Paid off the £31,000! BUT - still scrimping!

redofromstart

I think if 'they' make any more changes it will only hit those over a certain age. I would hope the under 45s! *coughs* not self-interested at all there.

badmemory I think a lot of people are in 'head down, batter on' mode, me included. Our retirement plans have been hit by the Carillion collapse, still not clear how much by though.

HairyHandofDartmoor

Life does tend to batter ordinary people down financially. Most of the population are just 'just about managing' it seems to me, not just a few .

Seasidegal58

Thanks for your posts ladies. I get cold feet about my final salary pension. Although it's from my employment from a big financial institution, I still worry that large funding holes will appear. I'm old enough to remember the Daily Mirror pensions scandal/fraud when Maxwell raided the pension pot and ruined his employees' retirement. The pensions rules have been tightened I know since then but of course some really big financial names disappeared in 2008 during the last big crash.

On a cheerier note it was a NSD today!

redofromstart

Looking at the pensions regulator stuff you are mostly ok these days - losing 15% is better than losing it all like in the bad old days of Captain Bob.

Seasidegal58

You're quite right redo. I should really just forget about it till the time comes. I did ask for a transfer value on it a few months ago - it was quite a tidy sum. A few people I know have done it and put theirs into a SIPP - I bottled out I'm afraid.......

badmemory

With the financial crash to come, if you have a DB pension I'd stay with it.

I still haven't taken my DC pension. It has increased by over 50% since my specified retirement age but with the plummet in annuity rates when I take it this year (7 years on) it is only worth the same as it would have been. I didn't take it because I was still working, my biggest ever financial mistake. It wasn't large & it has probably already cost me about 40% of its total value.

I think bottling out was a good idea. With the proviso that they don't decide to reduce life expectancy by 10 years. I do expect some reduction in life expectancy at some point in the near future though, just not ten years.

brizzlegirl

Darn it..just lost a longish post...

Agree re building up an EF. We are aiming for £20k in easy to liquidate investments...currently stands at £250 so some way to go..:rotfl: We are also throwing money into the private pension provision. OH has a good pension through his employer too, Me obviously not. Up until now its all been from the household account, paid in every month, but from next month we are putting funds in from the company too.

I think its all uncertain. Yes as you say there are more protections than when Maxwell raided the pension funds of his employees and then had the temerity to slip off the back of a boat...but even so. There are always minds at work trying to to work out how to maximise gain, and maybe a chunky pension fund is in their sights..if I were you I would have a back up plan.

Have a great day folks...much love, Brizzle xx

badmemory

Slipped off the back of a boat! I may believe that what goes around comes around but that is one I have never believed - just to darned convenient! He was (obviously was by now) in some South American country living on his pensioners money. At least his behaviour has made all pension schemes safer for the rest of us.

Seasidegal58

badmemory wrote: »

With the financial crash to come, if you have a DB pension I'd stay with it.

I still haven't taken my DC pension. It has increased by over 50% since my specified retirement age but with the plummet in annuity rates when I take it this year (7 years on) it is only worth the same as it would have been. I didn't take it because I was still working, my biggest ever financial mistake. It wasn't large & it has probably already cost me about 40% of its total value.

I think bottling out was a good idea. With the proviso that they don't decide to reduce life expectancy by 10 years. I do expect some reduction in life expectancy at some point in the near future though, just not ten years.

brizzlegirl wrote: »

Darn it..just lost a longish post...

Agree re building up an EF. We are aiming for £20k in easy to liquidate investments...currently stands at £250 so some way to go..:rotfl: We are also throwing money into the private pension provision. OH has a good pension through his employer too, Me obviously not. Up until now its all been from the household account, paid in every month, but from next month we are putting funds in from the company too.

I think its all uncertain. Yes as you say there are more protections than when Maxwell raided the pension funds of his employees and then had the temerity to slip off the back of a boat...but even so. There are always minds at work trying to to work out how to maximise gain, and maybe a chunky pension fund is in their sights..if I were you I would have a back up plan.

Have a great day folks...much love, Brizzle xx

badmemory wrote: »

Slipped off the back of a boat! I may believe that what goes around comes around but that is one I have never believed - just to darned convenient! He was (obviously was by now) in some South American country living on his pensioners money. At least his behaviour has made all pension schemes safer for the rest of us.

Ha! Yes I would think the boat business was too convenient! And with his ego, he wasn't the type to commit suicide! Probably ended up swigging drinks at sunset somewhere hot with Lord Lucan....

Still have to decide what to do with my DCB as well badmemory and brizzle. As I have previously posted I'm currently consolidating my small schemes into my workplace pension. When the time comes it'll be the choice between annuity or SIPP. As you say badmemory, annuity rates have been shocking, but a SIPP portfolio has its risks as well. Never easy is it?:(

I woke up today to swirling snow outside and it's been like that on and off all day. Ventured out for some bread, milk and yoghurt and bought my house number ready for the new door. Very cold when the wind blew. Now nice and toasty inside - ready for "Troy" tonight and will also record a Kirstin Scott Thomas film on BBC2 that I've always wanted to see.

Have a warm relaxing evening tonight everyone!

Munchin

Hi Seaside,

I was at an ex colleague/friends retirement yesterday and she looked so happy. The rest of us were chatting and we reckon that the ways things are going we are going to end up working til we drop.

So Seaside if you don't mind I'm going to borrow your Scrimpy Goal challenge and work my way through a pile of goals...and hopefully start of the pension pot one sooner rather than later so that I don't have to rely on the moveable retirement age thing. I do contribute towards a pension but like you I don't want to end up with gaps.

I never thought of Maxwell sneaking off but now that thought is in my head...