Brogden's Debt Disaster & Self Managed DMP!

Brogden

Dansmam wrote: »

I'm saying that the promise of a pension isn't a guarantee. In my case it's been adjusted downwards 3 times now. If I was starting again I would be putting money into something I was in charge of x

Hi Dansmam,

I have read about the reductions in the public sector pension scheme but all workers are keeping all the pension already earned for service they have already given. It's the same situation in the private sector and the DB scheme of which I am a member now has reduced accrual going forward but I keep all that I have earned over the past 15 years. As it happens I'm going shortly :eek:.

For you to not have joined your scheme would have been complete insanity. You, like I only make a nominal contribution......the vast majority of your pension benefit is paid for by your employer and to not avail yourelf of that would be simply 'barking.' I will give you an example.......last year the 'cash value' of my pension earned just in the year was £16,000. How much of this did I pay for? £2,300!!! ...and I got tax relief and NI relief so how much did it cost me.....approx £1,330!!!!:D Deal of the century or what?

I do accept that reduced expectations are not a good feeling. However, I think you are allowing your experience to cause you to be dismissive about the lot when anybody mentions the 'p-word.' I also think you are allowing your own political bias to distance yourself from the matter further. Brogden is 'apolitical'......trusts and can supports none and therefore couldn't vote . I will, however use anything that is useful to me whether it is given to me by the left or the right :cool:.

Having said all of this about employer schemes, I should say that what I am doing here is really not at all related to the object of your scorn . Sure I am at the mercy of the chancellor on tax reliefs etc but I do think it is politically impossible for any government to overturn the recently introduced pension freedoms. Even so....I have envisaged this and sitting in a quiet room for hours and hours considered what would be the effect on me if this did happen. Well........my pensions would be less useful in repaying the mortgage but still of some use. I would however be wealthier by dint of tax reliefs because I opted to put as much into pensions as I could and that for me is a major result. I am all too familiar with the pain and worry caused when there is not enough wealth around Brogden Towers.

That's my bit for a Monday morning :rotfl:!!

Verbatim

Well no one could say Broggers doesn't do his homework!
Sounds as if you have all eventualities covered.

Brogden

Verbatim wrote: »

Well no one could say Broggers doesn't do his homework!
Sounds as if you have all eventualities covered.

Thanks Verb . A few other things for me to do too:-

1. Buy a car
2. Insure the car
3. Make a decision on whether to go for fixed rate on the mortgage when it expires later this year.
3. Start new life assurance

In singing the praises of the British pensions 'system' I forgot to mention the life assurance that is included. If I snuff it Mrs B could buy Buckingham Palace from the Queen :rotfl:!!

I'll lose that ........more expenses on the way .

Still......I am hoisting union jacks up the flagpoles at the entrance to the Brogden estate to cheer myself up.

Bogden x

AlexLK

So the important question is, what's the car?

Brogden

AlexLK wrote: »

So the important question is, what's the car?

Alex - you are interested in the strangest things!

My days with the Sierra Saphire Cosworth are long behind me .

I cannot say on the type of car yet as it depends on the requirements of a new job......if I manage to get one :eek: !!

If I don't need to do much mileage I'll follow Ali's example and buy a small ladies' shopping car ;):p!!

If I need to do 1000's of miles selling I may return to the best car I ever had.......Audi A4 2.0 TDI Avant

I am sure you are sharing my excitement

B

Ali-OK

:rotfl::eek: associating Miss Sporty-pants here with a shopping car! It's a nifty Ford Fiesta in which I do very little shopping being MSE and all that :money:

Alex might suggest an old 5 series I suspect

Hmm, does that make me strange too..... :rotfl:

And what if you snuff Mrs B..? Options Broggers, explore them all :rotfl:

in_need_of_direction

I hated my 5 series but am completely in love with the 4.

NoOneAround

Oh B...I missed it - National Naughty Day? I would have sent you a card.


As it so happens am just going to pop in for some pension advice.....
My DD has just asked me whether to opt in to NEST offered by the temping agency - no "employer" contributions. Reviews about the scheme seem pretty bland. I said to her - I know just the man to ask......and no hidden costs;)
xx
NOAh


PS All you pension talk makes me feel very guilty as its an area we have neglected during self employment years. Have a lot of catching up to do.

Brogden

NoOneAround wrote: »

Oh B...I missed it - National Naughty Day? I would have sent you a card.


As it so happens am just going to pop in for some pension advice.....
My DD has just asked me whether to opt in to NEST offered by the temping agency - no "employer" contributions. Reviews about the scheme seem pretty bland. I said to her - I know just the man to ask......and no hidden costs;)
xx
NOAh


PS All you pension talk makes me feel very guilty as its an area we have neglected during self employment years. Have a lot of catching up to do.

Hi NOAh

So sorry for the delay

I believe NEST is a bit 'bland.' DD has a very long way to go. If she were eligible for employer contributions it would be a must. It is a sensible idea to make contributions and I am sure that NEST would allow her to make a reasonable start but if I'm honest.....I wouldn't rush until she has a meaningful income......don't let her forget about starting paying something in the next few years

Brogden x

Brogden

Well it's been a long time since my last post .

I adjusted my siggy figgies though. The debt mountain has reduced by £5520.16 for August and we're in September now !! It was 'goodbye Hellifax and Carboot' :beer: I crystalised my P&F with the final payment of the plan :T !!

I now have a good bit of disposable income each month where I am going to be attacking the I.L.D's (Irritating Little Debts.) I want three or maybe four gone by the end of the year .

Now for the naughty bit . Sssshhhh let me whisper in your ear......I have my toe dipped into the MB pool :eek: ! More news on this later but my hopeful profits will be added to my new higher disposable income to help me in my noble objective .

Being in the throes of redundancy I am being a little frivilous here but I cannot see that it makes anything other than perfect sense !!

I'm signing off now. National Naughty Day was great this year so let's keep the faith and make it last all year

Brogden.