Monday, April 11, 2011

Don’t trust Government with your pension

Don't trust Government with your pension

The latest government pension reforms could dash any hopes you had of retiring comfortably, but there are ways to avoid squandering your money. Bengt Saelensminde explains how to avoid the government pension scam.

Posted by damien @ 04:42 PM (1702 views)
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10 thoughts on “Don’t trust Government with your pension

  • Erm how about just “Don’t trust Government”. That will suffice.

    MPs; public service for private gain.

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  • @1 – agreed. This one definitely goes in the “stating the bleedin obvious” bag along with “dont let anyone kick you in the nuts cos it will hurt”

    I expect more of moneyweek

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  • Thecountofnowhere says:

    Don’t trust ANYONE when it comes to money,

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  • moneyweek lagging behind the likes of Alex Jones by around 5 years at least. lol

    The more time that passes the more I feel sorry for the people in the dark. But hey, their choice!

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  • stillthinking says:

    I thought it was ok. I never heard of sipps before.

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  • the number cruncher says:

    I think a better headline would be Don’t trust Government, or the advertiser in Money Week, with your pension.

    Money week is just peddling business for its advertisers and is very biased as a suits them to create this attitude in its readership

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  • Looks like nobody will admit to the coming, and as always, sophisticated pension theft.

    The usual wishful thinking wins over, but it’s not just you, it’s your offspring too.

    I told you it was sophisticated. This is classy league of crime after all. Enjoy!

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  • general congreve says:

    @4 – This article is not advertising any product for advertisers, the only advertising done is through adverts that appear in the publication that run alongside it. If like me you get the free newsletter, which carried this story today, there is no advertising.

    The author raises some important points for those that stupidly trust the government and also suggest SIPPs, not a product of an advertiser, but a Self-Invested Pension Plan, a legal pension vehicle that allows you to manage your own pension and keeps it away from the claws of corrupt government (unless they go really mental!).

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  • tnc,
    I respectfully disagree. For example, MoneyWeek promotes gold quite a lot. Gold is terrible for the finance industry because it doesn’t earn fat commissions at all. Same goes for pensions: a SIPP has far less complexity (and hence less commission) than a traditional pension fund.

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  • the number cruncher says:

    GC – re read my post – you did not comprehend what I said, the key words being “create this attitude”. It is this accumulation of contacts like your good self (and myself as I too subscribe) that make Money Week so much money as your details are very valuable to the right advertiser. Advertising is complicated, I have been involved in direct marketing most of my professorial career, I even have a MA in it, so I do have an idea of the key drivers of what businesses like Money Week are trying to achieve. Money week need to create in its readers the need to make a large investment or purchase one of its advertisers products. The job of Money week’s ‘journalists’ is to stimulate your interest and generate fear so you are likely to purchase on of its advertisors products, which are often worth many thousands of pounds. I am sure they will be very pleased to have you as one of their readers.

    Drewster – Gold does turn fat profits and commissions, just from a different part of the finance industry, when bought and sold for those trading in its financial products, sales of physical gold and general promotions as a form of ramping. Many fortunes have been made from creating gold based financial products and those advising people to do so. The amount of gold being traded is very much correlated to its price, hence why gold holders bang on about it so much.

    SIPPs ‘can’ generate massive fees for financial advisors, especially for the unwary and those peddling alternative pension investments. they are tons of SIPP horror stories and dodgy companies swindling the scared and gullible, often not from the creation of the SIPP itself, but from what it has been invested in.

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