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rantnrave

Pension Wonga Day Dawns

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Sweeping changes to pension rules come into force which will give savers much more control over their money.

People who are retiring no longer have to take out an annuity to provide them with a regular income.

A 57-year-old man from a Devon village has emerged as one of the first people to cash in their pension under the government's reforms....

http://www.bbc.co.uk/news/business-32152728

Wonder if EAs will open at one minute past midnight to help the oldies snap up their BTL bargains??

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http://www.bbc.co.uk/news/business-32152728

Wonder if EAs will open at one minute past midnight to help the oldies snap up their BTL bargains??

It's great if you're 'old'. The mainstream media of course don't ever investigate or read the small print any more. If you're 'young' the age at which you can draw your personal pension just increased to 57 from 2028 and from then on will now increase in line with the rise in the State Pension age where it will remain 10 years below the State Pension Age. Of course there are exemptions for some Public Sector Schemes...

Why the young are discriminated against here I just don't know as a private pension doesn't cost the government anything.

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Why the young are discriminated against here I just don't know as a private pension doesn't cost the government anything.

Either because of good lobbying or because the increasing gap would become increasingly awkward to explain.

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Quick calculation.... ~ four score years.....make it fit, low interest rates and inflation ongoing....anyone shrewd enough to tax efficiency put it away is clever enough to spend it wisely.....the more options out there the better, just watch the taxes and charges/fees...never get a second opportunity to make a good first decision.

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Quick calculation.... ~ four score years.....make it fit, low interest rates and inflation ongoing....anyone shrewd enough to tax efficiency put it away is clever enough to spend it wisely.....the more options out there the better, just watch the taxes and charges/fees...never get a second opportunity to make a good first decision.

Just watch the shysters and charlatans move in for the kill. I've already seen them circling before today in various adverts. I really hope those who today have access to their money successfully avoid them as it's going to be like a vampire feeding frenzy.

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Another story on BBC News today is about cheap holidays in the 60s being blamed for a rise in skin cancer in older people. I would have thought all the cheap holidays they take nowadays due to their unearned wealth that is just as likely a cause. Does skin cancer take 50 years to develop?

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Will we get some facts and figures on how many people take money out? And how much? anyway of knowing where the money goes?

personally I can't see much of any going into property

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Just watch the shysters and charlatans move in for the kill. I've already seen them circling before today in various adverts. I really hope those who today have access to their money successful avoid them as it's going to be like a vampire feeding frenzy.

And the government getting loads of tax as people don't understand what the implications of decisions are. I think there is an estimate in the OBR projection. Edited by Ash4781

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Just watch the shysters and charlatans move in for the kill. I've already seen them circling before today in various adverts. I really hope those who today have access to their money successfully avoid them as it's going to be like a vampire feeding frenzy.

Agree......people have to be very careful about this, gather as much information as possible DYOR....do not be pressurised into doing something you may later learn to regret.

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Another story on BBC News today is about cheap holidays in the 60s being blamed for a rise in skin cancer in older people. I would have thought all the cheap holidays they take nowadays due to their unearned wealth that is just as likely a cause. Does skin cancer take 50 years to develop?

Can do. It's not uncommon in elderly, pale skinned people, and lots more of us are living long enough to get it now. My 88 year old great aunt, who has spent most of her holidays in Devon, has it now. There was no suncream in her youth and she's freckly ginger. Her parents would probably have got it themselves if they'd lived into their ninth decade. I'm sure cheap holidays abroad have made a big difference, but they're not the sole cause.

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Interesting policy timing. The policy has clearly been rushed for the general election.

Yep. Remember thinking that when it was first announced. All they need is the feel-good factor to get those votes in.

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My understanding is that annuities were compulsory under the old rules from the age of 75 and only if your current investments didn't generate an income of £20,000 a year. That seems like a sensible policy. This "pension freedom" on the other hand looks totally shortsighted.

It will be interesting to see if they really do withhold benefits from those who run out of money. Unlikely in my opinion.

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I presume Sky news didn't add lose and get no benefits?

this is a total disaster for people with SMALL pension pots. say 80k pot, takev20k tax free lump sum an you are over the 16k benefit limit FOR THE REST OF YOU LIFE. excluded from housing benefit, jsa, pension credit etc FOR EVER, as thr 20 k you took will be treated as being in your account 10 years later

i hate this fking country with a vengeance. meanwhile the free 5hit army can spend their benefits for the rest of thier lifes never having paid a penny

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http://www.bbc.co.uk/news/business-32152728

Wonder if EAs will open at one minute past midnight to help the oldies snap up their BTL bargains??

You can bet the financial scammers will all be up early, gleefully rubbing their hands at the thought of naive prey. Weekend money pages are all awash with how to avoid them.

But there will still no doubt be a lot of hapless food for the sharks.

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You were expected to do the 'decent thing' and be dead within a few years of retirement after a life in 'heavy industry.'

Now the boomer generation have to be kept for 30+ years in a life of a new Kia cars on the drive every two years and a cruise 2/3 times a year.

Pay up scum, oh and keep voting 'LabourTory' otherwise 'you don't have a say'

Telegraph had a piece today about there not being enough 'suitable properties' for boomer 'downsizers.' The irony.

Edited by RentierParadisio

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Osborne is givng the Saga louts an opportunity to cash out of the UK housing ponzi once and forever, they'd be mad not to take it. Just about anything not denominated in sterling would be my advice.

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Honestly don`t think the pots are big enough to make much difference to housing. Also anyone 60+ will have enough anecdotal from friends/ family about bad BTL experience to put them off, even if they had the money to get in in any meaningful way?

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