Pension Pots and Buy to Lets

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    #16
    Banks even go further than that, when a loan is deposited the recipient bank can then use that deposit as a reserve too, giving us in effect a giant Ponzi scheme. That being why a decrease in credit demand/availability causes the system to seize up.

    BoE even openly admitted as much the other day, usually they don't.

    http://www.theguardian.com/commentis...land-austerity

    "But politically, this is taking an enormous risk. Just consider what might happen if mortgage holders realised the money the bank lent them is not, really, the life savings of some thrifty pensioner, but something the bank just whisked into existence through its possession of a magic wand which we, the public, handed over to it."

    Yes, what on earth would happen then? People might realise that through various historic injustices banks have ended up with the extraordinary power to lend people fake money, then collect real wealth generated by economic activity by charging interest on it.

    Here's an idea, i'll lend you £100, £10 of real money and £90 of monopoly money, but you have to repay the lot in real money and the interest in real money.

    Nice game, if you can play it. Crooks.


    Trouble with a credit based economy (of the current model) is the same as the trouble with any Ponzi scheme, diminishing returns, the money supply has to continually increase to keep the machine running. Not to mention the patent injustice of it.
    I'm not a lawyer, what I say is the truth as I understand it. I offer no guarantee except good intentions.

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      #17
      My huge pension mistake. I worked full time or 10 years and was in a final salary pension (and I had a very decent salary) - I went on maternity leave, and thought, I think I'll go back part-time. I went back part-time and two months later I decided to leave.

      What an idiot - instead of my pension being based on my full tme salary, for the sake of a couple of months working part-time, I threw it all away (without givin it a thought) and now my pension is based on a part-time salary instead of 50% of my full time earnings.

      When I think of all the money I contributed - I feel quite ill :-(

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        #18
        Not an Equitable Life customer then Jjlandlord? Having paid others out more than they reckoned led to much instabillity with their fund so much so that they could not pay everyone out. The company is now owned by HBOS after 2 previous owners. They are all a bunch of crooks. Tax aside I can't wait for hubby to get his money out - and I do see problems.



        Freedom at the point of zero............

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          #19
          Originally posted by Interlaken View Post
          Not an Equitable Life customer then Jjlandlord? Having paid others out more than they reckoned led to much instabillity with their fund so much so that they could not pay everyone out.
          This has nothing to do with this new right to withdraw, hasn't it?

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            #20
            Well one would have thought that 'right to withdraw' meant one should get dosh rightfully theres in the pot but if mass withdrawals creates money shortage and 'unable to pay' situations as I highlighted previously then the government may well have to back up some pension holders. I can see this being the case.



            Freedom at the point of zero............

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              #21
              I doubt there will be mass withdrawals because income tax has to be paid on the money. I intend to withdraw mine over 6/7 years.

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                #22
                But what if you have a serious medical condition or know you have a terminal illness?

                With drawdown on the old scheme these conditions increased the amount you could take as a one off payment but with this new ruling should you have to pay full tax on the pot knowing you don't have long to spend it?



                Freedom at the point of zero............

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                  #23
                  If you're not going to have long to spend it then surely a large lump of tax would help?

                  I'll get me coat.
                  I offer no guarantee that anything I say is correct. wysiwyg

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