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WearyRhino

Budget 2014 (Merged threads)

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 If someone is astute enough to have accumulated a £100k or more in a private pension fund, is it not possible that they are also astute enough to know what to do with it?

 

In any case, even on the detail known so far,  precipitate action is hardly likely. I think it goes something like this, though I stand to be corrected

 

1. You can't take any money out until 1st April 2014

2. Between then and 1st April 2015 you can only takle out £30k

3. If you have not previously taken it, the tax-free cash lump sum is limited to 25%

4. From next week retirees will also only have to prove they have £12,000 of income coming in from combined state pension and retirement plans before they can draw on their pension without having to buy an annuity - the previous amount was £20,000 annually. They can then draw on their pension paying tax at a marginal rate.  Take say £50K to buy a motorhome and you could find yourself paying 40% tax when you take your money out

5. The pensioner bond pays 2.88%  for one year rising to 4% for 3 years

 

One thought: the new arrangements are expected to increase tax take in the short term and if people buy pensioner bonds that are in effect lending their own money to the govt, Thus govt borrowing might look as though it has gone done when in fact it has gone up. 

 

How about the Doctor who was conned out of £250,000 after buying shares that didn't exist. From my own experience dealing with the public, there are people who do make very stupid financial decisions, leaving them thousands out of pocket. I once fought for a widow aged 58 to get compensation for advice given by a insurance agent to her late husband who had transferred his company pension to a personal one. Having received over £70,000, my advice was to invest wisely in cash and low-risk investments. She did mention share ISAs to which I advised to do it on the drip monthly as the stock market was high. With so much money going into her account, her bank called her in for a chat. The advice given was to invest all of it in one high risk fund. I was shocked and told her so. Ignoring my warning, she went ahead just before the stock market crashed, leaving her with a loss of £30,000. In the end she cashed in to retire early due to health reasons. 

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How about the Doctor who was conned out of £250,000 after buying shares that didn't exist. From my own experience dealing with the public, there are people who do make very stupid financial decisions, leaving them thousands out of pocket. I once fought for a widower aged 58 to get compensation for advice given by a bank to her late husband who had transferred his company pension to a personal one. Having received over £70,000, my advice was to invest wisely in cash and low-risk investments. She did mention share ISAs to which I advised to do it on the drip monthly as the stock market was high. With so much money going into her account, her bank called her in for a chat. The advice given was to invest all of it in one high risk fund. I was shocked and told her so. Ignoring my warning, she went ahead just before the stock market crashed, leaving her with a loss of £30,000. In the end she cashed in to retire early due to health reasons.

Exactly. It's not as if the banks won't put their staff on big incentives to sell these type if products.

A lot of people will have a lot of cash available and a lot of establishments will want that cash for as little as possible.

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Exactly. It's not as if the banks won't put their staff on big incentives to sell these type if products.

A lot of people will have a lot of cash available and a lot of establishments will want that cash for as little as possible.

 

Exactly. It's not as if the banks won't put their staff on big incentives to sell these type if products.

A lot of people will have a lot of cash available and a lot of establishments will want that cash for as little as possible.

 

I have edited as the initial advice to transfer was from an insurance agent. There are other scandals that I have come across from unscrupulous IFAs and agents. One guy used to arrange Scottish Amicable 25-year endowments for retirement planing instead of personal pension plans or share ISAs. He made a killing on commission and got away with it, even though the network regulating us knew about it. And the audacity was he accumulated over £100,000 himself in a personal pension. 

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Financial advisors? Pah! Why should I pay for their Porches and Bentleys and mansions on Martinique and super yachts and Armarni suits, eh St B?  :laugh:  :laugh:  :laugh:

 

In all seriousness, though, its not so much those unscrupulous FAs but the finance houses themselves that need the anally-inserted rocket. I do believe the they will now have to up their act or face extinction.  But in the end, caveat emptor. If a return-on-investment sounds too good to be true, it probably is.

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With so much more now at stake some form of Finance lessons must be introduced to the school curriculum

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School lessons in finance sound like a good idea  but I think that might be too late for most of us!  The new arrangements won't affect today's schoolkids, either, as everything will change again at some point. Anyway, good luck to anyone who can persuade a schoolkid to give up their myphones, Sky TV, Spotify, etc  and save up instead!

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Anyway, good luck to anyone who can persuade a schoolkid to give up their myphones, Sky TV, Spotify, etc  and save up instead!

You won't John.  But once that kid reaches 30 they'll look back on the education they had and know the basics of what they need to look for when they start to take their retirement seriously

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Financial advisors? Pah! Why should I pay for their Porches and Bentleys and mansions on Martinique and super yachts and Armarni suits, eh St B?  :laugh:  :laugh:  :laugh:

 

In all seriousness, though, its not so much those unscrupulous FAs but the finance houses themselves that need the anally-inserted rocket. I do believe the they will now have to up their act or face extinction.  But in the end, caveat emptor. If a return-on-investment sounds too good to be true, it probably is.

 

John, you have found me out!  ;)

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With so much more now at stake some form of Finance lessons must be introduced to the school curriculum

 

Should have been introduced many years ago and appalling that it never happened. 

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Financial advisors? Pah! Why should I pay for their Porches and Bentleys and mansions on Martinique and super yachts and Armarni suits, eh St B?  :laugh:  :laugh:  :laugh:

 

In all seriousness, though, its not so much those unscrupulous FAs but the finance houses themselves that need the anally-inserted rocket. I do believe the they will now have to up their act or face extinction.  But in the end, caveat emptor. If a return-on-investment sounds too good to be true, it probably is.

 

John, I traded my Bentley in for a Rolls Royce paid for by my commissions. Happy days! The guy selling the flexi-endowments as well as With Profit Bonds bought a 10-bedroom house in the countryside. 

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John, you have found me out!  ;)

 

 I've seen you! You and your gold bracelets!!

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...and to cap it all, a St Helen's season ticket? 

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...and to cap it all, a St Helen's season ticket? 

They can be snapped up for one gold tooth I believe.

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Two gold teeth at least!  ;)

The fans are not going to like that, many will be left toothless...

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Gidion showing us he's down with the people:

 

 

 

article-0-1C88A9C000000578-474_634x400.j

 

At least he makes an effort to at least pretend to like the beer, unlike this chap: :rolleyes:

 

He's drinking that like he's never seen a pint of beer before in his life.  The bloke on the right is clearly thinking "You might want to let that settle for a few minutes.  And stop holding the glass like a freak."

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He's drinking that like he's never seen a pint of beer before in his life.  The bloke on the right is clearly thinking "You might want to let that settle for a few minutes.  And stop holding the glass like a freak."

He's manfully remembered not to stick his pinky finger out.  Points for that surely?

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He's drinking that like he's never seen a pint of beer before in his life.  The bloke on the right is clearly thinking "You might want to let that settle for a few minutes.  And stop holding the glass like a freak."

 

 

He's manfully remembered not to stick his pinky finger out.  Points for that surely?

 

And unlike Ed Miliband in the video, he remembered not to pull a face like he had stepped in something very nasty when he took a swig. :)

 

Do these people really believe we are so gullible to be taken in by these corny, beer and bingo photo opportunities? 

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And unlike Ed Miliband in the video, he remembered not to pull a face like he had stepped in something very nasty when he took a swig. :)

 

Do these people really believe we are so gullible to be taken in by these corny, beer and bingo photo opportunities? 

It could be worse.  Remember the William Hague baseball cap and theme park photos?

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Gidion showing us he's down with the people:

 

 

article-0-1C88A9C000000578-474_634x400.j

 

At least he makes an effort to at least pretend to like the beer, unlike this chap: :rolleyes:

 

 

 

He should have gone with a pint of the Bankss Mild, build up to the stronger stuff.

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And unlike Ed Miliband in the video, he remembered not to pull a face like he had stepped in something very nasty when he took a swig. :)

 

Do these people really believe we are so gullible to be taken in by these corny, beer and bingo photo opportunities? 

 

 

Makes you wonder.  It all embarrassing ###### , thought up maybe by some junior PR person. No adult would be so stupid, would they?

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