Rooter
Money List Winner
doubt it if you are still working and in the 40% tier. dont listen to me, speak to an IFA!
Lies, Damn Lies, Statistics - and The Budget
- Thread starter Foxholer
- Start date
doubt it if you are still working and in the 40% tier. dont listen to me, speak to an IFA!
FairwayDodger
Money List Winner
A classic euphemism from Ed Balls commenting on this one. He was concerned that people might blow their pension pot "before their retirement ends"....
Hmm.....
Foxholer
Blackballed
Can you explain to me how 'good' the news really is? £15k of money after 40% tax (has to be at the higher rate to have that much spare) into Cash Isa gets relief from the 40% tax on interest. Assuming a 'high' rat of 2% that amounts to £120/year maximum! Not to be sneezed at, but hardly stunning! And that's at the maximum level of contribution!
It's obscene that savings are (double) taxed at all imo!
FairwayDodger
Money List Winner
Not really, some of it in all likelihood, but not all!
Good news to get more savings into a tax free vehicle sooner. I'm actually quite pleased by this change.
SwingsitlikeHogan
Major Champion
doubt it if you are still working and in the 40% tier. dont listen to me, speak to an IFA!
I've got one - need to speak with him - actually I'm playing golf with him next month
Foxholer
Blackballed
doubt it if you are still working and in the 40% tier. dont listen to me, speak to an IFA!
Independent Financial Adviser?
Pah!
Remember that a 1-time 25% Tax Free Lump Sum can be taken anyway.
Rooter
Money List Winner
Before you are 65 (male)?
Doon frae Troon
Ryder Cup Winner
So what's it to be Grannie Bonds or Premium Bonds, decisions decisions.
Rooter
Money List Winner
GAMBLE!!!!!! double the amount of million pound winners! my dad has the maximum currently, and is annoyed if he doesnt get £50 a month from them as a minimum. he prob gets circa £1000 a year in winnings, so just over 3% interest, but with the chance of more!!
Doon frae Troon
Ryder Cup Winner
I have stuck with premium bonds for about 10 years now, generally around 2 to 3% return.
I 'won' £1000 on the first month I bought them and perhaps that has coloured my thinking.
clubchamp98
Journeyman Pro
I thought the first 25% was tax free then 51% thereafter but this has now changed in the budget.
Foxholer
Blackballed
I believe so (I'm not a FA; I or otherwise).
http://www.hmrc.gov.uk/pensionschemes/take-pension.htm#3
It is, of course, commuting, so the Pot is reduced.
chrisd
Major Champion
I'm no pension expert, but, if I had, say, a £100,000 pension pot and bought, say, a basic annuity, and earned a small pension from it and died 5 years into retirement the my pension company gets what's left in my pot. (I know there are many and varied schemes). Now most of arnt going to take our pension and blow it in a week, so, if I invest it wisely I think I could get back interest that could be similar to the annuity payments but I could also take some of the capital to live on as I get older and I or my family would benefit from having access to the pension pot at some stage rather than some pension company who have rooked me on my pension scheme costs over the years getting their grubby mitts on the lot.
Mmmmm I'm fairly confident of who I trust with my money the most! I'm sure someone will tell me I'm wrong but that's how it looks to me
Mmmmm I'm fairly confident of who I trust with my money the most! I'm sure someone will tell me I'm wrong but that's how it looks to me
Doon frae Troon
Ryder Cup Winner
I have been told that many of the 'hard working families' will reward themselves by blowing it all on Bingo and Beer,
How crass and out of touch was that advert!
How crass and out of touch was that advert!
SwingsitlikeHogan
Major Champion
It is a very good example of using your shotgun to shoot holes in your Hunter wellies.
