He can't - it's one term only - but he has two (count 'em!) sons by two different mothers both in the Senate, and the current Vice-President, Jejomar Binay, just got his daughter, Nancy Binay, elected to the Senate on the grounds that "She's my daughter!" - she has never held a proper job (just "PA" to her parents) and did not take part in any debates. The working assumption is that the "United Nationalist Alliance" of Binay, Estrada and Enrile will run Binay as their Presidential candiate at the next election and there is a very good chance that he will win. Historically, the VP, usually from a different party to the President, tends to win. The UNA coalition (as noted, there are no real parties, just temporary alliances) includes a selection of charming and delightful people like Jack Enrile, Gringo Honasan, Migz Zubiri, the aforementioned Nancy Binay and the two sons of Estrada, all of whom have shown by their careers to date that they are eminently well qualified, both in terms of character and ability, for high public office. Have fun looking them up. I draw attention to the terms of the Cyber-Crime Bill, currently under review by the Supreme Court, which mandates a minimum six year jail sentence for anyone posting defamatory remarks about a politician on the Internet.
I have a feeling that estrada will try to redeem himself as Mayor of Manila after his last shameful term in office.. Time will tell. I dont think anyone but Estrada could have ever hoped to topple the powerful,Lim in the last elections.. Lim`s biggest mistake during the campaign was to agree with a face off with Estrada on TV.. Estrada made mince meat of him. (or should I say ground beef!) In the end,Estrada produced his birth certificate showing that he is in fact a Filipino from Tondo.. He asked Lim to do the same which he couldn't.. Lim admitted it was a mistake to enter the debate and probably the reason for his loss.
The guy that started that site about 10/12 years ago "Benigno" is pretty much hated by most Filipino`s on the net.. I have read many debates that always go around in circles where he criticizes the country but never offers solutions.. His main arguments used to be based around the failing and stagnant economy back then. These days he seems a little frustrated at the countries recent progress with GDP data and a still rising national U.S Dollar reserve!!
No doubt you are right. But I would say it is best to keep an open mind. Normally there is no smoke without fire. I prefer to listen to all sides of the debate.
Yes - he lives in Australia, I think. His vision of what the future should look like is Lee Kuan Yew's Singapore. I didn't recommend his view - just pointed them out as an example of a cynical Flipino website! There is a movement (rubbished by Benigno) in favour of a Parliamentary system. There is quite a head of steam building in favour of repealing the 60:40 rule and the restriction on foreign ownership of land. However I don't think Aquino will touch his mother's Constitution
They are 2 very touchy issues in the R.P that for some reason may not be resolved in my lifetime. It will take a very brave President to help push this through. Its very frustrating as I fear it could well be one of the best opportunities this country has if it truly wishes to become a real tiger economy in Asia.. Lets hope he see`s sense..
Back on topic.. According to this docu.. These days for every 1k of pension withdrawal there needs to be 16k in the pot. 400.000 in the pot to receive 25k a year!! By 2030 there will be a 50% increase in over 65`s because of new life expectancy data... How can this be sustained? Another Ponzi scheme? Final salary pension schemes no more..and never coming back. My poor kids.
Use this annuity calculator to work out what kind of income you might gain..... http://www.legalandgeneral.com/?gclid=CLymi_e717cCFQTMtAodjXUA7g&mpch=sem&mpch=sem
Always remember to NOT take the annuity offered by the pension investment firm that you have used for the previous 20 or 30 years, you should always assess the market at teh point of retirement and be very clear about the exact kind of annuity you want, i.e. guarantees and so on, you can buy the annuity from anyone!
Exactly. I used Legal and General as an example as this is where my pension payments go into at the moment. And the calculator is quite useful. Then there's the 25% tax free lump sum to consider. On inheritance tax, there isn't any here. Zero. I am not sure where this "born bankrupt" thing comes from. More a 21st century conspiracy theory methinks.
Used your calculator BTW.. Pension payments start at 30 years old with a 40 quid a month contribution and a 100k one off contribution.. Current monthly gross income £833 Monthly contribution to your plan after we have added basic rate tax relief to it £50 Lump sum contribution to your plan after we have added the tax relief to it £125,000 Projected pension fund value at your selected retirement date in today's money (allowing for inflation). £336,000 Monthly pension income at your selected retirement date in today's money (allowing for inflation) £666 If I double my monthly payments I will get...Wait for it!!! £710 Apply now- Are you kidding? No thanks!!
So what exactly are you trying to say? You omitted any employers contribution by the way. And £40 per month sounds a bit lean.
I was self employed and there were often times when things were a bit lean!! Now I hear its much worse in general. As I said.. I doubled the contribution to 80 Quid a month and that would produce another 44.00 a month..Whoopydo!! Lets pop open the champagne. Much better ways to invest hard earned money IMO.
Undoubtedly so. But it ought not preclude taking out a good pension scheme too, especially if ones employer is paying for it. The best bet is to spread the risk.
You mentioned tax relief. If you are a higher rate tax payer then you get tax relief at the higher rate. So all in all a bit of a win win situation. Your employer pays in and so does the government. You add what you want to. Not only that you can spread the risk throughout your portfolio as much as you want to and wherever you want to and whenever you want to. When it pays out you pay tax on it in the country that you pay tax in, rather than the UK. So if you opt to live in a country, when you retire, where pensions are not taxed, then you pay no tax on the money either. I really cannot see any link whatsoever with this and bankruptcy.
John. I used to be self employed in the UK..A painter and decorator.(Damned good at it mind you!!) By no means was I to be connected with a higher rate wage earner.. My Jewish accountant in London advised me years ago not to get too embroiled too heavily with pension schemes as he told me in very plain terms that they were a very bad future investment these days considering my position at that time!! I since retired (although I hate that word) at 44 years of age here in the R.P and have no ambitions to rejoin the rat race in the UK or its scams as I see them.. I am well out of it. I see my life now in the way my dear old Gran did back in the 20`s.. I`m free!
It just goes to show how varied our circumstances can be and our fortunes. And that goes for all of us in the UK. Some do well and some not so well. Some are part of a rat race and some not. But it does not mean that Britain is going bankrupt. Not all want to GTF out of here. Some do but many don't for all sorts of reasons. I continue to use the example of my two employers. Both could live wherever they want to. One chooses to live here with his family and the other in Spain. Neither has opted to live in a developing country. Though they could so easily if they wanted.
And I respect that. To each his own. Obviously,I disagree but in my heart of hearts..I hope I'm wrong.
Here is a good guide to the way pension plans are going in the UK: Fancy an easy pay rise? Well, start a pension and you've got one. Not only will the Government top up your pension pot, if you're employed, your employer may HAVE to contribute. What's more, saving for the future can stave off a cold baked bean retirement. Read more.... http://www.moneysavingexpert.com/savings/discount-pensions
