Pensions

Tim Over Whelmed · Jun 29, 2016

Let's just say, for instance, a "friend" of mine was 55 years old this year. Say he was also getting bombarded with companies (IFAs) who want to give him advice on what to do next, is this because of the new rules on pensions or are they are trying to cash in on something or is there a very real need to do something?

I ask because "he" doesn't use an IFA, he, my "friend", knows anyone would be crazy to cash a pension at the moment given the state of the markets and he doesn't want to do anything with pensions for at least 10 years.

It seems like the new scam to fleece ... my friend!

Thunder Bolt · Jun 29, 2016

Martyn Lewis, the money saving expert, says avoid them, but look it up for yourself.

Boy Blue · Jun 29, 2016

I know if you've been on the dole all your life then you qualify for state pension but if you've worked and missed some N.I payments then you get **** all.

cirC · Jun 29, 2016

FREE

https://www.gov.uk/pensions-advisory-service

Poyningsgull · Jun 29, 2016

Boy Blue said:
I know if you've been on the dole all your life then you qualify for state pension but if you've worked and missed some N.I payments then you get **** all.

Don't be silly.......

Boy Blue · Jun 29, 2016

Poyningsgull said:
Don't be silly.......

It's the truth.

Diego Napier · Jun 29, 2016

Boy Blue said:
I know if you've been on the dole all your life then you qualify for state pension but if you've worked and missed some N.I payments then you get **** all.

Don't be silly.

Poyningsgull · Jun 29, 2016

You will need at leat 10 years of NI contributions to get any state pension, and a minimum of 30 years contributions to get a full pension. They don't have to be concecutive years.
Plus you can apply for pension credits if you are below a certain level.

KZNSeagull · Jun 29, 2016

Boy Blue said:
I know if you've been on the dole all your life then you qualify for state pension but if you've worked and missed some N.I payments then you get **** all.

Don't be silly

Poyningsgull · Jun 29, 2016

Tim Over Whelmed said:
Let's just say, for instance, a "friend" of mine was 55 years old this year. Say he was also getting bombarded with companies (IFAs) who want to give him advice on what to do next, is this because of the new rules on pensions or are they are trying to cash in on something or is there a very real need to do something?

I ask because "he" doesn't use an IFA, he, my "friend", knows anyone would be crazy to cash a pension at the moment given the state of the markets and he doesn't want to do anything with pensions for at least 10 years.

It seems like the new scam to fleece ... my friend!

It never hurts to talk to an IFA if the cost is reasonable. If he is truly independent he should not try you sell anything but point you in the direction of the best deals.

bhanutz · Jun 29, 2016

Tim Over Whelmed said:
Let's just say, for instance, a "friend" of mine was 55 years old this year. Say he was also getting bombarded with companies (IFAs) who want to give him advice on what to do next, is this because of the new rules on pensions or are they are trying to cash in on something or is there a very real need to do something?

I ask because "he" doesn't use an IFA, he, my "friend", knows anyone would be crazy to cash a pension at the moment given the state of the markets and he doesn't want to do anything with pensions for at least 10 years.

It seems like the new scam to fleece ... my friend!

Its probably because you can access your pension pot at age 55. If you are not planning to retire or don't need to access your pension, I would ignore. You may want to look at where your pension is invested and make sure it is in line with your objectives etc. Broadly speaking, the closer you are to retirement, your risk profile NORMALLY lowers...

Tim Over Whelmed · Jun 29, 2016

bhanutz said:
Its probably because you can access your pension pot at age 55. If you are not planning to retire or don't need to access your pension, I would ignore. You may want to look at where your pension is invested and make sure it is in line with your objectives etc. Broadly speaking, the closer you are to retirement, your risk profile NORMALLY lowers...

Thanks for that, yes, he'd arranged that, high risk in the early years, then moved to mid risk 35-40, and then low risk until 55 at which point it goes into a no-risk product. Guess people are right they make a % of the early pot, but as my friend doesn't need it until later it'll just roll into that. Thank you.

Tim Over Whelmed · Jun 29, 2016

Poyningsgull said:
It never hurts to talk to an IFA if the cost is reasonable. If he is truly independent he should not try you sell anything but point you in the direction of the best deals.

True, but this isn't "his" primary product in his pension pot. You're right though a good one should more advise than sell. Thank you

AmexRuislip · Jun 29, 2016

Tim Over Whelmed said:
Let's just say, for instance, a "friend" of mine was 55 years old this year. Say he was also getting bombarded with companies (IFAs) who want to give him advice on what to do next, is this because of the new rules on pensions or are they are trying to cash in on something or is there a very real need to do something?

I ask because "he" doesn't use an IFA, he, my "friend", knows anyone would be crazy to cash a pension at the moment given the state of the markets and he doesn't want to do anything with pensions for at least 10 years.

It seems like the new scam to fleece ... my friend!

Not sure if this may help

http://www.northstandchat.com/showt...ink-you-will-receive&highlight=Pension+advice

Biscuit · Jun 29, 2016

Boy Blue said:
I know if you've been on the dole all your life then you qualify for state pension but if you've worked and missed some N.I payments then you get **** all.

Don't be silly

drew · Jun 29, 2016

Boy Blue said:
I know if you've been on the dole all your life then you qualify for state pension but if you've worked and missed some N.I payments then you get **** all.

I assume you are now unemployed due to your position as Press Officer for the Leave campaign now being redundant!!!!

fat old seagull · Jun 29, 2016

If you have at least a decent six figure sum a competent IFA is my recommendation. Though I hate updates from mine because he might as well be talking Swahili, but he makes me more than he costs. .....I think, or at least he leads me to believe that's the case.

Since1982 · Jun 29, 2016

No doubt that pensions are complex and although I consider myself relatively competent when it comes to my finances I have deliberately chosen to get an IFA to help me with my pensions planning as I start to head towards retirement (hopefully!)

LamieRobertson · Jun 29, 2016

Tim Over Whelmed said:
Let's just say, for instance, a "friend" of mine was 55 years old this year. Say he was also getting bombarded with companies (IFAs) who want to give him advice on what to do next, is this because of the new rules on pensions or are they are trying to cash in on something or is there a very real need to do something?

I ask because "he" doesn't use an IFA, he, my "friend", knows anyone would be crazy to cash a pension at the moment given the state of the markets and he doesn't want to do anything with pensions for at least 10 years.

It seems like the new scam to fleece ... my friend!

Talk to Simmo he's a pension expert ...his wife has spent the lot :moo:

LamieRobertson · Jun 29, 2016

Since1982 said:
No doubt that pensions are complex and although I consider myself relatively competent when it comes to my finances I have deliberately chosen to get an IFA to help me with my pensions planning as I start to head towards retirement (hopefully!)

What's 'retirement'?

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