Have you had any bad experiences with SSAS self administered pesions I'd be interested to know.
My problems include high charges, inflexibility, Government moving the goalposts, lack of advice both before entering into the arrangement and after, interference from OPRA (Inland Revenue) . I would urge anyone in business to avoid these schemes and keep control of your own finances. Indeed avoid pensions altogether.
Who is making charges over and above what was stipulated when you signed to the scheme?
Precisely what goalposts have been moved and how does this effect you?
What "advice" should someone operating a _self-administered_ scheme expect aside, taht is, from statutory information from appropriate regulatory bodies?
How is the Occupational Pension Regulatory Authority anything to do with the Inland Revenue?
A SIPP is the best way to go.
I agree. I set up a SIPP with
- Julian
Julian averred
Nevertheless you are not immune from unexpected charges, even though they always promised not to make any. They applied one earlier this year to cover the costs of some government requirement, I forget what.
In message , Will writes
As a fully qualified IFA and ex bank manager who has been in the business for donkies years and who has been posting in this group for more donkies than I care to admit, I have heard just about every possible stupid tale from just about every stupid barrack room financial adviser promoting all sorts of illogical ideas about every form of pension you care to mention,
and then after all this time I log on and read THIS!!!
YOU ARE ABSOLUTELY RIGHT OLD BEAN!!!!!!
Do you want a job?
I am serious. All formal Pension schemes should be banned for everybody who is born from tomorrow onwards. All state pension schemes should stop for everybody who is born form tomorrow onwards. From tomorrow, the first words a baby will be allowed to speak are "I understand that the Government will no longer provide me with any post retirement financial provision". Any doting grandparent hoping to get the words 'IYA!' or "DADA" or "pass me the remote" will not succeed.
Instead everybody just saves so as to build capital which is then drawn upon later. Anything called 'pension' is banned. SSASs SIPPs EPPs PPP etc., etc., should be banned. Annuities should be shot at birth. The words 'Allied Dunbar' should be expunged from every document so that a landing Martian would think they never existed, (even though there was a sales team on Mars.)(In fact the WHOLE sales team were on mars)
My word, I feel better now....................
IME most SSAS's were 'sold' on the basis of a very dubious benefit and the compulsion to buy an annuity was never mentioned......
In message , snipped-for-privacy@email.com writes
I love comments like this posted from such a nondescript email address. It gives you confidence doesnt it?
In message , John-Smith writes
A damned sight better than a SASS, no doubt, but there's still the annuity question.
Phew! That lets me off the hook then. I was born yesterday.
We are in good form tonight! Is it your birthday?
In message , Ronald Raygun writes
... There was I, thinking that you were............
Thank you. It was a VERY good grape. (apparently)
Fortunately not, but I'm still younger than I will be tomorrow!
Yes, I use them too. In fact I use a direct login into J Brierley rather than via sippdeal.co.uk to access the portfolio.
Well yes, if we go back to a discussion of personal pensions versus DIY investments, then yes.....
The worst animal IME is the EPP. I bet most of those sold in the
1980s/90s are well overfunded and most of the beneficiaries know nothing about the final salary cap. Many would have gone to small-ish businesses which won't be around to receive the return of the overfund when the person retires, so the insurer will get a nice bonus...
That's OK if you are intelligent, organised, cautious, and never go bankrupt :)
In message , John-Smith writes
I hate EPPs as well. They are awful.
In message , John-Smith writes
Point taken but why 'cautious'?
I imagine it would be easy enough to ring fence certain savings from bankruptcy allowing for the usual rules on hiding assets.
Daytona
"Daytona" wrote
How?
By designating certain products such as ISAs.
In message , Daytona writes
How would you do that?
Do you mean that people are able to "designate" assets such as ISAs in some way, so that the receiver cannot get their hands on them in the event of bankruptcy?? How do we do that? What other products are allowed??
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