Pensions vs standard saving accounts.

[DimPrawn]

Let me guess... developer for an IB?

Ex-developer for an IB I reckon.

[Likely]

It's the annuity that does that, the pension fund is just a pot of money before you purchase that...

So there are 2 types of pensions ? Savings-account-like-one-that-also-saves-taxes AND another one - an Annuity one which pays until you are dead.

The annuity one from Norwich states that TAX will be deductive.

http://www.norwichunion.com/annuities/index.htm#table

[Churchill]

So there are 2 types of pensions ? Savings-account-like-one-that-also-saves-taxes AND another one - an Annuity one which pays until you are dead.

The annuity one from Norwich states that TAX will be deductive.

http://www.norwichunion.com/annuities/index.htm#table

Tax will be deducted from the annuity that they pay you.

[DimPrawn]

So there are 2 types of pensions ? Savings-account-like-one-that-also-saves-taxes AND another one - an Annuity one which pays until you are dead.

The annuity one from Norwich states that TAX will be deductive.

http://www.norwichunion.com/annuities/index.htm#table

Mate, I think you need to book an appointment with one of the guys/girls listed here http://www.moneyweek.com/file/31682/...only-ifas.html

It's important you understand all the subtle points about pensions, investments, savings.

[MrRobin]

So there are 2 types of pensions ? Savings-account-like-one-that-also-saves-taxes AND another one - an Annuity one which pays until you are dead.

The annuity one from Norwich states that TAX will be deductive.

No, you have a pension account or fund which accumulates (tax free) over your working life and then when you retire you buy a pension product, e.g. an annuity, with the money in your fund. The amount you receive each month from the company from which you buy the product is taxed as income just like it were income from employment.

[Likely]

Mate, I think you need to book an appointment with one of the guys/girls listed here http://www.moneyweek.com/file/31682/...only-ifas.html

It's important you understand all the subtle points about pensions, investments, savings.

Thanks. I will be providing for my retirement with either BTL or some Business. If this doesn't work , than in my 50ies

[Churchill]

Thanks. I will be providing for my retirement with either BTL or some Business. If this doesn't work , than in my 50ies

Fuqtard alert!

Not even a decent troll imho.

[bobhope]

aghhhhhhhhhhhh

Main differences

1) Interest in a savings account is taxed in the current tax year. You can add / withdraw as you like

2) Interest in a pension fund is not taxed. You can't withdraw it (i.e. buy an annuity/ income drawdown) until later in life. There are maximum amounts you can add.

A pension is a bit of gamble: +ve - you get tax relief; -ve - how will Gordy / future government change the rules?

No wonder IFAs, banks, etc. can rip people off so easily

[Dow Jones]

Ignoramuses

There is one born every day...
Mind you with this level of knowledge, it's like taking candy from a baby...

[El_Diablo]

Indeed.

The Severn Bridge is still available... I'll throw in the 2nd Severn Crossing as a bonus...

How much Zeity?