Quit Paying into pension scheme?

[borders]

I just wish that the CWU & the members could get together and threaten to transfer all
our pensions to another. That would f**k cable up with his 26 billion of assets

I'm just guessing Broxi ,but if you can vote out your manager, then if all pension stakeholders expressed a desire to transfer their assets to a new peoples bank then we could develop an alternative financial system
RBS is massive but a mere £8 billion secured public ownership, Just imagine the power of a public bank secured with the £26 billion assets of the RM pension fund

my imagination is going now Belial. a real peoples bank run by people all paid from top to bottom on a good average wage , no excessive gambling on the stock markets , no banking secrets from the public, good all round transparent banking practices ........ hang on thats the Co-Op bank isnt it ????

[RobertT]

Annuity's are bollocks and you know it ; returns decided upon by insurance assessors according to their discretionary evaluations,and non transferable ,so they go to Cameron when you peg it

But they are still the best bet for most people without a salary based pension, because they are the only product that guarantees an income for life, other than having a job I suppose.

True, but their returns are a bit like bank interest rates in so much as they are 'steady eddies'. The way to make real money is to buy low and sell high, that's where the 70% comes from. Unfortunately returns like that often only come from investing after a crash, at a time when many people don't.

Kin ell you is Mike Milkin ,Does it work if we all do it

If everyone did it then probably not, but there are opportunities out there, you just need a little bit of money and a bit of bottle.

[fishtank]

If everyone did it then probably not, but there are opportunities out there, you just need a little bit of money and a bit of bottle.

...and a loser....every winner needs one.

[RobertT]

If everyone did it then probably not, but there are opportunities out there, you just need a little bit of money and a bit of bottle.

...and a loser....every winner needs one.

Not necessarily.

[fishtank]

If everyone did it then probably not, but there are opportunities out there, you just need a little bit of money and a bit of bottle.

...and a loser....every winner needs one.

Not necessarily.

You can't make money Robert...you can only take it from other people.
It doesn't matter if that is joe public,the Government or a faceless pension fund...somebody has to lose.

[RobertT]

You can't make money Robert...you can only take it from other people.
It doesn't matter if that is joe public,the Government or a faceless pension fund...somebody has to lose.

Ok that's true to a certain extent but the people who lose money with shares, houses or whatever else are those that buy and sell at the wrong time. The people who make money do the opposite!

[dvbuk55]

Well far be it from a penniless spendthrift like me to comment but who makes money when the arse falls out of the market and house prices plummet, banks go bust and are hauled out of the doodoo by the tax payer, who then pays through the nose for increased VAT, fuel charges and increased prices, when the interest in whatever savings you have wouldn't buy you a pint

My Mum was right God Bless her, I should have stayed out of the snooker halls and paid attention in skool.

[fishtank]

Well far be it from a penniless spendthrift like me to comment but who makes money when the arse falls out of the market and house prices plummet, banks go bust and are hauled out of the doodoo by the tax payer, who then pays through the nose for increased VAT, fuel charges and increased prices, when the interest in whatever savings you have wouldn't buy you a pint

No-one made money...but a lot of people took money from the system when the arse fell out of the market....from the people who could afford to lose it least...joe public and from the place he could afford to lose it least...his pension pot.
With money there are givers and takers...but no makers.

[RobertT]

Well far be it from a penniless spendthrift like me to comment but who makes money when the arse falls out of the market and house prices plummet

The best time to buy anything is when prices are low, so if you lose money in a crash, that is the time to put another chunk of money in and wait for things to recover.

No-one made money...but a lot of people took money from the system when the arse fell out of the market....from the people who could afford to lose it least...joe public and from the place he could afford to lose it least...his pension pot.
With money there are givers and takers...but no makers.

Rather than givers and takers, in my opinion, there are people who make money and there are people who lose it.
Shares prices are similar to house prices as they are both driven by market forces. So if there's more buyers than sellers, prices go up and the opposite is also the case.

Each share/house purchase can make or lose money depending on the market conditions at the time. The people that lose are the people who buy or sell at the wrong time.

[borders]

just another form of gambling, get shot of the stockmarket , i say.....

[dvbuk55]

I like RobertTs' explanation of generating personal wealth,which is to buy low and sell high, however..............if you've already bought when the arse falls out of the market, you must be losing money and so you buy more with what,............. borrowed money? Either that or you are extremely wealthy in the first place.......................in which case you probably end up as a recluse, in a shabby mac, in a house full of newspapers, wrapped in brown paper to keep warm and leave a fortune............whilst eating cold baked beans for breakfast.Sad really.

My grandparents weren't wealthy people, they had both retired by the time I was born in 1946......they were frugal in the sense that they were self sufficient, grew their own fruit and veg, kept and killed sheep, pigs, chickens and baked their own bread and cakes and pickled anything they couldn't use. They never owned their own home. I once asked them if they were concerned about their funeral, my grandfather said, "Boy, nobody has ever been left unburied" - he died in 1972 aged 96 and he was right.

[RobertT]

Either that or you are extremely wealthy in the first place.......................in which case you probably end up as a recluse, in a shabby mac, in a house full of newspapers, wrapped in brown paper to keep warm and leave a fortune............whilst eating cold baked beans for breakfast.Sad really.

lol

My grandparents weren't wealthy people, they had both retired by the time I was born in 1946......they were frugal in the sense that they were self sufficient, grew their own fruit and veg, kept and killed sheep, pigs, chickens and baked their own bread and cakes and pickled anything they couldn't use. They never owned their own home. I once asked them if they were concerned about their funeral, my grandfather said, "Boy, nobody has ever been left unburied" - he died in 1972 aged 96 and he was right.

The difference between your grandparents and pensioners of today, is back then the state pension was enough to live on, maybe not a lavish lifestyle but still enough. Today it's not and for many people, me included, the state pension age has increased and will probably go up again. So with final salary and decent company pensions going down the pan it's left to the individual to save for their own retirement.

[dvbuk55]

I'll bet if you told my Grandma and Grandad they had enough to live on without the support of the family, they would have disagreed with you. They also washed clothes by hand and had none of the modern things that people can no longer do without. They certainly never ate out, or went on foreign holidays or had a car or central heating. You know looking back to the late 50s it was 1957 when we first had a B&W TV and so later we rented one for my Grandparents. Rental was the thing then nobody owned a TV. My Grandma made a square cover to go over the whole TV because she was under the impression that if you could see them they could see you.....................and I can tell you I wasn't going to be the one to tell her any different.

[fishtank]

The difference between your grandparents and pensioners of today, is back then the state pension was enough to live on, maybe not a lavish lifestyle but still enough. Today it's not and for many people, me included, the state pension age has increased and will probably go up again. So with final salary and decent company pensions going down the pan it's left to the individual to save for their own retirement.

i think what has changed is peoples idea of what a comfortable retirement is.
No-one now want's to settle for the quite life of walks with the dog and reading a good book.
Now it is constant saga holidays.plasma T.V.'s,Sky and 24hr bingo and of course what they want is enough income so that they don't have to touch that nest egg.
...because the nest egg is needed to help the children/grandchildren on to that ever mobile property ladder so that they can start the whole cycle again.

[genesis]

Your grandfather would have been 71 or 72 when the old age pension as we know it was introduced 1948, there were pensions before but I dont think they paid out very much,when a pension was first introduced about a century ago it was 20 pounds a week in todays money and you had to be seventy to get it!