Jump to content
House Price Crash Forum

Recommended Posts

Here's one to ponder , who here thinks the retirement age for private pensions and SIPP's will rise to the age of 70 or above? I'm in my late 20's currently squirrelling away a few percent into a private pension with the company I work for matching it . Here's the thing though, i'm not entirely sure I will ever see it.As the Government becomes more desperate for funds I can imagine the age at which I can withdraw it rising until its basically too late,that or it being raided as demonstrated previously by a certain Scottish Chancellor.

Thoughts?

Link to post
Share on other sites
  • Replies 166
  • Created
  • Last Reply

Top Posters In This Topic

Mine, USS, rose from age 60 to age 65 a few years back, and I wouldn’t be surprised if they moved the goalposts yet again!

Funny to mention private pensions, but I was looking at what my pension income might be when I retire and I would get roughly the same from my private pension as I would in pension credits and other benefits had I not saved for a pension the last twenty years.  I mean, what is the point in saving for a pension these days?

Link to post
Share on other sites
4 minutes ago, bomberbrown said:

Mine, USS, rose from age 60 to age 65 a few years back, and I wouldn’t be surprised if they moved the goalposts yet again!

Funny to mention private pensions, but I was looking at what my pension income might be when I retire and I would get roughly the same from my private pension as I would in pension credits and other benefits had I not saved for a pension the last twenty years.  I mean, what is the point in saving for a pension these days?

That's what the boomers get. I'm not so sure you would be offered the same.

Link to post
Share on other sites
1 hour ago, CaptainCymru said:

Here's one to ponder , who here thinks the retirement age for private pensions and SIPP's will rise to the age of 70 or above? I'm in my late 20's currently squirrelling away a few percent into a private pension with the company I work for matching it . Here's the thing though, i'm not entirely sure I will ever see it.As the Government becomes more desperate for funds I can imagine the age at which I can withdraw it rising until its basically too late,that or it being raided as demonstrated previously by a certain Scottish Chancellor.

Thoughts?

I did ponder whether the 25% tax free might be heading for the exit, either by total abolition or cut to 20%%

Quite a few shrewdies have made £1m+ from ISAs, can see those being capped in future. 

Link to post
Share on other sites
4 minutes ago, Si1 said:

That's what the boomers get. I'm not so sure you would be offered the same.

I did the credits/benefits projection as if I was age 68 already.  Or do you mean that in 10 or 20 years time there might not be a thing such as pension credits etc?

Edited by bomberbrown
Link to post
Share on other sites
1 hour ago, CaptainCymru said:

Here's one to ponder , who here thinks the retirement age for private pensions and SIPP's will rise to the age of 70 or above?

Thoughts?

Personal pensions?  Maybe to 60.  Inconceivable beyond State Pension Age but never say never.

Link to post
Share on other sites
1 minute ago, bomberbrown said:

I did the credits/benefits projection as if I was age 68 already.  Or do you mean that in 10 or 20 years time there might not be a thing such as pension credits etc?

I suspect the state pension as a whole will be much less generous in coming decades.

I'm flabbergasted that (1) they've completely defaulted on my S2P component of my state pension and (2) hosed higher state pensions with lower qualifying criteria at the boomers.

It's just demographic vote buying.

Link to post
Share on other sites
13 minutes ago, bomberbrown said:

Mine, USS, rose from age 60 to age 65 a few years back, and I wouldn’t be surprised if they moved the goalposts yet again!

 I mean, what is the point in saving for a pension these days?

USS is a DB scheme (badly funded), not a personal investment-pot pension.

 

If people invest as they always have, not much point.

Need to accept inflation coming (1970s style by 2030) and invest accordingly. Then, much point.

Link to post
Share on other sites
9 minutes ago, Bluestone59 said:

I did ponder whether the 25% tax free might be heading for the exit, either by total abolition or cut to 20%%

Quite a few shrewdies have made £1m+ from ISAs, can see those being capped in future. 

They will almost certainly raise loads of taxes, or reduce tax wheezes.

Not sure they'll cap ISA fund, but probably reduce how much you can put in.

Link to post
Share on other sites

Always own hard earned money is invested and protected in a better way than borrowed money, easy money can take greater risks with.....no wealthy person takes high risks with their own money, only others money.;)

Link to post
Share on other sites

So here's the thing , do I take the money as cash , taking the tax hit (i'm in the 40% bracket), and save that into my diversified portfolio ISA knowing that sometime during the coming economic depression, I can draw on that should the proverbial hit the fan, OR do I save it into a pension hoping that I might make it to the age that I could draw on it anyway ., Tough decision really. I just do not trust the Government moving the goalposts or capping the pension limit,effectively raiding it anyway.

Link to post
Share on other sites
13 minutes ago, Killer Bunny said:

They will almost certainly raise loads of taxes, or reduce tax wheezes.

Not sure they'll cap ISA fund, but probably reduce how much you can put in.

I'll be surprised if they don't roll national insurance into income tax by the time I retire

Link to post
Share on other sites
2 minutes ago, CaptainCymru said:

So here's the thing , do I take the money as cash , taking the tax hit (i'm in the 40% bracket), and save that into my diversified portfolio ISA OR do I save it into a pension

Not tough at all! 40% free money. Are you mad???

You will be able to enjoy your pension.  It will not be out of reach to you.

IMO.

Link to post
Share on other sites
Just now, Killer Bunny said:

Not tough at all! 40% free money. Are you mad???

You will be able to enjoy your pension.  It will not be out of reach to you.

IMO.

+1

Link to post
Share on other sites
3 minutes ago, Killer Bunny said:

Not tough at all! 40% free money. Are you mad???

You will be able to enjoy your pension.  It will not be out of reach to you.

IMO.

Essentially its 40% plus the company matching my contributions up to a limit , but the point was wondering if the hike in private pension age would be worth it. I don't particularly wont to live past 70 (no offence to anyone that is that age already), wouldn't be able to deal with the vultures circling round me in the care home ? , by the sounds of it though I best stick with it!

Link to post
Share on other sites

Yes I answered that point about age: "You will be able to enjoy your pension.  It will not be out of reach to you."

You are not limited in how much to put in to pensions by your employer.

Link to post
Share on other sites
1 hour ago, Killer Bunny said:

They will almost certainly raise loads of taxes, or reduce tax wheezes.

Not sure they'll cap ISA fund, but probably reduce how much you can put in.

Thanks. I did mean cap on how much more you can put in, didn't say it properly.  I was thinking they might tax surcharge very large funds but then I thought no as it undermines the whole principle of ISA.  

It wouldn't be a surprise if it transpired that the large funds tend to belong to their own voters.

Link to post
Share on other sites
5 hours ago, CaptainCymru said:

Here's one to ponder , who here thinks the retirement age for private pensions and SIPP's will rise to the age of 70 or above? I'm in my late 20's currently squirrelling away a few percent into a private pension with the company I work for matching it . Here's the thing though, i'm not entirely sure I will ever see it.As the Government becomes more desperate for funds I can imagine the age at which I can withdraw it rising until its basically too late,that or it being raided as demonstrated previously by a certain Scottish Chancellor.

Thoughts?

I'm so incredibly distrustful of governments and investment managers that I opted out from my workplace pension last year. I believe I either won't see it when I reach the eligible age, or it will be worth less. I've read far too many journalistic accounts of dodgy practice to trust it all. I don't trust anybody or anything these days, especially where money is concerned. 

Link to post
Share on other sites
5 hours ago, CaptainCymru said:

Here's one to ponder , who here thinks the retirement age for private pensions and SIPP's will rise to the age of 70 or above? I'm in my late 20's currently squirrelling away a few percent into a private pension with the company I work for matching it . Here's the thing though, i'm not entirely sure I will ever see it.As the Government becomes more desperate for funds I can imagine the age at which I can withdraw it rising until its basically too late,that or it being raided as demonstrated previously by a certain Scottish Chancellor.

Thoughts?

Retire early on a private DC pension and you get less money. You can draw down private pension from 55. You'll get a load more money retiring at 70.

Why would a government desperate for funds raise the age for a private pension??

There is a massive issue with public sector pensions, which us main reason state pension age was raised.

Not sure why you are worried. The problem period for pensions starts round now and will last for 20 years, which is when I retire.

Link to post
Share on other sites
8 minutes ago, Orb said:

I'm so incredibly distrustful of governments and investment managers that I opted out from my workplace pension last year. I believe I either won't see it when I reach the eligible age, or it will be worth less. I've read far too many journalistic accounts of dodgy practice to trust it all. I don't trust anybody or anything these days, especially where money is concerned. 

Sooooo.... you'll be trusting people n government to fund your retirement from public funds........

Link to post
Share on other sites
4 hours ago, bomberbrown said:

Mine, USS, rose from age 60 to age 65 a few years back, and I wouldn’t be surprised if they moved the goalposts yet again!

Funny to mention private pensions, but I was looking at what my pension income might be when I retire and I would get roughly the same from my private pension as I would in pension credits and other benefits had I not saved for a pension the last twenty years.  I mean, what is the point in saving for a pension these days?

For one, you can draw you pension wherever you go, unlike pension credit which is residency based. Plus you won't lose this income if you decide to do a little work on the side. 

I just wonder how many British pensioners are claiming pension credit but living abroad.

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...
  • Recently Browsing   0 members

    No registered users viewing this page.

  • 419 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.