I’m a passionate photographer, writer and public speaker, and I started Bear Content to use my creativity to help others.
I’m no ordinary photographer. Before turning pro, I spent 20 years working as a Chartered Financial Planner and personal finance expert. You might have heard me talking about pensions on BBC Radio 4 or read my investment commentary in the FT.
As well as my photography, I write and speak about content marketing.
I’m a member of The Royal Photographic Society and the Society of Wedding & Portrait Photographers, and I hold the Trademark Surrey Hills as a member of Surrey Hills Enterprises.
When I’m not working, I’m a loving husband to a wonderful wife, a proud dad to three children, and now a proud granddad too - yes, I know I’m far too young!
I also believe in helping my community. I volunteer as Chairman of the Knowle Park Trust, and Event Director of Cranleigh parkrun.
I’m 53 and have 2 DB pensions and one current contribution pension . I get that a DB pays for life but my forecast for retirement at 55 or even 65 still looks poor imo.
I am genX, I have an LGPS (local Gov Pension Scheme), I must be lucky as paid in to it for 26 years so far. It is nice to know that I have a guaranteed yearly salary (plus lump sum), also 3 times salary death in service. I will count my lucky stars
What's your favourite wildlife to photograph, and do you have any tips or experiences to share from your own wildlife photography adventures? Let me know in the comments below!
If it was true that the reduction of DB schemes was a loss in practice we should expect two things; 1) average pensions should drop 2) the rate of growth in pension payments should fall off - neither is true for the last 10 years (probably longer, only checked ten years back). Indeed there is a very steady general upward trend in average pension payouts from £14,000 in 2014 to £16,200 in 2023. And everything points to that trend continuing in the coming years.
I have chosen jobs by pension scheme even when it means dropping in come significantly, you need to look long term. My pension on retirement will be very good due to this, I have tried to talk to my kids about it but they don’t get it. The uk is facing a pension apartheid. Between the Rich public sector and the poverty stricken private sector. Just look at NHS Consultants a few years ago whining about paying tax on £1M pension pots and trying to hold country to ransom as they didn’t think they should pay tax on it like everyone else.
I lived in the north but when this was announced moved into my second home by the sea in the south west. My former second home is now my first and primary home and I can work from there too. I do still have the other house in the north however which, if anything, is now my second home. I qualify for single occupancy discount on both properties because I am divorced and live alone irrespective of where I am. My home in the north is not in a holiday area and the council does not levy an increased charge on my second home there. Job sorted from my perspective then, I have a better life in the south but can retain the northern property too, rent it out or keep it empty. I am not wealthy, I just worked hard for 40 years and my properties are my pension.
It’s not all that good, my colleague worked for the same company for 43 years, his DB scheme ran for the 1st 29 years the company was sold & the new owners started a DC scheme for the employees for his last 14 years. So his pension was a very generous amount, retired at 66 & passed away at 70, those 29 years of pension just gone! At least his widow now has the cash that was in his DC scheme. These schemes are basically an annuity which have given quite bad payouts unless you live to be 105!
My wife has a defined benefit scheme, however it is capped at 2.5% increase, which in the last 2 years does not match inflation. The other negative which you don't seem to mention is that a defined benefit pension 'pot' is lost. So if you were unfortunate enough to lose your life early into retirement there is nothing to pass on! Whereas a personal pension fund remains part of your estate, but also offers more flexibility in how you drawn down on that fund to balance your needs, a defined scheme is normally a fixed amount with very little if any flexibility.
Yes all very true, a lot of what you describe is the lifestyle investment that many sign up for when they start the pension on joining a company. Typically when you have loads of other forms to fill and are not really giving this the attention it requires. The issue with this pre set investment is as you say as you get older they invest more of your funds into more stable ( lower risk lower return funds) when we had the 15 years of low interest rates and low inflation this was ok but the last 2 years has seen these funds perform poorly although there was a bit of a spike. I was seeing my pension funds almost static for growth and the only growth being my regular contributions. Moving the funds back into growth type funds has seen the pots recover. @KevinOLoughlin-ys5ef
Ups and downs, DB funds offer a guaranteed income and the opportunity of a smaller pension to the spouse, and this is paid for your lifetime which could be 40 years with growth guaranteed every year. DC schemes allow the pot to pass into beneficiaries however there are no guarantees on the pot value, stock market crashes can see drastic reductions in the pot value as well as very good growth in the good years. Ideal situation is to have both, but for many a DB will never be offered
I'm in a DB pension with an LGPS pension. Although my salary is only slightly above average the employer contributions are phenomenal and worth their weight in gold.
@@guyr7351 most people will get a very poor pension under DC, that’s why companies stopped DB. I have both, and the DC one is poor, even though I’ll have been in it longer.
I discovered that one of my old pensions is DB. I am over the moon about that, because my current workplace pension (DC) would need a vast pot to come close.
Which is exactly why they were dropped by the majority of companies, the funds required to maintain are massive. I have a DB scheme due to mature next Feb, I consolidated pensions schemes way back in the 90’s for my DB schemes. While my pensionable years are not huge in the scheme it would pay me £10K a year maximum. That would require me to have a DC fund value of approx £200K to provide an annuity of that level, and annuities have risen the last couple of years from the poor levels previously being offered. My brother receives a full DB scheme pension ( ex British steel) eg 2/3rds of his best average salary in His last 5 years, he did pay AVC’s his pension pot would have to be close to £1m to provide his pension via a DC scheme way in excess of his and his companies contributions.
DB is not that is expensive it is more that companies do not know how to manage them in cost efficient manner and they offload this to employees to mnanage
Well, I guess the only reason to "need" a Cover Story is to fend off the jealous "Cold Shoulder" or Curious behavior of those New Neighbors who've Actually earned their money & riches the Hard Way and want to know how you made yours. Telling them you just plain got Lucky isn't gonna earn any respect, AND, these self-made Millionaire's aren't stupid either, so you'll need a good cover that can't be traced. I think I'd tell them that I'd become the Care-taker of a friend after a lifetime of being friends and he'd just disowned what was left of his family, so he willed his wealth to me. This story actually DID happen to a friend of mine a few years back and he'd inherited Millions worth of restored antique Aircraft.
Did you see the tv show “fix my life!”, the girl who won the lottery and did that… her mom Actually won the lottery and gave her the ticket. The girl had always felt hated and the least loved of all her siblings. All of the men and father figures for generations were or had been imprisoned for selling drugs. It’s was very interesting episode.
For younger people not paying into their pension at all, it would kind of make sense if they were saving up for buying a home/apartment to cut their costs. Then again it’s not very realistic in the uk unless ur working remotely or already have most of ur deposit ready.
I pay in to a DB pension and read their committee report every year, their latest report states it estimated they will pay £424m in pensions and receive £229m in contributions from employers and employees, and the Fund has a value of £10.4bn at 31 March 2023, so I guess it is in a healthy state.
Big numbers but it depends on the liabilities under the scheme. Many DB schemes are underfunded and I guess that the plan is that employees will die, leave the scheme or when retire die early so removing their liability
There is a big 79 billion excess in DB pensions now in the UK. Covid sadly helped im sure. Watch this space for Governments trying to get their inept hands on it soon
Serious Fraud Office charged two of the directors earlier this month, both due to appear in court next month. "The defendants are accused of providing those who signed up with false information, encouraging people to pay in whilst knowing that investments were not in reality backed up by the cars they had been promised."
One thing that I’ve realised this year, is the need to separate my self-worth from what I do. I’ve often felt stress and pressure to perform, often getting into depressive cycles and paralysis. My sense of self has been tied to how I perceive myself performing. The need to separate that from an intrinsic value of myself has become obvious. It’s transformed the way I look at myself and what I do in the world.
So, so important! Our identities are naturally wrapped up in our work, which is a significant challenge when people retire. I've worked with so many clients over the past twenty years who felt utterly 'lost' when they stopped working. But we're not talking enough about the connection between our self-worth and what we do. Thanks for sharing this, and I'm pleased to hear the realisation has transformed your worldview.
"I have a pension from the USS which is a defined benefit scheme. I have accumulated a total of £12,000 in my pension pot, which will provide me with an annual income of £1,030 when I retire. I left the USS after switching jobs. I am unsure if I should keep my USS pension, transfer it to my current pension provider L&G, or move it to a SIPP with Vanguard. Can you advise me on what would be the best option?"
Do not take it out.I made mistake of closing a DB scheme twenty years ago and still regret it.Fortunately,On changing jobs I have a new DB scheme but only have a small amount in the pension pot and only an annual income of 4500 pounds when I retire so I just keep working part time and have just opened a SIPP with 1000 pounds recently . State pension age is in ten years time so I hope to continue working as part time and look for ways to add more money into SIPP and also open an ISA account. I am looking to how I could also do aditional pensin contributions with my employer .
Receiving sudden wealth will enable me to upgrade my life style. First I will not make any major purchases, I will just get use to the idea of having it and throughly do my homework about keeping it...Remaining anonymous is a must for me. .
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
Great question! Definitely no Uni or degree required. When I studied for my Advanced Financial Planning Certificate (Chartered Financial Planner) I was able to get an exemption from one credit because of the subjects covered in my Business degree, but I've employed school/college leavers who have gone straight into studying, so it's definitely not a prerequisite.
Thanks for increasing my knowledge in personal finance and investment, I recently subscribed to your channel. I want to give a big shout-out to all those working tirelessly to earn a living and build wealth during this recession. My husband and I are both retired and debt-free, and we're living smart and frugal with our money. Despite the recession, we're still earning passive income thanks to our savings and investments in the financial market. Investing lifestyle has enabled us to earn a steady monthly income through passive means, and we're grateful for it"
Great video. I had 6 figures when my parents died. I bought a house an nearly new car. Went on holidays and bought guitars. Put the rest in my pension and started an isa. I then saved and invested what a mortgage would have every month. Now I'm doing well and could retire. But I plan to work until retirement, hopefully part-time in a few years. Then live on the 4% rule and leave it all yo my daughter and grand daughter!!
If My wife pays all of her salary into her workplace pension and I buy a 2nd home in her name and she earns £1000 per month / £12,000 per year which is under the £12,750 you can earn before paying tax would that mean she wont have to pat tax on the income from her 2nd property please?
If My wife pays all of her salary into her workplace pension and I buy a 2nd home in her name and she earns £1000 per month / £12,000 per year which is under the £12,750 you can earn before paying tax would that mean she wont have to pat tax on the income from her 2nd property please?
I will be getting my DB pension next year, full benefit is £10K taking £50K TF reduces it to £7K a year. So just short of 17 years worth of the annual decrease. With a full state pension due this will almost take up all personal tax allowance so DB scheme will all be taxable. So I will Lose £3K gross = £2.4 net @ 20% meaning I would need to live over 20 years to get the £50K back I’m taking tax free. I will be investing that lump sum so it’s a no brainer, plus factor in if I die my wife only gets 50% as a pension payment. My wife and kids will get all My cash when I die.
