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| Minister: Retired 'could be given right to sell pension' http://x404.co.uk/forum/viewtopic.php?f=19&t=23151 |
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| Author: | pcernie [ Sun Jan 04, 2015 10:31 am ] |
| Post subject: | Minister: Retired 'could be given right to sell pension' |
http://m.bbc.co.uk/news/uk-politics-30670639 I can't help wondering if it's thought we'll pension spend our way out of austerity or something. |
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| Author: | jonbwfc [ Sun Jan 04, 2015 11:18 am ] |
| Post subject: | Re: Minister: Retired 'could be given right to sell pension' |
So we've reached the point where they're only about one step away from actually selling your granny. There's no possibility of this blowing up into a massive PPI style mis-selling scandal about 10 years after they bring the legislation in, no, not at all. |
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| Author: | MrStevenRogers [ Sun Jan 04, 2015 8:37 pm ] |
| Post subject: | Re: Minister: Retired 'could be given right to sell pension' |
for someone with a small pension that had no choice in getting this pension ie. opting out of SERPS in the 80's having a private pension for a few years before the business went bust, so on and so forth. this is very good news as you can get a cash lump sum (- taxes) which would add up to bugger all when retired as a payment and remember any private pension payments are, pound for pound, removed from any state pensions entitlements all Govt's over the last 20 or more years have made it not very worthwhile for any or all basic private pension plans better to get the cash (whatever amount) lump sum to at least clear some debts ... |
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| Author: | l3v1ck [ Tue Jan 06, 2015 9:37 am ] |
| Post subject: | Re: Minister: Retired 'could be given right to sell pension' |
I've approved of recent changes to pesion law. The fact you don't need to be ripped off with an annuity anymore is a very good thing. But selling your pension? A step too far. |
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| Author: | hifidelity2 [ Tue Jan 06, 2015 11:55 am ] | |||||||||
| Post subject: | Re: Minister: Retired 'could be given right to sell pension' | |||||||||
The selling of the pension is to allow those who already have an annuity to have the same flexibility as those who do not need (under the new rules) to take one out |
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| Author: | big_D [ Tue Jan 06, 2015 12:31 pm ] |
| Post subject: | Re: Minister: Retired 'could be given right to sell pension' |
So: 1. take lump sum 2. place it on black 3. comes up red 4. ... What happens when the money is gone? Buy that Lambo, drive it into a lampost and then realise you need to sell it to pay for food and heating? |
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| Author: | jonbwfc [ Tue Jan 06, 2015 1:44 pm ] | |||||||||
| Post subject: | Re: Minister: Retired 'could be given right to sell pension' | |||||||||
Then, in the Uk at least, you're stuck with the basic state pension, will probably have a pretty awful time of it and will have quite some time to consider how much of an idiot you were. What if someone spends all their wages in the first week of the month? We expect people to have a very basic level of financial probity and if they don't then it's their own problem. |
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| Author: | big_D [ Tue Jan 06, 2015 1:59 pm ] |
| Post subject: | Re: Minister: Retired 'could be given right to sell pension' |
I can't wait until I retire... That will be "fun". A partial British state pension, a partial company pension, partial German state pension and a German Riester pension. It will probably work out as 4 quarters of sod all... |
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| Author: | l3v1ck [ Tue Jan 06, 2015 9:31 pm ] |
| Post subject: | Re: Minister: Retired 'could be given right to sell pension' |
By the time I retire the British state pension will probably be officially four quarters of sod all. |
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| Author: | hifidelity2 [ Wed Jan 07, 2015 8:40 am ] | |||||||||
| Post subject: | Re: Minister: Retired 'could be given right to sell pension' | |||||||||
Well yes they could do that but if someone has saved for retirement then they should be allowed to do what they want with their money (just as they could with their salary) But let say someone has a small pension paying an annuity of say £30 / month (and you would be surprised how many people have a number of small pensions) . If they are 65 (so expected to live for another 20 ish years then they may get £5500 - £6000 if they sell it. (assuming someone will give approx 80% of the 20 years worth of premiums - if you are a Co buying thousands of small pensions you can work on average life expectancy and you are getting a 20% return over the years). The seller gets a lump sum and with they thresholds of state pensions/ benefits may not be worse off at all / month |
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