Anyone on here affected by this ?

Planned my personal pension years n years ago, now I'm told I have too wait another 5 years for it, cant take it at 50 no more but 55, I miss out by months on the cut off date, state pensions ect maybe but not meddling in personal ones. The cut off date is April 2010, i,m 50 (god old fart) in 2011.

Im not, but im havining trouble deciding if i should keep opted out of the second state pension thingy...

I'll be 50 in 2011 too! (I'm 45 today!) But I still plan to retire then. I've had a final salary pension since 1983. Who knows what will happen to that in the next five years. I wouldn't worry though. Things will change between now and then. It all depends which band of crooks is in goverment by then anyway! Nothing will deter me from my five year plan though. So I'm making investments elsewhere and not relying totally on my pension. It's too unpredictable!
Cheers
Jon

Many happy returns....... I actually would most probably not have taken the option at 50 but now it seems I dont even have the choice.

I've been told by my IFA that there are many benefits to A day.

Which translated means, he can make more money out of me and I have no choice in the matter at all.

Time for a career change, become an IFA or get the gun and visit Securitas

cant say much about A day since I'm only 30 and years off drawing a pension yet. Not to mention about 6000 miles if things go well....

However I used to work for Abbey Life and if you are over 50 and within say 5 years of drawing a pension it would PROBABLY be worthwhile to opt INTO SERPS. I'd advise you to get yourself along to an IFA asap.

Disclaimer: The sentiments expressed in this post are an opinion only and not nessicarily that of the author who takes no reponsibility in any way, shape or form for anything that happens from now on.

[Edited on 1/3/06 by DorsetStrider]

Since "retiring" from working in London, I've thought long and hard about my pension.

And decided to forget it.

Trouble with pensions is once money is locked away, it's no longer yours and if you die, you still get none of it.

I'll aiming to pay off mortgage, then with proceeds of second endowment buy another place to give me an income.

I may have to pay tax on income, but when I pop me clogs, so to speak, at least there will be another realisable asset.

ATB

Simon

Long live Gordon Brown (in hell) who taxed pensions and started this great f up in the first place.

[Edited on 1/3/06 by Simon]

I'm 50 in 2011 as well that news has really cheered me up......NOT

I'm 57 and already getting my pension. Happily swop my ancient bod for a younger one and all the worries about pensions. Any takers theoreticaly?

Thought not.

One pension already and some shares at 24. 'A' day is good for me as it means i'll be able to opt into the company (my second) pension scheme sooner (not been long with the firm) and both my pensions are/were healthily contributed to by my employers

Ned.

I will keep this short as the other job is in a LG ( local gouvernment ) pension fund Yes I know its a very rare final sallery Scheme .

Problem is that the little changes this time are nothing to what is likley to happen in 2008. Especially if Gordon Brown moves next door !

The main problem has been Gordon in the first place ( taxing investment returns ) the fund I work at is in very good shape considering the crap stock market over the last 4 - 5 years. Nearlly fully funded

All managed locally by in house investment team.

The thing that buggs me and alot of my collegues is.

I bet Gordon wont be afected by the changes he and his cronnies have brought in.

when I joined the Pension fund I joined on what I thought was a conract but this is a special contract that the gouvernment can change just so they can meet THEIR political choises.

Bloody Polititions spinning crap rather than dealling with a problem.

Anyway better stop before I really start ranting !!!


Agriv8

Simon, thats not correct.

Its very worthwhile to have a pension.

If you die THE WHOLE VALUE OF YOUR FUND gets paid to your wife or whoever you nominate. I for one dont want to sit around a candle for warmth as i lived for today and didnt think of tomorrow. I also dont want my wife to live in poverty if I die tomorrow or at 65 and one day.


quote
I'll aiming to pay off mortgage, then with proceeds of second endowment buy another place to give me an income.


are not endowments doing crap?






One advantage of opting out of S2P (serps) is that you can draw money from the investment from 60 - if you leave it in the SERPS it cant be touched until you are 65.

Problem with pensions tho is you need to pay in early or pay a lot in later life.

Jon - if you can retire at 50, you must have built up a healthy fund!

atb

steve

Sorry, but WTF is 'A' day?

quote:

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Jon - if you can retire at 50, you must have built up a healthy fund!

quote:

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I have some investments including some properties and I'll still have my income from my music, so I guess I'll be semi retired. I plan to at least be out of the rat race and the daily 9-5 or in my case 9pm -7am!
Cheers
Jon


[Edited on 2/3/06 by jonbeedle]

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