View Full Version : Pensions advice
Helios Creed
08-02-07, 03:25 PM
I know Final Salary pensions are supposed to be great, but if your pay is not keeping up with inflation, wouldn't it be better to go for a money purchase scheme if there are safe, low yield options which at the very least would keep up with inflation? Any Pensions experts out there?
Neil Young
08-02-07, 03:26 PM
Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
Red_Polo
08-02-07, 03:28 PM
Ah come on, just because you got yours sorted ages ago arl fella...
I'm currently listening to 'Comes a time' so under the Neil Young Act you cannot retaliate :handshake:
Neil Young
08-02-07, 03:29 PM
Er, yes, sorted, of course... :sigh:
glynner
08-02-07, 03:29 PM
Sound advice there, Neil.
Helios Creed will be slapping the downpayment on that time share in the French Riveria in no time at all now.
Red_Polo
08-02-07, 03:30 PM
Just in case you haven't been on here yet, this tends to be my first port of call with money related questions etc...
Money Saving Expert - Pensions (http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1050245982,43764,)
Neil Young
08-02-07, 03:31 PM
Sound advice there, Neil.
Helios Creed will be slapping the downpayment on that time share in the French Riveria in no time at all now.
It's a sound decision on financial terms alone. As for the long-term yield in swanning around with the "Beautiful People", he's on to a surefire winner.
Neil Young
08-02-07, 03:32 PM
Just in case you haven't been on here yet, this tends to be my first port of call with money related questions etc...
Money Saving Expert - Pensions (http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1050245982,43764,)
At first I thought you were talking about The Library. :haha:
Red_Polo
08-02-07, 03:32 PM
Er, yes, sorted, of course... :sigh:
:cry:
My father's moaning about his, he's holding off retirement for a few more years because he's so pissed off with his pension's shiteness.
I'm actually gonna get myself a pension started soon, no fecking working until 60+ for me, no way :)
At first I thought you were talking about The Library. :haha:
:haha:
warrenpeace
08-02-07, 03:33 PM
I know Final Salary pensions are supposed to be great, but if your pay is not keeping up with inflation, wouldn't it be better to go for a money purchase scheme if there are safe, low yield options which at the very least would keep up with inflation? Any Pensions experts out there?
I've been paying a fair amount per month into pensions for the lat 16 or 17 years on the basis that the government pay your tax in as well. I still can't retire and the predictions of what I could receive at 60 make me want to cry. I wish I'd invested in property but it's probably too late now. Fortunately, plan c - shack up with a rich woman is coming along quite well :)
I know Final Salary pensions are supposed to be great, but if your pay is not keeping up with inflation, wouldn't it be better to go for a money purchase scheme if there are safe, low yield options which at the very least would keep up with inflation? Any Pensions experts out there?
Wow, get to use my Pensions knowledge on a football forum :haha:
Just because your pay doesn't keep up with inflation doesn't automatically mean that a Final Salary scheme isn't the best option.
With a final salary scheme, all the financial and mortality risk is the responsibility of the company.
With a money purchase scheme all the risk falls on the individual.
In order to replicate the benefits of a final salary scheme with a money purchase scheme you either need to pay shed loads into it, or hope you get amazing financial returns.
There aren't many circumstances where this is advisable (unless you're very rich or need/want more flexibility with your pension) - I'll let RS4 fill those blanks in.
Helios Creed
08-02-07, 04:02 PM
Wow, get to use my Pensions knowledge on a football forum :haha:
Just because your pay doesn't keep up with inflation doesn't automatically mean that a Final Salary scheme isn't the best option.
With a final salary scheme, all the financial and mortality risk is the responsibility of the company.
With a money purchase scheme all the risk falls on the individual.
In order to replicate the benefits of a final salary scheme with a money purchase scheme you either need to pay shed loads into it, or hope you get amazing financial returns.
There aren't many circumstances where this is advisable (unless you're very rich or need/want more flexibility with your pension) - I'll let RS4 fill those blanks in.
Thanks for the sensible reply Disco, this is what I sought when I placed this query in The Library. :p Shame on you Mr Young.
My think is that my company have down-graded the benefits two-thrids to half) and increased the cost of my future pension (6% to 8%), which has made me think, if for example my salary is only going up by 1% a year, why on earth would I want to link my pension to it? It's going to be worth way less in 20 years and now I will only get half of it anyway?
Is it really better than putting my money in a very safe, but low yield, I can avoid the risks (there are risks with final salary as you are no doubt aware), but are you saying that a 5% return would not be enough to buy a better pension than the devalued one I'm going to get based on a salary that hasn't kept up with inflation for 20 years?
Helios Creed
08-02-07, 04:05 PM
:cry:
My father's moaning about his, he's holding off retirement for a few more years because he's so pissed off with his pension's shiteness.
I'm actually gonna get myself a pension started soon, no fecking working until 60+ for me, no way :)
:haha:
Thanks for the link RP - you need to get your pension started quickly if you want to be able to afford to go early - they're putting retirement ages up if anything these days.
Thanks for the sensible reply Disco, this is what I sought when I placed this query in The Library. :p Shame on you Mr Young.
My think is that my company have down-graded the benefits two-thrids to half) and increased the cost of my future pension (6% to 8%), which has made me think, if for example my salary is only going up by 1% a year, why on earth would I want to link my pension to it? It's going to be worth way less in 20 years and now I will only get half of it anyway?
Is it really better than putting my money in a very safe, but low yield, I can avoid the risks (there are risks with final salary as you are no doubt aware), but are you saying that a 5% return would not be enough to buy a better pension than the devalued one I'm going to get based on a salary that hasn't kept up with inflation for 20 years?
OK, let's pretend you're 30, earn £20,000, and don't get a single pay-rise in the future. In 30 years time you'll have a pension of £7,500. In today's market, to get a pension like that, you'd need something like £250,000 from an insurance company.
To get £250,000 in 30 years time, with 5% returns, you'd need to save £300 a month, or about 18% of your salary.
Many (if not most) firms are getting rid of final salary schemes for the simple reason that they're getting too expensive. The one's that are keeping their schemes necessarily need to reduce the benefits and/or ask for more money from their employees.
As for riskiness of a Final Salary Scheme - nowadays there's something called the Pension Protection Fund, which guarantees you 90% of your benefits (100% if you're a pensioner) if your company goes insolvent - you don't have anything to worry about.
Overall, as I said earlier, be very grateful that you have an 1/80ths pension scheme because they're miles better than a MP scheme in most cases and may not be around for ever.
Fact is, 20-30 year olds won't be able to afford to retire at 60 unless they can rely on other funds to supplement their pension (i.e. inheritance, property)
No-one, including me, wants to (or can afford to!) put a big % of their salary into a pension scheme. :shake:
Neil Young
08-02-07, 04:42 PM
Thanks for the sensible reply Disco, this is what I sought when I placed this query in The Library. :p Shame on you Mr Young.
That told me.
OK, let's pretend you're 30...
Yes, let's pretend he's 30. :haha:
OK, I'll try to be sensible in here in future.
nobbylad
08-02-07, 04:48 PM
I know Final Salary pensions are supposed to be great, but if your pay is not keeping up with inflation, wouldn't it be better to go for a money purchase scheme if there are safe, low yield options which at the very least would keep up with inflation? Any Pensions experts out there?
PM RS4, he'll sort you out :handshake:
PM RS4, he'll sort you out :handshake:
:haha:
I'd be interested to hear his views and how they compare to mine :handshake:
Helios Creed
08-02-07, 05:17 PM
OK, let's pretend you're 30, earn £20,000, and don't get a single pay-rise in the future. In 30 years time you'll have a pension of £7,500. In today's market, to get a pension like that, you'd need something like £250,000 from an insurance company.
To get £250,000 in 30 years time, with 5% returns, you'd need to save £300 a month, or about 18% of your salary.
Many (if not most) firms are getting rid of final salary schemes for the simple reason that they're getting too expensive. The one's that are keeping their schemes necessarily need to reduce the benefits and/or ask for more money from their employees.
As for riskiness of a Final Salary Scheme - nowadays there's something called the Pension Protection Fund, which guarantees you 90% of your benefits (100% if you're a pensioner) if your company goes insolvent - you don't have anything to worry about.
Overall, as I said earlier, be very grateful that you have an 1/80ths pension scheme because they're miles better than a MP scheme in most cases and may not be around for ever.
Thanks Disco. The more I look at this, the more depressed I get. At least I've got 20 years safely in a 1/60s pension. (Which is more than wise-cracking Mr Young has by the sound of it.. :haha: ).
It really worries me that the (slightly younger than me :) ) person in your example who earns £20,000 now, will get £7,500 per year in 30 years. According to my calculations that will be worth £1.43 in today's money by then.
Neil Young
08-02-07, 05:19 PM
Yup, the joke's on me. :cry:
Helios Creed
08-02-07, 05:21 PM
That told me.
Yes, let's pretend he's 30. :haha:
OK, I'll try to be sensible in here in future.
:eyebrow: :haha:
Helios Creed
08-02-07, 05:22 PM
Yup, the joke's on me. :cry:
Have a word with Disco. He tells you to imagine you're 30, which helps. :)
OK, let's pretend you're 30, earn £20,000, and don't get a single pay-rise in the future. In 30 years time you'll have a pension of £7,500. In today's market, to get a pension like that, you'd need something like £250,000 from an insurance company.
To get £250,000 in 30 years time, with 5% returns, you'd need to save £300 a month, or about 18% of your salary.
Many (if not most) firms are getting rid of final salary schemes for the simple reason that they're getting too expensive. The one's that are keeping their schemes necessarily need to reduce the benefits and/or ask for more money from their employees.
As for riskiness of a Final Salary Scheme - nowadays there's something called the Pension Protection Fund, which guarantees you 90% of your benefits (100% if you're a pensioner) if your company goes insolvent - you don't have anything to worry about.
Overall, as I said earlier, be very grateful that you have an 1/80ths pension scheme because they're miles better than a MP scheme in most cases and may not be around for ever.
Ooohh - a pensions thread.
:handshake:
I wish I had the option of joining a Final Salary scheme.
I have a deferred beneift of about £350 pa that I accrued about 10 years ago. It should be enough to get me a nice bottle of wine on my birthday each year after I retire.
Each employer I've worked for since has put me in a DC Scheme.
One employer was generous enough to pay contributions of 1.5% of my salary.
redheart
08-02-07, 06:36 PM
Pensions are worthless...dont bother. We will be youn forever and never get old.
By the way I put 6% of salary into pension and my employer puts 18%
wooohooooo
Thanks Disco. The more I look at this, the more depressed I get. At least I've got 20 years safely in a 1/60s pension. (Which is more than wise-cracking Mr Young has by the sound of it.. :haha: ).
It really worries me that the (slightly younger than me :) ) person in your example who earns £20,000 now, will get £7,500 per year in 30 years. According to my calculations that will be worth £1.43 in today's money by then.
Your calculations are fucked then! £7500 will be worth about £3K in 30 years time.
You've also ignored the fact that your pay WILL go up! That's just a fact.
Anyway, like I said, even 1/80s is a great pension compared to what most firms offer!
who are you charging all this time to on your timesheets dazza?
I have given EST time a new P number at work! ;)
who are you charging all this time to on your timesheets dazza?
I have given EST time a new P number at work! ;)
:haha:
You have Pcodes to?
Rocket - I will set up engagement letters, and Helios will be getting a bill at £250 an hour for about 45 minutes work :handshake:
my charge out rate is £50, i'm far better value for money :handshake:
my charge out rate is £50, i'm far better value for money :handshake:
Is that because you are a fifth of the height of Disco? :crackoff:
Mumsafan
09-02-07, 09:57 AM
We don't bother with pensions. We both started one about 20 years ago and paid in for about a year but stopped. We've got money invested in other stuff. Like Parents:haha:
Is that because you are a fifth of the height of Disco? :crackoff:
i'm probably a fifth of his weight :handshake:
my charge out rate is £50, i'm far better value for money :handshake:
Is that because you are a fifth of the height of Disco? :crackoff:
Partly that, and partly because trainee accountants are two a penny. :handshake:
i'm probably a fifth of his weight :handshake:
:haha: I originally typed "size" but thought that sounded bad! :haha:
Partly that, and partly because trainee accountants are two a penny. :handshake:
when i first started, i was £13 pounds an hour charge out rate :haha:
by the time i qualify, i will be £100 pounds :handshake:
nobbylad
09-02-07, 10:09 AM
when i first started, i was £13 pounds an hour charge out rate :haha:
by the time i qualify, i will be £100 pounds :handshake:
Pay peanuts, get monkeys :handshake:
when i first started, i was £13 pounds an hour charge out rate :haha:
by the time i qualify, i will be £100 pounds :handshake:
What did they get for £13/hr :haha: A Welsh, short Receptionist? ;)
nobbylad
09-02-07, 10:15 AM
What did they get for £13/hr :haha: A Welsh, short Receptionist? ;)
With a good hand movement :crackoff:
What did they get for £13/hr :haha: A Welsh, short Receptionist? ;)
not alot, but surfing the internet didn't mean i blew the budget on jobs so badly.
Est generally costs my clients £200 pounds per day :handshake:
when i first started, i was £13 pounds an hour charge out rate :haha:
by the time i qualify, i will be £100 pounds :handshake:
£13s an hour :jaw:
What a bizarre way to try and make money :haha:
it was basically because you could choose a second year to go on audit, at like £50 an hour, who could pretty much do everything, or choose a first year, who could do fuck all for £35 pounds an hour.
so company policy changed because managers bascially weren't choosing any 1st years to go on jobs :D
it was basically because you could choose a second year to go on audit, at like £50 an hour, who could pretty much do everything, or choose a first year, who could do fuck all for £35 pounds an hour.
so company policy changed because managers bascially weren't choosing any 1st years to go on jobs :D
At least that's sensible. I find it hard to justify my charge out rate - ridiculous if you ask me - but I guess it's getting fairly specialised advice (believe it or not :haha: )
At least that's sensible. I find it hard to justify my charge out rate - ridiculous if you ask me - but I guess it's getting fairly specialised advice (believe it or not :haha: )
Surely people could just post their queries on here and get your advice for free.
I suspect there would be good money in setting up a company to abuse the goodwill and specialist knowledge of fellow ESTers.
Surely people could just post their queries on here and get your advice for free.
I suspect there would be good money in setting up a company to abuse the goodwill and specialist knowledge of fellow ESTers.
:haha:
I'm not really going to charge anyone :handshake:
There's no advice here anyway, just generic opinions ;)
I suspect there would be good money in setting up a company to abuse the goodwill and specialist knowledge of fellow ESTers.
anyone want an audit for free?
Mumsafan
09-02-07, 01:10 PM
anyone want an audit for free?
Yes ok. You do it for free and I charge my client the going rate. Sounds great. Cheers :handshake:
Snigger
09-02-07, 01:30 PM
I know Final Salary pensions are supposed to be great, but if your pay is not keeping up with inflation, wouldn't it be better to go for a money purchase scheme if there are safe, low yield options which at the very least would keep up with inflation? Any Pensions experts out there?
pensions are shite - they don't make money and then you have to buy and annuity at the end of it - lump as much money into equity and unit trust ISA's every year instead.
Helios Creed
09-02-07, 03:26 PM
Your calculations are fucked then! £7500 will be worth about £3K in 30 years time.
You've also ignored the fact that your pay WILL go up! That's just a fact.
Anyway, like I said, even 1/80s is a great pension compared to what most firms offer!
Didn't really mean that it would be worth £1.43, I was joking, I'm fairly numerous actually.
I have copied "your pay WILL go up!" to our HR department as they seem unaware of this fact.
Cheers for the help Disco. And I thought accountants were all mercenary bastards who would bill you for telling you the time. :)
Helios Creed
09-02-07, 03:28 PM
:haha:
You have Pcodes to?
Rocket - I will set up engagement letters, and Helios will be getting a bill at £250 an hour for about 45 minutes work :handshake:
I knew it. :rant:
Didn't really mean that it would be worth £1.43, I was joking, I'm fairly numerous actually.
I have copied "your pay WILL go up!" to our HR department as they seem unaware of this fact.
Cheers for the help Disco. And I thought accountants were all mercenary bastards who would bill you for telling you the time. :)
I'm an Actuary, working in Pensions :handshake:
Accountancy exams seemed too easy and therefore not worth the effort :handshake:
Glad to have helped :haha:
Helios Creed
09-02-07, 03:44 PM
pensions are shite - they don't make money and then you have to buy and annuity at the end of it - lump as much money into equity and unit trust ISA's every year instead.
Will check out ISAs too. :handshake:
Helios Creed
09-02-07, 03:46 PM
I'm an Actuary, working in Pensions :handshake:
Accountancy exams seemed too easy and therefore not worth the effort :handshake:
Glad to have helped :haha:
I know you are an actuary, I remember when you took your exams - it was a trying time for all of us. :handshake: I downgraded you to the generic form for simplicity. :)
I know you are an actuary, I remember when you took your exams - it was a trying time for all of us. :handshake: I downgraded you to the generic form for simplicity. :)
Jesus, that's like referring to doctors as 'nurses' :shake:
Helios Creed
09-02-07, 03:53 PM
Does anyone know about Inheritance Tax? Specifically what you are allowed to do after a death to avoid paying it? I know you can change a will to what it should have been if they'd got round to it, but can you put a house into common ownership rather than joint, so that it doesn't all go to the spouse, retrospectively?
Does anyone know about Inheritance Tax? Specifically what you are allowed to do after a death to avoid paying it? I know you can change a will to what it should have been if they'd got round to it, but can you put a house into common ownership rather than joint, so that it doesn't all go to the spouse, retrospectively?
Murder is not the answer :handshake:
Helios Creed
09-02-07, 04:00 PM
Jesus, that's like referring to doctors as 'nurses' :shake:
I would like to disassociate myself from this comment.
:)
Helios Creed
09-02-07, 04:00 PM
Murder is not the answer :handshake:
Not directly linked to the pensions question. :)
Not directly linked to the pensions question. :)
Of course :handshake:
:source:
i am an expert on inheritance tax avoidance, fire any questions away :handshake:
pensions are shite - they don't make money and then you have to buy and annuity at the end of it - lump as much money into equity and unit trust ISA's every year instead.
Such a generic comment. My pension is ridiculously good, and watertight *touches wood*.
However i'm hoping to have a pension portfolio in my later years as well.
Such a generic comment. My pension is ridiculously good, and watertight *touches wood*.
However i'm hoping to have a pension portfolio in my later years as well.
Seriously, do we need to know you have an erection? :rash:
Seriously, do we need to know you have an erection? :rash:
I actually had Kaip down for that comment, but hey-ho it mustn't be online.
captainfog
09-02-07, 06:06 PM
Not sure what advice you have been give.....but anyway
I work in FS.....for my sins..... and here is my 2pennyworth
If you've got a final salary scheme keep it (if you can) They are by far the best.
However, the best thing to do if you feel unsure/need reassurance is get some advice (and not from Est1892). My recommendation would be to contact Hargreaves Lansdown (I don't work for them so this is not a shameless plug)
If you decide not to go with their recommendations you won't have to pay a penny. Also their advisers are truly independent and most importantly are salaried and so will not recommend you something just because it will earn them more commission. I would be very very surprised if they recommended you leave your company scheme.
Their products are also some of the most competitive in the market. Their website is a bit of a nightmare but they are without doubt the best in the business at the moment.
captainfog
09-02-07, 06:15 PM
pensions are shite - they don't make money and then you have to buy and annuity at the end of it - lump as much money into equity and unit trust ISA's every year instead.
Aaah but now you don't, pensions have got much more flexible and, although not suitable for everyone, income drawdown can be a good option.
Also the fact that you get tax relief with pensions means that they are a very good way to save and you'll be able to invest in the same things and more as you can in an ISA.
Agree though, it's important to use up your ISA allowances. :handshake:
captainfog
09-02-07, 06:18 PM
When I say don't get advice from Est, that is not to say the likes of Disco have been wrong in what they have been telling you. :handshake: (i should really read threads before posting! :shake: )
However, the best thing to do if you feel unsure/need reassurance is get some advice (and not from Est1892).
i agree fella, that disco is a right lying twat :respect:
When I say don't get advice from Est, that is not to say the likes of Disco have been wrong in what they have been telling you. :handshake:
:crackoff:
jackjosh
09-02-07, 07:27 PM
Armed Forces pension for me so thanks for paying your taxes and looking after when i am old(well 43).
Helios Creed
09-02-07, 09:08 PM
i am an expert on inheritance tax avoidance, fire any questions away :handshake:
Seriously? As I said I know you can change a will after the person's death to take advantage of the deceased's inheritance allowance, but can you also posthumously change the status of the house to tenants in common to do likewise by allowing half of it to be left to other than the spouse. My Mum says they always meant to do something about all this, but never got round to it and wants to know what options she has. Can only the will be changed or the status (or whatever) of the house as well?
Helios Creed
10-02-07, 12:07 PM
If you were winding me up, Rocket, I will come down there and put all your favourite things on high shelves. :grr:
Neil Young
10-02-07, 12:08 PM
:haha:
i'm not an expert, but i have some knowledge :handshake:
you can change a will after someones death, but there is a time limit, which i think is 2 years. Everyone who is in the original benneficiaries have to agree to the change.
inter spouse transfers on death are exempt from IHT , but then if you were to do that, you'd lose the 275k allowance, so makes sense to get rid of 275k worth of assets to kids and the like, then give the rest to the spouse.
houses are a difficult one, if you were to be given the house before death, you'd have to show that your parents were paying you rent
i'm not too shit hot on joint ownership of houses sorry :(
and with gifts in general, as long the person lives for 7 years after the gift is made, its outside the scope of IHT
:handshake:
Helios Creed
10-02-07, 12:30 PM
i'm not an expert, but i have some knowledge :handshake:
you can change a will after someones death, but there is a time limit, which i think is 2 years. Everyone who is in the original benneficiaries have to agree to the change.
inter spouse transfers on death are exempt from IHT , but then if you were to do that, you'd lose the 275k allowance, so makes sense to get rid of 275k worth of assets to kids and the like, then give the rest to the spouse.
houses are a difficult one, if you were to be given the house before death, you'd have to show that your parents were paying you rent
i'm not too shit hot on joint ownership of houses sorry :(
and with gifts in general, as long the person lives for 7 years after the gift is made, its outside the scope of IHT
:handshake:
Cheers Rocket, your stuff will remain safely within reach. :)
vBulletin® v3.8.7, Copyright ©2000-2012, vBulletin Solutions, Inc.