Pensions/retirement plans

[fine-n-dandy]

14 minutes ago, Reed or deed said:

Please make it a month or more.

? why you also perusing a thread created by someone you relentlessly wish to stop hearing from? 
 

No will power &/or full o shite hypocrite 

[fine-n-dandy]

1 hour ago, maryhilldon said:

You're a right horrible cunt eh? Just plain nasty.

No. He’s a wanna be ^^^^^ just a + rating attention seeker ? I am here to please the simpletons & sad acts ?

[euan2020]

9 minutes ago, fine-n-dandy said:

Yeah not delved too deep into it but yes. All profits/earnings go back into your pension pot tax free which will of course be taxed upon eventual withdrawal (no avoiding that. But the No CGT is the most appealing part in my view. It’s a good way of increasing your pension even more but of course housing market could crash but doubtful that will happen for any prolonged period now. Property is one of the safest investments in terms of risk/rewards. Predominately always has been ?

so if the earning go back into the pension pot, + growth - you will still need to "draw" out of the pension to get access to the cash

Scenario and you an build your own numbers

400K Property 20% growth over 10 years goes to 480K

400K with 8% rental return per year is 320K over 10 years

800K Pension fund without taking account of the draw downs over the 10 years 

That is getting close to the Life Time Allowance of 1.1M without taking account of any state pension, or any other pensions you may have laying around

https://www.gov.uk/tax-on-your-private-pension/lifetime-allowance

above that you are paying 55% or 25%  & if you hit 75 you are paying it anyway 

Notwithstanding that - you spoke about 20 years pension contribution in Norway - do you have much of a pension pot in UK - you can quote if you wish but not compelled - but nothing means anything without context    

how do you get the tax free 25% if you have tied this up in property (which i don;t believe can be residential property )

What is classed as Commercial Property?

The list is quite extensive – Farmland, Woodland, Fishing Lakes, Equestrian/Stables, Golf clubs, Factories, offices, hotels, shops, care homes, prisons, and student accommodation (subject to conditions) are allowed.

 

 

 

 

   

[fine-n-dandy]

13 minutes ago, euan2020 said:

so if the earning go back into the pension pot, + growth - you will still need to "draw" out of the pension to get access to the cash

Scenario and you an build your own numbers

400K Property 20% growth over 10 years goes to 480K

400K with 8% rental return per year is 320K over 10 years

800K Pension fund without taking account of the draw downs over the 10 years 

That is getting close to the Life Time Allowance of 1.1M without taking account of any state pension, or any other pensions you may have laying around

https://www.gov.uk/tax-on-your-private-pension/lifetime-allowance

above that you are paying 55% or 25%  & if you hit 75 you are paying it anyway 

Notwithstanding that - you spoke about 20 years pension contribution in Norway - do you have much of a pension pot in UK - you can quote if you wish but not compelled - but nothing means anything without context    

how do you get the tax free 25% if you have tied this up in property (which i don;t believe can be residential property )

What is classed as Commercial Property?

The list is quite extensive – Farmland, Woodland, Fishing Lakes, Equestrian/Stables, Golf clubs, Factories, offices, hotels, shops, care homes, prisons, and student accommodation (subject to conditions) are allowed.

 

 

 

 

   

So my thinking was (back of beermat stuff) withdraw the 25% tax free when permitted (fkn 57 now it seems ?) then pull more or remaining amount & buy property with it. The rental/profit from property goes back into pension for latter or handed over to kin when I pop off. 
 

I’m just speculating at moment. Still long time off. I hope to be retired early 50’s so pension will basically be frozen until I hit age for permitted 25% tax free bit 

pension in general is doing ok but was utter shite through covid. Only increasing by a lil over a grand each year over 20/21 even though paid a Fk load more than that it, jumped a fair bit this year though. My pension is with SW but mixed views on how decent they are. Few mates shifted their to a Danish pension (PFA) & they can pull all from there (tax free) as soon as they leave job (no matter age) wish I had switched mine over there when opportunity was there ?

[1903Fitba]

2 hours ago, maryhilldon said:

You're a right horrible cunt eh? Just plain nasty.

Aye okay Captain magnolia. 

[euan2020]

11 minutes ago, fine-n-dandy said:

So my thinking was (back of beermat stuff) withdraw the 25% tax free when permitted (fkn 57 now it seems ?) then pull more or remaining amount & buy property with it. The rental/profit from property goes back into pension for latter or handed over to kin when I pop off. 
 

I’m just speculating at moment. Still long time off. I hope to be retired early 50’s so pension will basically be frozen until I hit age for permitted 25% tax free bit 

pension in general is doing ok but was utter shite through covid. Only increasing by a lil over a grand each year over 20/21 even though paid a Fk load more than that it, jumped a fair bit this year though. My pension is with SW but mixed views on how decent they are. Few mates shifted their to a Danish pension (PFA) & they can pull all from there (tax free) as soon as they leave job (no matter age) wish I had switched mine over there when opportunity was there ?

needs to be inherited into a further pension, or could be subject to inheritance tax which could be an issue if they do not wan to deal with a property

Covid times my main pension went up about 33% overall after an initial May 20 20% dip - down 25% from peak (Jan 22 ) just now - i have around 5 years base salary in pensions based on current value.   

Likely you are invested in UK which has been pretty flat this last 10 years - likely need more global exposure, more diversified    

[maryhilldon]

51 minutes ago, Dad said:

Rich coming from you, you miserable patronising arsehole 

 Fuck you pops. Prick.

[fine-n-dandy]

41 minutes ago, euan2020 said:

needs to be inherited into a further pension, or could be subject to inheritance tax which could be an issue if they do not wan to deal with a property

Covid times my main pension went up about 33% overall after an initial May 20 20% dip - down 25% from peak (Jan 22 ) just now - i have around 5 years base salary in pensions based on current value.   

Likely you are invested in UK which has been pretty flat this last 10 years - likely need more global exposure, more diversified    

Yeah Scottish widows has been poor for me for most part. Went up about same (somewhere between 30-50%) over past year but not sure when exactly but prior to that it was grim. 
 

A need to go see them next time in Edinburgh & decide if I’m going to stick with them or fk off or change investment strategy  ‘risk’ 

It’s a bit of a stress/mare for novices like me. 
 

Not sure if I can still switch mine over to Danish (PFA) like some colleagues did cos Brexit might have closed that option. I fkd up not doing so as there’s a 3 country rule so can pull it all tax free when you lose or quit job. 

[elephantstone78]

7 hours ago, fine-n-dandy said:

Sake min. I never knew they were raising the 25% tax free withdraw age to 57. That’s fkn BS that. That going to still be the case if you have retired before that but still under 57?

I’m aiming for retiring around 2028 but will still be a few years off 55 

 

?
 

fkn linked to UK state pension/retirement age rise. Fkn Tory cunts?

I won’t even be taking a UK state pension. Haven’t paid into UK system in almost 20 years. UK state pension isn’t worth shit.

I will be taking a Norwegian state pension & their retirement age is still 65 as far as I know

Yes, if under 57 in 2028 then you can’t access pension unless you’re about to die. 

You should look at paying voluntary NIC here to get a state pen. IMO. Couple of hundred quid to cover each missing year (approx)
 

index linked, payable for life and you only need to live approx 4 years to break even for the missing years that you have bought. 
 

Pensioners due for a 10% increase this year. 
Pre match drinks will be on Tommy and Beachend BB this year.

An excellent deal for anyone with a bit of spare cash and a reasonable life expectancy. (Insert joke about not being suitable for weegies)

[fine-n-dandy]

57 minutes ago, elephantstone78 said:

Yes, if under 57 in 2028 then you can’t access pension unless you’re about to die. 

You should look at paying voluntary NIC here to get a state pen. IMO. Couple of hundred quid to cover each missing year (approx)
 

index linked, payable for life and you only need to live approx 4 years to break even for the missing years that you have bought. 
 

Pensioners due for a 10% increase this year. 
Pre match drinks will be on Tommy and Beachend BB this year.

An excellent deal for anyone with a bit of spare cash and a reasonable life expectancy. (Insert joke about not being suitable for weegies)

Yeah. Been considerin paying up minimal NIC’s. Hopefully an independent Scotland’s pension will be higher still ?

[The Boofon]

Buy low, sell high.

[The Boofon]

8 minutes ago, Sooper-hanz said:

^^^All you need to know. Sage advice.

I've all the thyme in the world for advice like that.

[spamspamspam]

51 minutes ago, The Boofon said:

Buy low, sell high.

Always ended up out of pocket as well as my face when I did that.

 

[euan2020]

4 hours ago, fine-n-dandy said:

Yeah. Been considering paying up minimal NIC’s. Hopefully an independent Scotland’s pension will be higher still ?

i was going to catch up 7 years, but then worked out that i can grow the money quicker than the inflationary increase on gov pension + inside a private pension can access at 55 rather than access at 67 - did not seem worth the wait - you get your money back within about couple years but that is making 69 to just be equal   - in some ways similar to you - i have been outside UK 11 years so have pensions in UK/South Africa/USA 

[Ke1t]

Hire a reputable fiinancial advisor when it comes to making major financial decisions.

The End.

 

 

[fine-n-dandy]

1 hour ago, euan2020 said:

i was going to catch up 7 years, but then worked out that i can grow the money quicker than the inflationary increase on gov pension + inside a private pension can access at 55 rather than access at 67 - did not seem worth the wait - you get your money back within about couple years but that is making 69 to just be equal   - in some ways similar to you - i have been outside UK 11 years so have pensions in UK/South Africa/USA 

Yeah it’s 2006 since I last paid UK NIC ?

[BrianFaePerth]

18 hours ago, The Boofon said:

Buy low, sell high.

^^graduate of the Bluto School of Economics

[Beachend Bootboy]

19 hours ago, The Boofon said:

Buy low, sell high.

......sweet chariot, coming for to carry me home.

[Ke1t]

On 7/6/2022 at 1:20 AM, Beachend Bootboy said:

......sweet chariot, coming for to carry me home.

Love hard hearted harbingers of haggis. 

[Dons79]

Great illiteration

 

[Ke1t]

7 hours ago, Dons79 said:

Great illiteration

 

Love Charles Dickens.

[Fridge]

Invest in wine. It is a wasting asset so you don’t have Have to pay any capital gains tax on it providing you can prove it is worth fuck all after 50 years or something. I’m sure someone  will know the ins and outs.

Best to keep in a secure cellar insured if you’re serious to prevent drunken bravado in front of some tart or your kids slugging it by mistake.

At least if it goes to shit you can drink yourself to death.

[Edwin Starr]

Love to go to Spain to live but my wife isn't too keen as our family are here .

[Fridge]

2 minutes ago, Sooper-hanz said:

 ? Never change, Frigo

Would be a classic though, wake up with some guy from the offices wife a Roy Aitken heid and suddenly remember cracking open a £10k bottle of wine.

You could probably perfect some move that involves you showing off the good shit then decanting some Blossom Hill but would be laced with danger.

[maryhilldon]

23 hours ago, Fridge said:

 

You could probably perfect some move that involves you showing off the good shit then decanting some Blossom Hill that would be laced with rohypnol.

Disgusting.

[Fridge]

50 minutes ago, maryhilldon said:

Disgusting.

What’s your date rape drug of choice like? I’m alway’s open to new ideas.

[Beachend Bootboy]

1 minute ago, Fridge said:

What’s your date rape drug of choice like? I’m alway’s open to new ideas.

Claw hammer. Works a treat.

[maryhilldon]

5 minutes ago, Fridge said:

What’s your date rape drug of choice like? I’m alway’s open to new ideas.

I just use the element of surprise.

[Fridge]

1 hour ago, maryhilldon said:

I just use the element of surprise.

Chlorophyll then. Old school.

Added bonus of knocking yourself out after and not remembering fuck all about it.