is it really my pension

allreet

just read money savers guide to buying annuities.All the options mean the pension companies win unless i live to 100.
everybody says drawdowns are too risky unless ive got over £200000 in my pot. Im just ordinary Joe so wont have that cos im using all my money to live now! as i aint no rich banker (yes i may be only one letter away from it has i know little about making money or saving it!)
No got that one wrong i could be a fully qualified banker knowing what i dont know.
Back to the point i save all my life then give my leftover pot to the rich men unless i live for ever.
Why cant i just put MY pot in the bank and draw it when i want?
dont tell me its a bad investment at least its MINE until i die then the boss gets whats left not the greedy pension lot they have made their money from my pot already please tell me im a anker and im wrong

sorcerer

Nobody is saying you need a pension, if you feel you can live in retirement without one, then I see no problem with just keeping it in the bank. Off course you don't get tax releif on it, and inflation will eat into it, but that's your call.

dunstonh

All the options mean the pension companies win unless i live to 100.

That would be highly unlikely to be the case when you compare to what you have paid in.

everybody says drawdowns are too risky unless ive got over £200000 in my pot.

Not heard that one before. Historically, it used to be £100k but nowadays it is lower. Its more about capacity for you to suffer the loss.

Back to the point i save all my life then give my leftover pot to the rich men unless i live for ever.

No you dont.

Why cant i just put MY pot in the bank and draw it when i want?

Because for every person that lives off it sensibly, another would blow the money in no time and end up on benefits.

dont tell me its a bad investment at least its MINE until i die then the boss gets whats left not the greedy pension lot they have made their money from my pot already please tell me im a anker and im wrong

Take the chip off your shoulder and look at it more level headed. You are wrong in your assumptions.

atush

You didn't save enough, and spent your money. Probably wasted a lot of it. You can't have 'saved all your life' and have that little to show for it. you saved a bit for a period of your life is all.

And now you want a gold pension when you paid in coppers? Not likely.

You don't have to buy an annuity unless you want to, and you can use drawdown with a lower pot. And at least you will have more than the state pension.

opinions4u

allreet wrote: »

everybody says drawdowns are too risky unless ive got over £200000 in my pot. Im just ordinary Joe so wont have that cos im using all my money to live now! as i aint no rich banker (yes i may be only one letter away from it has i know little about making money or saving it!)

Most bankers aren't rich. Time to get a grip. Walk in to a bank branch and the likelihood is that there isn't a single person paying higher rate tax working there. The majority of retail bankers earn signigicantly less than average wage.

So cut the bank bashing, get a grip and focus on you and your circumstances.

Why cant i just put MY pot in the bank and draw it when i want?

Because too many stupid people will do exactly that, blow it all and then expect the state to give them benefits.

dont tell me its a bad investment at least its MINE until i die then the boss gets whats left not the greedy pension lot they have made their money from my pot already please tell me im a anker and im wrong

You should probably sober up before posting on an internet forum.

margaretclare

allreet wrote: »

just read money savers guide to buying annuities.All the options mean the pension companies win unless i live to 100.
everybody says drawdowns are too risky unless ive got over £200000 in my pot. Im just ordinary Joe so wont have that cos im using all my money to live now! as i aint no rich banker (yes i may be only one letter away from it as i know little about making money or saving it!)
No got that one wrong i could be a fully qualified banker knowing what i dont know.
Back to the point i save all my life then give my leftover pot to the rich men unless i live for ever.
Why cant i just put MY pot in the bank and draw it when i want?
dont tell me its a bad investment at least its MINE until i die then the boss gets whats left not the greedy pension lot they have made their money from my pot already please tell me im a anker and im wrong

Did you really save all your life? Did you start saving from pocket-money as a child and then consistently, every bit of money that you earned you saved a percentage of it? Say you saved a shilling out of every pound, which was perfectly possible - one-twentieth of everything you earned? That really would have been 'saving all your life'. I doubt that was what you did.

I was taught to save from my very first day at school. The school had a sub-branch of a bank and they ran a savings scheme. I had the 'savings' idea from very early on. Wish I'd kept to it all those years.

I made a few good decisions but also, let slip some valuable opportunities. One of the worst decisions was seeing a newspaper ad about unit trusts, a small amount of regular consistent savings to be invested and to grow over time, and not doing anything about it.