Warwickshire Online Chat Forum :: View topic - British retirees cash out more savings after rule changes

Quote:

The bulk of British savers retiring between July and September last year fully cashed out their pension pots following rule changes, the financial markets regulator said.

Under the new rules, announced in April 2015, individuals no longer need to buy an annuity, or income for life, at retirement with their pension savings and can instead buy more flexible retirement products or take it all out as cash.

However, some in the industry remain concerned that people could make poor investment decisions and be financially crippled in old age if they fail to get quality advice.

Author:	rebbonk [ Thu Jan 07, 2016 1:43 pm ]
Post subject:	British retirees cash out more savings after rule changes
Quote: The bulk of British savers retiring between July and September last year fully cashed out their pension pots following rule changes, the financial markets regulator said. Under the new rules, announced in April 2015, individuals no longer need to buy an annuity, or income for life, at retirement with their pension savings and can instead buy more flexible retirement products or take it all out as cash. However, some in the industry remain concerned that people could make poor investment decisions and be financially crippled in old age if they fail to get quality advice. Reuters What worries me about this is what will happen if (when) they run out of cash during their retirement? The government have already stated that there will be no State aid for those that had 'disposed' of their pension pots. Whilst some will have a State pension to fall back on, I'll bet many won't. I also believe this whole scheme was a deliberate (but now failed) plot by Gidiot to kick-off consumer spending.

Author:	Lex [ Thu Jan 07, 2016 7:34 pm ]
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No doubt the government will have a change of heart when their major source of support (ie senior citizens) have daftly spent all their money, and want something done about it.

Author:	rebbonk [ Thu Jan 07, 2016 8:42 pm ]
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Which thoroughly brasses me off Lex. I've been careful all my life, have lived within my means and have planned for the future. I think that rather makes me a mug, don't you?

Author:	Lex [ Thu Jan 07, 2016 9:02 pm ]
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Yeah. I wonder why I bother saving for a pension, or even bother working at all; I can live very comfortably on benefits.

Author:	cathidaw [ Thu Jan 07, 2016 11:57 pm ]
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It doesn't seem fair I will admit that if you work hard and save there are no benefits.We weren't to know about this were we?Otherwise we could have frittered to our hearts delight. Or not even worked. Last week in the high wind, A friend who owns her own house,had a fence which blew down.That side house is rented by Romanians They were quickly around to complain, quoting security.They were told it was the landlord's fence- so his problem.Within a day a really expensive fence was put up-also a new gate.The landlord said the government pay their rent and all repairs. Just put in a bill! !. Ok it benefits my friend having a new fence but if it had been hers and could not afford to pay I wonder what would have happened.She wouldn't have got it done free of charge..

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Author:	rebbonk [ Sat Jan 09, 2016 6:24 pm ]
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Interesting point Cathidaw. A few years ago I was very friendly with a local housing landlady. She gave me a list of what she had to provide NEW every time she let a property to a new immigrant family. (Likely Kosovans, Bosnians, Lithuianians and such.) It was unbelievable. It got to the stage where she decided she wouldn't house recent immigrants as in her own words, she couldn't afford it. Coventry Council were not exactly pleased!

Author:	cathidaw [ Sun Jan 10, 2016 12:03 am ]
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rebbonk wrote: Reuters What worries me about this is what will happen if (when) they run out of cash during their retirement? The government have already stated that there will be no State aid for those that had 'disposed' of their pension pots. Whilst some will have a State pension to fall back on, I'll bet many won't. I also believe this whole scheme was a deliberate (but now failed) plot by Gidiot to kick-off consumer spending. We cant blame the people who cashed in their pensions-after the way the Government have behaved over the last decade or so -taxing our money every which way and reneging on promises. I'd do the same. and let them keep me when it had gone.If we have money-they will have it off us somehow. I haven't seen any Ferraris lately in my area yet,so perhaps there are a few honest patriots left.

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