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  #1  
Old 01-08-2008, 04:26 PM
maybelline maybelline is offline
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Default pensions (stakeholder)

anyone know anything about pension schemes - stakeholder, can they be redeemed and when etc.
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  #2  
Old 01-08-2008, 04:44 PM
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Dragonlady Dragonlady is offline
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Scary area. No they can't be redeemed. The money is paid in by you until you reach pensionable age and then that money has to be used to buy an annuity to give you a pension for the rest of your life. if the pension fund administrator does not invest wisely you could be on or below the breadline.

Kent's super was done this way many years ago, When he divorced his ex wife claimed half of the mioney. The Actuaries got the figure wrong, because the share market plummeted, at the time the share market was riding high and this was part of the divorce settlement package; but he had to pay out her share at the then current rate. he now gets half of what he should received at the figure they forecast his pension would be worth, but this is not so. So she got a lump sum pay out of forty thousand and he now has 287.00 a month to live on for the rest of his life unless the cost of living index goes up.

If you are considering a stakeholders pension I would check it out very carefully, because once the money goes out of the pay packet or whatever, you are locked into for life and if by any chance you are able to redeem, you will be paying exhorbitant charges and taxes on whatever the redemtion amount is.
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Old 01-08-2008, 07:18 PM
maybelline maybelline is offline
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very tricky area - some people seem to do very nicely out of pension plans and others not so - (you guessed, i'm in the not so bunch LOL)
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Old 02-08-2008, 02:00 PM
maybelline maybelline is offline
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ok, whats this about only 25% is redeemable, anyone knowledgeable in this area thanks.
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  #5  
Old 02-08-2008, 02:27 PM
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http://www.hmrc.gov.uk/stakepension/

read up all you can and then ask questions from those who should kow
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Old 02-08-2008, 03:02 PM
maybelline maybelline is offline
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thanks, apparently you can take 25% tax free but the rest has to remain, when you can take benefits from the scheme depends on your age and the scheme you are in, reckon I will be making some calls on this seems the law has been changed on this recently as is changing over the next few years, e.g. the age you can claim will go from 50 to 55 by 2010.

you are right dl, it is a complex area. - onward and upward
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