Mounts Kipper Posted March 15, 2023 Share Posted March 15, 2023 Just now, globaldiver said: Sorry, I misunderstood. But you can take it out of the markets and put it in a cash fund within your pension, I’d expect? Don’t know if that’s possible with my provider, I’ll ask, anyhow given the recent reductions in value be better waiting and hoping it comes back. Quote Link to comment Share on other sites More sharing options...
tomski Posted March 15, 2023 Share Posted March 15, 2023 1 minute ago, Mounts Kipper said: I’m still working, can take 25% tax free but would have to pay tax on the rest. Sorry it was a Whitt response. Hope you get sorted whichever option you should choose Quote Link to comment Share on other sites More sharing options...
globaldiver Posted March 15, 2023 Author Share Posted March 15, 2023 Just now, Mounts Kipper said: Don’t know if that’s possible with my provider, I’ll ask, anyhow given the recent reductions in value be better waiting and hoping it comes back. It should be possible, get your ducks in a row in readiness to act. Who’s the provider? Quote Link to comment Share on other sites More sharing options...
Site Supporter MickyD Posted March 15, 2023 Site Supporter Share Posted March 15, 2023 The money into your pension is tax free going in but taxed coming back out. You can’t have the tax free bonus both ways. Quote Link to comment Share on other sites More sharing options...
Mounts Kipper Posted March 15, 2023 Share Posted March 15, 2023 Just now, globaldiver said: It should be possible, get your ducks in a row in readiness to act. Who’s the provider? Royal London. Quote Link to comment Share on other sites More sharing options...
Mounts Kipper Posted March 15, 2023 Share Posted March 15, 2023 1 minute ago, MickyD said: The money into your pension is tax free going in but taxed coming back out. You can’t have the tax free bonus both ways. Sadly not. Quote Link to comment Share on other sites More sharing options...
globaldiver Posted March 15, 2023 Author Share Posted March 15, 2023 4 minutes ago, Mounts Kipper said: Royal London. Should be fine. Quote Link to comment Share on other sites More sharing options...
Mounts Kipper Posted March 15, 2023 Share Posted March 15, 2023 Just now, globaldiver said: Should be fine. Thx. I’m speaking to my advisor tomorrow so I’ll ask the question. Quote Link to comment Share on other sites More sharing options...
globaldiver Posted March 15, 2023 Author Share Posted March 15, 2023 5 minutes ago, MickyD said: The money into your pension is tax free going in but taxed coming back out. You can’t have the tax free bonus both ways. Kind of Tax free going in, taxable (75%) on the way out, but everyone has a personal allowance, so some tax management opportunities. Not with the Fire Service scheme, of course. Quote Link to comment Share on other sites More sharing options...
globaldiver Posted March 15, 2023 Author Share Posted March 15, 2023 4 minutes ago, globaldiver said: Kind of Tax free going in, taxable (75%) on the way out, but everyone has a personal allowance, so some tax management opportunities. Not with the Fire Service scheme, of course. And, if you get 40% relief on the way in, you will be able to pay 20% on the way out on some/all. Quote Link to comment Share on other sites More sharing options...
globaldiver Posted March 15, 2023 Author Share Posted March 15, 2023 7 minutes ago, Mounts Kipper said: Thx. I’m speaking to my advisor tomorrow so I’ll ask the question. Just be aware that you don’t switch at today’s prices, but at a set date, usually a couple of days after, so you can’t game the system. Quote Link to comment Share on other sites More sharing options...
Mounts Kipper Posted March 15, 2023 Share Posted March 15, 2023 2 minutes ago, globaldiver said: Just be aware that you don’t switch at today’s prices, but at a set date, usually a couple of days after, so you can’t game the system. What is game the system? Quote Link to comment Share on other sites More sharing options...
Site Supporter Tonge moor green jacket Posted March 15, 2023 Site Supporter Share Posted March 15, 2023 1 minute ago, Mounts Kipper said: What is game the system? I heard a suggestion today from an economist, that some had already benefited from "leaked" news about the budget and made money. Dunno if true, but possible I suppose. I presume anything whereby some may try to push the direction of travel in a particular direction, so as to benefit by doing the opposite. Probably not making any sense though- watch Trading Places! Quote Link to comment Share on other sites More sharing options...
globaldiver Posted March 15, 2023 Author Share Posted March 15, 2023 5 minutes ago, Mounts Kipper said: What is game the system? Can’t trade so that Royal London might lose. Trading would be more possible with other providers Quote Link to comment Share on other sites More sharing options...
Ani Posted March 16, 2023 Share Posted March 16, 2023 12 hours ago, Mounts Kipper said: I’d say not… aren’t the banks better capitalised and more robust set of rules brought in. Nothing would surprise me though. Which is why a cap on Bankers bonuses was bought in because uncapped encourages excessive risk taking that leads to the mess we need to avoid. Quote Link to comment Share on other sites More sharing options...
Site Supporter Spider Posted March 16, 2023 Site Supporter Share Posted March 16, 2023 A Swiss bank failing would be a reason to worry, would it not? Americans are overtly gung ho around finance so it was less of a surprise when they went tits up. But the Swiss are considered the dull, steady and safe types. Wider issues? Quote Link to comment Share on other sites More sharing options...
globaldiver Posted March 16, 2023 Author Share Posted March 16, 2023 7 minutes ago, Spider said: A Swiss bank failing would be a reason to worry, would it not? Americans are overtly gung ho around finance so it was less of a surprise when they went tits up. But the Swiss are considered the dull, steady and safe types. Wider issues? Certainly “Swiss Bank” immediately thinks of “cautious”, so the reflex is to worry. Quote Link to comment Share on other sites More sharing options...
Mounts Kipper Posted March 16, 2023 Share Posted March 16, 2023 4 minutes ago, globaldiver said: Certainly “Swiss Bank” immediately thinks of “cautious”, so the reflex is to worry. Hopefully this will calm the markets. https://www.bbc.co.uk/news/business-64964881 Quote Link to comment Share on other sites More sharing options...
Site Supporter MickyD Posted March 16, 2023 Site Supporter Share Posted March 16, 2023 11 hours ago, globaldiver said: Kind of Tax free going in, taxable (75%) on the way out, but everyone has a personal allowance, so some tax management opportunities. Not with the Fire Service scheme, of course. That said, talk of Bank Suisse and any other finance institution struggling won’t be a bother for most public sector employees as the pensions are pretty much underwritten by the government rather than by the banks. Public sector pension worries are more to do with the government changing pension rules part way through a career. When this happened at around 2010 I was one of the fortunates who were identified as being close enough to retirement that I’d be unable to make alternative arrangements to ensure my pension was going to pay out as expected. Others weren’t so lucky. Two lads on my watch had joined at the same time, in fact, they shared a dormitory on the residential twelve week basic training course. Their dates of birth were about 4 months apart so very little age difference and no length of service difference. The line in the sand denoting those who stayed on the old pension scheme and who had to transfer to the new scheme just happened to fall between their dates of birth. One was told he’d retire, as planned, after 30 years service, the other had to work until he was 60, an extra six years. Quote Link to comment Share on other sites More sharing options...
Moderators Zico Posted March 16, 2023 Moderators Share Posted March 16, 2023 12 hours ago, gonzo said: Talking to a customer today who lost half his pension investing it in to a high brow wine enterprise. Buying bulk loads and selling at mega prices. £150 a bottle caper. Made a few decent amounts in year running up to it, then had a deal with the value of £80k in the offing then got an email saying the company had gone in to liquidation. Felt bad taking a tenner off him for his windows If he doesn't tip you bottles of wine at Christmas it's fair enough Quote Link to comment Share on other sites More sharing options...
Site Supporter Tonge moor green jacket Posted March 16, 2023 Site Supporter Share Posted March 16, 2023 6 hours ago, Ani said: Which is why a cap on Bankers bonuses was bought in because uncapped encourages excessive risk taking that leads to the mess we need to avoid. I'm sure it's not beyond the wit of man, to put sufficient regulation in place without necessarily hampering earnings. What's more, the cap just put up basic salaries anyway. Swings and roundabouts. Quote Link to comment Share on other sites More sharing options...
Ani Posted March 16, 2023 Share Posted March 16, 2023 5 minutes ago, Tonge moor green jacket said: I'm sure it's not beyond the wit of man, to put sufficient regulation in place without necessarily hampering earnings. What's more, the cap just put up basic salaries anyway. Swings and roundabouts. Pity it is has been beyond the wit of the Government. Quote Link to comment Share on other sites More sharing options...
Site Supporter Tonge moor green jacket Posted March 16, 2023 Site Supporter Share Posted March 16, 2023 4 hours ago, Ani said: Pity it is has been beyond the wit of the Government. You seem to have forgotten, Liz Truss isn't in charge any more! It's not been ruled out, but as yet not scrapped. When/if it is removed, I'm quite sure things will be put in place accordingly. Reading about it all, some say we should keep it, others say it should go and mirror norms across the world. Quote Link to comment Share on other sites More sharing options...
globaldiver Posted March 16, 2023 Author Share Posted March 16, 2023 1 hour ago, Tonge moor green jacket said: You seem to have forgotten, Liz Truss isn't in charge any more! It's not been ruled out, but as yet not scrapped. When/if it is removed, I'm quite sure things will be put in place accordingly. Reading about it all, some say we should keep it, others say it should go and mirror norms across the world. Definitely scrap it, we need all of the talent we can get, in this competitive world. With appropriate rules and enforcement. Quote Link to comment Share on other sites More sharing options...
Site Supporter Tonge moor green jacket Posted March 16, 2023 Site Supporter Share Posted March 16, 2023 5 minutes ago, globaldiver said: Definitely scrap it, we need all of the talent we can get, in this competitive world. With appropriate rules and enforcement. Exactly. I was up at the local farm earlier- apparently muck spreading was restricted by the eu to prevent run off and pollution. Have to do is at a certain time of the year. Farmers increased inorganic fertiliser use and now there are problems with guess what...run off and pollution! Not sure new guidelines have been issues yet, but rules have been relaxed as fertiliser prices are so high, and farmers can now spread muck outside of the official times! Not the same as the finance industry clearly, but parallels nonetheless- whichever system is employed, it's open to abuse and has its flaws. Ultimately, use whatever system works best for the industry, with safeguards in place. Quote Link to comment Share on other sites More sharing options...
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