Member Info for Richard365054

UNFUNDED, by the way, means the pensions will be paid for by the tax revenues of future generations. With private money purchase the investment growth determines what you get. Totally and completely different.

Gosh Grayling, are you trying to read my mind now!

Way too many to list Graying, of which a number remain non contributory. Plus, it's worth bearing in mind that the average final salary pension is approximately three times the size of the average money purchase pension. It's about fairness and the disparity between the two sectors. I'm not criticising final salary schemes, but they are pretty well reserved for the public sector only these days.

Further, when you talk about "funded" please bear in mind the source of the majority of the funding. It's from that magic money machine the Government.

Well Grayling, it would appear that private sector pensions are every hit as good as public sector. Total b....cks and well you know it. Any final salary pension is infinitely better than a money purchase pension, so open your eyes.

There will be a huge consequence from this pandemic that has little consideration at the moment. Public Sector employees have pretty well escaped scot free from what the majority are facing and experiencing and when businesses start to drift back and reopen the consequences will only then be seen. Let's not forget that the private sector drives the economy and without this there is no public sector.

A lot of businesses will never reopen again because people have used all their capital reserves. In quite a few cases people have been accessing the capital from their pensions to start a small business and now shares prices have plummeted and dividends stopped, there is little left in their pensions. Blame Gordon Brown as one of the chief architects for invisible sleights of hand that have had disastrous consequences. The theft of the pension tax credit started the destruction of the private sector final salary pension scheme and the there was the infamous PFI, the consequences of which were never appreciated for years, but we are all feeling the pain of these today and will do for years to come.

The presence of non contributory final pension schemes should not exist today unless they are available to the large majority of people who work. It is extraordinary discrimination that some private sector companies may only pay 2 or 3 per cent into members money purchase pensions whereas the private sector funds these public sector non contributory pension schemes by around 25 per cent of individuals' salary. It is an anachronism that needs highlighting as much as the public sector employees that receive bloated severance payments funded once again by the private sector. Not forgetting why any MP was paid £10,000 to work from home during this pandemic. Unbelievable. I have known so many people over the years that received ten year pension enhancements into their public sector final salary pension to take early retirement. Completely unfair when the actual cost falls mainly onto the private sector.

But back to small businesses and the ones you find in the country and at the coast. They are hugely dependent upon retired people visiting and spending and during the week this was where the bulk of income derived. Many of these people have holdings of shares, partly because no other savings have given any returns. Leave money in a Building Society and it has lost money for over a decade. Back in the 80s and 90s the Government promoted share buying with all the privatisations that were taking place. Many of today's pensioners followed their own parents advice who themselves owned shares, often Banks as these were historically very safe. These were the people who mid week would visit and spend money in the country and at the coast and were the backbone of regular income for these small businesses. It won't be the same anymore. These people have been hit hard and have basically received little or nothing.

Not exactly true, snige. We already trade with many, many countries outside of the EU.

I would imagine a lot of countries will reappraise their relationship with China. Ours included.

Reader61, also worth pointing out that 20 years ago basic rate tax relief on personal pensions was 25% and is now 20%. Believe I'm right on this.

Hi mickey1, yes, my concern was how HL would vote if I didn't pursue registering my own vote. I am still a little worried that I will get no definitive proof that my vote on the 29 resolutions has been carried out. Pretty unacceptable for a broker the size of HL and the number of clients they have.

Just to put things into perspective, the cost of PPI to Lloyds each year since 2011 has been approximately £2.5 Billion. If shareholders had instead received two thirds of this as a final year dividend (AHO's promise), we would have been receiving an additional 2.25p per share for the last 9 years, the same as this year's cancelled final dividend.

I voted through my broker HL on the 27th as their operation does not provide a Voting ID number, Task ID number or Shareholder reference number. I requested confirmation that they had carried out my instructions and have just reminded them again. Not good enough.

Tipsterchep, there are still a few non contributory final salary pensions about. Costing about 25% on top of salary.

Reader61, the impact on pensions and savings will have an effect for years, primarily in the private sector. Annuities have been a no no for years and draw down from pensions the only option. With declining share prices and cancelled dividends, many elderly and retired people will feel the pain for the rest of their lives as they don't have the means to build up the values. When you've seen during the week how many elderly people used to enjoy their outings to the country and sea side, the small businesses dependent upon these visitors will immediatly be hit. Public sector pensions get paid regardless - if there's a growing shortfall then another tax will be added.

That statement from Lloyds really tells us nothing about PPI at all. If you bear in mind that they had £1.3 Billion in the kitty 12 months ago, then with all the additional amounts set aside, they have spent approximately £2.75 Billion in a 12 month period. That would suggest about 1.375 million settled claims, but Lloyd's said only 10% of claims received in the run up to August 2019 were valid, the rest being fraudulent or false. Bear in mind the total claims received for 2019 were about 7 million and Lloyds statements are as waterproof as a sieve. Many of the staff employed by the industry to sort out PPI claims have contracts through to October. Whatever the truths and facts are, Lloyds will have fully spent everything they set aside for PPI, nothing will be returning to the balance sheet.

I've emailed my voting instructions to HL, including voting "for" payment of year end dividend. I've asked them to confirm they have carried out my instructions, just to make sure they are working from the same list of resolutions.

Except that Lloyds have "cancelled" the dividend, not "suspended" it. They did however, "suspend" the buy back with over £600 million remaining.
I wouldn't object to a 30% reduction in dividend, but again this wasn't a consideration. I also might consider a 6 month suspension of dividend, but again this wasn't a consideration.

Lloyds had previously said upto two thirds of profits would be payable as dividend. They had been splitting some of this into share buy backs as well.

Masternomaan, no one will know until the Board give a response in February 2021.

Did my weekly shop today and experienced a range of opinions and businesses working.
Two middle aged women were in the queue in front of me waiting to enter the supermarket. "Bloody silly this queue. Don't know what we're waiting for".
An elderly man was picking through all the packaged ham one by one, trying to find the best use by date.
Direction arrows in the isles were ignored by a considerable miniority, meaning you couldn't maintain social distancing.
A woman and her elderly son had parked their trolley in the middle of the isle and each was perusing shelves on opposite sides of the trolley, oblivious of the blockage.
Had a chat with a store colleague I knew who had been told not to wear her face mask whilst working. She worked as a picker for click and collect.

We hear the term "lockdown" but a lot of society is working. Apart from the NHS and care workers, I've seen high numbers of gas, water and telecom people at work, as well as road repair gangs. The military are functioning as well as emergency services and transport infrastructure and construction is visible albeit reduced. The food and essential retail is obviously functioning and postal and parcel deliveries are occuring.

There does seem contradiction between countries about how we return to work and the wearing of face masks. Some countries hand then out to the populace whilst others are told, including us, they're not effectuve. But we can't keep a country closed down, or at least not the private sector, indefinitely. We cannot lose sight of the fact that the private sector runs our economy and without it we do not have an economy. If protective clothing is necessary for business to function it will have to be part of the solution until a vaccine becomes available. If nothing else, this last few weeks might also have shown us that a larger proportion of business can be conducted from home.