Bigteddy1954 Posted October 12, 2022 Report Share Posted October 12, 2022 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 Quote Link to comment Share on other sites More sharing options...
Bigbob Posted October 12, 2022 Report Share Posted October 12, 2022 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 Quote Link to comment Share on other sites More sharing options...
old'un Posted October 12, 2022 Report Share Posted October 12, 2022 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. Quote Link to comment Share on other sites More sharing options...
Lloyd90 Posted October 12, 2022 Report Share Posted October 12, 2022 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. Quote Link to comment Share on other sites More sharing options...
old man Posted October 12, 2022 Report Share Posted October 12, 2022 A sad stark illustration of the care politicos can dispense to others without a care or fear of retribution to their own finance? Quote Link to comment Share on other sites More sharing options...
Bigbob Posted October 12, 2022 Report Share Posted October 12, 2022 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 Quote Link to comment Share on other sites More sharing options...
Lloyd90 Posted October 12, 2022 Report Share Posted October 12, 2022 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. Quote Link to comment Share on other sites More sharing options...
Bigbob Posted October 12, 2022 Report Share Posted October 12, 2022 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 Quote Link to comment Share on other sites More sharing options...
Dave at kelton Posted October 12, 2022 Report Share Posted October 12, 2022 Mine has been mullered over the last 15 months I handed my notice in to retire a year ago so it seriously spooked me. I have now agreed to stay on a day a week to try and avoid dipping into the pot. Dreading the next review with my financial advisor! Quote Link to comment Share on other sites More sharing options...
amateur Posted October 12, 2022 Report Share Posted October 12, 2022 You can't just blame this government. Mine was thoroughly screwed by Gordon Brown. Quote Link to comment Share on other sites More sharing options...
Yellow Bear Posted October 12, 2022 Report Share Posted October 12, 2022 4 minutes ago, amateur said: You can't just blame this government. Mine was thoroughly screwed by Gordon Brown. This Quote Link to comment Share on other sites More sharing options...
jall25 Posted October 12, 2022 Report Share Posted October 12, 2022 Yes imagine if and when the other lot get in ! Oh my life ! Quote Link to comment Share on other sites More sharing options...
Scully Posted October 12, 2022 Report Share Posted October 12, 2022 What’s a pension? 🙂 Quote Link to comment Share on other sites More sharing options...
matone Posted October 12, 2022 Report Share Posted October 12, 2022 Its something you`ve paid for all your working life but the Gov are now trying to ensure we`re all dead before we`re old enough to qualify for !!! Quote Link to comment Share on other sites More sharing options...
old man Posted October 12, 2022 Report Share Posted October 12, 2022 49 minutes ago, amateur said: You can't just blame this government. Mine was thoroughly screwed by Gordon Brown. Just a playground for all of them? Quote Link to comment Share on other sites More sharing options...
oldypigeonpopper Posted October 13, 2022 Report Share Posted October 13, 2022 21 hours ago, amateur said: You can't just blame this government. Mine was thoroughly screwed by Gordon Brown. Hello, Gordon Brown was part of the government 🤔 in charge of the UK money pot !!! Quote Link to comment Share on other sites More sharing options...
Bigbob Posted October 13, 2022 Report Share Posted October 13, 2022 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 Quote Link to comment Share on other sites More sharing options...
old man Posted October 13, 2022 Report Share Posted October 13, 2022 6 hours ago, oldypigeonpopper said: Hello, Gordon Brown was part of the government 🤔 in charge of the UK money pot !!! Just another illustration of contempt? Quote Link to comment Share on other sites More sharing options...
Cosmicblue Posted October 14, 2022 Report Share Posted October 14, 2022 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. Quote Link to comment Share on other sites More sharing options...
Bigteddy1954 Posted October 14, 2022 Author Report Share Posted October 14, 2022 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 Quote Link to comment Share on other sites More sharing options...
old'un Posted October 14, 2022 Report Share Posted October 14, 2022 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. Quote Link to comment Share on other sites More sharing options...
Yellow Bear Posted October 14, 2022 Report Share Posted October 14, 2022 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. Quote Link to comment Share on other sites More sharing options...
Weihrauch17 Posted October 14, 2022 Report Share Posted October 14, 2022 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. Quote Link to comment Share on other sites More sharing options...
billytheghillie Posted October 14, 2022 Report Share Posted October 14, 2022 On 12/10/2022 at 13:06, Scully said: What’s a pension? 🙂 its a anagram of no penis. Quote Link to comment Share on other sites More sharing options...
Charliedog Posted October 14, 2022 Report Share Posted October 14, 2022 I would like to thank the old boy that twisted my arm to join the electricity supply final salary pension scheme 33 years ago, 4 more years and I can draw it out at age 55, certainly feel fortunate Quote Link to comment Share on other sites More sharing options...
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