[Finance] Tory's risking our pensions to try and prop up failing UK economy?

[The Clamp]

Johnson and Sunak urge UK pensions to back riskier investments
PM and chancellor aiming to ignite ‘investment big bang’ to fuel post-pandemic economic recovery

https://www.theguardian.com/busines...-urge-uk-pensions-to-back-riskier-investments

Should this be a worry? Or is it a good idea? Another negative impact of Brexit being hidden behind "covid recovery"

Phrases like "Backing Britain's entrepreneurial spirit" worry me coming from Boris Johnson. I do not want to be an entrepreneur. I want a steady pension at the end of this shit-fest.
I don't know about you, but when the Tory's start talking about what to do with my money, alarm bells start ringing.

 

[LamieRobertson]

Johnson and Sunak urge UK pensions to back riskier investments
PM and chancellor aiming to ignite ‘investment big bang’ to fuel post-pandemic economic recovery

https://www.theguardian.com/busines...-urge-uk-pensions-to-back-riskier-investments

Should this be a worry? Or is it a good idea? Another negative impact of Brexit being hidden behind "covid recovery"

Phrases like "Backing Britain's entrepreneurial spirit" worry me coming from Boris Johnson. I do not want to be an entrepreneur. I want a steady pension at the end of this shit-fest.
I don't know about you, but when the Tory's start talking about what to do with my money, alarm bells start ringing.

If only I had one…..sigh

 

[Neville's Breakfast]

Tory’s what ?

 

[The Clamp]

Probably best not to have one rather than let this government steal it. And I wonder what organisations they’ll be urging to invest in? Ones belonging to their chums perchance? Help their mates through Brexit and Covid recovery using our money?
I would say that is very likely.

 

[beorhthelm]

here's a less biased account https://www.cityam.com/johnson-and-sunak-call-for-investment-big-bang-in-uk-to-aid-recovery/

and the letter https://assets.publishing.service.g...inister_and_Chancellor_to_institution__1_.pdf

doesnt mention investing in high risk or startups as the Guardian says. Johnsonian rhetoric aside its saying look beyond FTSE as there's a lot of other long term investment being overlooked.

 

[jakarta]

Pensions at present are a bit bizarre, I will end with three, one of which I'm claiming at present, the second will come on line 2013 / 2014 if I give up work (hopefully in 2 or 3 years time) and then there is the State Pension which I won't get until 2017 (given my Father and Grandfather both died in their mid sixties that is probably a long shot for me).

Don't think either Pension 1 or 3 will make me comfortable but Pension 2 which I have lumping money into for the past few years as I want to stop working has gone daft (as in Pension Pot has gone up plus 85K since 2018). I'm not moaning of course but perhaps someone on NSC can explain this?

 

[The Clamp]

here's a less biased account https://www.cityam.com/johnson-and-sunak-call-for-investment-big-bang-in-uk-to-aid-recovery/

and the letter https://assets.publishing.service.g...inister_and_Chancellor_to_institution__1_.pdf

doesnt mention investing in high risk or startups as the Guardian says.

Thanks, looking for info so that’s helpful. But still not convinced. Another three word slogan is not a good sign. Investment Big Bang. Does not inspire confidence. And I’m not surprised they avoid the words “high risk”.
Still reeks of an attempt to bail the U.K. out of Brexit ruin.

 

[Harry Wilson's tackle]

Mine is paid up but not yet taken as I'm still FT. The direction of travel here is to change the amount we can take as a lump sum. By change, I mean reduce. Likewise I had accumulated a war chest of around £30K from 'overheads' (I got back 2% of overheads charged to drug companies for my own research use - the college kept the rest) and the college first told me (2 years ago) I could now spend no more than 5% of it in a 12 month period, then (this year) told* me they were taking it all because it was 'unspent'. This is called theft. I anticipate theft from pension funds. After all, it worked for Captain Bob.

*They didn't actually tell me anything. A senior colleague told me.

 

[B-right-on]

Johnson and Sunak urge UK pensions to back riskier investments
PM and chancellor aiming to ignite ‘investment big bang’ to fuel post-pandemic economic recovery

https://www.theguardian.com/busines...-urge-uk-pensions-to-back-riskier-investments

Should this be a worry? Or is it a good idea? Another negative impact of Brexit being hidden behind "covid recovery"

Phrases like "Backing Britain's entrepreneurial spirit" worry me coming from Boris Johnson. I do not want to be an entrepreneur. I want a steady pension at the end of this shit-fest.
I don't know about you, but when the Tory's start talking about what to do with my money, alarm bells start ringing.

Saw it was a Guardian article and stopped there.

 

[PILTDOWN MAN]

Probably best not to have one rather than let this government steal it. And I wonder what organisations they’ll be urging to invest in? Ones belonging to their chums perchance? Help their mates through Brexit and Covid recovery using our money?
I would say that is very likely.

Perhaps you’re mixing all this up with the wrong government, think it was Gordon Brown that screwed the most over a money grab on pension funds

 

[Pevenseagull]

"...assuming 12% per annum growth you will retire with £22,000 a year" .... 1994 personal pension projection illustration ... £150 net per month ... something like that

 

[Pevenseagull]

Perhaps you’re mixing all this up with the wrong government, think it was Gordon Brown that screwed the most over a money grab on pension funds

was he behind taxing dividend yields in pensions? ... if so ... then yes. (and I'm slightly to the left of Marx)

 

[portslade seagull]

Pensions at present are a bit bizarre, I will end with three, one of which I'm claiming at present, the second will come on line 2013 / 2014 if I give up work (hopefully in 2 or 3 years time) and then there is the State Pension which I won't get until 2017 (given my Father and Grandfather both died in their mid sixties that is probably a long shot for me).

Don't think either Pension 1 or 3 will make me comfortable but Pension 2 which I have lumping money into for the past few years as I want to stop working has gone daft (as in Pension Pot has gone up plus 85K since 2018). I'm not moaning of course but perhaps someone on NSC can explain this?

Think your years are 10yrs out or you are already retired and getting forgetful

 

[Pevenseagull]

...... Another three word slogan is not a good sign. Investment Big Bang.

flash the cash
splosh the dosh
punt your future

 

[keaton]

here's a less biased account https://www.cityam.com/johnson-and-sunak-call-for-investment-big-bang-in-uk-to-aid-recovery/

and the letter https://assets.publishing.service.g...inister_and_Chancellor_to_institution__1_.pdf

doesnt mention investing in high risk or startups as the Guardian says. Johnsonian rhetoric aside its saying look beyond FTSE as there's a lot of other long term investment being overlooked.

Erm
"One aim of the plans is to encourage pension fund investors to support high-growth UK tech companies and address the barriers that mean they often miss out on domestic institutional investment, as fund managers are wary of pouring capital into riskier startups"

That's not the only mention of start up in the first article and uses a variety of expressions that suggest risk

 

[A1X]

I'd have a lot more faith in "Britain's entrepreneurial spirit" if I hadn't watched The Apprentice so much

 

[Randy McNob]

Saw it was a Guardian article and stopped there.

thanks, 1st tick in the box.

Just waiting for

2 Blair
3 Iraq
4 Vaccines

For a full house

 

[Gwylan]

here's a less biased account https://www.cityam.com/johnson-and-sunak-call-for-investment-big-bang-in-uk-to-aid-recovery/

Less biased? What you mean is biased in a different way. There's nothing wrong with that, of course, City AM is well-know for being right-leaning and finance-orientated.

I actually think this is a decent idea. Institutional investors in the UK have long been far too cautious. I'm not a finance person but I do talk to a lot of tech start-ups and there's universal agreement that the City is a hard place to get investment. If this is a chance for these firms to get better supported, then good.

 

[Butch Willykins]

Surely its up to you to choose what funds you want to invest your pension in.

If you want to play it safe then do so, no one is forcing you to put your money in higher risk investments.

 

[PILTDOWN MAN]

http://https://www.thisismoney.co.uk/money/news/article-1608722/Browns-tax-raid-on-pensions.html

was he behind taxing dividend yields in pensions? ... if so ... then yes. (and I'm slightly to the left of Marx)