is on about, but not if you're a total beginner, or wanting a detailed exposition of all those areas of pension regulations that pertain to your particular situation.
Those in the latter category could maybe use this book as a springboard to the information on various government web sites, which do fill the gaps on those areas I have mentioned, and more. Those in the beginner category should look elsewhere as this book will simplify nothing for them.
The writing style is as terse and matter of fact as you'd expect from a book that attempts to cover such a broad and complex subject in less than 200 paperback pages. This is no bad thing, but I was left with the impression that this book is really a set of notes and updates for those who already have a basic grasp rather than those wanting a dummies guide.
I was also disappointed with the level of detail in some areas, and some fairly important information was missing. A couple of examples from the dozen or so I mentally noted as I read the book are, 1) failing the mention that the lump sum from a deferred state pension is taxed at your marginal rate BUT is unique in that it does not push you into higher brackets, 2) failing to mention that multiple pensions can be exercised under triviality in separate tax years as long as it's within a 12 month window.
Nit picking? No, I don't think so. I've seen a fair few on MSE who have been advised on these very issues over recent months and they present some splendid tax saving opportunities.
I feel this really is the major failing of the book: it aims for the middle-ground and therefore fails to provide either the beginner's gentle primer or the fine detail for those who are doing their own pensions and retirement planning.
Should you buy it and read it? Yes, if you're in the middle ground and just want to understand what your IFA and everyone else is on about, but not if you're a total beginner, or wanting a detailed exposition of all those areas of pension regulations that pertain to your particular situation.
Those in the latter category could maybe use this book as a springboard to the information on various government web sites, which do fill the gaps on those areas I have mentioned, and more. Those in the beginner category should look elsewhere as this book will simplify nothing for them.
I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
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