Pension Company vs Independent Financial advice stitch up !

DJPench

It sure seems difficult.

Cash Sipp what like the links above ?

Prism

DJPench wrote: »

they are all clearly risky/unpredictable/reliant on global economics (which is heading for the **** chute)

Its doing pretty well actually

and in addition costly in IFA and pension fees/opaque/

I know exaclty what my fees are - they are less than 1% all in

if you are not deeply technical and know about stocks and shares/commodities etc.

I know almost nothing about stocks and commodities - I invest in funds that someone else manages.

And this is why people don't even bother putting more in, mass distrust in the entire private pension system. Deeply and intentionally complex so the shady IFA's can operate and live off you like a parasite. They know no more about they future than I.

They don't know the future but a good IFA certainly knows how to make you more money than the fees you pay them.

but in the end you end up with peanuts.
.

After the tax benefits and the growth from world stocks over the years I currently have almost three times the amount that I have contributed to my pension - and thats without any company payments.

OldMusicGuy

DJPench wrote: »

Almost gone full circle now, I think I will just keep paying into the one I have as they are all clearly risky/unpredictable/reliant on global economics (which is heading for the **** chute) and in addition costly in IFA and pension fees/opaque/ if you are not deeply technical and know about stocks and shares/commodities etc.

And this is why people don't even bother putting more in, mass distrust in the entire private pension system. Deeply and intentionally complex so the shady IFA's can operate and live off you like a parasite. They know no more about they future than I.

This private pension system would not exist if you were not being creamed. We think we are doing something good for our future's cause we are told to.. but in the end you end up with peanuts. Amounts to little more than scam.

Any small benefits on such a small pension pot will be offset by the leeches fees and minimum passed on growth rates and then a mass of excuses as to why performance was not as expected. Pension company's exist to profit and pay shareholders and you are the cash cow for that.

If in doubt, do nowt.

Yours fully disillusioned.

Paranoid I am afraid. You seem unable to grasp the information we have given you and you keep resorting to the same rant.

Mnd

The end ....

DJPench

How does £240 turn into £300 in 6 weeks ?

Prism

DJPench wrote: »

How does £240 turn into £300 in 6 weeks ?

You get your income tax back

DJPench

"After the tax benefits and the growth from world stocks over the years I currently have almost three times the amount that I have contributed to my pension - and thats without any company payments"

To be believed once it is in your hand or in the bank.

DJPench

Seriously though I do hope you do get that it would be great for you.

Income tax back, so if you pay into pension you get 25pct off your annual tax bill on pension contributions, report that in accounts if you are self employed ?

So if I pay in £3,000 P.A. I won't have to pay tax on that £3,000 ?

If so, that in itself does seem like growth of a kind. A shed load more than interest ever would produce.

Prism

DJPench wrote: »

"After the tax benefits and the growth from world stocks over the years I currently have almost three times the amount that I have contributed to my pension - and thats without any company payments"

To be believed once it is in your hand or in the bank.

That won't (fully) happen for another 50 years I hope. It could half in value over the next year. Or it might double again over the next 5. The odds support the second option more than the first. Btw, this stuff is what the IFA does for you (yes, I know you don't want one) - they manage the risks through the ups and downs

MallyGirl

yes. Payment into a pension is tax free. It is also NI free if you can make it via salary sacrifice through an employer.

Basic rate tax payer puts in £80 and the government contribute £20 (where the 25% markup comment comes from)

If Salary sacrifice comes into it then 20% tax plus 12% NI goes to the pension.

Even if you leave it in cash - and accept the devaluing of the buying power by 3% due to inflation - you would be ahead for quite a while.

Sensible investment can cover the inflation hit plus some more - over time. That is where the suggested reading comes into it.