What do people mean by "pension value"?

DRS1

coyrls said:

Cus said:

I appreciate the reply. For my first assumption, it didn't need a rounding up of 1 person or not, the point was that the percentage would be similar. For my second assumption, I believe that people with £5mn in pension assets (rough equivalent to a £171k pension) are not that rare, not do I consider them super rich, and I reckon they also likely to frequent these forums, if anything they are the ultimate super savers perhaps?  

The number of posters with very large pensions debating annual fees of 0.1% savings I anecdotally see here suggests they do car about the minutae.  Unless they were staff lol. Anyway, all the best

Anyone with £5m in DC pensions would have been very badly advised and would have had the error of their ways pointed out to them in this forum, given that the LTA has only recently been abolished.

Maybe they were advised by Mystic Meg not to worry about the LTA because it was going to be abolished!

Cus

Perhaps, but a number of years ago the LTA was a lot more, and when they allowed larger payments into a pension, eg £250k a year, it may have been financially astute tax and employer contribution wise to put that into the pension. Anyway all opinion 

Edit to add for a laugh: does anyone on here have a pension paying £171k a year or more?  That will solve this lol

noitsnotme

Cus said:

Perhaps, but a number of years ago the LTA was a lot more, and when they allowed larger payments into a pension, eg £250k a year, it may have been financially astute tax and employer contribution wise to put that into the pension. Anyway all opinion 

Edit to add for a laugh: does anyone on here have a pension paying £171k a year or more?  That will solve this lol

Me!  Ohh sorry I thought you said £171 😄

bjorn_toby_wilde

MallyGirl said:

This just goes to show that it means different things to different people 

 MallyGirl answers the initial question very concisely in the fourth post yet it’s still being debated three pages later and the newbie poster who asked the question has disappeared without responding.

Classic 🤣

german_keeper

Cus said:

I believe that people with £5mn in pension assets (rough equivalent to a £171k pension) are not that rare, not do I consider them super rich, and I reckon they also likely to frequent these forums, if anything they are the ultimate super savers perhaps?  

Crikey. There does seem to have been an awful lot of willy waving on this forum recently, and why not each to their own. But 5 million quid?

Not sure I have seen anything near to 5 million mentioned by anyone. All about definition of terms I suppose; but "not that rare" and "super rich" aren't that specific and will mean different things to different people, but I wonder what a poll of Joe Public might say.. 

Cus

Fair enough, we all have different social/work circles and experiences. From my own experience anyone waving anything generally are comparing with bigger wavers. Not a route to inner peace 

HedgehogRulez

And here I am lumbered (or not) with my micro willy. At least the missus hasn’t left me….yet!

german_keeper

Cus said:

Fair enough, we all have different social/work circles and experiences. From my own experience anyone waving anything generally are comparing with bigger wavers. Not a route to inner peace 

To be honest thinking about what the words super rich and what they mean to me I would probably agree with you. I suppose 5 million quid is way off the mark. I probably think great big yachts and private jets so nobody is living any thing like that lifestyle with 5 million. I think I would still struggle to describe 5 million as "not that rare" though!

coyrls

german_keeper said:

Cus said:

Fair enough, we all have different social/work circles and experiences. From my own experience anyone waving anything generally are comparing with bigger wavers. Not a route to inner peace 

To be honest thinking about what the words super rich and what they mean to me I would probably agree with you. I suppose 5 million quid is way off the mark. I probably think great big yachts and private jets so nobody is living any thing like that lifestyle with 5 million. I think I would still struggle to describe 5 million as "not that rare" though!

I wouldn't say £5M on its own was super rich but I would say that anybody with £5M in a DC pension (which I would still question the likelyhood of) would be almost certain to have other assets and sources of income that would put them in the super rich category.

Nebulous2

I've seen a semi-regular poster here claim assets in 8 figures, although not all in pensions. I think the post later disappeared, so I'm wary about drawing attention to him / her. 

I also seem to remember a post by a new poster who said they were selling a multi-million pound business and were looking for suggestions what to do with the money. 

Outside MSE I live in a rural area and retired farmers (and other business people) will buy a house in the local market town. Some of these will have passed the business on, but where they don't have direct descendants and the farm is sold it would be relatively normal to net £3-5 million. I'd have a dozen or so casual acquaintances in that ballpark, and several others that probably squeeze over the £10 million. 

The thing is however that they don't live like it. There may be a fancy car, and some long-haul holidays, but apart from that they seem more interested in not putting their heads above the parapet than in flaunting their wealth. They went to school with us, grew up with us, and have remained part of the local community, which keeps them grounded.