Sisu make official complaint over Coventry councillors' conduct (6 Viewers)

[Astute]

I must admit I don't know a great deal about final salary pensions, All my learning about pensions/isa/bonds/shares etc has been to make sure that my wifes finances are all sorted and she is saving properly for her future while I'm still around to help. Which is done now, So hopefully when she's in her late 50's she can relax on a beach and raise a glass to the sky, fuck now I'm upset, stupid me.

If you ever need any help with pensions just give me a shout. They are one of the rare things I know about. I am an investor but pensions are my forte. I am going to come out of my final salary pension when interest rates go up for a few reasons. I will be better off which is not normal with one.

 

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[skybluetony176]

sisu have been idiotic, but it was all to get ground cheap, if it had worked they would be heroes up there with jimmy hill!

council sold ground to wasps out of spite, they lied that it wasnt loss making. they screwed US over more, even if sisu had it coming possibly, the people of this city didnt.

And there is the problem from the off. Pretty much no one thought for a moment it would work. It was a huge huge gamble and the only party who had anything to lose was CCFC and it's fans. And that's exactly what's happened.

 

[Noggin]

Yes......but do you really think that inflation will stay at 2% average for 40 years? If the same happens as it did in the 70's and inflation hits 13% or more half of the value is lost in 4 years....although if your wage goes up by the same the future payments will go up.

I don't expect interest rates and inflation to do what they did in the 70's and I don't think the bank/government would let it, suddenly those 80% mortgages on a 250k house get very expensive.

If they did though not only do your future payments go up so does the value of the companies and thus your shares (at least I think so)

 

[oldskyblue58]

OSB58, in an earlier post, you mentioned that Sisu might argue a hostile take-over attempt. This hostile take-over was mentioned a couple of weeks ago in another thread. I don't recall any take-over attempt by ACL, CCC etc. When was it?

Not sure if there was or not as such but it is a line that SISU & TF like to peddle. I assume they are referring to the attempts by Hoffman/Elliott and Haskell. The conspiracy theory seems to be that GH/JE/H were conspiring with others including CCC to force SISU out of CCFC. Not exactly sure how that works in a private limited company but there you go. Some agree others differ about whether there was a conspiracy at all or whether it was something to hide behind to suit a purpose. There was no formal attempt as far as I was aware

 

[torchomatic]

Yes, the are now. I've had mine for a couple of decades though, so they were better in those days. They've changed the rules a few times since the early nineties though.

Aren't public sector pensions Career average now?

 

[Astute]

Aren't public sector pensions Career average now?

Not all have changed yet. Some have been given dates when they will change.

I have a private one. Mine is about to change, but it isn't to become an average. They are limiting what it can go up by each year by a percentage and all dependent on wage increases. If inflation averages 5% or over my pension would only be worth about 2 k a year more if I stay in. But if I leave it will be worth 2k less but I would build up a separate pot of well over 100k by the time I retire. To be better off staying in I would have to live for over 50 years after retiring If I freeze it the amount goes up each year still.

 

[skyblueinBaku]

Thanks for your answer about a take-over, OSB. I remember it, but couldn't see where CCC etc were involved.

 

[Skyblueweeman]

If you ever need any help with pensions just give me a shout. They are one of the rare things I know about. I am an investor but pensions are my forte. I am going to come out of my final salary pension when interest rates go up for a few reasons. I will be better off which is not normal with one.

Astute, I know we've not always agreed on everything CCFC related in the past but is that offer open to anyone? I've been paying into a couple of pensions for a few years now and know absolutely nothing about them really. I have all the documentation somewhere, just never had the time to go through it (easy excuse).

I might have some questions on them...

WM

 

[Astute]

I don't expect interest rates and inflation to do what they did in the 70's and I don't think the bank/government would let it, suddenly those 80% mortgages on a 250k house get very expensive.

If they did though not only do your future payments go up so does the value of the companies and thus your shares (at least I think so)

Shares go up as well as down. Tesco's have lost about 40% in the last 4 years. Shares have gone up though. Or did you have bank shares?

The shares I have are those that pay decent dividends in the consumables market place. All are long term investments. And the dividends are all reinvested. Have done well out of them.

 

[Nick]

I have not even thought about pensions yet. I probably should but would probably be a struggle to lose a chunk every month

 

[Astute]

Astute, I know we've not always agreed on everything CCFC related in the past but is that offer open to anyone? I've been paying into a couple of pensions for a few years now and know absolutely nothing about them really. I have all the documentation somewhere, just never had the time to go through it (easy excuse).

I might have some questions on them...

WM

Yes no problem. If you have questions now send me a PM. Will give you my email address and get back to you ASAP.

 

[Noggin]

If you ever need any help with pensions just give me a shout. They are one of the rare things I know about. I am an investor but pensions are my forte. I am going to come out of my final salary pension when interest rates go up for a few reasons. I will be better off which is not normal with one.

Thanks mate, I think I've got it covered now though and everything is set up a good amount going into the pension each month, a decentish match from her employeer, low TER funds chosen and a maxed stocks and savings ISA each month in 5 different funds (cheap passive trackers). I just need to put some more work into our financial spreadsheet and I'm done.

 

[skybluetony176]

I've done my own pension by the way of property. By the time I retire I'll have no mortgages and the option of either an income from rent or a windfall from sales. Stopped paying into private pensions year's ago as the annual statement was depressing. Wish I'd bought property years before I did instead of paying into a private pension personally. I'd probably have one extra house if I did but that's with the benefit of hindsight.y

 

[Astute]

I have not even thought about pensions yet. I probably should but would probably be a struggle to lose a chunk every month

Start off small. Each £1 could give you £2.50 or more with tax advantages and employers contribution. Just start putting all wage increases in. You won't miss it as much.

On a purchase scheme at my place if I put in 7% of my wage my employer puts 12% in. So each £100 I put in becomes over £300. So each £100 a month out of my pocket becomes over 3.5k a year.

 

[Skyblueweeman]

Yes no problem. If you have questions now send me a PM. Will give you my email address and get back to you ASAP.

Cheers, will PM over the weekend once I have a chance to dig out the paperwork. Appreciated.

 

[Astute]

I've done my own pension by the way of property. By the time I retire I'll have no mortgages and the option of either an income from rent or a windfall from sales. Stopped paying into private pensions year's ago as the annual statement was depressing. Wish I'd bought property years before I did instead of paying into a private pension personally. I'd probably have one extra house if I did but that's with the benefit of hindsight.y

Have you seen the tax rate you will have to pay for selling a house you don't have for your main residence? You didn't get tax benefits for buying and then end up with a hefty tax bill when selling. Good for rental income. But swings and roundabouts.

 

[Noggin]

Shares go up as well as down. Tesco's have lost about 40% in the last 4 years. Shares have gone up though. Or did you have bank shares?

The shares I have are those that pay decent dividends in the consumables market place. All are long term investments. And the dividends are all reinvested. Have done well out of them.

I have funds rather than individual shares, passive index trackers from vanguard mostly. One Tracks the FTSE Allshare index (20% of the money), One Tracks the rest of the developed world not including uk (50%) One Tracks Emerging markets (15%) One is Global small companies tracker (10%) and I have a property tracker (5%).

Thats the ISA rather than the pension, the pension is something like 85% developed world including uk, 15% emerging markets, don't get much choice with the works pension. I moved it out of their balanced investments to the adventurous investments simply because the charge was 0.25% per year instead of 0.85% Since she is early 30's she is happy to have no bonds and have more volatility with the hope (and likelyhood) of greater reward.

 

[Astute]

Cheers, will PM over the weekend once I have a chance to dig out the paperwork. Appreciated.

Sent you my email address via PM.

 

[Astute]

I have funds rather than individual shares, passive index trackers from vanguard mostly. One Tracks the FTSE Allshare index (20% of the money), One Tracks the rest of the developed world not including uk (50%) One Tracks Emerging markets (15%) One is Global small companies tracker (10%) and I have a property tracker (5%).

Thats the ISA rather than the pension, the pension is something like 85% developed world including uk, 15% emerging markets, don't get much choice with the works pension. I moved it out of their balanced investments to the adventurous investments simply because the charge was 0.25% per year instead of 0.85% Since she is early 30's she is happy to have no bonds and have more volatility with the hope (and likelyhood) of greater reward.

Sounds like you know what you are doing :claping hands:

Just keep away from most actively managed funds. They charge you a lot and you are lucky to make up the difference in gains. A lot of them don't even keep up with the averages. If they were that good they would just have to manage their own money and make a fortune.

 

[Astute]

Nite everyone. Time for a few hours sleep before I pick kids up from school and then go to work

 

[Noggin]

I've done my own pension by the way of property. By the time I retire I'll have no mortgages and the option of either an income from rent or a windfall from sales. Stopped paying into private pensions year's ago as the annual statement was depressing. Wish I'd bought property years before I did instead of paying into a private pension personally. I'd probably have one extra house if I did but that's with the benefit of hindsight.y

When it all looks depressing is the best time to invest. Buy to let has been great over the last few decades but I'd not do it instead of a pension, buy to let has produced higher returns than shares though mostly because you are leveraged (ie investing say 50k but owning 200k of property due to the mortgage) this has increased risk though and owning flats can be a hassle and doesn't have the tax advantages of isas/pensions. Doing a bit of everything spreads your risk and lowers volatility.

 

[Noggin]

Sounds like you know what you are doing :claping hands:

Just keep away from most actively managed funds. They charge you a lot and you are lucky to make up the difference in gains. A lot of them don't even keep up with the averages. If they were that good they would just have to manage their own money and make a fortune.

Thanks, You and I are on the same page regarding active funds (though they are much better than hedge funds). Enjoy your nap.

 

[covcity4life]

And there is the problem from the off. Pretty much no one thought for a moment it would work. It was a huge huge gamble and the only party who had anything to lose was CCFC and it's fans. And that's exactly what's happened.

well it did work, it made the council stop being greedy and sell

but they wanted last laugh so despite being beaten they decided to sell to wasps to avoid total humiliation

 

[Ashdown]

When it all looks depressing is the best time to invest. Buy to let has been great over the last few decades but I'd not do it instead of a pension, buy to let has produced higher returns than shares though mostly because you are leveraged (ie investing say 50k but owning 200k of property due to the mortgage) this has increased risk though and owning flats can be a hassle and doesn't have the tax advantages of isas/pensions. Doing a bit of everything spreads your risk and lowers volatility.

The funds in my fairly unsubstantial pension were directed by me at mainly Japanese investments a few years back which have proved thus far to be making a good return. A lot of luck involved though as I'm not that savvy !

 

[skybluetony176]

well it did work, it made the council stop being greedy and sell

but they wanted last laugh so despite being beaten they decided to sell to wasps to avoid total humiliation

I don't think that was SISU's plan, so it didn't really work which ever way you want to spin it.

 

[mattylad]

Its just totally embarassing :blue:

 

[italiahorse]

its clear council did a lot of things wrong and i hope these 2 individuals get punished for that.

as long as it dont effect ccfc transfer budget then im all for it.

even if you hate sisu you must understand that council did alot of stuff wrong, and justice must be done!

As a ratepayer they didn't

 

[oldfiver]

I am trying to work out what this retrospective action is.

And it is "you're".

Oh what a glorious thing to be,
A healthy grown up busy busy wasp,
Whiling away
The passing hours
Pinching all the pollen
From the cauliflow'rs.
I'd like to be a busy little wasp,
Being just as busy as a wasp can be,
Flying round the garden
Brightest ever seen,
Taking back the honey
To the dear old queen

Apologies to Arthur Askey!

 

[jimmyhillsfanclub]

as a ratepayer they didn't

horseshit !!

 

[stupot07]

As a ratepayer they didn't

Have you asked one?


Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors

 

[covcity4life]

I don't think that was SISU's plan, so it didn't really work which ever way you want to spin it.

the plan was to distress acl no????

they did that

and they sold out to wasps to ensure ccfc never have a home in with city limits

 

[fernandopartridge]

As a ratepayer they didn't

It's about their standard of behaviour. Yes, it might get a good deal for the rate payer (open to debate) but so could any number of behaviours, none of which would be deemed acceptable regardless of a return for the rate payer.

Interesting how you measure the justification in pure finance terms, I thought the council had far broader objectives?

 

[Chipfat]

Its like watching back to the future on this site...only difference is back to the future had different endings!!!!!!!!!!!!!!!!!!!

Sisu just have to move forward no matter where you find blame.....

 

[skybluetony176]

the plan was to distress acl no????

they did that

and they sold out to wasps to ensure ccfc never have a home in with city limits

The plan was to distress ACL and then acquire it, no?

I'm pretty sure the plan wasn't to distress ACL so Wasps could acquire it.

 

[covcity4life]

exactly..so sisu had a poan that didnt work because council played a last ditch card to try kill us

and people like you love them for it lmao