The Money Thread...

[That's not a growth]

I tried the switching bonus once with someone here, but I did it wrong so we didn't get anything. Gutted.

[KK]

For those with Monzo:

We’ve fixed an issue that meant we weren’t storing some customers’ PINs correctly

We ask for your PIN whenever you want to make a payment, or do anything else that's sensitive on your Monzo account.

And as your bank, we keep a record of your PIN so we can check you’ve entered it correctly. We store them in a particularly secure part of our systems, and tightly control who at Monzo can access them.

On Friday 2nd August, we discovered that we’d also been recording some people’s PINs in a different part of our internal systems (in encrypted log files). Engineers at Monzo have access to these log files as part of their job.

We’ve deleted the information that we stored in this way. As soon as we discovered the bug, we immediately made changes to make sure the information wasn’t accessible to anyone in Monzo.

By 5:25am on Saturday morning, we had released updates to the Monzo apps. Over the weekend, we then worked to delete the information that we’d stored incorrectly, which we finished on Monday morning.

You should update your app in the App Store or Play Store. The latest versions of the app are iOS 2.59.0 and Android 2.59.1 (you might already be on the latest version!).

No one outside Monzo had access to these PINs. We’ve checked all the accounts that have been affected by this bug thoroughly, and confirmed the information hasn’t been used to commit fraud.

Just in case, we’ve messaged everyone that’s been affected to let them know they should change their PIN by going to a cash machine.

The issue affected less than a fifth of UK Monzo customers. If we’ve contacted you to tell you that you’ve been affected, you should head to a cash machine to change your PIN to a new number as a precaution.

You can do this by putting your Monzo card into the cash machine, entering your old PIN and choosing ‘PIN services’. Then choose ‘Select a new PIN’ and change it to a new number.

If you think you see anything unusual on your account, please get in touch with us straight away through in-app chat or by ringing the phone number on your debit card.

If we haven’t emailed you, you haven’t been affected. But you should still update your app to the latest version.

We’re really sorry about this. Please get in touch with us if you have any questions or concerns.

https://monzo.com/blog/2019/08/05/weve- ... omers-pins

[Tomous]

Could anyway advise me what I should be doing about my pensions at previous jobs I worked for 1-2 years? Do I contact my current job pension and ask them to transfer? Or contact the old pension companies (I believe Government has a service that helps you find this)? Or do nothing?

[That's not a growth]

I contacted the company that the pension was with. They had a form for me to fill out and it was added to my current pension. I hadn't used it in years and found it quite easy.

[Grumpy David]

Could anyway advise me what I should be doing about my pensions at previous jobs I worked for 1-2 years? Do I contact my current job pension and ask them to transfer? Or contact the old pension companies (I believe Government has a service that helps you find this)? Or do nothing?

It depends on what the charges are with your previous employer workplace pensions vs what the charges would be if merging them into a SIPP or into your current workplace pension. Some are outrageous like NEST but some can be low enough that it's not worth transferring unless you really dislike the fund or just want it all in 1 place.

I set up a SIPP with Vanguard and transferred my 2 previous pensions into it and also chucked in all of my existing contributions from my current pension too as it had the lowest charges and the most suitable index fund. All my ongoing contributions still go to my workplace pension so I periodically transfer it to my SIPP instead.

The form was quick enough to fill in providing you know who the pension is with and the account number too although the actual transfer of funds can take up to 2 months.

[Oblomov Boblomov]

I'm operating on the basis that the pension system will have collapsed under its own weight by the time I get to retirement age and so I have no chance of receiving one anyway.

[Curls]

I'm operating on the basis that the pension system will have collapsed under its own weight by the time I get to retirement age and so I have no chance of receiving one anyway.

I agree.

[That's not a growth]

That's my worry with the national insurance one, but it'll take the fall of society for my workplace one to bite the dust surely.

I am tempted to see if it's possible to move it to vanguard like GD, but not going to look into it until after I've bought my first home.

[Grumpy David]

I'm operating on the basis that the pension system will have collapsed under its own weight by the time I get to retirement age and so I have no chance of receiving one anyway.

We're talking about private pensions using defined contributions, not state pensions or defined benefit pensions (which mostly only exist in the public sector). The main risk with DC is not that it goes bust but just that it's not a particularly large pension pot when you go to drawdown on it.

It's probably best to assume that the state pension will be gradually reduced and that instead of 68 for claiming it that we'll be 70+ though, but that's more reason to pay extra into a DC pension, not less. Unless you think the state pension becomes means tested and all the people who made the effort to save into a private pot get punished for good behaviour.

[Curls]

Anyone else buy NIO stocks? My friend thinks they'll shoot up, not so sure myself. I have 50 shares, so if they did go the way of tesla i'd be happy.

[poshrule_uk]

Does anyone have a metro bank current account?

They have a £50 switching offer at the moment where if your an account holder and refer someone who signs up you get £50 and so does the new member

If anyone has an account and wants to refer me and make an easy £50 for minimal effort let me know

Details are here on the link below for the offer

https://metrobankinvite.co.uk/referafriend

[Qikz]

I'm operating on the basis that the pension system will have collapsed under its own weight by the time I get to retirement age and so I have no chance of receiving one anyway.

We're talking about private pensions using defined contributions, not state pensions or defined benefit pensions (which mostly only exist in the public sector). The main risk with DC is not that it goes bust but just that it's not a particularly large pension pot when you go to drawdown on it.

It's probably best to assume that the state pension will be gradually reduced and that instead of 68 for claiming it that we'll be 70+ though, but that's more reason to pay extra into a DC pension, not less. Unless you think the state pension becomes means tested and all the people who made the effort to save into a private pot get punished for good behaviour.

Everyone should recieve a good state pension and the state can afford it. Regardless of if someone has a private pension or not the state pension should be enough to live somewhat comfortably on at retirement age. Pensioners struggling to afford food after working their entire lives is something that I can't abide by.

[Grumpy David]

I'm operating on the basis that the pension system will have collapsed under its own weight by the time I get to retirement age and so I have no chance of receiving one anyway.

We're talking about private pensions using defined contributions, not state pensions or defined benefit pensions (which mostly only exist in the public sector). The main risk with DC is not that it goes bust but just that it's not a particularly large pension pot when you go to drawdown on it.

It's probably best to assume that the state pension will be gradually reduced and that instead of 68 for claiming it that we'll be 70+ though, but that's more reason to pay extra into a DC pension, not less. Unless you think the state pension becomes means tested and all the people who made the effort to save into a private pot get punished for good behaviour.

Everyone should recieve a good state pension and the state can afford it. Regardless of if someone has a private pension or not the state pension should be enough to live somewhat comfortably on at retirement age. Pensioners struggling to afford food after working their entire lives is something that I can't abide by.

Okay....? It's the money thread, not the politics thread.

What you think should happen isn't particularly relevant. What you think is most likely to happen is far more relevant.

[Ste]

Due to changing jobs and being TUPE'd a couple of times I'm just about to start my fourth different workplace pension.

I'd rather have them all in one place so joined Pension Bee who arrange to transfer them all into one. It was really easy to arrange.

If anyone else is interested here's a referral link that would mean we both get an extra £50.

http://refer.pensionbee.com/mQgMjZR

NB - I've no idea if this is financially a good thing to do! I would just prefer to have 1 account and the amounts I've transferred are not huge amounts and are pensions that are no longer being paid into.

[Curls]

Does anyone have a metro bank current account?

They have a £50 switching offer at the moment where if your an account holder and refer someone who signs up you get £50 and so does the new member

If anyone has an account and wants to refer me and make an easy £50 for minimal effort let me know

Details are here on the link below for the offer

https://metrobankinvite.co.uk/referafriend

Here you go. I just nap links from these dudes. Handy forum to be a member of

https://forums.moneysavingexpert.com/di ... ode#latest

[poshrule_uk]

Does anyone have a metro bank current account?

They have a £50 switching offer at the moment where if your an account holder and refer someone who signs up you get £50 and so does the new member

If anyone has an account and wants to refer me and make an easy £50 for minimal effort let me know

Details are here on the link below for the offer

https://metrobankinvite.co.uk/referafriend

Here you go. I just nap links from these dudes. Handy forum to be a member of

https://forums.moneysavingexpert.com/di ... ode#latest

Already done it but thanks anyway, just wanted to see on here first as Money Saving Expert was going to be my fall bacl plan anyway

Now just need to get 4 referrals and i can make £300 total

[Curls]

Does anyone have a metro bank current account?

They have a £50 switching offer at the moment where if your an account holder and refer someone who signs up you get £50 and so does the new member

If anyone has an account and wants to refer me and make an easy £50 for minimal effort let me know

Details are here on the link below for the offer

https://metrobankinvite.co.uk/referafriend

Here you go. I just nap links from these dudes. Handy forum to be a member of

https://forums.moneysavingexpert.com/di ... ode#latest

Already done it but thanks anyway, just wanted to see on here first as Money Saving Expert was going to be my fall bacl plan anyway

Now just need to get 4 referrals and i can make £300 total

Hah.

Well metrobank rejected my application. Probably as I have a brand new passport and have moved to an address with 0 months living at it. But hopefully I'll be able to do one soon for you.

[Tomous]

Could anyway advise me what I should be doing about my pensions at previous jobs I worked for 1-2 years? Do I contact my current job pension and ask them to transfer? Or contact the old pension companies (I believe Government has a service that helps you find this)? Or do nothing?

It depends on what the charges are with your previous employer workplace pensions vs what the charges would be if merging them into a SIPP or into your current workplace pension. Some are outrageous like NEST but some can be low enough that it's not worth transferring unless you really dislike the fund or just want it all in 1 place.

I set up a SIPP with Vanguard and transferred my 2 previous pensions into it and also chucked in all of my existing contributions from my current pension too as it had the lowest charges and the most suitable index fund. All my ongoing contributions still go to my workplace pension so I periodically transfer it to my SIPP instead.

The form was quick enough to fill in providing you know who the pension is with and the account number too although the actual transfer of funds can take up to 2 months.

I'm clueless on pensions, I didn't even consider a charge for transferring


I have contributions paid into 4 different employer pensions over different periods, I assumed for ease of use it would be easier to have it all in one place, as I will need to keep updating details of all of them whenever I move etc. Which I haven't done for any of them so my details are out of date for all the old ones

I will look intot he charges and make a decision.

[Grumpy David]

Could anyway advise me what I should be doing about my pensions at previous jobs I worked for 1-2 years? Do I contact my current job pension and ask them to transfer? Or contact the old pension companies (I believe Government has a service that helps you find this)? Or do nothing?

It depends on what the charges are with your previous employer workplace pensions vs what the charges would be if merging them into a SIPP or into your current workplace pension. Some are outrageous like NEST but some can be low enough that it's not worth transferring unless you really dislike the fund or just want it all in 1 place.

I set up a SIPP with Vanguard and transferred my 2 previous pensions into it and also chucked in all of my existing contributions from my current pension too as it had the lowest charges and the most suitable index fund. All my ongoing contributions still go to my workplace pension so I periodically transfer it to my SIPP instead.

The form was quick enough to fill in providing you know who the pension is with and the account number too although the actual transfer of funds can take up to 2 months.

I'm clueless on pensions, I didn't even consider a charge for transferring


I have contributions paid into 4 different employer pensions over different periods, I assumed for ease of use it would be easier to have it all in one place, as I will need to keep updating details of all of them whenever I move etc. Which I haven't done for any of them so my details are out of date for all the old ones

I will look intot he charges and make a decision.

Unless you are really unlucky, there shouldn't be exit charges to incur.

I'm referring to the annual charge that the platform charges and also the fund charge. Some workplace pensions are very cost competitive (although you may not want the particular fund they invest in and may lack options to swap to).

Most pensions just have those 2 costs. NEST are scumbags and charge 1.8% on every contribution so every £100 you put in they take £1.80 right away. You'd hope this would be offset by very, very low ongoing fees but they're not even competitive on that either.

It's naturally easier to consolidate defined contribution pensions and unless you either have defined benefit OR an extremely good pension charge, it's very likely to be worth doing.

Vanguard offer a SIPP which is what I set up in Feb/March. Very easy to transfer funds in as long as you know the old pension provider, the account number and ideally a rough figure of what the pension value is.

I chose them because Vanguard as a platform charges 0.15% and for the actual fund I am invested in: FTSE Global All Cap Index Fund - Accumulation (100% equities and 0% bonds since I've 40 years till when I imagine I'll drawdown on it) the cost is 0.23% for a total annual cost of 0.38%.

By contrast my Workplace SIPP is the same fund but total cost is 0.68%. Doesn't sound like much but if you use compound interest calculators with 5% annualised returns vs 4.7% annualised returns for 40 years you can see how it impacts in the long run which is why I periodically transfer some of the workplace pension into the SIPP.

[Tomous]

Could anyway advise me what I should be doing about my pensions at previous jobs I worked for 1-2 years? Do I contact my current job pension and ask them to transfer? Or contact the old pension companies (I believe Government has a service that helps you find this)? Or do nothing?

It depends on what the charges are with your previous employer workplace pensions vs what the charges would be if merging them into a SIPP or into your current workplace pension. Some are outrageous like NEST but some can be low enough that it's not worth transferring unless you really dislike the fund or just want it all in 1 place.

I set up a SIPP with Vanguard and transferred my 2 previous pensions into it and also chucked in all of my existing contributions from my current pension too as it had the lowest charges and the most suitable index fund. All my ongoing contributions still go to my workplace pension so I periodically transfer it to my SIPP instead.

The form was quick enough to fill in providing you know who the pension is with and the account number too although the actual transfer of funds can take up to 2 months.

I'm clueless on pensions, I didn't even consider a charge for transferring


I have contributions paid into 4 different employer pensions over different periods, I assumed for ease of use it would be easier to have it all in one place, as I will need to keep updating details of all of them whenever I move etc. Which I haven't done for any of them so my details are out of date for all the old ones

I will look intot he charges and make a decision.

Unless you are really unlucky, there shouldn't be exit charges to incur.

I'm referring to the annual charge that the platform charges and also the fund charge. Some workplace pensions are very cost competitive (although you may not want the particular fund they invest in and may lack options to swap to).

Most pensions just have those 2 costs. NEST are scumbags and charge 1.8% on every contribution so every £100 you put in they take £1.80 right away. You'd hope this would be offset by very, very low ongoing fees but they're not even competitive on that either.

It's naturally easier to consolidate defined contribution pensions and unless you either have defined benefit OR an extremely good pension charge, it's very likely to be worth doing.

Vanguard offer a SIPP which is what I set up in Feb/March. Very easy to transfer funds in as long as you know the old pension provider, the account number and ideally a rough figure of what the pension value is.

I chose them because Vanguard as a platform charges 0.15% and for the actual fund I am invested in: FTSE Global All Cap Index Fund - Accumulation (100% equities and 0% bonds since I've 40 years till when I imagine I'll drawdown on it) the cost is 0.23% for a total annual cost of 0.38%.

By contrast my Workplace SIPP is the same fund but total cost is 0.68%. Doesn't sound like much but if you use compound interest calculators with 5% annualised returns vs 4.7% annualised returns for 40 years you can see how it impacts in the long run which is why I periodically transfer some of the workplace pension into the SIPP.

Ah, so 2 of my jobs were with defined benefit schemes, in that case will likely not be worth changing them?

I am going to contact the schemes now, update my details and get the information I need before deciding what to do.

Thank you for your replies