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Unlock Your Pension! What The F***!

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I have noticed on ITV teletext for the last few days there is an advert flashes up on the front page (page 100) that is advertising that you can unlock your pension now to free up some much needed cash, what the hell are they trying to do to people? Is there no limit to how low these scumbags will go to ruin people?

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I have noticed on ITV teletext for the last few days there is an advert flashes up on the front page (page 100) that is advertising that you can unlock your pension now to free up some much needed cash, what the hell are they trying to do to people? Is there no limit to how low these scumbags will go to ruin people?

I've not seen this, it will be interesting to have some more details.

Personally im starting to find it all quite entertaining.

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No, I am afraid there is no depth to which these f**kers will not stoop. They will not rest until they have the entire country in peonage. Money-lending is, as it has always been, very profitable. And in bed after a long day going after the savings of pensioners, rest assured that these parasites will not lose any sleep.

Or maybe they will lie awake a bit and wonder if they should also get into equity withdrawal. :blink:

Adverts everywhere on the TV, in papers, internet....Loans, loans, loans. The whole thing is a disgrace...our country has literally been overrun by the money-lenders. :angry: They are the functional equivalent of tapeworms. :huh: The money-lenders can rot in hell as far as I am concerned. Their short-termism and almost complete focus on mortgage and personal lending is ruining my country: I am NOT happy about this!! :angry:

I will never, ever let myself get into debt. After reading about the nature of the financial system for the past few months, this has become an article of faith for me. And this includes a mortgage. Luckily I have enough saved to afford something (hopefully when the HPC time comes) but it will be very modest. But it will be MINE.

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I have noticed on ITV teletext for the last few days there is an advert flashes up on the front page (page 100) that is advertising that you can unlock your pension now to free up some much needed cash, what the hell are they trying to do to people? Is there no limit to how low these scumbags will go to ruin people?

Its for sheeple who are dumb and ignorant enough to pay extra money when they automatically had the right to take 25% of their pension tax free any time after age 50 anyway. Normally it is a very bad idea to take this money in your 50s.

I expect they also provide poor value annuities for sheeple who dont even know what annuities are.

Edited by penbat1

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Can a person do this anyway, directly with the pension provider? Provided they pay back the tax?

If not then how does a third party manage it?

Maybe if a person needs some medical treatment it would be a risk worth taking. It may seem shortsighted but I can imagine it.

Maybe a person loses confidence in the pension industry in general and wishes to take things under his own control.

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Maybe a person loses confidence in the pension industry in general and wishes to take things under his own control.

That's a real fear with the chance that the looming global energy crisis could push the whole world into a long lasting recession.

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Can a person do this anyway, directly with the pension provider? Provided they pay back the tax?

If not then how does a third party manage it?

Maybe if a person needs some medical treatment it would be a risk worth taking. It may seem shortsighted but I can imagine it.

Maybe a person loses confidence in the pension industry in general and wishes to take things under his own control.

Anyone has the automatic right to take 25% tax free from a personal pension if they are over 50. Whether or not someone does it on their behalf is irrelevant except they would most likely have to pay that other agent an unnecessary fee.

Personally i think pensions are a waste of time - better to just buy some index tracker funds and leave for 20 years or so - less complicated and more flexible. But having got a pension, like i have, you are wise to keep them going as long as possible before withdrawing money from them although it is fine to stop contributing new money into them.

Another idea is to switch pension provider but you get hit with some fees if you do that - or you could change to a different pension fund with the same provider.

Edited by penbat1

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Had a telephone call from my credit card company. I pay the balance off in full every month, always have done. As a "reward" for being such a loyal customer they were happy to offer me a loan between £3000 and £25000! WTF!! This really takes the biscuit, unsolicited calls trying to lend me money. I politely declined and hung up.

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Forgotten about this but a few months back the guy next to me at work had a call from his bank telling him he had gone slightly overdrawn and that he would be charged but if he agreed to take out a loan then they would waive the charges. Unbelievable. He was fuming, complained and got the charges removed. This was a high street bank.

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I'm hearing on independent radio, adverts pushing companies who buy up endowment policies. Advert goes "They're using the money for a new conservatory, so if you were thinking of surrendering your endowment, contact blah blah, we may be able to give you more".

Now what does that say?

To me, hang on because someone thinks returns are going to improve.

And that terminal bonus is all important.

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Can a person do this anyway, directly with the pension provider? Provided they pay back the tax?

If not then how does a third party manage it?

Maybe if a person needs some medical treatment it would be a risk worth taking. It may seem shortsighted but I can imagine it.

Maybe a person loses confidence in the pension industry in general and wishes to take things under his own control.

I saw a telly advert for a pension equity withdrawal company the other day.

They were giving reasons like "Having a good holiday" or "buying a new car" as reasons people would want to do this. :o

The pool of suckers willing to MEW must have completely dried up for them to stoop to this.

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Saw an ad on the box today that made me burst out laughing from debtbuster loans

It had a mr Hope & mr do(who was taking out a loan)

"pay off your debts with a debtbuster loan & you can have that new car & luxury Holiday as well as paying off your debts, and still be better off each month". Then in the small print "loans secured against property, your home is at risk if you do not keep up repayments. Typical example borrow 20k borrowed over 20 years;Total repayable 60k."

Methinks they should change their name to "DebtGrowth Loans" :lol:

Edited by A Fool & His Borrowed Money

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Saw an ad on the box today that made me burst out laughing from debtbuster loans

It had a mr Hope & mr do(who was taking out a loan)

"pay off your debts with a debtbuster loan & you can have that new car & luxury Holiday as well as paying off your debts, and still be better off each month". Then in the small print "loans secured against property, your home is at risk if you do not keep up repayments. Typical example borrow 20k borrowed over 20 years;Total repayable 60k."

Methinks they should change their name to "DebtGrowth Loans" :lol:

You can bet your life that a psychopath or narcissist is running these types of companies and couldn't give a shit about the consumer and just wants to rake in big money.

Edited by penbat1

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Personally i think pensions are a waste of time - better to just buy some index tracker funds and leave for 20 years or so - less complicated and more flexible. But having got a pension, like i have, you are wise to keep them going as long as possible before withdrawing money from them although it is fine to stop contributing new money into them.

You may be right when it comes to personal pensions, I have no idea. In my case though my contributions are taken from my gross salary giving me a 40% tax break on them, and my employers contributions are extremely generous.

I'm not sure a tracker fund could match the growth of my pension pound for pound?

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You may be right when it comes to personal pensions, I have no idea. In my case though my contributions are taken from my gross salary giving me a 40% tax break on them, and my employers contributions are extremely generous.

I'm not sure a tracker fund could match the growth of my pension pound for pound?

Yes I meant personal pensions - obviously company pensions where the employer contributes has to be a good idea and i even think that personal pensions if you are on a 40% tax level could be a good idea. In the normal tax break of 22% you have to take into account that you pay tax on three quarters of the resultant pension income which rather cancels it out.

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These adverts have been around for ages. You are just becoming sensitive to them.

If you have the option of an employers pension it is normally a very good idea to join it. You will usually benefit from employer contributions 2-3 times your own contribution (100-200% investment return there). You will also benefit from tax relief which is more instant return. Employers' schemes will almost always have an element of life cover which is generally 4 times salary.

Personal pensions are a different matter. If you can get your employer to contribute, they may be a good idea, otherwise the tracker idea could be appealing.

You do not need an intermediary to take benefits from your pension. Under the current rules, so long as you are over age 50 you may be able to take some benefits. You will receive a greatly reduced pension than if you waited till your normal retirement age.

If you are suffering ill health, it may be possible to take benefits earlier than age 50.

NDL

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You can bet your life that a psychopath or narcissist is running these types of companies and couldn't give a shit about the consumer and just wants to rake in big money.

I don't think you understand the legal framework of company law. Company directors have a legal duty to run the company so as to make as much money as possible for their shareholders. If a director of any company becomes aware of an opportunity to make more money by lending to grannies and then having them evicted, then they are legally required to take advantage of that opportunity. If you don't like the results, you should campaign to change the law, not blame the individuals who are acting as they are required to do.

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I've seen the ads and can't help thinking that we are in a full blown debt mania. Nobody seems to think the money will need to be paid back at some point.

But, hey, so long as house prices don't drop we'll all be ok, right?

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I don't think you understand the legal framework of company law. Company directors have a legal duty to run the company so as to make as much money as possible for their shareholders. If a director of any company becomes aware of an opportunity to make more money by lending to grannies and then having them evicted, then they are legally required to take advantage of that opportunity. If you don't like the results, you should campaign to change the law, not blame the individuals who are acting as they are required to do.

Might explain why narcissist and psychopathic characters such as Robert Maxwell, Lord Black, Lord Weinstock and Jack Delorean ran companies. I think there is a whiff of psychopathy in the way the company law is framed anyway. There are some legal constraints about honest advertising but not many.

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Yes I meant personal pensions - obviously company pensions where the employer contributes has to be a good idea and i even think that personal pensions if you are on a 40% tax level could be a good idea. In the normal tax break of 22% you have to take into account that you pay tax on three quarters of the resultant pension income which rather cancels it out.

My new company offers a scheme where they match your monthly pension contribution and u take the usual tax relief. However, I chose NOT to participate as it is a stakeholder scheme (with friends provident). judjing by the frequency the stocks go bust within a 40yr framework + management fees etc, I think I would get more if I save a few pounds the last 10yrs of my working life than from a pension that relies on the stockmarket..

However, if someone here proves me wrong, i would be happy to spare a few ££s to this scheme :D (I'm 28 by the way, if that's of any importance)

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My new company offers a scheme where they match your monthly pension contribution and u take the usual tax relief. However, I chose NOT to participate as it is a stakeholder scheme (with friends provident). judjing by the frequency the stocks go bust within a 40yr framework + management fees etc, I think I would get more if I save a few pounds the last 10yrs of my working life than from a pension that relies on the stockmarket..

However, if someone here proves me wrong, i would be happy to spare a few ££s to this scheme :D (I'm 28 by the way, if that's of any importance)

Don't ask us to prove you wrong, do your own research and figures. Compare your expected returns from the pension and from saving from age 50 to 60. But work out some numbers that you can compare, don't go by how you feel -- going by your feelings is a very good way to go broke. Stick to hard facts and figures.

If you do, I think you'll find that you'll be far better in your old age if you go with the pension now. But don't take my word for it, fire up a spreadsheet and do your own projections, with assumptions that you're comfortable with. But check your assumptions against real-world data.

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My new company offers a scheme where they match your monthly pension contribution and u take the usual tax relief. However, I chose NOT to participate as it is a stakeholder scheme (with friends provident). judjing by the frequency the stocks go bust within a 40yr framework + management fees etc, I think I would get more if I save a few pounds the last 10yrs of my working life than from a pension that relies on the stockmarket..

However, if someone here proves me wrong, i would be happy to spare a few ££s to this scheme :D (I'm 28 by the way, if that's of any importance)

Friends Provident, like any other pension provider, allow you to invest your pension in various types of fund (like a unit trust), such as UK Equities, European Equities etc. They would invest in a spread of stocks and there should be no worry about individual stocks going bust.

I think you would be mad not to invest in this scheme now especially as the employer contributes. Also it is always a mistake to leave retirement investment too late in life.

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My new company offers a scheme where they match your monthly pension contribution and u take the usual tax relief. However, I chose NOT to participate as it is a stakeholder scheme (with friends provident). judjing by the frequency the stocks go bust within a 40yr framework + management fees etc, I think I would get more if I save a few pounds the last 10yrs of my working life than from a pension that relies on the stockmarket..

However, if someone here proves me wrong, i would be happy to spare a few ££s to this scheme :D (I'm 28 by the way, if that's of any importance)

Well, how do you know you are gonna be in a position to save anything for the last 10 years of your working life?

You may be unemployed. You may have kids you want to support through uni/marriage. You or a close family member may have a serious illness which will cost big bucks. Life rarely turns out exactly how you predict.

If you wouldn't miss the money now, you have nothing to lose. The earlier you start, generally the cheaper it will be to build up a decent pension.

Do some research on this scheme, specifically the underlying investments and options available. I believe it is not a good idea to stick all your money in pensions, but it should form part of your portfolio.

NDL

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  • 337 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%



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