This seems a good idea

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RichardCoeurdeLion
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This seems a good idea

Postby RichardCoeurdeLion » Sun Oct 18, 2015 1:53 pm


BENIDORM
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Re: This seems a good idea

Postby BENIDORM » Sun Oct 18, 2015 3:38 pm

I'm nearly 70 and would have to pay in £20.000 to get an extra £25.00 per week, so I would have to live to 90ish to get my money back. Probably not a good idea for me... :crazy:

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Re: This seems a good idea

Postby El Cid » Sun Oct 18, 2015 4:29 pm

It's a rubbish deal.

If you are 65 and want an extra £10/wk it will cost you £8900.

It will take 17 years before you get your money back.

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Re: This seems a good idea

Postby Gasman » Sun Oct 18, 2015 6:11 pm

Look like an Osborne scam to me. :think: They take a lump sum and hope you don't survive for long, and meanwhile rake in profits on using that money - they obviously hope for a lot of gullible folk to fall for it and balance the Chanellor's dodgy scheme with our hard-earned dosh! :thumbdown: The bstrd is after our savings again!! :crazy:

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Re: This seems a good idea

Postby El Cid » Sun Oct 18, 2015 7:19 pm

It's not a scam, just a lousy deal.

Put the same amount into any deposit account or an ISA and you will get about the same.

With near zero interest rates there are no good investment deals.

If you want to put some money into a scheme and get a better return than that, strangely enough a good old fashioned annuity may still offer a better return.

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Re: This seems a good idea

Postby katy » Sun Oct 18, 2015 8:34 pm

El Cid wrote:It's a rubbish deal.

If you are 65 and want an extra £10/wk it will cost you £8900.

It will take 17 years before you get your money back.

Sid
What I don't understand is if people have money to pay a cash sum upfront why would they need another ten quid per week. It is the daftest scheme I have seen. The people most likely to need another tenner per week won't have any capital.

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chrissiehope
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Re: This seems a good idea

Postby chrissiehope » Sun Oct 18, 2015 9:44 pm

I'm too young for this :D , but I am going to buy a couple of extra weeks that my record shows are not stupidly expensive. So then I will only be a couple of weeks short of the full pension requirement - at least until they move the goal posts again.... :thumbdown:
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Re: This seems a good idea

Postby biribiri » Sun Oct 18, 2015 11:12 pm

If you really want to give the gov a loan, you would probably be better off buying premium bonds :)

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Re: This seems a good idea

Postby El Cid » Mon Oct 19, 2015 7:22 am

chrissiehope wrote: I am going to buy a couple of extra weeks that my record shows are not stupidly expensive.
That's a much better deal. On the Government site that covers this new scheme, they specifically say that that is a better deal if you are eligible.

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Re: This seems a good idea

Postby Gasman » Fri Oct 23, 2015 7:06 pm

Just read an interesting article about this that gives some figures etc
http://www.telegraph.co.uk/finance/pers ... gn=DM57267


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