30k out of pocket

dunstonh

ste00 said:

Shortseller09 so reading all the comments what should I have taken in . 

1 - You are making incorrect assumptions about totally different types of pension.  Pensions are not one thing. There are many versions and some have little in common with each other. You are mixing types up.  Such as the Defined Benefit pension that ended up in the compensation scheme and a defined contribution pension that is totally different and cannot fail.
2 - You are making bad decisions based on incorrect information and assumptions.
3 - Your figures are wrong.  Or where they are correct, you are interpreting them wrong.  Such as thinking they are maximums instead of just a guide to what may be sustainable over your lifetime.  
4 - You are heading for a big tax bill for doing something you do not need to do.

My gut feeling is that you have been reading different sources about different types of pension and assume that the they all work the same way or are subject to the same rules.     It's also possible that you have been reading out-of-date information (happens a lot on the internet).  Such as references to the pensions act 2004 that have no relevance to you.

ste00

Thanks for the reply , after this Ppf fiasco I have lost all faith in anything to do with pensions , one day you have 30k in a transfer value the next you have have £38 a month , If the company goes bust that I worked for last my pension will go to the Ppf , really can not risk that ,  

tedlewis355

This all makes me not trust any pensions

Malthusian

tedlewis355 said:

This all makes me not trust any pensions

If all of the above makes you conclude that you'd rather exist in ste00's state of confusion than understand pensions, no-one can help you.

Pensions are just money, they don't need to be trusted. You either have it or you don't. People who run around saying "I don't trust pensions" are likely to have less of it, as they will only get any income or capital out of them by accident.

JoeCrystal

ste00 said:

Thanks for the reply , after this Ppf fiasco I have lost all faith in anything to do with pensions , one day you have 30k in a transfer value the next you have have £38 a month , If the company goes bust that I worked for last my pension will go to the Ppf , really can not risk that ,  

It would be best if you were grateful that PFP exists. Frankly, you are very discourteous and impertinent to other extremely helpful posters, many that got years of experiences dealing and using the pension schemes. They very kindly offer their time and efforts to help many others out. So far, you actually have not answered any of the relevant questions that clarify your situations further. I am still stunned that this thread is ongoing with additional questions and comments regarding your posts

If I were candidly about it, if you do not want actually discuss your situation further, then I would advise you to forget this thread and get on with your life rather than keep on wailing about how unfair everything is.

dunstonh

tedlewis355 said:

This all makes me not trust any pensions

I despair when I hear that because it means the person is closed-minded and prefers to remain ignorant.
You may as well not trust ISAs or any other tax wrapper either.   Or anything at all for that matter.

ste00

Yes it’s been very helpful , so many people so against cashing in a pension, wonder why  , like your all reading from the same script , Glad it’s keeping you all happy , keep safe , night night 

AlanP_2

The script I'm reading from will give my wife and I over £30k a year from our Defined Benefit schemes. 

We took the time to understand what we had, think about what we wanted and make decisions based on that. One of those decisions was to use £100k of Defined Contribution pension as a transfer in to a Defined Benefit scheme.

Another one was to transfer out from an older Defined Benefit scheme into a Defined Contribution scheme.

Each of those DB schemes offered different pros and cons, there is no one answer that applies to all pensions. 

ste00

That’s a good return , not been offered anything like that , so your 100. = 30k pa , will have to have a look round , is that tax free lot of people on about tax , phoned that pension help line many times the free one someone mentioned on here , another thing if you die your wife gets half , what pension provider do you use are you allowed to recommend someone on here , thank you for the reply 

ste00

Do you mind chirping in with negative comments , waiting for A reply from AlanP-2 , I want to sign up for 30%  returns ,