Deferred Poverty

[One percent]

9 minutes ago, spygirl said:

People are living longer. Public sector pensions were set up when most people died 5 to 10 years after retirement.
 

 

Is not true. It’s peaked and is heading downwards.  

[spygirl]

44 minutes ago, One percent said:

Is not true. It’s peaked and is heading downwards.  

No, its stopped going, just levelled.

The deficit are still there.

Life expetancy would have to drop 10 years to balance the books.

[Pinkpanther]

23 minutes ago, spygirl said:

No, its stopped going, just levelled.

The deficit are still there.

Life expetancy would have to drop 10 years to balance the books.

... Well now that you mention that... That life expectancy issue might have just been solved.... The books could be balanced in the next 3-5 years!

[Popuplights]

On 01/11/2021 at 19:11, lovelyboy said:

My transfer value is similar to yours so £6K fee to get what is already mine feels like a rip off.

I'm not sure how the 'insistent client' rule works. Surely it's best to go for the cheapest IFA, if only just to get a refusal. Then you can tell the FCA you've received the advice, they said no, but I'm an 'insistent client' because...I'm unemployed, I've got 5 years to live, I'm homeless... whatever you need to tell them.

Handing over £6K with no guarantee of success sounds risky. Briefly looking at their website SIPP Club just look like a middleman.

I'm going to be paying 10k for my transfer advice for a pot that is quite a bit bigger than that. I have told the IFA that I'm not paying him jack for a no-transfer recommendation

[Frank Hovis]

2 hours ago, Popuplights said:

I'm going to be paying 10k for my transfer advice for a pot that is quite a bit bigger than that. I have told the IFA that I'm not paying him jack for a no-transfer recommendation

That's the clever way.

Find a one man band and pay him a fixed fee having already told him what you want to happen.

Unless pension regs relax I will be doing that in ten years' time.

[lovelyboy]

But what if inflation is consistently above 5% for the next ten years? Are you prepared to watch your pension pot lose 2/3 of it's value as in OP? At what point do you step in and pay the £5k to £10k fee?

Maybe inflation will not be as bad as the seventies but maybe it could be worse. Moving to a zero carbon economy will not come cheap, not to mention the affects of more than a decade of money printing.

I'm at a loss as to what to do. I can wait one or two years to see how things pan out but if I have to act it's better to act sooner rather than watch the real value of my pension erode to a fraction of its value.

In the end we become that which we hate the most; why not pay the lump sum and then join the inevitable herd baying for compensation once the whole shit show becomes apparent to the masses in a few years from now.