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Christmas Bonus


Mostyn6

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8 hours ago, LesterRam said:

Surely pensions are covered with a regulatory body, if you pay into a UK based pension company and its covered by the FSCS you should receive a percentage atleast, you should send the pension advisory service an email to enquire about how you stand, that's truly shocking.

I'm unsure exactly what happened, he's never said a word about it, he's typical old school Yorkshire.

My mum told me, but I don't think she knows all the details.

A part of me hopes he's kept the money for himself, and has cocaine and hooker binges when Ma goes home to Ireland.

That's my pension plan, anyway!

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On 16/12/2016 at 09:59, Paul71 said:

It would be nice to be in a postion where you had to pay £1m i guess.

I guess for the normal average earner when you get a once in a lifetime bonus like that its just frustrating to lose nearly half in taxes.

But as you say a lot of people would jump at the chance of paying that sort of tax.

 

I get mine paid into a SIPP and avoid that (get hit on NI only), I had to kick off at work for them to make the arrangement but I don't see why I should lose several £k in a month just because the accounts department can't be arsed to be helpful.

Salary sacrifice, SIPP pension planning, the lifetime ISA coming April next year, all easy things that most people can access (but don't) to give them a more secure future. You don't need to be a big earner to do these things, if you have a few quid left over at the end of the month it is open for anybody to make an extra 10,20,30 even 40% by efficient tax and pension planning. And that is before consolidating all expensive, Company pension schemes into a single SIPP with a selection of 5-6 ultra low cost passive investment funds!

 

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8 hours ago, SillyBilly said:

I get mine paid into a SIPP and avoid that (get hit on NI only), I had to kick off at work for them to make the arrangement but I don't see why I should lose several £k in a month just because the accounts department can't be arsed to be helpful.

Salary sacrifice, SIPP pension planning, the lifetime ISA coming April next year, all easy things that most people can access (but don't) to give them a more secure future. You don't need to be a big earner to do these things, if you have a few quid left over at the end of the month it is open for anybody to make an extra 10,20,30 even 40% by efficient tax and pension planning. And that is before consolidating all expensive, Company pension schemes into a single SIPP with a selection of 5-6 ultra low cost passive investment funds!

 

The thing is, low paid workers have little cash (if any) left over but even people who do have a bit of spare have very little knowledge about financial planning.

Why is it not taught at state schools? I seem to recall that Martin Lewis led a campaign to get it on the curriculum a couple of years ago and was very frustrated that the government (under pressure from the financial industry) said no.

Its such a vital life skill that many don't understand until its too late.

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