Pension rule changes - most money ends up in BTL

[BrilloPad]

Most British savers fully cashed out pension pots on retirement after rule changes | Money | The Guardian

Financial Conduct Authority study finds 68% of pensions accessed between July and September were cashed out,

Citing previous research undertaken with pollsters YouGov, Greer said much of the money may have been used to invest in buy-to-let property but increases in the tax paid on second homes would likely curtail demand in future.

Sounds like a good plan. house prices can only go up. buy all you can now.

[DimPrawn]

Sounds like a good plan. house prices can only go up. buy all you can now.

I bought two dozen this morning already.

YOU CANNOT LOSE!

[BrilloPad]

I bought two dozen this morning already.

YOU CANNOT LOSE!

Wimp. Even my butler bought more than that.

[xoggoth]

Another crazy government action. Maybe we need a rule that says, is someone has blown an adequate pension pot, they will not be eligible for welfare.

[vetran]

Another crazy government action. Maybe we need a rule that says, is someone has blown an adequate pension pot, they will not be eligible for welfare.

we need a law that says a pension & annuity should be a good deal if you are forced to buy it not a way to line insurance company pockets.

If they stipulated it should be more effective than just throwing the money in the bank then it might make more people invest.

[BlasterBates]

What are the rules with cashing out your pension pot ?

When I was looking into it, in case I cashed out my German pension I got the impression they tax 75% of it at "full whack".

i.e. you get say 100 grand then 75 grand would be at taxed 20 and 40%

which is a bit steep, considering that the contributions weren't tax free, that means I'm being taxed on taxed income.

My conclusion is if I return to the UK, I should cash it in before I go back.

Just wondering whether in this case it should be regarded as life insurance for which only the gains are taxed.

[MrMarkyMark]

Most British savers fully cashed out pension pots on retirement after rule changes | Money | The Guardian

Financial Conduct Authority study finds 68% of pensions accessed between July and September were cashed out,

Citing previous research undertaken with pollsters YouGov, Greer said much of the money may have been used to invest in buy-to-let property but increases in the tax paid on second homes would likely curtail demand in future.

Sounds like a good plan. house prices can only go up. buy all you can now.

No wonder our economy is the envy of the developed world.

BOOMED

[DimPrawn]

The lazy way to invest in the UK house price giveaway.

About Harewood Associates | Asset Backed Property Investment

Stick you life savings, pension pot and everything else and get 10% - 20% pa return, all backed by the UK govt's favourite ponzi scheme.

[DimPrawn]

The lazy way to invest in the UK house price giveaway.

About Harewood Associates | Asset Backed Property Investment

Stick you life savings, pension pot and everything else and get 10% - 20% pa return, all backed by the UK govt's favourite ponzi scheme.

That's clinched it for me!

[MrMarkyMark]

That's clinched it for me!

Nothing in The Express, I always trust them, on these sorts of matters