Pensions

[Rangie]

A little bit of commonsense at least,the tax threshold will be raised to £13,036 so pensioners on just the state pension to rely on will not be subject to income tax , still not been raised high enough in my opinion, I have read that according to financial experts it should be around £17,000. It will be adjusted each year to keep in line with any increase in pensions, I think that only applies whilst this mob are our leaders, so I won't hold my breath, the sooner they go the better.

They must have listened to you, Mick 

.

Indeed they must have, seemed pretty obvious to me in the first place.👍

[STEMO]

Although, reading this, I'm not sure it's for everyone:

However, Mr Healey is also expected to announce a rise in the tax-free allowance for low-income pensioners to £13,036. The move will reportedly cost taxpayers £200m a year by the end of the decade.

[STEMO]

According to my mate, Gemini, it's just gonna be for low income pensioners, like me. Not you, Mick 😂

[Rangie]

Yes I realised that Steve, so good for any pensioners relying solely on the state pension, but my other remark regarding raising the threshold level to £17,000 relates to all taxpayers that's what it should be approximately had it kept up with inflation. All they have to do now is sort out all the OAPs who receive just the basic amounts that should keep them busy for a while instead of sitting on their arses drinking coffee..😂

[STEMO]

Got my winter fuel payment letter today. £200, unless you earn £35,000 or more. If you do, HMRC will claw it back. Next year, if you earn more than £35,000, you won't be offered it.
Or.....if you think you don't need it, you can go online and opt out. Yeah, sure, I don't need it. Give to asylum seekers.

[Migv6 le Frog Fan]

I got my letter on Friday.
It says it will be paid into my bank, and then taken back through PAYE during the next tax year.
Pointless ! 

[tunnie]

Been a few months where I've not been able to view mine, taking their time in migrating it to a new platform. Moving to "LifeSight" it was with "Gallagher".

I've no idea if this is good or bad 

[LC0112G]

Been a few months where I've not been able to view mine, taking their time in migrating it to a new platform. Moving to "LifeSight" it was with "Gallagher".

I've no idea if this is good or bad 

The 'platform' is more or less irrelevant. All platforms have charges, whether they be fixed monthly, or percentage of investments, It's important to minimise these charges, and what's a minimum for one person might not be so for another. If it's a company pension, then the company might be covering the costs anyway.

But what really matters is the investments themselves. It's these that (hopefully) grow year on year.  So providing your 'money' has remained invested whilst the assets are being transferred from one platform to another, there shouldn't be any real problem.

Yes, it's annoying when you can't see the figures - my Prudential account access is off most weekends - but I wouldn't worry about it.

[tunnie]

When I log in and look at some of the performances of the fund value, at a glance it was a graph climbing up to ~20% over the past 12 months to show it's performance 

It climbed up to 5-7% dipped around March but over the past 6 months climbed to 20% 

For a little chuckle, I put my current pension pot into an annuity calculator and it suggested if I was 55 today I could get about £92k tax free lump sum and a 20k per year income. I'm quite happy with that given I'm currently 42 and assuming I keep my job I can continue to invest heavily for few years to come.

[LC0112G]

Annuity rates go up and down like whores draws. They're currently quite high compared to inflation, but no way of knowing what they'll be in 15 years when you are able to use the pot.

Looking at the value of your investments on a day to day basis is the way to madness. Just let the chips ride the table. If you know what you're doing, adjust the balance once or twice a year, but no more often than that. Chasing returns or trying to 'time the market' never works.

Historically, investments have doubled in value every 8-10 years. If that continues then at age 52 your 'pot' might be worth £700-800K, and at 62 it might be £1.4-1.6M.  You can't access it before you're 57 anyway, so just be content that you've got a very good start, and if you continue in that way you won't be skint in old age.

[STEMO]

In this world, at this moment in time, the first question should be "Will I, or anyone else my age, get to be 57?" Admittedly, it's always best to plan for it, but I wouldn't deprive myself too much. 

[Rangie]

One of my grandsons the 12 year old thinks it's fantastic that SWMBO & myself " get paid  " for doing nothing & don't have to go to work, it must be great to be young and think that's how life works, I have tried to explain to him what went before our present " lifestyle" but I don't think he believes a word.

[TheBoy]

One of my grandsons the 12 year old thinks it's fantastic that SWMBO & myself " get paid  " for doing nothing & don't have to go to work, it must be great to be young and think that's how life works, I have tried to explain to him what went before our present " lifestyle" but I don't think he believes a word.

Most people in places like the east side of Oxford have assumed you never need to work (ever) to "get paid" for generations 

[tunnie]

Annuity rates go up and down like whores draws. They're currently quite high compared to inflation, but no way of knowing what they'll be in 15 years when you are able to use the pot.

Looking at the value of your investments on a day to day basis is the way to madness. Just let the chips ride the table. If you know what you're doing, adjust the balance once or twice a year, but no more often than that. Chasing returns or trying to 'time the market' never works.

Historically, investments have doubled in value every 8-10 years. If that continues then at age 52 your 'pot' might be worth £700-800K, and at 62 it might be £1.4-1.6M.  You can't access it before you're 57 anyway, so just be content that you've got a very good start, and if you continue in that way you won't be skint in old age.

Thanks, yes, who knows what will be in 15 years. But I was pleasantly surprised and I at least feel I'm roughly on track. Assuming things stay the same.

One thing I am doing is year on year I increase my pension contributions by what ever % pay rise I get. So again assuming I stay for a while longer that again should help.

If I could get a 60k salary with a ~£1.4m pot from 62, I'd be very, very happy at that.

[tunnie]

One of my grandsons the 12 year old thinks it's fantastic that SWMBO & myself " get paid  " for doing nothing & don't have to go to work, it must be great to be young and think that's how life works, I have tried to explain to him what went before our present " lifestyle" but I don't think he believes a word.

Most people in places like the east side of Oxford have assumed you never need to work (ever) to "get paid" for generations 

Sadly many people think the state owes them everything and the whole world is against them. It's nothing to do with the fact they are not bothering to get a job