Pension advice

[Cyberman]

I do know what SIPP stands for, thank you. I was contrasting it with a "Pension Fund" administered by pension fund managers, which type of pension fund has in recent years shown poor returns, not to say losses.

I was replying to DimPrawn's
The point at issue is the difference between a classic pension fund, and a self-invested personal pension.

Sorry I had to spell it out in such detail.

Expat, you stated clearly that a SIPP is 'not a pension fund', but it quite clearly is, so your comment was misleading. It is a PRIVATE pension fund.

[DimPrawn]

I'm with the Pensions are a waste of time brigade. They are just a gamble on your increasing likelihood to snuff it

Also, you build up a pot, convert to annuity, die and money is lost to the pinstripes in the City forever.

You save (avoiding tax where possible) into high interest, invest in buying land, property and other rent yielding assets, buy commodities and sell to make profit, buy high dividend yielding stock and all these can be left in your will to your family (subject to IHT). This way the bulk of the wealth stays in the family.

[Bagpuss]

Yes, whay invest in something you might never see, or will probably not see much of!

[expat]

Expat, you stated clearly that a SIPP is 'not a pension fund', but it quite clearly is, so your comment was misleading. It is a PRIVATE pension fund.

In the meaning of the phrase in the post to which I was replying, it is different.

What do you not understand?

End of conversation. Have never blocked anyone, yet.

[Cyberman]

Pensions were a good investment until Gordon raided them for 170 Billion pounds. Who knows what other taxes he may hit them with in the future. Avoid them like the plague!!!!

[DimPrawn]

Pensions were a good investment until Gordon raided them for 170 Billion pounds. Who knows what other taxes he may hit them with in the future. Avoid them like the plague!!!!

WHS.

They made sense 20 yrs ago. Now the likelyhood is they will be raided to fund the state by Labour in the name of "fairness" ie.

"How can it be fair that greedy people have £1M in a private pension fund, when there are Afghan asylum seekers here living on £500 a week benefits? Today we announce measures to move private pension funds into state control...."


Not safe at all.

[moorfield]

Also, you build up a pot, convert to annuity, die and money is lost to the pinstripes in the City forever.

Not necessarily with a SIPP. I have a pretty good idea on how I can get most of my pension back out between 55-75 without paying too much tax.

[Bagpuss]

WHS.

Please do not feed the animals. They live on a special diet

[expat]

Not necessarily with a SIPP. I have a pretty good idea on how I can get most of my pension back out between 55-75 without paying too much tax.

So do I, and since I am between 55-75 I am not hanging around for tax changes on the 25% tax-free lump sum, interestingly now called the pension commencement lump sum (did you see what they did there?).

My requirement is minimal charges on vesting, and I'm still looking, but if need be I can stand H-L's 75.00 each time if I do it once a year.

[EternalOptimist]

Not necessarily with a SIPP. I have a pretty good idea on how I can get most of my pension back out between 55-75 without paying too much tax.

I used to think like you. Then got the suprise of the pension raid and IR35. It makes life that bit more uncertain