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MrXxx

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Posts posted by MrXxx

  1. To give an element of balance to this thread, IO were not always bad and many (before) paid off their mortgage with a bonus at the end. As a result, reasonably intelligent people 'accepted' these without thinking 'what if'; the devil is always in the detail and its human nature to look on the bright side.

    Unfortunately, as the rises/growth in equity have weakened, the endowment provider still made the same charges (and paid their staff a salary rather than 'payment by results'/commission; see Standard Life CEO recent salary for a good example!). They have also 'paid' their share holders the same (or even better) bonuses BEFORE supporting their customers; a good example is the SL 'promise guarantee' which was a guarantee with so many caveats/get-outs it was laughable/worthless!

    As for mis-selling, I think there was a time limit to apply to the ombudsman and so this has probably passed. As for government support, if it became a big issue I wouldn't be surprised if the government stepped in and used our taxes RATHER THAN ' biting the hand that feeds then' i.e. questioning the business models of the providers!

  2. OK, I don't want to make this a BREXIT page but it seems the majority of people has mentioned option 2 (emigration). Now to get emigration status to another country relies on several things i.e. skills, age etc. I am assuming that the majority of people would make the decision to FORMALLY emigrate post 30's due to becoming disenfranchised with the UK...questions/thoughts:-

    a) Will your 'choice' of where to emigrate be restricted/very limited due to the age implication?

    b.) Before Brexit we had a wide 'no stings attached' choice, thinking post-Brexit do people think this be be severely limited?

    c) In regards to a and b. above will the main restriction to emigration be based upon you ability to support yourself i.e. limited min funds to gain residency?

    d) Are things really 'greener on the other side' i.e. in UK in old age we have the security of free-healthcare and support services?

     

    Me?...considering option 2 but have yet to find the right place AND/OR be convinced that retirement elsewhere would really offer the benefits highlighted in d above...however much we complain about how [email protected]@y the UK is becoming.

  3. Not sure if anyone is interested but this site is really interesting (https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/lifeexpectancies/bulletins/nationallifetablesunitedkingdom/20132015).

    In one graph (fig 3) it explains why they have had to 'move the goalposts' and why (as 'they' haven't done any 'forward thinking') we are facing a pension crisis....compare male under 59 survivorship/deaths between 1983/85 and 2013/15....17% death vs 9% deaths, so 8% more men are surviving to claim pensions (assuming claiming at 60 I know), but you can see the pattern.

    Also compare this to women, 10% vs 7%...only a 3% difference.

  4. Goldbug/Iamnumerate...this is why its unfair:-

    Quote Mr Gauke “Combined with our pension reforms that are helping more people than ever save into a private pension and reducing pensioner poverty to a near record low, these changes will give people the certainty they need to plan ahead for retirement.”

    If we cannot rely (be certain!) on it not almost continually changing, how can we be responsible (our biggest financial mistake in my eyes) and make sufficient financial plans for our future?...OK, they cannot clawback a private pension contribution (although they can alter the taxation on it!) but if you plan for a Tax efficient final pension that combines a private and state component and then they 'move the goalposts' you could find yourself falling short of where you wanted to be.

    I think people like DurhamBorn have the right idea, if the system cannot 'play fair', play the system at its own game by 'giving' as little tax as possible AND (can't remember who it was), avoid 'topping-up' your NI contributions as you don't know if it will be worthwhile or just 'good money after bad'...with the new pension as long as you have more than 10 years contributions each further year is credited as a pro rata...I think the extra contribution would be 'safer' in a private pension or under the bed!

  5. Crashmonitor, I was of a similar generation/achievement but then went on to be one of those 5-10%...and I agree with your sentiments, the current system is not 'Fit for purpose' and with Modern Apprenticeships increasing (and the cost of being a self-funded student being the same) it will only be  a matter of time before some of our universities are Polys in all but name.

  6. It seems everyday that the pound goes up or down on the promise of a potential interest rate rise...and someone prior mentioned that these latest figures will be a convenient excuse for Carney not to increase interest rate, but has anybody any thoughts on such actions?...By this I mean, will thhe market get tired of "the boy who cried wolf" once to often and then start to ignore him/his statements.

  7. Following on from the sentiment that is starting with WotsThat and MartinX9 (and appears to come up quite often on here)....is the grass really greener elsewhere?.inced by lo..I can't start a new thread for some reason but would be interested to see if people think there is, where it is, why and most importantly, the evidence!...show me a country where you will be able to retire knowing that you will have at least a state pension, free healthcare and a relatively safe (depending on where you live) environment...I am not a patriot (far from it), but having lived/worked overseas I cannot see Utopia yet (but am willing to be convinced by supported argument)!

  8. In addition to the point made by Satch (yes I agree Newgi as an index asking prices are a complete waste of space), there is the 'Devil in their detailed' map....most areas (NW, NE, SW etc) are showing a drop...far better to report this data as 7 of 10 regions are showing a monthly drop or 3 of 5 areas are showing an increase rather than a crude average that as we know can be easily swayed by large/small outliers.

  9. Mmm, some interesting points.

    Firstly, 'Sandwiches'...you seem to have a victim complex...why did all the majority of the teachers 'pick on you'?...be a very strange school if they did that for now reason..."Here he comes, first day, we don't 'know him from Adam' we we are all going to pick on him and make his school life hell'...think there is probably more to this than 'meets the eye'

    Second point, I would advise the majority of school leavers to do a modern apprenticeship rather than going to university to get a degree...why?...some companies will pay for/send the apprentices to get a degree anyway, they will get paid from day one (and not have the expense of £9k per year), they will get valuable work experience (some universities are offering a professional training year now as part of a three year degree making it four years) AND the employer has 'skin in the game' and so will make sure that what their apprentice is doing is worthwhile. Finally, unlike apprenticeships years ago that were all practical subjects/vocational, many now are not.

    Finally, as for the Blues getting fees lowered, I can't see it...they have just introduced the TEF (Teaching Excellence Framework) for universities and as part of 'buying into this', the universities can increase their fees in line with inflation if they get a particular grade (although this has just gone out to review so may not actually happen).

  10. OK Everyone, I thought I might bring this discussion down to the level of the 'Common Man' :-)...and from some of the comments above (especially Exiled Matty and Phil321) am proposing the following... FRECRE (Financially Restricted Emotionally Content and Retire Early) :-)

    This is similar to FIRE except that some of the financial security (or luxury) is sacrificed for the emotional benefit i.e. enjoying a few extra years at the 'cost' of some of the 'fun' money. So my questions/thoughts are as follows:-

    1. The Rowntree Foundation (see  https://www.jrf.org.uk/report/minimum-income-standard-uk-2017) estimated that the average retiree needed £9998.04 pa to live on (couple =£14299.48pa)...that's to live, not survive and so would include food, fuel, CT, small leisure (cinema, odd meal, birthday presents) etc BUT assumed that mortgage was paid up/rent not included....what are people thoughts on this?...is it realistic for a comfortable/reasonable living and if not what sum do you think is realistic?....and that the FULL SP is only £8296.60pa!

    2. Thinking about the comments regarding state pension, do people think it will continue to be around but gradually eroded OR become means tested OR disappear completely (and is so how long do you think its got before it does?)...if the latter, I find it especially interesting that people would volunteer to pay additional contributions to increase their years (WICAO) above the minimum requirement (10 years), especially as whatever you have above the minimum can be used to give a pro-rata sum/pension.

    3. Finally, along the 'spirit' of FRECRE, is it best just to manage your funds i.e. PP and SP so that you are just below the personal tax allowance and then top-up with funds from savings from an ISA?...and then enjoy the extra years at a lower income level, rather than aim for FIRE with fewer years.

     

    Over to you folks.

     

     

  11. It makes me laugh (well it doesn't really) that immigrants always seem to be the focus of peoples frustration for the [email protected] the country is in...they do stop think for a moment WHO is responsible for the abuse of the system AND why these people are happy to let it carry on!

    As for immigrants coming here for the benefits, are they any worse than the 'chavs' that sit on the dole having NEVER done a days work in their life (and even some of their parents haven't either so they haven't contributed for their offspring!)...I have a cousin just like this who needs a good kick up the [email protected] benefits were contributory-based for a limited time then he would have six months of luxury before going hungry!

    ..and as for your kids education Count....the ones ruining it are the feral offspring of the chavs above, who disrupt (and waste) not only their education/opportunities, but those of your children...at least the immigrants VALUE the 'free' education and make good use of it...perhaps even becoming a service to society (whether in this country or their own)...what do the ferals give to society?...sweet FA!

     

  12. I think this is a great idea....All of those MP's SECOND London homes could be first, after all, I am sure they would want to be seen doing their bit for 'Community spirit', the inconvenience of a few months journey travelling into London for them would give them a 'new perspective' on the transportation network and I am sure it would help 'focus' their minds and make sure the issues of homing these people in a more permanent solution would be addressed ASAP :-)

  13. Time to 'vent my spleen' regarding this recent fiasco/election...why it shows 'The Political class' in their true light...and why we need reform.

    At the cost (supposedly £130M) of an unnecessary election (three years early) May is desperate to hold on to power YET if she 'uses' the DUP she will have to compromise on many points in her manifesto..the same ones that people voted for...how can this be tenable/allowed?

    All the naysayers against Corbyn and now saying what a fine leader he is...but should they really have not stood for THEIR constituencies under HIS governship?...Seems their jobs are worth more than their principles.

    Why now are the majority of politicians devoid of any real experience (both life and work) outside of the Westminster bubble...contrast this to the upcoming French elections wher the candidates have all had backgrounds outside of politics BEFORE they become politicians i.e. from Dustbin men to Fighter pilots...perhaps we need to make it a requirement of standing that you need to have had a minimum of ten years 'work experience' in a real job before standing for office.

    Finally, why can a party (Con) 'win' 317 seats with 27% of the votes (and have potentially won with only 28%) whilst those who chose not to vote/abstain made-up 20% of the sum?...we need proportional representation and a ruling that to gain power you should have say 60-70% of the vote either through outright winning OR coalition...

     

    No wonder the voting public feel disenfranchised at the moment!

  14. Been following this topic (and the whole Brexit/Remain) for a while and though I would just 'State the obvious'

    52% voted Brexit and the other 48% voted remain (and are continuallly calling for either another vote or a soft Brexit). The original 52% are happy to stay in the UK when it is outside of the EU and any of the Remainers proposals wouldn't allow them to do this. If the Remainers are so pro Europe they have the choice of another 27 countries to move to...the problem is, whilst they are sitting here moaning, time is running out to get enough years accrued for residency.....I can't help but see this as a mirror of the BTLers complaining about the impending S24 etc (and how its going to destroy their investment) rather than just putting their efforts into getting their properties sold at a good price and getting out before the SHTF!

     

  15. Fair comment Spectrum, I did indeed 'miss your point' (or misinterpret it).

    That said, how many of those top few % STEM academics from the REF return will actually be teaching the students?...If its a high % and/or they are teaching more than 20 hours a year then i will of course unreservedly withdraw my remark, and go and sit in the naughty step for 45 minutes.

    I bet it isn't many though is it? :-)

     

    BUT then I hear you say 'What about the TEF?...that will show future students the quality of teaching at our universities'...yes, like OFSTEAD did for the Primary/Secondary sectors and why after 30 years of 'tinkering' we are actually going back to Grammar schools!

    For those that dont know:-

    REF=Research Excellence Framework, a metric based basically on the amount of external grant funding universities garner and the quality/impact factor of their research output.

    TEF=Teaching Excellence Framework, a new metric to address the weaknesses of REF i.e. TEF tries to focus on the teaching quality rather than the research.

  16. Some insighful comments and also the usual 'Dail Mail' nonsense...so here is my 'Two Pence' worth:

    1. I agree with a previous poster, the 'Degree Education for All' was just a way to hide (postpone?) youth unemployment AND to allow large companies to 'duck' their responsibilities for training their staff.

    2. A degree doesn't just have to be about 'Getting the best (well paid) job'...it can also be about studying for the love of the subject and/or The Arts (that are also important in any society)....assuming of course you can afford the luxury!...this is where the old system (grants based) was better as those who were able but could not afford were still able to achieve.

    3. As an 'insider', the quality of students has decreased AND they lack the ability to think critically...this is partly as a result of Secondary Education that 'nurtures' them on 'getting the right answer to the right question'.

    4. Tertiary Education is now a business AND as a result 'allowances' are made to 'The Customer'

    5. Most university lecturers are like our politicians...they have no experience of the 'real world' yet think they can tell others 'what it is all about'

    6. Is a university degree (3yr) worth best part of £50k?...well, if you earn £25k pa and pay the minimum payback required by the SLC it would take 139 years, and this does not account for the compounding interest...does this sound like good value to you?...and as for doing a Masters/PhD...I advise all of my student that this crazy unless you want to stay in academia, which as a PhD is not easy (about 5% retention).

    7. The poster that question STEM's at USW, how wrong you are...the USW offers the aircraft maintenance engineering degree, the same one that RR/BAE used for their apprentices...oh, the same people that look after the planes that you will be flying on this summer to your holiday in 'The Costas' :-)

     

    I hate to look back with 'Rose Tinted spectables' but at least the old system of University (theoretical) and Polys (vocational) were fit for purpose!

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