Jump to content
House Price Crash Forum
Sign in to follow this  
djm1972

How About Allowing Taxed Withdrawal Of Trivial Pension Funds?

Recommended Posts

Back when I graduated; I got a job, thought it would be "for life" :rolleyes: and joined the company pension scheme without giving it a second thought - it just seemed like the done thing. Anyway, over the course of the next few years both the company, and the economy, turned to dust. No need for details; but over the course of mergers, acquisitions and other nonsense; I am now in the position of having this ridiculously complicated split-fund (to cover opted-in and opted-out nonsense) of about £13K.

It's all too complicated to be merged with a nice straight forward simple private pension and It's going to be worth next to nothing all by the time I retire. I could put it to far better use now if the Government would let me and millions like me to have back pathetic, complex little funds like this in order to clean up and reset our pension plans.

Or blow on a new car... <_<

Share this post


Link to post
Share on other sites

I expect a SIPP/Stakeholder/Personal Pension provider would be happy to deal with the hassle of transferring it. Mine certainly would, as they never tire of pointing out.

Share this post


Link to post
Share on other sites

I expect a SIPP/Stakeholder/Personal Pension provider would be happy to deal with the hassle of transferring it. Mine certainly would, as they never tire of pointing out.

There are rules that often forbid this regardless of how willing the pensione company are to receive the money

tim

Share this post


Link to post
Share on other sites

Back when I graduated; I got a job, thought it would be "for life" :rolleyes: and joined the company pension scheme without giving it a second thought - it just seemed like the done thing. Anyway, over the course of the next few years both the company, and the economy, turned to dust. No need for details; but over the course of mergers, acquisitions and other nonsense; I am now in the position of having this ridiculously complicated split-fund (to cover opted-in and opted-out nonsense) of about £13K.

It's all too complicated to be merged with a nice straight forward simple private pension and It's going to be worth next to nothing all by the time I retire. I could put it to far better use now if the Government would let me and millions like me to have back pathetic, complex little funds like this in order to clean up and reset our pension plans.

Or blow on a new car... <_<

I'm in a similar position. I've got 3 crappy little pensions from companies I worked for for from 2 to 4 years. The cost of administering these multiple small funds must make a serious dent in their already poor returns.

Share this post


Link to post
Share on other sites

This was actually the way successive governments since Thatcher (including Brown) actually designed the system - to make a moneyspinner for pension companies and ensure that its customers were shafted at every step of the way.

In other words, each government was the only stakeholder that could actually do something about the problem and like every successive government in recent UK history, they kicked it into the long grass for someone else to deal with.

Do you know how many years an MP has to serve to get the full pension? 12 short years to get a comfy RPI-linked £40k a year for life.

So now you know why they ignored the problem.

Share this post


Link to post
Share on other sites

I'm in a similar position. I've got 3 crappy little pensions from companies I worked for for from 2 to 4 years. The cost of administering these multiple small funds must make a serious dent in their already poor returns.

How wrong is this...yet another way the parasites are living off the hard work and future expectations of the people that work hard trying to do their best to secure their futures, to have it stolen form underneath their noses....it is an utter disgrace and very undemocratic.

......all right my future is assured 4 pensions paying total of £2000 pa after a lifetime of work. :ph34r: someone must be making from this....if not tell the truth, stop promising what cannot be delivered. :angry:

Share this post


Link to post
Share on other sites

There are rules that often forbid this regardless of how willing the pensione company are to receive the money

tim

The problem isn't that there are any rules banning this, but if you have a pension fund particularly from a final salary scheme, many pension providers will not accept a pension transfer unless you have received advice. If the fund is small it's unlikely that you will find an adviser willing to give advice as the compliance hoops they have to jump through means there is no money in it for them. If the pension fund is from another personal pension or stakeholder most providers will accept a transfer in order to consolidate arrangements.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 261 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.