Pension has finally landed - As an insistent client acting against advice -*DOORS CLOSED 03/09/2021*

DT2001

arty688 said:

Thought you might say that, how about if current heating you have no control over but is guaranteed for life so you may have to take cool showers and wear a jumper. You however want control of your heating take warm showers and have a nice warm house but you will need to look after it in order for it to last for your lifetime(control).  This means you have to get a heating eng to do a detailed report as you can't be trusted to make the decision without 100 pages of stuff about heating and hot water use, this report however the heating eng could get sued/struck off if they recommend a new heating system and due to your miss use of it you blow yourself up. What do you think the report will recommend?

Decline?
An interesting analogy but maybe highlights a few things. You want control but the engineer who could be sued has NO control over how you look after it. What happens if you die soon and your OH has little idea how to look after the boiler and it doesn’t produce hot water?

The system is not ideal but I think the freedom for pensions didn’t envisage the transfers from DB.
Any method will ‘penalise’ the perceived rights of some.

Thrugelmir

Dale72 said:

Pablo7474 said:

Dale72 said:

Pablo7474 said:

With the lottery win, Bob is arriving with nothing and choosing option A or B, whichever is worse it doesn’t matter as they are both a win.

With a pension transfer you are arriving with A and asking for B, giving up A you already have.

It would be like comparing the guessing on the £32k question on who wants to be a millionaire and getting it wrong and dropping from £16k to £1k to someone walking into a bookies and putting £15k on a horse. 

I think your getting a little confused. When you swap your DB scheme, as long as you have a decent understanding of what your doing then you end up with something much better.

That is wrong. If that was the case then I am sure more providers would be willing to accept transfers regardless of advice. 

No, its right, its just maybe not enough people bother to get a good understanding of what their doing.

Over time becomes apparent that many actually don't. That's the issue. 

arty688

Pablo7474 said:

If Arty688 spent half the time he spends on creating analogies he could have a SSAS and understand GMP. 

I would assume from reading my analogies its quite plain i don't spend a lot of time on them.

I do prefere them to preaching from the ivory tower of sumg though.

Malthusian said:

. Actuaries do not hand out lottery wins.

Have I miss understood the current pension system ? Is it possible to withdraw all you DC pot at the age 55 and buy supercars and Jacuzzis ? regardless of how stupid or how much tax you would pay.

xylophone

Have I miss understood the current pension system ? Is it possible to withdraw all you DC pot at the age 55 and buy supercars and Jacuzzis ? regardless of how stupid or how much tax you would pay.

https://www.gov.uk/personal-pensions-your-rights/how-you-can-take-pension

arty688

The options you have for taking the rest of your pension pot include:

• taking all or some of it as cash

to use an analogy like someone winning the lottery

Pablo7474

My surveyor said not to build my ivory tower on an old slate mine but I did it anyway as I know best. 

coyrls

I am getting a bit confused, is your plumber stopping you from being rinsed?

arty688

whilst building it did you decide what materials were delivered when or did you have a little bit arrive every year with the tower being finished after you were gone , so you never got to enjoy it?

Dale72

Pablo7474 said:

My surveyor said not to build my ivory tower on an old slate mine but I did it anyway as I know best. 

I can well imagine that being true.

Dale72

Thrugelmir said:

Dale72 said:

Pablo7474 said:

Dale72 said:

Pablo7474 said:

With the lottery win, Bob is arriving with nothing and choosing option A or B, whichever is worse it doesn’t matter as they are both a win.

With a pension transfer you are arriving with A and asking for B, giving up A you already have.

It would be like comparing the guessing on the £32k question on who wants to be a millionaire and getting it wrong and dropping from £16k to £1k to someone walking into a bookies and putting £15k on a horse. 

I think your getting a little confused. When you swap your DB scheme, as long as you have a decent understanding of what your doing then you end up with something much better.

That is wrong. If that was the case then I am sure more providers would be willing to accept transfers regardless of advice. 

No, its right, its just maybe not enough people bother to get a good understanding of what their doing.

Over time becomes apparent that many actually don't. That's the issue. 

But that isn't the main issue. The main problem is people wanting to invest in Teak plantations or golden mooncoins or whatever.