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Pension pots


Bigteddy1954
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Hi folks worrying times ahead pension pot dropped over 10k since the clowns mini-budget and still dropping rapidly even with the help of the bank of England stepping in . After working 49 plus years and paying into my pension and due to draw it in the next 6 months will there be anything left in it if these clowns are still running this country. After lossing 6k+ during the pandemic out of it now 10k and rising what hope is there . Very concerning times a head with this out of touch and uncaring lead government .teddy

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Tell me about it i got illhealth at 60 handy time got 25   years from my  last job and my 20 years mod pension at the same time as i was 60 squirrelled my lump sums into the bank for the future and there  worth nothing . I should of been better off though  they still tax me   as with both pensions i was earning more than wages from my last job . Then all the prices go up so i now need to be careful and tighten my belt 

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Yep, I think most pension pots have taken a bit of a hammering, I cashed all my private pensions in when I reached retirement age (65) I have them managed in a SIPP, looking at the fall over the last few weeks I have seen close to 15k wiped off the value.

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My family have traded theres in a bought shares  daughter tells me they spread them out and cococola  is one i can remember if i was starting out again i would buy shares in traffic cones  

24 minutes ago, Lloyd90 said:

Glad I’m in a government guaranteed pension. 
 

The pay may not be as good as the private sector but the peace of mind or a defined benefit pension is great. 
 

Hope I live long enough to cash it mind. 

Mine was also a goverment guaranteed pension 20 years mod pension it was sitting there till  i claimed it  rising by the rate of inflation every year , Then you get your lump sum go to invest it and the rate of intrest  is worth nothing 

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5 minutes ago, Bigbob said:

 

Mine was also a goverment guaranteed pension 20 years mod pension it was sitting there till  i claimed it  rising by the rate of inflation every year , Then you get your lump sum go to invest it and the rate of intrest  is worth nothing 


Yes but at least it’s a defined benefit Bob. Could be in a lot worse position. 

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5 minutes ago, Lloyd90 said:


Yes but at least it’s a defined benefit Bob. Could be in a lot worse position. 

Yes but you know what gets me a mate only had 6 years mod then we both got 25 years ill health at last job  he doesnt pay tax because hes under the threshold where i do as i had 14 years more mod service 

They tax you as you earn it and tax your pension  that gets to me 

Last year they gave me another lump sum as i left on the last day of 2022 in the middle od the tax year two weeks later a nice letter YOU HAVE UNDERPAID YOUR TAX BY £500 we will be taking it from your next months pension , I wrote everything down it was the department of work and pensions that sorted out my tax band  

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1 hour ago, oldypigeonpopper said:

Hello, Gordon Brown was part of the government 🤔 in charge of the UK money pot !!!

My memory's of Gordon Brown are at a meeting outside the gates of Rosyth Dockyard up on his soap box we must never let the torries close this much needed base it was closed when he was in power and all the old submarines are still there rotting away 

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I'm 65 and just starting down this road, lots of IT jobs over the last 35 or so years and bits of pension all over the place.  Have just appointed a pension advisory firm to take a look at it and give a projection into the future.  A bit of me would like to draw a line under it having worked for nigh-on 50 years.

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57 minutes ago, Bigteddy1954 said:

Hi since I posted this topic my pension bucket is still leaking fast and looks like it will continue to leak for god knows how long . . Will it ever recover the losses so far of 16k+ .teddy

as they tell you in the small print, investments can go down as well as up and you may not get back the money that was invested.

I have been investing for around 40 years and I have always sat tight, it can be a bit nerve racking when you see large sums dispersing overnight but most investments are for the long haul, short of a world disaster I think they will come back aver the next few years, I hope. :/

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1 hour ago, Bigteddy1954 said:

Hi since I posted this topic my pension bucket is still leaking fast and looks like it will continue to leak for god knows how long . . Will it ever recover the losses so far of 16k+ .teddy

If the other lot were in they would take it Bucket and all and call it a windfall tax like the last time.

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6 hours ago, Bigteddy1954 said:

Hi since I posted this topic my pension bucket is still leaking fast and looks like it will continue to leak for god knows how long . . Will it ever recover the losses so far of 16k+ .teddy

Mine has gone down 30k since the KK budget.  Stressful but you only loose if you sell, it is a long term investment.  If Putrid cops it I would expect the markets to recover. 

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