Michael, 34, forced to move 6 figure pension to S&S ISA and cash due to Trump tariffs

Strummer22

"On the day he cashed in his pension, the FTSE 100 index touched a more than three-month low, down nearly 5 per cent"

Appallingly bad use of terminology aside (he has not "cashed in" his pension), this is just the icing on the cake. Terrible time to exit the market, has he heard of buy low sell high? When does he think he'll re-enter the market? Could've already been up 6% since then.

Maybe he'll join MSE forum and be the new Crashy, just banging on about the stock market instead of the housing market...

Albermarle

Van_Girl said:

It sounds to me like he has left his pension funds in the SIPP wrapper, but sold investments and is keeping the funds in cash? And has basically done the same within his ISA

Most likely he has not done anything, and just fancied getting his photo and his instagram trading account name published.
Maybe a relative of one of the ' journalists'

dunstonh

Marcon said:

MeteredOut said:

Marcon said:

dunstonh said:

Some people are just plain stupid and many of them are journalists.   Put the two together and you get articles like this.

As ISAs and pensions share the same investment options and can be had at the same cost, there is logically no point ing doing what they did for the reasons given.   

More to the point, how could a 34 year old in normal health cash in a pension at all? Unauthorised payment...massive tax hit...

I suspect lazy/ignorant journalism. At first the article states he "was forced to move almost all of his savings he had earmarked for retirement" and then refers to those same savings a his "pension" thereafter. It mentions him having both a SIPP and S&S ISA.

Notwithstanding that no-one forced him to do anything, I guess he simply sold the stocks within both his SIPP and S&S ISA to cash.

Funny that he's a self-defined "trader" but checks his holdings only once a month,

The article has the title 

I moved my six-figure pension pot into cash after tariff chaos

If he hasn't been investing it into a pension, he'd have been missing out on tax relief, with limited scope for carry forward if he hasn't actually had a pension scheme established...

The headline has been changed since its earlier publication.

theblueflash

It’s one of the worst financial articles I’ve ever read. 

Silvertabby

Exactly.  And some people will just read the headlines and assume that they can now cash in their pensions, regardless of age.

Like when the 'pension freedoms' were announced....  Many of the subsequent telephone calls to the LGPS were from fund members who were adamant that the newspapers had said that they could cash in their pensions, and expected us to transfer their benefits straight to their current accounts.  

FIREDreamer

Silvertabby said:

Exactly.  And some people will just read the headlines and assume that they can now cash in their pensions, regardless of age.

Like when the 'pension freedoms' were announced....  Many of the subsequent telephone calls to the LGPS were from fund members who were adamant that the newspapers had said that they could cash in their pensions, and expected us to transfer their benefits straight to their current accounts.  

If that’s the intelligence of local government employees, no wonder the country is in a mess. 😂😂😂

Silvertabby

FIREDreamer said:

Silvertabby said:

Exactly.  And some people will just read the headlines and assume that they can now cash in their pensions, regardless of age.

Like when the 'pension freedoms' were announced....  Many of the subsequent telephone calls to the LGPS were from fund members who were adamant that the newspapers had said that they could cash in their pensions, and expected us to transfer their benefits straight to their current accounts.  

If that’s the intelligence of local government employees, no wonder the country is in a mess. 😂😂😂

To be fair, the majority were manual workers who saw a lump sum of money on a par with a lottery win.

someone

The 10:32am update to the article changed the language a bit. The original made no sense, the new one still is questionable.

FIREDreamer

Silvertabby said:

FIREDreamer said:

Silvertabby said:

Exactly.  And some people will just read the headlines and assume that they can now cash in their pensions, regardless of age.

Like when the 'pension freedoms' were announced....  Many of the subsequent telephone calls to the LGPS were from fund members who were adamant that the newspapers had said that they could cash in their pensions, and expected us to transfer their benefits straight to their current accounts.  

If that’s the intelligence of local government employees, no wonder the country is in a mess. 😂😂😂

To be fair, the majority were manual workers who saw a lump sum of money on a par with a lottery win.

Fair comment.

Bostonerimus1

The guy in the article wasn't "forced" to do anything, he just changed the asset allocation in his DC pension. I've sold some US equities and put the money in a MMF just to have cash on hand for some major expenses I might have in the next couple of years and I've also decided to diversify my small US bond holdings and include 50% non US bonds. All this was done inside my DC pension wrapper and so there's no tax consequences.