working for the LeQuint Dickey mining company?

[johnneycool]

I think Pensions are going to be the next big financial scandal and we're all going to be ripped off in a big way.

Better buying a bit of land off Nama if you've a few squid about you.

Go on.....tell me more. The vast majority of pensions have an annual management charge of 1% and with the new workplace pensions legislation coming in that will probably come down further with at least one provider coming in at an annual management charge of 0.3%. Explain how we're going to be "ripped off".  Where is the financial scandal going to come from?

Who's going to pay your pension in 20 to 30 years time when there's nothing left in the pot to piss in?

Give it 10 years and there'll be a few big pension providers hit the wall.

[mackers]

Which type of pension are you talking about? Occupational or personal?  You do understand that most occupational schemes are heavily regulated and protected in the wake of the Robert Maxwell scandal.  Personal pensions are mostly paid out by large annuity providers who are making a tidy profit and have themselves well covered with the FCA breathing down their necks.
There are many issues in the pensions industry but (rip off) charges and companies going to the wall wouldn't be top of the list.

[johnneycool]

Which type of pension are you talking about? Occupational or personal?  You do understand that most occupational schemes are heavily regulated and protected in the wake of the Robert Maxwell scandal.  Personal pensions are mostly paid out by large annuity providers who are making a tidy profit and have themselves well covered with the FCA breathing down their necks.
There are many issues in the pensions industry but (rip off) charges and companies going to the wall wouldn't be top of the list.

Yeah, know all about Maxwell and the regulations put in place when that all blew over.

One part of that was that HM's Government would honour any shortfall in occupational pension scheme's (defined benefit) well guess what, I worked for a company who went into receivership (chapter 11 in the states) leaving a huge hole in the UK pension pot and it won't be filled by anyone, with those in receipt of it getting reduced pensions and those of us who can't avail of it for another 20 odd years pissing in the wind..

Hence my skepticism of any British Government doing anything to bring the financial sector to heel if and when the time comes.

I've been forced to take other personal pension policies out ever since and I'm not hopeful of them being worth my arse full of warm snow when I need.

[mackers]

Jesus, you've been very unlucky there and I understand where you're coming from. The vast majority of UK defined benefit schemes are covered up to 90% of their deferred payments and 100% if already in payment under the Pension Protection Fund.  Why were your company not signed up to it?

[lawnseed]

Which type of pension are you talking about? Occupational or personal?  You do understand that most occupational schemes are heavily regulated and protected in the wake of the Robert Maxwell scandal.  Personal pensions are mostly paid out by large annuity providers who are making a tidy profit and have themselves well covered with the FCA breathing down their necks.
There are many issues in the pensions industry but (rip off) charges and companies going to the wall wouldn't be top of the list.

Yeah, know all about Maxwell and the regulations put in place when that all blew over.

One part of that was that HM's Government would honour any shortfall in occupational pension scheme's (defined benefit) well guess what, I worked for a company who went into receivership (chapter 11 in the states) leaving a huge hole in the UK pension pot and it won't be filled by anyone, with those in receipt of it getting reduced pensions and those of us who can't avail of it for another 20 odd years pissing in the wind..

Hence my skepticism of any British Government doing anything to bring the financial sector to heel if and when the time comes.

I've been forced to take other personal pension policies out ever since and I'm not hopeful of them being worth my arse full of warm snow when I need.

that's the type of scenario i'm thinking of