Armed Forces Pension transfer case
- Thread starter kimh
- Start date
Stevie/P
Well-Known Member
Disgusting behaviour I lost 15k in a pension fund 2003 needles to say I closed it down and withdraw the remaining ever since I’ve taken care of my own money I trust no one with my money.
I'm lucky to have a final salary pension, these days an increasingly rare thing.
To provide a pension otherwise seems to me to be a complicated and not very profitable enterprise. Maybe you are best sorting it out yourself rather than trusting some firm (who will inevitably want to make money out of it) but not that many of us have the knowledge of the rules and where to invest. And, of course there's those who would just fritter it away over time.
To provide a pension otherwise seems to me to be a complicated and not very profitable enterprise. Maybe you are best sorting it out yourself rather than trusting some firm (who will inevitably want to make money out of it) but not that many of us have the knowledge of the rules and where to invest. And, of course there's those who would just fritter it away over time.
Rake Aboot
Well-Known Member
This is nothing to do with the forces etc
This is another in a long line of cases where bad acting financial advisors convinced people to transfer out of DB pensions into DC pensions and ripped of millions in commission at the same time
There have been thousands of these cases.
Not all transfers are bad , some offer an unbelievable increase in future income but only for a few.
For an insight , google British Steel and St James Place.
This is another in a long line of cases where bad acting financial advisors convinced people to transfer out of DB pensions into DC pensions and ripped of millions in commission at the same time
There have been thousands of these cases.
Not all transfers are bad , some offer an unbelievable increase in future income but only for a few.
For an insight , google British Steel and St James Place.
Could you tell me more about why & In what way ? Pm if you like. I have an old works pension wich has been increasing nicely & I was thinking of topping this up. I already have a seperate works pension that I add voluntary contributions to.
Deermanagement
Well-Known Member
Most if not all of the people I worked with have done ok or even well after transferring out from the British Steel DB scheme.
In my case, a no brainer, did it around 5 years ago and would do the same thing again today.
Although the DB pension was supposed to be gold plated, it actually meant that yearly increases were limited in my case to 1.25%
On top of that, anything happen to me, spouse would have only received 50% of the annual pension. Anything happened to her, there’d be nothing for the children, all hoovered up by the scheme and government eventually.
The private pension has done very well, to the point where I know have to look at ways of reducing it drastically so to avoid the children having to pay .govs new rules on pensions, grabbing 40% where there was nothing to pay previously
The farmers are complaining about 20% over and above a million, whilst this grab is 40% of everything
Not so much mentioned about that but in essence will affect so many more people who leave a pension alone let alone one with a property
Can you imagine how a farmer who’s put into a private pension to see themselves through retirement and maybe leave a lump to family
They may have paid in a large amount of their income into a pension only to find the soviet republic of the UK, want 20% of their farm and 40% of their pension
What a f’d up immoral bunch of idiots we have running this country at the moment
Rake Aboot
Well-Known Member
You are in exactly the same situation as myself thenMost if not all of the people I worked with have done ok or even well after transferring out from the British Steel DB scheme.
In my case, a no brainer, did it around 5 years ago and would do the same thing again today.
Although the DB pension was supposed to be gold plated, it actually meant that yearly increases were limited in my case to 1.25%
On top of that, anything happen to me, spouse would have only received 50% of the annual pension. Anything happened to her, there’d be nothing for the children, all hoovered up by the scheme and government eventually.
The private pension has done very well, to the point where I know have to look at ways of reducing it drastically so to avoid the children having to pay .govs new rules on pensions, grabbing 40% where there was nothing to pay previously
The farmers are complaining about 20% over and above a million, whilst this grab is 40% of everything
Not so much mentioned about that but in essence will affect so many more people who leave a pension alone let alone one with a property
Can you imagine how a farmer who’s put into a private pension to see themselves through retirement and maybe leave a lump to family
They may have paid in a large amount of their income into a pension only to find the soviet republic of the UK, want 20% of their farm and 40% of their pension
What a f’d up immoral bunch of idiots we have running this country at the moment
**** the taxman. I’m not leaving it for him to rob so I’m looking at how to either use it or take it out his reach.
Deermanagement
Well-Known Member
Needs some research and I’m vaguely aware of some methods, but they’ll all be forced not by choice. I was happy to leave the kids with something that I would have liked when I was young.
Like you, I’m going to try and reduce as much as possible, any amount the taxman can get his grubbyhands on to pay for the added 10 million, likely illegal migrants.
I will PM you later, and will give you an email address. Any way of reducing and/or removing pension assets (legal of course), that I find, I’ll pass on
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