keep getting standard life statements

want2bmortgage3

in my old job, for a few months i was paying into a pension but i cancelled. i decided my retirement will be funded by a property instead and am aiming for that.

therefore i want to get rid of the pension scheme, as they keep sending me statements each year. what can i do to forfeit the pension or just stop receiving statements?

dunstonh

therefore i want to get rid of the pension scheme, as they keep sending me statements each year. what can i do to forfeit the pension or just stop receiving statements?

You cannot handle one statement a year that you can bin if you want?

They have a legal requirement to issue an annual statement so they wont stop it.

purch

Send them a letter telling them you've changed your address to Outer Mongolia or whatever.

Then some Goat Herd will receive the statement every year, and you can save on the shredding.

want2bmortgage3

lol purch good idea. think i'll just put 'addressee gone away' on it and put it back in the postbox

gfplux

I would try and cope with the pressure of the statements. They surely do you no harm and you never know you may decide to have your pension funded with property and savings.
By the way how will you manage to make property your pension. Do you have a large portfolio of houses or offices? I would like to know as this might suite other people as well.

dunstonh

By the way how will you manage to make property your pension. Do you have a large portfolio of houses or offices? I would like to know as this might suite other people as well.

Its a fools game to rely on one asset class. Dont do it.

Govt are already putting out the feelers on increasing the tax on property investors. Although, if property does drop say 30%, many will go bankrupt and that will put a lot of the amateur landlords off.

EdInvestor

dunstonh wrote: »

Although, if property does drop say 30%, many will go bankrupt

Why would that be the case? Rental incomes are rising, and as long as the rent covers the mortgage it doesn't matter a great deal what happens to property prices in the short term.

Recent changes in capital gains tax are very beneficial to recent investors

Retired_I.F.A.

More like a case of when not if.:rolleyes2

dunstonh

Many inexperienced landlords have over commited themselves at a time when interest rates were lower and are finding that their rent does not cover the mortgage.

They are geared up to the hilt and have little in reserve to cover any bad periods. Reciple for failure.

EdInvestor

dunstonh wrote: »

Many inexperienced landlords have over commited themselves at a time when interest rates were lower and are finding that their rent does not cover the mortgage.

Many of these people however see the BTL as a replacement pension, where the tenant effectively pays the 'pension contribution' by servicing the mortgage and the final "pension pot" accrues from the increase in the value of the property over 25 years.

They are thus prepared to top up for a while if required from the savings they are making by not having to pay for their pension themselves.

In any case rents are rising because a lot of first timers have put off buying in the hope prices will fall, thus boosting demand for BTLs.