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2 minutes ago, Orraloon said:

I've earned mine. Not sure about him? He said he didn't have one.

I kind of took it for granted, bearing in mind the subject of the thread, you meant a private pension/ work pension, clarified above, I'll qualify for a state pension.

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21 minutes ago, Orraloon said:

You want to avoid capitalism but you are happy for folk to pay them more tax than they need to.

Naive I know, but doesn't tax get used to pay the nations bills, if it doesn't get collected from the tax avoiders it'll get collected from the non tax avoiders, and we all know the relative wealths of the tax avoiders and the non tax avoiders.

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Good bottle of whisky and a rope is my retirement plan .....

Actually should look into investments but assume I’d be the chump who loses money and genuinely goes looking for a rope. 

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1 hour ago, Eisegerwind said:

I kind of took it for granted, bearing in mind the subject of the thread, you meant a private pension/ work pension, clarified above, I'll qualify for a state pension.

You'll only qualify for the state pension if you've paid NI contributions. NI contributions are tax exempt. You get income tax relief on them. You see, it's harder to avoid tax avoidance than you might think. Welcome to the capitalist society you tax avoider. ;)

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9 minutes ago, Orraloon said:

You'll only qualify for the state pension if you've paid NI contributions. NI contributions are tax exempt. You get income tax relief on them. You see, it's harder to avoid tax avoidance than you might think. Welcome to the capitalist society you tax avoider. ;)

Think it's compulsory to pay NI if you are employed so no choice in the matter. As I said " I just want to have as little to do with capitalist shenanigins as I can get away with". As you point out and as I am completely aware of, it's not always that easy. I am of course, before you point it out, an uttter hypocrite about this sort of stuff when it suits me.

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Lots of really good and informative comments on here. Thanks. I am actually on a low income these days but I was very lucky for around 20 years when I earned decent money so I invested in a private pension, funds and saved also saved in tax free cash accounts. Problem is you never know whether you have enough. Depending on health etc I will probably work until I retire( not out of necessity) but not full time so my plan would be to draw down a tax free element at some point.  Definitely will set up an appointment with an IFA in the near future. 

 

ps I've thanked a few people on this thread. I wanted to thank all of you but apparently you can only thank a certain amount of times per day on here. 

Edited by EddardStark

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30 minutes ago, EddardStark said:

Lots of really good and informative comments on here. Thanks. I am actually on a low income these days but I was very lucky for around 20 years when I earned decent money so I invested in a private pension, funds and saved also saved in tax free cash accounts. Problem is you never know whether you have enough. Depending on health etc I will probably work until I retire( not out of necessity) but not full time so my plan would be to draw down a tax free element at some point.  Definitely will set up an appointment with an IFA in the near future. 

 

ps I've thanked a few people on this thread. I wanted to thank all of you but apparently you can only thank a certain amount of times per day on here. 

Didn't realise you were an old cunt. 

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2 hours ago, EddardStark said:

Lots of really good and informative comments on here. Thanks. I am actually on a low income these days but I was very lucky for around 20 years when I earned decent money so I invested in a private pension, funds and saved also saved in tax free cash accounts. Problem is you never know whether you have enough. Depending on health etc I will probably work until I retire( not out of necessity) but not full time so my plan would be to draw down a tax free element at some point.  Definitely will set up an appointment with an IFA in the near future. 

 

ps I've thanked a few people on this thread. I wanted to thank all of you but apparently you can only thank a certain amount of times per day on here. 

Most folk that I talk to, after they have been retired for a for a couple of years, agree that they don't need as much money as they thought they would. You will probably find it impossible to convince yourself that that is true before you retire though. But it obviously depends on your lifestyle.

Most folk realise that they will pay tax on their pension, if they earn enough, but what a lot of folk forget is that you don't pay NI. Folk get used to paying NI on their wages and it's a lot of money. You will also probably stop paying into pension schemes. Which also lowers folks outgoings considerably. It's important to sit down and do a proper job at a balance sheet of your potential income and all of your out-goings. A lot of the stuff you spend money on when you are working will stop or greatly reduce once you retire. You will spend more on other things but again that's all about your lifestyle.

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16 hours ago, Eisegerwind said:

There is, they shouldn't.

There is a difference between avoiding paying more tax than you have to (which is included within the tax avoidance umbrella) and tax evasion, which is illegal.

Working for cash in hand is actually tax evasion at a low level.  Putting money in an ISA is a form of tax avoidance.

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1 hour ago, Alibi said:

There is a difference between avoiding paying more tax than you have to (which is included within the tax avoidance umbrella) and tax evasion, which is illegal.

Working for cash in hand is actually tax evasion at a low level.  Putting money in an ISA is a form of tax avoidance.

I know.

I guess everyone would be quite happy with their pension companies investing in probably the safest and highest return investments possible, that's what it's all about isn't it, as long as it's legal?

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Folk need to remember that IFA's are effectively Salesman - not like a profession where need to take 3 years to complete professional exams. Back in the day carpenters/joiners could be let loose after 1 months training - my uncle moved across from agricultural sales to being an IFA. 

I notice quite a few people who i used to work with in RBS (not the sharpest tools in the box, and didn't complete their Chartered Banking Qualification ), now that they have been made redundant, have moved across to "Wealth Management"  

I'm now fighting with my offshore advisers who are telling me they need to charge me a discretionary fee (0.75% or 1% or something) when it's me that tells them exactly what to do, and they effectively act on an execution basis only & already got their commission up front 3 years ago 

Edited by euan2020
additional input

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My main pension is a private pension for which I have been paying into for over 20 years. I started a new job with the Civil Service in April and I pay into the Alpha Scheme for which the  Civil  Service contribute pay around 26% contributions. The other pension is a Coop Pension which have not  contributed to since 1995. I paid into that one for 10 years. I think 

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