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Messages - LC0112G

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1
General Discussion Area / Re: Brexit negotiations
« on: Today at 16:14:48 »
In fact much of our "Sovereign Parliament's" time is spent rubber stamping EU directives, laws, rules and regulations onto to statute book.  It was estimated by the House of Commons Library that approximately 60% of parliament's time is spent this way.

Now that might be your idea of a Sovereign Parliament, but it sure as hell isn't mine!

Our elected MEP's, the UK government, and the HMG Appointed Commissioners are involved in every step of every EU law. These laws don't get to the point of 'being rubber stamped' until/unless HMG agrees to them. The idea that we are rubber stamping laws into the UK statute book with no say in the process is bogus.

However, even once the laws have been agreed, and entered into the EU rulebook, Parliament is still sovereign. It can vote to obey the the laws it has previously agreed to, or it can vote to scrap the whole lot and leave the EU. What it cannot do is pick and choose which laws it wants to obey, and which it wants to ignore. That's been the leave camps problem all along - they think they can have tariff free trade with the EU, tariff free trade with the rest of the world, and no freedom of EU movement, and no EU financial contribution.

Whilst we are in the EU there is nothing to stop us 'just saying no'. No additional money, no Euro, no EU army, no loss of rebates, no new EU laws, etc. But once we leave, we lose all that, and chances are we'll have to follow any new rules they dream up without having a say in any of it.   

2
General Discussion Area / Re: Brexit negotiations
« on: Today at 14:32:59 »
That sounds very reasonable legally , however when you are dealing with people I would maintain that a marginalised "naughty child" UK versus 27 united countries would soon see whatever changes they wished. At best we would be a second class or possibly in our unique third class as a member country. Human nature is not to forgive and forget however much we might like to believe it is.  At the very least there might be an EU veto put on us to never have another referendum ;D ;D

The UK parliament is sovereign. It can hold any referendum it wishes.

And no parliament can bind a future parliament. So even if the current parliament passed a law to ban a future referendum, a future parliament could repeal that law and hold one anyway.

3
General Discussion Area / Re: Brexit negotiations
« on: Today at 14:21:42 »

the problem is that the Genie is out of the bottle never to go back in.

A friend has been having a go today and told me BREXIT  should just be cancelled, forget the whole thing he said.  ::)

My reply that the EU would screw us even more if we try to backtrack, IE the rebate would go, they'd try and force us to take the Euro, and all the opt out's and vetoes would go as well, (all of which would have evenually happened anyway had we voted to remain,) clearly hadn't occurred to him.

I don't think it has to most remain minded people either.  :-X

I've explained to you before why that's rubbish. Yet you continue to peddle it. Why?

We can either unilaterally revoke Art 50, or we cant. The ECJ is apparently due to hear the submissions on Nov 27th, with a ruling expected before Christmas. 

If the ruling is that we can revoke, and we do, then all the existing arrangement remain in place. It's then up to us if we want to give up rebates, opt outs etc in the future. I expect we'd have to contribute to the EU's costs of our failed BRexit, but that's it.

If the ruling is we can't revoke, then we either leave with no deal, leave with some version of the current TM deal.   

4
Omega General Help / Re: Vibration in rear when turning
« on: 12 November 2018, 11:58:59 »
If you open up the diff you'll find it's basically 3 parts -

1) the input drive pinion (leave this alone)
2) the crown wheel
3) the "centre"

The crown wheel bolts to the centre, whilst the centre contains all the LSD gubbins. So....

If you get a good LSD from a scrappy but the gear ratio is wrong, then you can just open up your existing diff, whip out the centre+crown wheel, swap the crown wheel onto the centre from the good diff, and re-assemble. This means you're using your old pinion and crown wheel (so the gear ratio is the same) but a new LSD centre.

Obviously there is a bit more to it than that, and you must ensure the backlash and side bearing preloads are correct on re-assembly.

Disclaimer - I've not done an Omega diff but I am in the middle of doing a Lotus Carlton one (which uses cones not plates) so the internals are similar. Hopefully it'll be going on the car this weekend.

https://www.aussiev8.com.au/driveline-suspension/71923-btr-m78-diff-question.html

5
Omega General Help / Re: Vibration in rear when turning
« on: 12 November 2018, 11:12:14 »
My understanding is that once the LSD plates are damaged they are basically scrap, and there isn't much you can do to fix them except replace.

The LSD plates can warp or become pitted. Warping happens when the oil gets too hot. Pitting is caused by micro welding where the heat of the slipping diff causes the plates to instantaneously weld together and then break free again. This roughens the surface and causes more heat/micro welding/pitting. Ultimatley it's down to the oil breaking down or no/insufficient friction modifier.

Replacing the oil can help quieten things down again for a while, but it can't fix any warping or pitting.

It's also possible that one of the bearings inside the diff is damaged, but you'd expect that to show up when driving/accelerating/overrunning straight and level too.

6
Omega General Help / Re: Vibration in rear when turning
« on: 08 November 2018, 22:08:11 »
Might also be worth replacing the oil in the diff if it is a LSD.
Be sure to use a mineral oil with the GM LSD additive.

^^^ This ^^^

And you MUST use the additive. The additive is a friction modifier which allows the diff plates to slide smoothly over each other. If you don't use the additive the plates release and grab suddenly, which isn't good for any of the LSD gubbins. It causes the plates to get very hot and wear rapidly, and ultimately this wrecks the LSD.

7
General Discussion Area / Re: Investment question.
« on: 24 October 2018, 13:34:44 »
Talking BTL in front of LC0112G will get you knuckles rapped you know ;) (I joke, he makes very valid points re. Tax). Seriously though, my personal view is that they have their place but as said, research heavily, and if done right they aren't an investment, they're a business.

^^^This^^^

The days of buying a "cheap" terraced house and renting it out for large profits are gone IMV. It's still possible to get 'lucky' (crossrail), but the tax climate has changed dramatically over the past few years, and there is a budget to look forwards to next week as well.

8
General Discussion Area / Re: Investment question.
« on: 23 October 2018, 22:58:01 »
Even 8% would see an income of 3800 ;)

You need to distinguish growth during the accumulation stage from growth during the drawdown stage.

During accumulation you can ride the rollercoaster and accept more risk for greater probable return. Some IFAs I know aim for 10% p/a on their own portfolios, but would be strung up by the goolies (by the regulators) if they put customers money in such a risky portfolio. Aiming for more than about 8% simply isn't allowed.

However, during the drawdown stage it is considered best to switch out of high risk, high return stuff in favour of steady eddy stuff which is much less volatile. It won't grow as much, but on the other hand it won't drop much during a stock market crash either.  Once you switch out of the high risk/high return stuff the returns will drop from 8% to perhaps only 4%.

It would be fair to say that my portfolio is very aggressive... Very little cash and no bonds, and only about 3% in greater europe.

My best performing fund is Black rock European Dynamic. Up 135% in 9 years. I also hold funds in China and India up by similar amounts. One pension pot invested in various global funds rose by over 40% in one year - 2016. Did something happen in 2016? ::)

BTW does a 3% annual deposit increase offset 3% annual inflation?

Basically yes. It's a rule of thumb. Some providers allow automatic increases linked to CPI, or RPI or Wage inflation.

9
General Discussion Area / Re: Investment question.
« on: 23 October 2018, 18:20:20 »
Your household income, so if you take home 2k a month, that would be 300...

I believe that pension calculators under estimate the pot value/market performance, and make no allowance for any specific portfolio.

Using a compound calculator I get anything from 127-145k if it makes 7% and 549-714k  if it averages 14%...

Depending on retiring at 65 or 67 and me not adding to current pot.

Paying in 250 a month with a 3% annual increase sees that rise to 343-406k at 7% and 1.08m to 1.48m at 14%

Worst case, I do nothing more and run out of money aged 83 on 1k pm, paying 250 pm will see me to 90/92 at 1,750-2,100 pm at 7%.

14% growth will give me an income of 10k- 13.75kpm to 90/92.

The lower number assumes drawing on pot at 65 vs 67, and drawdown income is gross and assumes the same growth rate as the original investments. It also does not include state pension.

No-one would plan on 14% returns nowadays. Even 7% is considered aggressive.  An IFA has to work with rates prescribed by the regulator, and I think they're cautions = -1%, average = +1%, aggressive = +3%. I agree these are overly pessimistic, but whilst 14% may be possible you'd have to be very very lucky. Most would pick a year on year growth rate between 4% and 8%.

10
General Discussion Area / Re: Investment question.
« on: 23 October 2018, 18:14:13 »
Nothing to prevent her from moving all of them into a SIPP or similar, with the added benefit of being able to control the investments ;)

Incidentally, is 15% of household income a reasonable pension contribution?

You need to work backwards. Work out what you think you'll need to live on per year when you retire. At that point you need a big enough pot such that the income from the pot gives you your required income. Income from the pot is a bit finger in the air, but 3-4% above inflation is the kind of rates I plan on. So if you'll need (say) 20K income in retirement, 8500 comes from the SP, you need enough pot to supply the other 11500 p/a, which at 3% means you need a pot of about 383K at your SP age.

Between now and your SP age you need to accumulate (say) 400K to be safe. If you invest evenly between the ages of 27 and 67 (40 years), and if you achieve investment return rates similar to the long term average of 5% + inflation, then you need to be putting away about 260 per month. If you start saving later you'll have to put more away. If you don't start till you're 37 (so 30 years) then you'll need to be putting more like 480 per month. Start at 47 and it's 730 per month. You're 47 year old self will thank your 17 year old self if you started then - it'd only need 150 p/m.

If you want to retire earlier you'll have to put more away, or start earlier. If you want more income, you'll have to put more away, or retire later. If you never put anything away you'll be living your old age in abject poverty.

11
General Discussion Area / Re: Investment question.
« on: 23 October 2018, 15:52:26 »
Not qualified in any way, but I do take a keen interest in tax/pensions. Usually get the chancellor to give me about 2K back every year :-) But the more you know the more you realise you don't know.

Tunnie, hopefully the thing that an IFA will try and drum into you is how tax efficient pension income is in retirement if it's spread equally between two of you, rather than all from one person. You both have a tax free allowance of 11850, and that will apply to pension income too. So take the following two scenarios...

1) You have a pension income in retirement of 23700, but the wife has nothing. You get the first 11850 tax free, but then pay 20% on the rest - so 2370 tax. That means your family income is 21330 p/a.

2) You have a pension income of 11850, and the wife has a pension income of 11850 as well. Neither of you pay any tax, so your family income is 23700 p/a.

Not difficult to see that given the choice, spreading the pension savings as equally as possible between the two of you is more efficient - up to 2370 more efficient - than all the pension being in your name, and none in the wifes. Enough for a 'new' Omega every 3-4 months. ;D

You can both currently start to draw the pension down at 55 - though that may increase to 57/58/60. Your state pension (8500 ish currently) will be at 67/68/70. So as an absolute minimum you should be thinking of ensuring that your wife has 35 years NI, and a separate pension pot large enough to bridge the gap from the SP to the PA (11850-8500 = 3350 ish) at SP age. That'll require a pension pot in excess of 110K. If she want's to retire before SP age, then she'll need more to cover the gap.

It's unlikely she'll be able to pay into any past pension pots if they were company pensions.

12
General Discussion Area / Re: Investment question.
« on: 23 October 2018, 14:11:50 »
Options 1 & 3 wouldn't be my first choices. Ever.

1) would be first choice once the kids are old enough (youngest = 14) such that she doesn't qualify for NI credits by virtue of the CB registration.

3 possibly if I had a permanent live in Nanny but not really appropriate for a wife.

3) is obligatory if you employ a Nanny. As an employee you must enrol them in a pension scheme, and comply with all employment legislation.

I believe Mrs T hails from the green isle, but not sure which end, hence my mention of that ;)

Ahh, I see, One of the dangers of commenting on things without knowing all the facts.

13
General Discussion Area / Re: Investment question.
« on: 23 October 2018, 13:39:40 »
Re Mrs T, is she a fully fledged citizen with British passport and NI number?

My replies assume she's legally registered in the UK and has NI/Tax status.

There's probably three ways you can deal with her... In no particular order.:

1. You pay her full NI to ensure she has full access to state benefits.

Probably not necessary. If you're registered for child benefit then she will be credited with NI even if she's not paying any NI. Even if your earnings are above the child benefit cutoff (50K-60K) you can still register for CB even if you don't actually claim it.

2. You combine all your finances into joint account(s), work to a household budget and each have individual term life insurance along with separate pension plans. If you can, file a tax return as a married couple filing jointly.

Tax is always personal. There is no option to do a joint tax return. The only thing you can do is transfer some of her unused personal allowance to you.
https://www.gov.uk/apply-marriage-allowance

3. You pay her as an employee and her employer contributions (including work place pension and NI) and she pays income tax and NI as an employee from her wages.
Possible, but very unlikely to actually save you money and involve a shed load more documentation/red tape.

14
General Discussion Area / Re: Investment question.
« on: 23 October 2018, 13:23:39 »

Ok. Next plan then. Does your wife work? If not, (or even if she does but earns bu99er all), she can pay up to 2880 p/a into a private pension and the govt will gross it up by 25% to 3600. Since she is 60+ she can then "cash it all in" again and take the whole lot out tax free, assuming her income is less than 9900 this tax year.

You can do the same providing you are 55 or older, and you earn 9900 or less.

So that's potentially 25% 'interest' on 5760 with a cast iron Govt guarantee, and you won't get anywhere close to that anywhere else. Rinse and repeat next year and the year after and the taxpayer will have given you and the mrs 4320 "interest" :D

I'm now joining the few people here investing, as Sky sale has now fully completed for me.

This spiked my interest, my wife does not work I support her and our 2 children with my salary. I "pay" her a sum each month for day to day stuff she needs to buy for the family, is this classed as an income?

No. Income has a fairly narrow definition, and basically means money you receive from an employer that you pay tax and national insurance on. For instance, income from a BTL does not count, and nor does pension income.  If your wife has no relevant income, then she (you) can (should IMHO) pay in 2880 per year, and the govt will top this up to 3600.

How do these private pensions work, do you just contact them directly? I would be concerned about them going bust over 50 year life time to ensure money is protected?

You pick a pension/SIPP provider - HL, III, Fidelity etc. They provide the SIPP/Pension account, often called the "wrapper" or "pot". You then pay cash into the pot, and the pension provider reclaims the tax from HMRC for you. For every 80 you pay in they reclaim 20 from HMRC. So you end up with 100 cash in you're pot. You then choose what shares/funds/bonds you want to buy with that 100. If you want advice on what shares/bonds/funds to buy, then you either read up yourself, or pay someone (an Independent Financial Adviser IFA) to manage the account for you.

Once you've paid the money in, there is NO LEGAL WAY to withdraw it until you reach minimum retirement age - currently 55 but may rise to 57/58 in the near future. So don;'t put any money in that you may need before then. The money in the pension cannot be used as security for a loan, or a house deposit, or anything till you're 55.

If your pension/SIPP provider goes bust, then you still own the funds/shares/bonds that are in the 'wrapper'. It'll be a mess for a while whilst it's all sorted out, but your investments will be safe. They are held in trust for you - they aren't part of the assets of the pension/SIPP provider.

However, if you buy some shares in a dodgy company (Poly Peck, Carrillion, Northern Rock, Sky  ::) )  and that company goes bust, then you will loose your money. That's why it's important to invest across a wide range of companies in a wide range of industries around the world.

Mate of mine lives up Norf near Darlington, I could easily get a buy-to-let out there, that would give a much better return.  :-\

Unlikely.

15
General Discussion Area / Re: Save 20 on ALDI air compressor
« on: 23 October 2018, 09:30:49 »
That garage simply does not have enough crap in ;D

I was thinking more that, if I tried that, I'd just lift the bench off the floor because it's not bolted down ;D

Yep, that happened. I had to bolt the diff to the bench and then time my swings on the arm so that the bench 'landed' between heaves. It's quite a heavy steel framed bench, and I calculated the torque required to undo the retainers was circa 2500Nm. If you look at the plank of wood in the background - that's 8 feet long and 2 inches thick. It split when I had the diff bolted to it.

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