Banks robbing pensions. Wouldn't under the mattress be safer?

[Tony Erikson]

Just reading about an investigation by the BBC into pensions and HSBC alone are charging for fees and commissions totalling £99,000. Granted over 40 years in some cases but that roughly works out at £47 per week in fees for a pension. I was considering taking out a pension but would it not be better and safer just to put £20 per week under the mattress?

 

Link is here.

[julado]

It might be but after a few years you might find you are sleeping on a mattress with a hill in the middle

 

I have got stung with this pensions malarky.....I am on state benefits due to disability.....and 4 years ago I became eligible for my work pension (at aged 50)....I had only paid into it for about 2 years but I got a lump sum of £2,500 which is what I wanted....and a little pension of £6.00 per week

 

However, because I am on state benefits and claim housing and council tax Sheffield Council relieves me of 90% of the £6.00 because I have £6.00 over the allotted amount.

 

I wish I had never even started to pay into ANY pension...and that I had put £20 a week under the mattress.

 

It's not only banks that rob pensions...it is also local authorities and I can only surmise that the same happens to anyone receiving a state pension...where there pension is seen as additional income.

[chem1st]

If your children are taking out loans from the banks and paying an interest above X% whilst you are saving in the banks at a rate below X%, wouldn't you be better off lending it to them?

[Vague_Boy]

Add to this Gordon's tax raid on pensions:

 

Brown's pension raid 'cost savers £100bn'

 

Gordon Brown's ruthless raid on pension schemes has cost the country's savers at least £100bn, a report claimed yesterday.

 

For the first time, the devastating impact of the Chancellor's controversial tax grab in 1997 has been revealed.

 

He scrapped the tax relief on dividends paid into pension funds just a few weeks after Labour came to power. Shadow Home Secretary David Davis has described the move as one of the 'great scandals of the last decade'.

 

LINK

 

Don't put your money under the mattress, buy gold or silver. At least that has a chance of retaining its purchasing power.

[Defoe]

Property is still a good bet. There is much demand for it.

[sierraman]

Just reading about an investigation by the BBC into pensions and HSBC alone are charging for fees and commissions totalling £99,000. Granted over 40 years in some cases but that roughly works out at £47 per week in fees for a pension. I was considering taking out a pension but would it not be better and safer just to put £20 per week under the mattress?

 

Link is here.

 

Yeah until your house burns down or you get robbed

[Vague_Boy]

Property is still a good bet. There is much demand for it.

 

That must be why sales volumes are so low (link).