BREXIT positives and negatives

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Don t see what an adviser is supposed to come up with. You paid in. The fund needs to disburse. WTF advice does anyone including the pension provider need ? 

 Clearly a huge fob off.

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Ah but that's UK law. It came about because too many advisors were basing their advice on who paid them the best commission not on which product was right for the client.

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What sayeth the law ? There are strings attached to pension payments ?

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Not usual that I go off topic but, 

on the subject of private company pensions, I saw something on Tagesschau about the German government tightening up on private company pension payouts. It would seem companies are bound by legislation to pay up. Has the UK Government just lost control, or were the 'rules' not there in the first place?  

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Rules have to be implemented. Therein lieth the bogey. Specially if it costs you money to get your money :angry:. Some folks just do not have the wherewithal or nous or energy to know where to start let alone see through a protracted battle.

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13 hours ago, kiplette said:

Does the CAB have any advice, or at least a signpost to advice?

 

 

 

What or who is a CAB?

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Citizens Advice Bureau 

AKA Verbraucherzentrale

 

The UK also has "Pension Wise" as  a public information service

Pension Wise

Quote

Pension Wise is a government service from MoneyHelper that offers free, impartial pensions guidance about your defined contribution pension options. 

 

An appointment with Pension Wise is free and will help you understand what your overall financial situation will be when you retire.

 

It’ll talk you through your options to help you make the right decision. You’ll also find out about the other factors you need to consider when deciding on your options before retirement.

 

 

Maybe they could help here ?

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I remember, while trying to sort out some of my pension stuff, that the UK pension service ( in Newcastle ) had a more details on my pensions than I thought they would of have.

 

I opted out of surps ( think it was called ), in the 1980's, I had forgotten that I had done this some 30 years later.

 

I asked the UK pension service and they were able to tell me, who I had given it too, they seem to know a lot more, maybe try contacting them, they might be able to help you aswell

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On 15/01/2022, 16:44:05, optimista said:

My sis worked in the same factory over several decades. It changed hands many times. There were different funds. She has been given a list of helplines to phone to see how and where to claim... my crystal ball is telling me she gonna get nowhere fast.

 

I paid into one 30 odd years ago. The defunct company does not appear on the gov.co.uk list of defuncts. So now what ? They gonna come looking for me ?

 

Same in Germany. I await hearing from the finance company running the company pension scheme. So far no joy making contact. 

 

I anticipate a pattern emerging.

 

Maybe I was lucky but I had no trouble claiming my various pensions. I had kept my opted out UK company pension up to date on my address changes over the years and always got the yearly trustees report so claiming that was quite straight forward. Also I had a very small non-contributory one from my first ever job but had absolutely no paperwork for. The company was still in business and I was able to register as a former employee on their website 6 months or so before the pension was due they subsequently sent me an offer of a yearly pension or a cash payout. I also had a a German company pension but all I had for that was a piece of paper with confirming the amount to be paid on retirement. I was not able to contact the management company on the telephone but was able to get a new number from the company that took over the company I worked for and was able to claim the pension.

My understanding is that there are very strict controls in Germany on private/company pension schemes so they should be safe, Not sure how things are in the UK but I believe the government will fund a limited pension in the event a real pension scheme (as opposed to an investment plan) goes broke. A lot of people in the UK have been ripped off after transferring their pensions into dubious investments often on the advice of people who were paid large commissions for the transfers so the pension providers are now very strict about what you can do with your money though they themselves also charge enormous amounts for transfers. Usually combining several pension plans into one is not financially viable due to the costs involved.

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2 hours ago, yesterday said:

I remember, while trying to sort out some of my pension stuff, that the UK pension service ( in Newcastle ) had a more details on my pensions than I thought they would of have.

 

I opted out of surps ( think it was called ), in the 1980's, I had forgotten that I had done this some 30 years later.

 

I asked the UK pension service and they were able to tell me, who I had given it too, they seem to know a lot more, maybe try contacting them, they might be able to help you aswell

I had the same situation….I found a small fund that I’d forgotten about. 

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4 hours ago, yesterday said:

I remember, while trying to sort out some of my pension stuff, that the UK pension service ( in Newcastle ) had a more details on my pensions than I thought they would of have.

 

I opted out of surps ( think it was called ), in the 1980's, I had forgotten that I had done this some 30 years later.

 

I asked the UK pension service and they were able to tell me, who I had given it too, they seem to know a lot more, maybe try contacting them, they might be able to help you aswell

Unfortunately not, now the best thing is to contact the pension fund (who should have incidentally given you an update every year). Let them tell you what they require and what your options such as transfer, draw down, closing etc.

 

It's called SERPS - State Earnings Related Pension I believe which I think was later referred to as S2P - State second Pension but don't quote me.

 

Whilst there's help with a Defined Pension Scheme, i.e. pension based on salary, there isn't a lot on a Defined Contribution Schemes where your pension is based on what is in the fund.

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Looks like he's trying to push an immigrant back into that ferry. I'm sorry to say it but you need to ask yourselves serious questions as a country when you allow yourselves to be completely conned by chap that wouldn't even make a particularly good used car salesman :-(

 

I saw Rory Stewart on Sky News a couple of days ago speaking about Ukraine and Partygate and it would almost make you weep to think that the Tories chose Johnson over this principled, intelligent man. The antithesis of Johnson the pig.

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Remember when Brexiteers said Ireland needed the land bridge and that it could be used as a bargaining chip?
Yeah that didn't work out too well either as it's now quicker to send a lorry from Dublin to Paris than from Dover to Calais!

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