tag:blogger.com,1999:blog-6214838.post4211242662081750329..comments2024-03-04T17:54:32.559+00:00Comments on Iain Dale's Diary: Not a Nice Birthday PresentIain Dalehttp://www.blogger.com/profile/03270146219458384372noreply@blogger.comBlogger67125tag:blogger.com,1999:blog-6214838.post-22201134245800401842009-07-17T09:39:33.457+01:002009-07-17T09:39:33.457+01:00First:
" Anonymous said...
Thatsnews said.....First: <br /><br />" Anonymous said...<br />Thatsnews said... <br />"Yesterday I received a similar letter from Equitable life.<br />Seemed to be more than 121% drop, though. Oh, well..."<br /><br />Does that mean you have to pay them when you retire?"<br /><br />Actually yes, we will continue to pay taxes to pay for the public sector pensions until some time after we die. <br /><br />Second:<br /><br />"Please also factor in the 40% tax benefit you had in contributing to the pension. A lot of people conveniently forget about this!"<br /><br />Excuse me? What "40%", there is no "benefit" if a mugger only takes most of your money, and besides, how much of the "invested" money will you get back? None! So explain to me why funds which are incompetantly invested and which I cannot ever get access to are in some way associated with a 'beneift'. They are just there to be looted by the bloated parasites of parliament and the public sector (Gorbals Mick's pension, BBC hierarchy pensions - yes, we pay, so they don't have to work).Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-90073598569672288622009-07-17T01:02:05.506+01:002009-07-17T01:02:05.506+01:00Only 11%? You are lucky mine went down 21% and I d...Only 11%? You are lucky mine went down 21% and I don't have 15 years before having to claim!<br /><br />Please also factor in the 40% tax benefit you had in contributing to the pension. A lot of people conveniently forget about this!Osama the Nazarenenoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-36713609899789933432009-07-16T18:45:21.093+01:002009-07-16T18:45:21.093+01:00I wouldn't worry about your pension - you are ...I wouldn't worry about your pension - you are nowhere near retirement age yet! Markets go up and down. Just make sure you 'lifestyle' your investments in the years before you retire, particularly after a period of market growth, so you get a good return. If you're lucky, that is... and anyway, it all depends on the annuity rate, not just the value of your fund.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-75111982692704845792009-07-16T17:12:05.197+01:002009-07-16T17:12:05.197+01:00boo bloody hoo.
I am in the twilight of life. I m...boo bloody hoo.<br /><br />I am in the twilight of life. I made (with the benefit of hindsight) a disastrous decision to couple up with Equitable Life for an endowment to cover my mortgage. Due in 5 years. At the time the financial gurus were recommending endowment mortgages as a "no brainer" and EL was top of the list.<br /><br />10 to 15 years ago said EL confirmed that my eventual payout was somewhat more than enough to pay off my mortgage. NOW? Well it is less than 1/4 of what I expected.<br />I have used capital to reduce the debt. The Ombudsman has said that compensation is due - unfortunatley only likely for the pensioners who took advantage of a deal which was too good to be true. The Government are steadfastly refusing to honour the recommendations whilst at the same time borrowing heavily to give AID to 3rd world countries. **** them.<br />In 5 years I will likely have to sell to eliminate my debt - after 40 years in this house.<br />Yet YOU moan. You don't bloody well know that you are born!bewickhttps://www.blogger.com/profile/02808667730361613052noreply@blogger.comtag:blogger.com,1999:blog-6214838.post-68178047942219659272009-07-16T16:15:00.608+01:002009-07-16T16:15:00.608+01:00One nice present though for your birthday. England...One nice present though for your birthday. England 252/2 at tea!! CheersLee Hhttps://www.blogger.com/profile/16875324408085242297noreply@blogger.comtag:blogger.com,1999:blog-6214838.post-43288480746426068902009-07-16T12:46:36.943+01:002009-07-16T12:46:36.943+01:00Welcome to the real world. The politicians got us ...Welcome to the real world. The politicians got us into this and I don't see the Conservatives making it any better with Cameron as Prime Minister.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-18946804633217425782009-07-16T12:41:14.496+01:002009-07-16T12:41:14.496+01:00Welcome to the real world. The politicians got us ...Welcome to the real world. The politicians got us into this and I don't see the Conservatives making it any better with Cameron as Prime Minister.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-24887332366708070932009-07-16T12:35:13.828+01:002009-07-16T12:35:13.828+01:00It's like a Bleak House for the 2000s where th...It's like a Bleak House for the 2000s where the costs of the people you employ to safefguard your money outweigh what you've got left in the pot. I told my Nationwide financial advisor, I'm paying you people to lose my money. "Oh, no, sir" he said, "you've only lost it on paper, in 20 years time you'll get it all back."Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-77171633717721035592009-07-16T12:22:06.321+01:002009-07-16T12:22:06.321+01:00'Investment' companies are all rip off mer...'Investment' companies are all rip off merchants.<br /><br />Many happy returns of the day, incidentally.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-65102509683378822112009-07-16T11:49:52.778+01:002009-07-16T11:49:52.778+01:00I'm 55 and have recently received similar depr...I'm 55 and have recently received similar depressing news from Norwich Union, or whatever they're calling themselves this week.<br /><br />I've spent three quarters of my working life assuming I would have an adequate pension. Now I discover it's virtually worthless and it's far too late and prohibitively expensive to do anything about it.<br /><br />I try not to think about retirement. On bad days I genuinely hope I won't live to collect what little pension I am likely to have.<br /><br />My parents' generation were looked after pretty well pension-wise, and my kids will soon realise (if they don't already) that they need to look after themselves, but many, many people of my generation will face massive problems in ten years or so.<br /><br />Gordon Brown is truly a c*unt.Ray Nerslanenoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-82204551722910630652009-07-16T11:30:42.043+01:002009-07-16T11:30:42.043+01:00Thatsnews said...
"Yesterday I received a si...Thatsnews said... <br />"Yesterday I received a similar letter from Equitable life.<br />Seemed to be more than 121% drop, though. Oh, well..."<br /><br />Does that mean you have to pay them when you retire?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-17932235024314206552009-07-16T11:06:25.521+01:002009-07-16T11:06:25.521+01:00Iain,
Given that stock markets can rise or fall b...Iain,<br /><br />Given that stock markets can rise or fall by at least 20-30% in any one year I would not be too concerned by this, especially if your retirement is at least 10-20 years away.<br /><br />See this as an opportunity for your pension to buy into high quality stocks at bargain bin prices. Those that make money buy when everyone is shit scared (now), those that lose buy when everyone is greedy (eg the late 90s tech bubble).<br /><br />What you should REALLY be concerned with is the annual percentage management fee of your pension fund. Anything over 1% and your're getting ripped off. This will eat into your returns.<br /><br />Check that your fund is not actively managed ie whizzkids that think they can predict stock market movements (ha!), or the next Microsoft, all the while charging you heavily for the 'privilege'. The vast majority of these underperform the market average and passive indexing, leading to disappointment.<br /><br />So there.happyukhttps://www.blogger.com/profile/02459558077829920642noreply@blogger.comtag:blogger.com,1999:blog-6214838.post-51678828301309684842009-07-16T10:50:29.925+01:002009-07-16T10:50:29.925+01:00I got mine this week from Legal and General and Eq...I got mine this week from Legal and General and Equitable.<br /><br />The latter is of course a lost cause, i've been totally screwed by the directors and the regulators, and the government and then further dicked by the refusal to release the enquiry and stump up compensation.<br />All because 2 out of 3 judges decided that they knew best and could over-ride the decisions of the company managers and controllers. Not by chance that these 2 tossers had GARS and were ensuring that they got the best deal..... heaven forbid that judges can abuse their position...NOT.<br /><br />As for L&G, i'm in the same boat Iain, all down to that economic mastermind, GIT (Gordon the Incompetent Twat), the Ernst Stavro Blofeld of macroeconomics and self-delusion.<br /><br />Interesting word verification:<br />SARRESTS.Penfoldnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-21745418494568724442009-07-16T10:45:56.794+01:002009-07-16T10:45:56.794+01:00And have you looked at what your diminishing wealt...And have you looked at what your diminishing wealth might actually get you? <br />According to my Iniquitous Life statement, I can expect an annuity worth 3.9 per cent of capital - and they get to keep the capital!Fearless Franknoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-66913027387264265632009-07-16T10:41:52.742+01:002009-07-16T10:41:52.742+01:00What most investors in pension funds don't app...What most investors in pension funds don't appreciate is the appalling quality of the skills of the fund managers. These people invest our money and very seldom make a decent return in spite of their being so-called professionals. The record of Standard Life the scotch giant is particularly bad - sadly I'm stuck with one of their pensions and the return is pathetic with about a 30% decline over 4 years.<br /><br />Yes, SIPPS are probably a way but diy in investment is tricky and not for the faint-hearted.bugsmalonenoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-8408645090294081182009-07-16T10:26:43.356+01:002009-07-16T10:26:43.356+01:00Only 11%, trust me you got off lightly, very light...Only 11%, trust me you got off lightly, very lightly indeed.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-80187374151520024562009-07-16T10:02:37.442+01:002009-07-16T10:02:37.442+01:00Iain - as you know World markets suffered a massiv...Iain - as you know World markets suffered a massive shock late last year. Much of this was to do with the rapacious banks selling sub primes which ended up being worthless. The Government saved some of those banks from bankruptcy - and if it hadnt you could have kissed goodbye to any pension. Since that rescue, if you look at the markets there has been a 25% increase in the FTSE since March. I dont understand right wing commentators who bemoan the state of their investments-when they also extoll the virtues of the free market. You are obviously a relatively well educated man - yet your overriding desire to pin blame for all woes on this Government gets in the way of any sense of proportion or objectivity. When the Tories win and there are falls in your investments - as there will be - there always will be - will you use your blog to criticise Cameron and Osborne? or will your recognise that this is what happens in free markets.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-70549888645235736552009-07-16T09:40:44.679+01:002009-07-16T09:40:44.679+01:00Iain,
join the queue!
"Labour isn't wor...Iain,<br /><br />join the queue!<br /><br />"Labour isn't working (again)"Trussed-up turkeynoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-20901616622358104762009-07-16T09:07:52.775+01:002009-07-16T09:07:52.775+01:00We have had 11 years of Labour Government and this...We have had 11 years of Labour Government and this week even Mandleson admitted that it will take a generation to pay off the Bill.<br /><br />Why are the conservatives not making more of this stunning admission?Cynichttps://www.blogger.com/profile/04852867933348403214noreply@blogger.comtag:blogger.com,1999:blog-6214838.post-49337374390966904942009-07-16T08:57:29.495+01:002009-07-16T08:57:29.495+01:00I think you need to go back to 1997 and Brown'...I think you need to go back to 1997 and Brown's decision to remove the dividend tax credit from pension funds to pinpoint the start of this problem.<br /><br />Why more isn't made of this is beyond me. <br /><br />For sure the value of investments and therefore your pension can go up and down, but this Government (and Brown in particular) has made the biggest single contribution to the destruction of pensions through that decision. <br /><br />Many estimate that at least £100bn has been taken from private and company pension schemes since 1997.<br /><br />In the meantime public sector pensions continue to be a massive ponzi scheme where todays taxes pay for yesterday's pension obligations.<br /><br />PS:- Iain, any chance of a forum attached to the blog?SHBnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-57224510368531423262009-07-16T08:55:43.803+01:002009-07-16T08:55:43.803+01:00Only 11%? You should be throwing a party. I couldn...Only 11%? You should be throwing a party. I couldn't even face getting the calculator out. <br /><br />I'm not defending Brown, but if we had inflation of 11% then that would have the same net effect on pensions. At least inflation is through the floor as well.David Keenhttps://www.blogger.com/profile/11872644403415655350noreply@blogger.comtag:blogger.com,1999:blog-6214838.post-75486649928811150402009-07-16T08:53:01.885+01:002009-07-16T08:53:01.885+01:00Only 11% down?
Much better than mine.
It brings ...Only 11% down?<br /><br />Much better than mine.<br /><br />It brings to mind the old joke"I've spent my money on women and drink.The rest I wasted on a pension."<br /><br />I'm resigned to working well past 65.Thank God I'm self employed and can do so.bergennoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-70314430424067510032009-07-16T08:31:25.651+01:002009-07-16T08:31:25.651+01:00No Iain there won't be. We had Equitable Life,...No Iain there won't be. We had Equitable Life, Pemsions Mis-Selling, Endowment Fraud, and the great House Inflation deliberately stoked to offset the collapse of the Dot-com Boom.<br /><br />People in Britain are innumerate dolts and are regularly fleeced by government and financial fraudsters. It is simply state of nature and suckers are going to be worked over.<br /><br />Just read the Rolling Stone article on Goldman Sachs and see how lucrative it can be to take retail investors for a ride. Pension Funds and Equity investments are basically throwing money away - look at Lloyds Shareholders and how the Directors destroyed an Annuity Stock wiping out savings and incomesVoyagernoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-19954658222870626012009-07-16T08:09:14.683+01:002009-07-16T08:09:14.683+01:00I lost my contributions and my employers contribut...I lost my contributions and my employers contributions, which considering I joined the scheme three years ago, is a lot.<br />I think my pension is now worth my contributions.<br />Which isnt great.<br /><br />Thinking of moving it to something high risk out of the UK.DominicJnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-72498449536677754762009-07-16T07:06:58.086+01:002009-07-16T07:06:58.086+01:00Same here - I don't blame Standard Life - I bl...Same here - I don't blame Standard Life - I blame Gordon Brown who first raided our pensions to the tune of 5 billion in 1997 and the fools voted them back TWICE.<br /><br />There is no way I can ever afford to retire and I will be working till I drop as will millions of others. That is of course unless I am forced to retire at 65 by discriminatory laws.Lady Finchleyhttps://www.blogger.com/profile/03695379463537122656noreply@blogger.com