[AuRavelling79]

If you don't think it's too personal a question - do you have a pension and if so what did you go for? If not, are you thinking about it?

[rosskesava]

I had a good pension scheme when I worked on the railways and before that I worked for the Volunteer Services Overseas but they had no pension scheme worth anything at all.

I did find out about one when I started window cleaning but the contributions I'd need to pay were not worth the return. I checked it out again 3 months ago and the contributions had gone up and the return was even less and not gauranteed.

At 47 - it's just not worth it. The amount I'd pay would yield a better return in a bog standard ordinary savings account.

What I've done is to pay £250 a month into National Saving Certificates and have any winnings paid back into it. The draw back is the limit is £30 000 but it's tax free.

I'd also love to know about what other w/c's do about a pension scheme.

Cheers

[thewindowcleaner1]

Looked at my penshion or lack of it last year, went through really bad times several years ago and cashed everything I could get my hands on.

It worked to my advantage though, changed endowment morgage to repayment, cashed penshion plans in just before the slide in growth.

Any way looked at situation last year and I've only got two assets A) property B) my bussiness

A) can if I wanted to be sold before I check the inside of the box and carry on living in it ??(not the box)

B) Bussiness I decided to  formulate a growth plan over the next 5 to ten years (I'm 51 at present) The idea would not be to sell bussiness when I retire but rather semmi retire and continue to take a steady income from bussiness This way I can keep a good standard of living and stay occupied at the same time.(you can only cut the grass so many times)I,ve always been active and could not imagine not having new challanges to keep the grey matter working

Hopefully if all goes well I'll become customer relations/bussiness development manager

[stephen d]

depending on how much your prepared to save/invest each month or use equity from your present property ,property is still a very good long term investment-especially abroad,especially with the new rules coming in next april.i invested 20k in a property in florida earlier this year-off plan with a 25% discount .the management company, in return for paying your mortgage for 5 years and maintaining the property-no additional costs to you.(they make their money by renting out your property) but you can use it 4 weeks of the year.you can sell anytime you wish but obviously the longer you keep it the more it will appreciate.property prices currently going up 10-15% per annum.if anyone wants any further info drop me an e-mail at steve@dunbar98.freeserve.co.uk cheers steve8)

[Dick]

As an ex financial adviser, pension are/were a good investment, but depended on so many areas. The main ones are age now, age wanting to retire, business profitability, health, unable to get at the fund if finances depended on it and not least the recent past performance of the funds.
No wonder I got out of the financial world after 20 years and "found" the window cleaning world, no targets to achieve, no boss etc. etc.

[windows_chepstow]

As an ex financial adviser,

Sorry, D ick (ruddy swear-word filter), I wouldn't have owned up to that one.

Malc, if you're after financial advice; see a financial advisor.  But be carefull there's two types.

Commision only.

Or

Fee Based.

This fee could be in the region of £100 to £200 plus; but it preferable to the 'Commission Only' type.

With the commission type, a similiar analogy would be that of a doctor.  Imagine you had tonsilitis and you wanted a drug to cure it.  Imagine if that doctor had several different drugs he could cure you with, but was paid loads more for just one of the seven.

Do you think that doctor would give you the best drug for your condition, or the drug he was paid the most to give?

I'd advise you seek out a fee-based financial advisor through the IFA (I believe they can recommend qualified ones by area), cough up the money, listen to the advice and then do some further research via the internet before purchasing any major financial investment.

There's just too many financial institutions that are willing to sell you rubbish.

I was mis-sold two large endownment policies that turned out to be a heap of dung; I was young at the time; and the financial advisor had the 'silver tongue', but he probably made a few grand at least out of me.

[Ian_Giles]

My own pension is worthless, so I've frozen it, at my age (49) the amount I would need to plough into it to get a decent return is so high as to be quite ridiculous.

My 'pension' is my Dad, so long as he doesn't get to the point he has to go into care, and if he lives another 10 to 15 years (Dad is 77) I will have a pension fund of around £250,000 (same for my sister of course)

This should be able to buy me a decent income to retire on.

Perhaps the Government should consider allowing inheritance to help fund offsprings pensions instead of claiming huge amounts of death duties.

Ian

[Dick]

Don't mind owning up to being an IFA, as I was an honest one (honest I was), just the same as I'm now an honest window cleaner.
Probably has the same type of meaning to customer, easy money for not doing a lot!

[windows_chepstow]

Don't mind owning up to being an IFA, as I was an honest one (honest I was), just the same as I'm now an honest window cleaner.
Probably has the same type of meaning to customer, easy money for not doing a lot!

D ick, I was only joking, honest, but financial advisors do have a bad reputation; similar to the stereo-typical window cleaner.

I actually considered becoming one myself and looked into doing my Financial Planning Certificate Level 2 (I think it was level 2) for  resettlement training when I left the army.

I became a window cleaner instead.  I made the right decision.

But talking about pensions, had I served another 7 years in the army to my 22 year point I would've retired with an immediate pension of around £400 per month (by today's rates) and a £35,000 lump sum (tax free); at age forty!  Then at age 55 my £400 per month would increase to around £550 per month. 

I've got to clean a lot of windows to make up for that shortfall.  But because I didn't do my full 22 years I get a 17 year service, Staff Sergeant's pension (in the army, your pension is based on time served and rank).

There's been plenty in the papers recently about the massive differences in the Civil Service pensions and the private sector.  I suggest you do your homework before throwing good money into a bad investment.

Anyway, my pension will be paid directly from the Treasury (not a pension fund) and should be a decent little sum to add to my massive window cleaning empire; by then - age 60!

[Londoner]

I have two pensions, the one from my job of 25 years was frozen when I was made redundant. I started a private pension but it is so useless that  I would describe it as money down the drain.
The pot that builds up is used to give me a pension that is only about 4% of the value of the pot per year. This is no more than the interest i would get if I had saved the money in a Building Society.
I can never get my hands on the lump sum and when I die they keep the money.
At best I am only going to get a couple of hundred pounds a year out of it despite putting thousands in.
Oh yes, and who do you think recommended that I start this pension?
MY BANK

[windows_chepstow]

Vince; that's bad.

I also forgot to put in my initial post that when choosing your financial advisor NEVER EVER go for one who is tied to a certain company.  For example 'The man from the Pru', who your family have used for years and is a really 'nice guy'.

Of course they're nice; they want your money.

A tied financial investor can ONLY sell you products that his company offers; and cannot offer you the full range of products on the market.

So, if you can PAY FOR YOUR FINANCIAL ADVISOR'S INFORMATION.

Failing that; choose a financial advisor whose a broker.

You should also have a 21 day cooling of period; giving you time to do your research and cancell anything you've bought that you find out isn't the pot of gold you were told it was.

I used to pay £200 per month (a big sum to me fifteen years ago (still is!)) into two endownments which were pitiful. 

I was literally ripped off for thousands and cancelled them after seven years in the end receiving back less than what I paid in.  I know an endownment doesn't pay unless you let them go full term but if felt like I was throwing good money after bad; so I cut my losses.

Be carefull.  There might be other avenues for funding your retirement rather than a poor performing pension scheme.

[alansavvi]

Vince; that's bad.

I also forgot to put in my initial post that when choosing your financial advisor NEVER EVER go for one who is tied to a certain company.  For example 'The man from the Pru', who your family have used for years and is a really 'nice guy'.

Of course they're nice; they want your money.

A tied financial investor can ONLY sell you products that his company offers; and cannot offer you the full range of products on the market.

So, if you can PAY FOR YOUR FINANCIAL ADVISOR'S INFORMATION.

Failing that; choose a financial advisor whose a broker.

You should also have a 21 day cooling of period; giving you time to do your research and cancell anything you've bought that you find out isn't the pot of gold you were told it was.

I used to pay £200 per month (a big sum to me fifteen years ago (still is!)) into two endownments which were pitiful. 

I was literally ripped off for thousands and cancelled them after seven years in the end receiving back less than what I paid in.  I know an endownment doesn't pay unless you let them go full term but if felt like I was throwing good money after bad; so I cut my losses.

Be carefull.  There might be other avenues for funding your retirement rather than a poor performing pension scheme.

You should be careful Tosh, although your advice is sound it does not fit every circumstance, and although you had a bad deal ,not everyone will. Endowmenst are only a saving vehicle. There perforamnce depends on many factors such as fund choices, charges, taxation etc. Its like saying i had a bad skoda, so i am telling everyone dont buy a car!

Take that from someone who did do the finanicial planning certificate 2, and 1, and 3, and many more exams. I alos was a IFA, tied adviser, commission only and fee based!!!!

[Dick]

Look's like all Financial Advisers have turned to window cleaning for sanity and peace of mind. Mind you I am still responsible for every sale I made until the day I depart.

[thewindowcleaner1]

Look's like all Financial Advisers have turned to window cleaning for sanity and peace of mind. Mind you I am still responsible for every sale I made until the day I depart

Does that mean you are responsable ie financial'y if one of your customers cancells?

[Dick]

Normally commission can be clawed back on a pro rata basis within a two year period, after that only renewal commission is paid. I am however responsible for the advise given in the event of a complaint. Having to remember what the client said, what you said to them etc. etc. Glad to be away from all that crap.