General election - Vote here!

[Storrsy]

As said, GB News.... as factual as the Sun

Are you saying the sun doesn't exist? I've heard some pretty wacky things in my time but think that trumps them all.

 

[Storrsy]

what the ****ing ****
I've waited 50 years, to get what I have contributed to, in a big way, for the last 50 years

I've pretty much resigned myself to the fact that by the time I'm ripe for retiring (although to be fair that could be now) there will be no state pension and we'll be more or less on our own especially self employed without the work place pensions. I've got a few things running- small private pension but mainly monthly LISA contribution to gain the government 25% add ons which will help but thinking I need to up my game a bit in that regard

 

[Furniss]

Ive 17 years uk class 2 which adds upto s f all and upto now 19 years into the french system and thats not barbados either.
Look after yourself otherwise I reckon.

 

[Lancs Lad]

Ive 17 years uk class 2 which adds upto s f all and upto now 19 years into the french system and thats not barbados either.
Look after yourself otherwise I reckon.

What you say on frog news tonight? Gonna be messy?

 

[JD450A]

Left frogs have won..... Gonna be a good riot I reckon

What you say on frog news tonight? Gonna be messy?

 

[V8Druid]

I've pretty much resigned myself to the fact that by the time I'm ripe for retiring (although to be fair that could be now) there will be no state pension and we'll be more or less on our own especially self employed without the work place pensions. I've got a few things running- small private pension but mainly monthly LISA contribution to gain the government 25% add ons which will help but thinking I need to up my game a bit in that regard

have you delved into the nitty gritty of L.I.S.A.s

" LISA savings will affect your eligibility for benefits. Unlike a pension, which isn't counted as savings for means-tested benefits, the LISA will affect your eligibility for them. So you could have to pay to withdraw your LISA retirement savings and live off those until your savings are down below the means-testing threshold. Similarly, they count as assets in bankruptcy or divorce cases.

Saving in a pension doesn't affect your benefit entitlement; saving in a LISA does. If you became unemployed, you may need to withdraw your LISA savings (and pay the 25% withdrawal charge) before you'd be eligible to claim some means-tested benefits – leaving you nothing for retirement.

Savings in a LISA are counted as assets in bankruptcy cases, so you could be forced to cash in early. Pensions are usually protected.

You can currently take money from pensions from age 55 (this will rise slowly to 58); you need to be 60 to use LISA savings without penalty. "

I also have a private pension - been paying into it 35 years ..
been trying to cash it in the last several months and getting jerked about mercilessly ..
been waiting over three weeks now, for a statement, up to date cash in quote and some correspondence that should have been here after 7 days

although the gov has been putting 25p in for every quid I do, come time to cash in (the annual pension would take me 30 years to get my contributions back and ain't gonna live that long - plus I can do more with the bucks than they can), although you're 'sposed to get a 25% tax free lump sum, you get taxed on the whole pot amount, at 35% out of the remaining 75% (Bast*rds don't tell you that bit from the start) so they get their 25p in the pound back PLUS tax on top ...
so much for a tax free bonus!!! you essentially pay 40% tax on your pot value it decimates what looks to be a nice healthy pot to cash in
trying to actually do it is like pushing treacle up hill in a heat wave - you get passed from pillar to post and progress is glacially slow

Ive 17 years uk class 2 which adds upto s f all and upto now 19 years into the french system and thats not barbados either.
Look after yourself otherwise I reckon.

kev .. are you aware you can top up/buy years - although yours'd be fairly hefty - circa 800 quid per year (might be less for class 2 contributors [but unlikely]) - but get that back monthly (mine's just gone up to £885/mth so worth considering) - however, you may be limited on how many you can 'buy' as there are cut off points - look on the DWP website ... Pam was a couple of years short and we were going to, 'til we discovered that childcare as grandparents counts too and have been able to claim enough to get her up to the full eligibility level that way (I paid my class 2s long after I had to stop work, to get there)

 

[V8Druid]

As said, GB News.... as factual as the Sun

I hope you're right Rory

 

[TiltyShaun]

Stuck money into the property company rather than the pension. It is at least under the control of the directors to do with, what and WHEN we please.

 

[Stroppymonkey]

https://www.gbnews.com/money/state-pension-means-tested-l

http://

I've pretty much resigned myself to the fact that by the time I'm ripe for retiring (although to be fair that could be now) there will be no state pension and we'll be more or less on our own especially self employed without the work place pensions. I've got a few things running- small private pension but mainly monthly LISA contribution to gain the government 25% add ons which will help but thinking I need to up my game a bit in that regard

I used LISA to maximise when buying my house 5 years ago. Helped a lot.

 

[Left hooker]

Didn't take long

Labour Government working with Germany on moving closer to EU, says Berlin

Remarks made as David Lammy goes on first overseas visit as Foreign Secretary

www.telegraph.co.uk

 

[DaveDCB]

to summarise - earn less than income tax threshold and stay indoors for the next 4 years and you’ll be alrite

 

[Storrsy]

Stuck money into the property company rather than the pension. It is at least under the control of the directors to do with, what and WHEN we please.

Probably the best bet tbh. Can't see properly ever really falling in value over the long term. Unless there's no one to live in them

 

[charlie2]

have you delved into the nitty gritty of L.I.S.A.s

" LISA savings will affect your eligibility for benefits. Unlike a pension, which isn't counted as savings for means-tested benefits, the LISA will affect your eligibility for them. So you could have to pay to withdraw your LISA retirement savings and live off those until your savings are down below the means-testing threshold. Similarly, they count as assets in bankruptcy or divorce cases.

Saving in a pension doesn't affect your benefit entitlement; saving in a LISA does. If you became unemployed, you may need to withdraw your LISA savings (and pay the 25% withdrawal charge) before you'd be eligible to claim some means-tested benefits – leaving you nothing for retirement.

Savings in a LISA are counted as assets in bankruptcy cases, so you could be forced to cash in early. Pensions are usually protected.

You can currently take money from pensions from age 55 (this will rise slowly to 58); you need to be 60 to use LISA savings without penalty. "

I also have a private pension - been paying into it 35 years ..
been trying to cash it in the last several months and getting jerked about mercilessly ..
been waiting over three weeks now, for a statement, up to date cash in quote and some correspondence that should have been here after 7 days

although the gov has been putting 25p in for every quid I do, come time to cash in (the annual pension would take me 30 years to get my contributions back and ain't gonna live that long - plus I can do more with the bucks than they can), although you're 'sposed to get a 25% tax free lump sum, you get taxed on the whole pot amount, at 35% out of the remaining 75% (Bast*rds don't tell you that bit from the start) so they get their 25p in the pound back PLUS tax on top ...
so much for a tax free bonus!!! you essentially pay 40% tax on your pot value it decimates what looks to be a nice healthy pot to cash in
trying to actually do it is like pushing treacle up hill in a heat wave - you get passed from pillar to post and progress is glacially slow

kev .. are you aware you can top up/buy years - although yours'd be fairly hefty - circa 800 quid per year (might be less for class 2 contributors [but unlikely]) - but get that back monthly (mine's just gone up to £885/mth so worth considering) - however, you may be limited on how many you can 'buy' as there are cut off points - look on the DWP website ... Pam was a couple of years short and we were going to, 'til we discovered that childcare as grandparents counts too and have been able to claim enough to get her up to the full eligibility level that way (I paid my class 2s long after I had to stop work, to get there)

may well have changed now but the private pension i had i could not get the provider to do what i wanted to do, i did want the 25% tax free sum then take smaller amounts yearly until my state pension was available, they would not do anything like that though. eventually i saw a pension advisor through my bank he advised me to transfer the whole pension to another provider who would be more in line with what i wanted to do. that is what i did in the end and it has worked well for me, i took the 25% and the same tax year withdrew what my earnings allowance would have been. the following years did the same until my state pension started, that year i had five months state pension and took the difference between that and tax free allowance from private pension each year since i draw the difference if that makes sense. i did not really understand it when the advisor first told me but it has worked well enough for me. it was not a massive amount but helped me no end when i decided to pack in working before retirement age. i also had transferred some of my wife's tax allowance to mine i think it was 20% as she did not earn anywhere near the allowance.

 

[DaveDCB]

My dads did the same as you @charlie2 , I also borrow some of my wife’s tax allowance - it’s not a lot but every little helps!

 

[V8Druid]

may well have changed now but the private pension i had i could not get the provider to do what i wanted to do, i did want the 25% tax free sum then take smaller amounts yearly until my state pension was available, they would not do anything like that though. eventually i saw a pension advisor through my bank he advised me to transfer the whole pension to another provider who would be more in line with what i wanted to do. that is what i did in the end and it has worked well for me, i took the 25% and the same tax year withdrew what my earnings allowance would have been. the following years did the same until my state pension started, that year i had five months state pension and took the difference between that and tax free allowance from private pension each year since i draw the difference if that makes sense. i did not really understand it when the advisor first told me but it has worked well enough for me. it was not a massive amount but helped me no end when i decided to pack in working before retirement age. i also had transferred some of my wife's tax allowance to mine i think it was 20% as she did not earn anywhere near the allowance.

I've tried to get them to do that, or similar, but won't play ball ..
trouble is once you take the 25% it triggers the tax point for your pot .. have you checked to see how much the bast*rds took from the remaining pot .. as said the tax is based on the entire pot value, so although you theoretically get 25% lump 'tax free' - you bloody don't .. only way to avoid the tax trigger is to just draw it as the pension it was designed to provide.
Mine's complicated yet further, having discovered the bar stewards have been charging management fees on it, despite it not being subject to them and I have a letter from them clearly stating that fact, but last years fees were close to 60% of the contributions
can't cash in 'til I get that sorted, as it goes back decades, unknown to me, at the time, by the look of it and the chances of sorting it post pay out'd be next to zero .. could well be a decent amount and make a fair difference to my eventual pot.

 

[Stroppymonkey]

I've tried to get them to do that, or similar, but won't play ball ..
trouble is once you take the 25% it triggers the tax point for your pot .. have you checked to see how much the bast*rds took from the remaining pot .. as said the tax is based on the entire pot value, so although you theoretically get 25% lump 'tax free' - you bloody don't .. only way to avoid the tax trigger is to just draw it as the pension it was designed to provide.
Mine's complicated yet further, having discovered the bar stewards have been charging management fees on it, despite it not being subject to them and I have a letter from them clearly stating that fact, but last years fees were close to 60% of the contributions
can't cash in 'til I get that sorted, as it goes back decades, unknown to me, at the time, by the look of it and the chances of sorting it post pay out'd be next to zero .. could well be a decent amount and make a fair difference to my eventual pot.

I’ve been thinking about private pensions for 20+years. Always preferred to get debts clears first. That took till I was about 39. Sat down with a Mortgage Broker and paid £700 to set up a pot. The paperwork came through the same week we hit lockdown. Never got round to it and now mostly decided I’d rather invest in my own projects as hate the idea of someone thinking they can play with my money for profit and still promise me the hope of a decent return. I may end up chucking a bit in it …. But reluctantly

 

[Storrsy]

I’ve been thinking about private pensions for 20+years. Always preferred to get debts clears first. That took till I was about 39. Sat down with a Mortgage Broker and paid £700 to set up a pot. The paperwork came through the same week we hit lockdown. Never got round to it and now mostly decided I’d rather invest in my own projects as hate the idea of someone thinking they can play with my money for profit and still promise me the hope of a decent return. I may end up chucking a bit in it …. But reluctantly

I use the Moneybox app for my LISA and pension. (Although Nutmeg are supposed to be better for the latter). It a really clear platform to use and easy to see what's happening with your money I find. I started my LISA in 2019 and have maxed out it's potential for the government top up each year- surprising how it's grown in only 5 years
But as @V8Druid mentioned above perhaps be wise to spread the load with other investments so as not to keep all eggs in one basket. Looking into Buy to let mortgage at the moment as an investment or possibly see if other family member wants to go in half/1/3rd on a flat to bypass having to get a mortgage- would have to be in Plymouth though to stand a chance of that

 

[JD450A]

I intend to spend all my money as I go and die before I'm 60

 

[Stroppymonkey]

I use the Moneybox app for my LISA and pension. (Although Nutmeg are supposed to be better for the latter). It a really clear platform to use and easy to see what's happening with your money I find. I started my LISA in 2019 and have maxed out it's potential for the government top up each year- surprising how it's grown in only 5 years
But as @V8Druid mentioned above perhaps be wise to spread the load with other investments so as not to keep all eggs in one basket. Looking into Buy to let mortgage at the moment as an investment or possibly see if other family member wants to go in half/1/3rd on a flat to bypass having to get a mortgage- would have to be in Plymouth though to stand a chance of that

Plenty of student accommodation opportunities there.

 

[V8Druid]

Plenty of student accommodation opportunities there.

Pam's lad and his wife have just recently bought a flat down the road from their house ... revamped it and let it in a week - Plymouth