We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Respect!
tgon
Posts: 710 Forumite
May I say that after endless reading and painful amateur calculus, without any comforting success, I have now the utmost respect for anyone who understands the immense complexity of pension assessment and forecasting - your profession is revered! 
0
Comments
-
your profession is revered!
Or not as is more common the case.
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 -
May I say that after endless reading and painful amateur calculus, without any comforting success, I have now the utmost respect for anyone who understands the immense complexity of pension assessment and forecasting - your profession is revered!
I think the people who undertand it are mostly the people who have exploited those who do not. I would use the words detested rather than revered.
Clearly some individual experts do deserve respect for helping combat this minefield that has failed the majority of customers, apart from people like Fred the Shred.Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
Like the Utilities, (Gas and Electricity) the pension industry needs a major upheaval to remove its complexity thereby making it more understandable and accessible. That will be an obvious way to increase the likelihood of people thinking long term re. their financial planning.0
-
Like the Utilities, (Gas and Electricity) the pension industry needs a major upheaval to remove its complexity thereby making it more understandable and accessible. That will be an obvious way to increase the likelihood of people thinking long term re. their financial planning.
The complexity has mainly come from political decisions. I'd love to have a simpler job but every set of politicians from the 60s on have meddled and instituted overcomplicated legislation.It only takes one tree to make a thousand matches, it only takes one match to burn a thousand trees. As well, the cars are all passing me, bright lights are flashing me.
Johnny Was. Once.
Why did he think "systolic" ?0 -
Makes me wonder what "good" pension advice is. Clearly throwing money at it is no guarantee of good service - the jargon of this bamboozling trade is enough to utterly confuse me let alone simply seek a trusted professional! 0
-
Makes me wonder what "good" pension advice is. Clearly throwing money at it is no guarantee of good service - the jargon of this bamboozling trade is enough to utterly confuse me let alone simply seek a trusted professional!
IFAs handle over 2/3rds of pension transactions. Yet IFAs have less than 2% of complaints at the FOS (and that covers all areas IFAs deal in). So, statistically, good advice is easy to get.
The biggest issue is that people either do not get advice or do not understand advice or choose not to listen to advice and form an opinion which is wrong.
Jargan is an issue with pensions but then isnt it with anything else in society? Anything that is built, made, sold has the potential to confuse. Pensions are no different. What doesnt help is the term "pension" covers far more than just one thing. It is almost a generic term for retirement provision and there is something like 13 different types available, each with its own rules. Some of which will be unique to one type.
Media doesnt help as well as it loves nothing more to slag off pensions. Often without differentiating between the types.
It doesnt have to be difficult but you do have to give it some effort.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 -
I'm not sure it's limited to Jargon or understanding.. IFAs etc (the ones I know) over emphasis historical performance and mention future performance as a token gesture... Never has one ever mentioned measures of prediction are crepe, unreliable and their reasons why..
It's going to be interesting to see how IFAs (salesmen) etc use limited historical performance measures to justify investment in a pension.. And yes i do know that higher rate tax payers do benefit and other reasons, but in investing in pension you're also investing in prediction of systems that regulate exchange of capital, one of which is the UK tax system...0 -
It's going to be interesting to see how IFAs (salesmen) etc use limited historical performance measures to justify investment in a pension.. And yes i do know that higher rate tax payers do benefit and other reasons, but in investing in pension you're also investing in prediction of systems that regulate exchange of capital, one of which is the UK tax system...
Every single thing going has risks and unknowns. You may say cash doesnt but then cash suffers inflation risk and shortfall risk (and is guaranteed to suffer those). Investments give you unknown future returns with the potential to be higher or lower. I hope you are not one of those gold freaks who think gold only goes up and the same can be repeated for property.
A pension is just a container for your investments. it doesnt make or lose money. You put the same investments in an ISA or hold them directly then you get the same rate of return. The only difference is taxation and maturity process.
There are no perfect schemes available unless you are lucky enough to be a member of a defined benefit scheme (even with the minor changes). Everything else has to be based on a number of assumptions.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 -
Every single thing going has risks and unknowns. You may say cash doesnt but then cash suffers inflation risk and shortfall risk (and is guaranteed to suffer those). Investments give you unknown future returns with the potential to be higher or lower. I hope you are not one of those gold freaks who think gold only goes up and the same can be repeated for property.
A pension is just a container for your investments. it doesnt make or lose money. You put the same investments in an ISA or hold them directly then you get the same rate of return. The only difference is taxation and maturity process.
There are no perfect schemes available unless you are lucky enough to be a member of a defined benefit scheme (even with the minor changes). Everything else has to be based on a number of assumptions.
I agree, time affects on capital regardless on where it resides exist. Even now reading your words, the first thing you type is higher. like it's more important trying to getting over that point, why?
A pension isn't a container, it's a human construct where value is created and lost by actions of others. Where you suggest the only difference is taxation and maturity process, I'd argue the change in power structure is greater in pensions.
I agree there are no perfect systems, control and power are key0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 177.5K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards