Pension scammer's charter 2015

[davetherayon]

Well, the new financial year is about to begin and already I've been getting texts from firms 'offering' to 'liberate' my pension. This is due to the new rules whereby you can take your defined benefit pension pot, part or full, and do what you like with it. Sound good? Um, not necess-celery.

- if under 55, anything you take out is charged at 55% income tax.
- if 55 or over, you can take out 25% of the pot tax free, but the rest is taxed at your income tax rate.

Hasn't stopped the scammers from jumping on the bandwagon. They're targeting under 55s, claiming they can 'liberate' your pot and 'invest' it in scheeeems to make you god knows what promised amount of money. All scam.

Check this thread out to see why. If it sounds too good to be true and all that.

Not to mention, they can take the money and bust the company, leaving you with bog all. For instance...

And again... if someone does take their money and blow it on crack 'n hoes or lose it to scammers, they'll be working beyond SRA and taking pension credits. So Joe Taxpayer picks up the bill in part for it.

[tim]

I'm a carpenter. What's a pension?

And what is this "retire at 55" malarky?????

[vinny41]

Your pension secrets sold to conmen for five pence: On eve of pensions revolution, an exposé that will horrify every family in the land

www.dailymail.co.uk/news/article-3017205/Your-pension-secrets-sold-conmen-five-pence-eve-pensions-revolution-expos-horrify-family-land.html

[Deleted]

Sorry but i dont get what the conservatives are playing at.
On one hand they are telling everyone that they should pay into a pension because people are living longer and its becoming a strain on the state.
Then they go and do this increasing the chance that people will lose the lot due to whatever reason, blowing it, getting conned etc.
There's something fishy about all this.

[osdset]

Apr 4, 2015 23:07:23 GMT @windows said:

Sorry but i dont get what the conservatives are playing at.
On one hand they are telling everyone that they should pay into a pension because people are living longer and its becoming a strain on the state.
Then they go and do this increasing the chance that people will lose the lot due to whatever reason, blowing it, getting conned etc.
There's something fishy about all this.

Not at all, especially when the scheme was devised with the intention that your pals  investment schemes (that you are a major shareholder in) would cash in big time.
There's very little the Tory government does that does not benefit big business in some way, usually to the detriment of those that can least afford to take a financial hit.

[Perpetua]

All I know is that I am quite brassed off with the changes various Governments have made in Pension eligibility . . . . for women of my age, we've had our retirement age increased - twice now.

It first went up from 60 to 62, which I thought fair enough . . . then an extra 4 years was added on to that, so I'll be 66 before I can claim my State Pension.

I don't care what anyone says, I don't have the same stamina or drive for work, that I did when I was younger.

Ideally I guess, any Government would be happy to not ever pay anyone a state pension, so they try and push people into other options . . . .

[TJ]

I'm with you there Perpetua, counting down the years (albeit a few yet) and those years just keep increasing.

Oooh did I just manage my first tag????


Woowoo I did 

[Bobsbeer]

I wouldn't trust the Conservatives as far as I could throw them. One thing is for certain, they are not in this to look after the lower middle income people. Even the selling off of council houses was not designed to liberate the masses from renting forever. They knew that at the end of their life they will need care. And care costs money. So people bought their council house, and paid their mortgages till it was debt free. They then get old and need care. Oops we forgot to tell you, you need to pay for this. Don't have the cash? No problem we will just put a charge on your property. So in effect you have paid twice for your house. Bet Maggie didn't tell you that during her election campaign.

[300]

Ahhh, the joys of the new pension rules & single tier pension.

If you're under 55yrs & someone contacts you out of the blue offering to 'liberate' your pension tell them to P*$$ off!!! You may well get your 25% tax free but 75% will go in government tax & your liberator's fees, leaving you with nothing to buy an annuity, there are no loopholes.

Most of those that were advised that contracting out of serps into a private pension was a good move have already been scammed by the government.

If you're close to retirement & you contracted out of serps into a private pension & are expecting to get the new amount of £148 think again, you'll be penalised for every year you were contracted out & will most likely only get the minimum basic state pension.

Of course you still have your contracted out pension pot but it's unlikely that it'll make up the difference for the majority, perhaps the biggest miss-selling scandal of all but with no recourse because the government was involved. If you're lucky & have enough years left to work you can make up the difference from 2016 with an additional £4 odd per week added to your pension for each year's contribution after 2016 plus of course you also still have your contracted out pension, win win for a few.

If you're contracted out into a public sector pension you'll fair better but will only get the basic minimum state pension of £113 & not the new single tier pension of £148 on top of your workplace pension.

The whole pensions industry is messy & complicated, made worse by successive Labour & Tory governments plundering pension tax breaks & moving the goalposts.

So the governments promise that we'll all get the same single rate of pension is a lie, it's a subject that affects us all at some point, the only one you can really trust to have your best interests at heart is yourself, you can't even trust the government.

[monty]

The older you are the more likely you are to vote. So Cambel thought he'd let oldies have some instant dosh. Mostly it would be a mistake to take the money out especially with all the scammers but they won't find out until after the election. What he failed to take into acccount is spammers and cold callers which will probably cost him dear.

[Greg]

I think the Tories will be fine, prob not a majority but can anyone really see milliband and balls in power, Really

[Greigster]

Apr 5, 2015 10:49:43 GMT Greg said:

I think the Tories will be fine, prob not a majority but can anyone really see milliband and balls in power, Really

Only in my worst nightmare.

[300]

Apr 5, 2015 10:49:43 GMT Greg said:

I think the Tories will be fine, prob not a majority but can anyone really see milliband and balls in power, Really

Heaven help us

[Perpetua]

Apr 5, 2015 10:49:43 GMT Greg said:

I think the Tories will be fine, prob not a majority but can anyone really see milliband and balls in power, Really

I really do not know who to vote for this Election . . . there isn't a single Party ( for me ) who stands out as being capable of doing a good job of running this country.


My vote will probably go to who I believe will do the least damage . . . . .