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Muddy
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24-10-2015, 12:10 PM
1

Pension Topup

Had a thing from HMG about pension top up .
So rang number and after numerous voices recordings telling me to go on line I eventually got through to a human being .
I asked him what it was about and he told me that if I paid in £890 I would get £ 1aweek more pension

Ie if I pay a lump sum of £ 8900 I will get £10 a week more for the rest of my life .

I said that will take approximately 20 years to get my £8900 back .

He said cant answer that madam you have to speak to a financial adviser

I said I don't need a financial adviser I can do that in my head .

Sorry can't give you financial advice he replied

I said if I die six months hence will you give my estate back £ 8700 ?

No he said

I said why not ?

He said I can't answer that it's financial advice

I said not it not .
its a question as to why you who you won't give my decendants the £ 8700 back

Then next salient questions I asked were all answered in the same way .

Ask a financial adviser .

I asked him what were the positives of this scheme

He said ask a financial adviser .

I said is this what you do all day sit in an office and tell people to see a financial adviser ? In that case why this shiny bumf that came through my letterbox with your telephone no on it ?

Back come the retort

Ask a financial adviser

At which point I wished him goodbye .( he was fast losing his temper and so was I )

What a complete rip off .
Unless one lives to a hundred I can't see the benefit of this scheme at all

All it means is that the government will rake in extra bonus payments form those who chose to pay a lump sum I and pop their clogs a short time later .

Am I missing something here?
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24-10-2015, 12:32 PM
2

Re: Pension Topup

That's a disgusting way to treat someone enquiring what it would mean for individuals.

What's the point of them if they cant answer all your queries.
Indigo
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24-10-2015, 12:35 PM
3

Re: Pension Topup

No you aren't missing anything. I was sent a similar letter a few years ago, and worked out without the hassle and frustration of ringing the pension office, that it was probably a nice little earner for them, but wasn't going to benefit me much. I know nobody who has chosen to top up their govt old age pension in this way.
If you have a spare 9 grand going begging, I would suggest putting it in a bond or something. The interest is measly but it would be better than the option suggested by HM Government.
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24-10-2015, 02:21 PM
4

Re: Pension Topup

Can hardly believe that phone call Muddy! I would have thought it a scam.
If it was genuine, I would have suggested to his employers they need to better their staff training, as he sounds a perfect TWIT.

I would have hung up long before you did gal.
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24-10-2015, 04:05 PM
5

Re: Pension Topup

Hi

It sounds a great scam , sorry, scheme, to me

Now if anyone would like to send me £8900 I promise to pay you back at a Tenner a week, honest I do.

If enough people gave HMRC the money perhaps they could raise enough to give our long suffering Politicians another pay rise
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24-10-2015, 09:31 PM
6

Re: Pension Topup

Originally Posted by Marj ->
What's the point of them if they cant answer all your queries.
A lot of people don't realise that about ten years ago the 'Nanny State' decided that there were too many financially uneducated people in this country and they made it illegal for anyone to offer any kind of finacial advice punishable by huge fines and even prison.

So if I were to tell you to buy Microsoft shares or government bonds or save in a building society I am committing an illegal act

The only people who can give financial advice now are financial advisers who have passed certain examinations etc.

The problem is that these 'finacial advisers' can charge huge fees and they only tell you what anyone with more than half a brain can easily do for themselves at virtually no cost at all.
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Losos
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24-10-2015, 09:52 PM
7

Re: Pension Topup

Originally Posted by Muddy ->
Ie if I pay a lump sum of £ 8900 I will get £10 a week more for the rest of my life .
I said that will take approximately 20 years to get my £8900 back .
I said if I die six months hence will you give my estate back £ 8700 ?
No he said
I said why not ?
He said I can't answer that it's financial advice
Sort of 'catch 22' situation

Thing you have to ask is yourself iswhere else could I put £8900 and get a cast iron guarantee of £10 per week extra for as long as I live.

There are plenty of places you could put £8900 and get at least £10 per week, maybe even £50 per week but it is not guaranteed and you are taking a risk of maybe loosing some (or even all) of it.

The government scheme is guaranteed* and I am told it's inflation adjusted as well. The people who spend their working lives calculating what money will give what payouts have to take everyones life expectancy into account and that's why they won't be returning anything to your estate.

* Guarantee is a word which still means 'maybe not' e.g. if WWIII started and a nuclear bomb landed on London Birmingham and Manchester probably the last thing you'd be worried about is if your familly will get any of your £8900 back
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24-10-2015, 10:01 PM
8

Re: Pension Topup

Originally Posted by Indigo ->
I would suggest putting it in a bond or something. The interest is measly but it would be better than the option suggested by HM Government.
ohhh Indigo you have just committd a heinous crime by saying that, some PC busy body will say that's 'advice' and you are not allowed to give advice unless you are a certified finacial adviser
Muddy's Avatar
Muddy
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25-10-2015, 12:57 AM
9

Re: Pension Topup

The first question i always ask a financial adviser is are you rich ?
The second is why not?
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25-10-2015, 12:59 AM
10

Re: Pension Topup

Originally Posted by Losos ->
Sort of 'catch 22' situation

Thing you have to ask is yourself iswhere else could I put £8900 and get a cast iron guarantee of £10 per week extra for as long as I live.

There are plenty of places you could put £8900 and get at least £10 per week, maybe even £50 per week but it is not guaranteed and you are taking a risk of maybe loosing some (or even all) of it.

The government scheme is guaranteed* and I am told it's inflation adjusted as well. The people who spend their working lives calculating what money will give what payouts have to take everyones life expectancy into account and that's why they won't be returning anything to your estate.

* Guarantee is a word which still means 'maybe not' e.g. if WWIII started and a nuclear bomb landed on London Birmingham and Manchester probably the last thing you'd be worried about is if your familly will get any of your £8900 back
But it hasn't and I do.
 
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