rich5315 Posted August 2, 2011 Share Posted August 2, 2011 how about this for a report on a pension http://uk.finance.yahoo.com/news/Millions-face-pension-poverty-tele-1337076954.html anyone whos been told by there pension adviser that they will get a good pension wants to look again! im not working at the moment and enjoying the the extra money not working but when i was working i paid £125 a month into a pension, the company paid another £250 a month into it for me! thats a total of £375 a month going into a pension, after 30 years of paying into it the pension was still only going to make me £600 a month!!! so anyone whos paying £100 £200 a month into a pension wants to look again at there retire ment, ps the pension i was in was one of the best with a top company indexed link an all that Link to comment Share on other sites More sharing options...
Ms Macbeth Posted August 2, 2011 Share Posted August 2, 2011 I've been aware of how rubbish the payouts are for some pensioners for quite a long time, and have posted about pensions before. IMO one of the worst things that has happened for people with small company or private pensions is the way the state pension has been limited, and pension credit introduced. It can mean that someone who has scrimped in a low paid job to try and help themselves can end up only very marginally better off in retirement than someone who may have earned more but hasn't saved for a pension. This isn't having a go at those who for whatever reason couldn't contribute, its a criticism of the last government's introduction of yet another means tested benefit. If all pensioners were given a decent retirement income from the state, the best off would pay a bit more tax, the thrifty would see a bit of benefit from their earlier sacrifices, and the government would save a fortune in reducing the amount of means testing. I did hope this government might change the format, but it if they do, it is unlikely to be of help to those of us already on pensions. It makes me think that for people who don't have long careers in jobs paying a decent pension, they shouldn't bother making contributions. But the rules may change yet again, and they might lose out. Link to comment Share on other sites More sharing options...
max Posted August 2, 2011 Share Posted August 2, 2011 You paid £125 a month into your pension for 30 years and expect to get £600 a month for possibly as long again. That's not bad and I assume the £600 is index linked. These are the type of pensions which the report tells us are a thing of the past so I would count my blessings if I were you. Link to comment Share on other sites More sharing options...
crookesey Posted August 2, 2011 Share Posted August 2, 2011 The Private Sector pension is on it's death bed, the government need to take over. They could use employer/employee contributions to fund the exchequer, instead of borrowing huge amounts of money from The World Bank, at extortionate interest rates. If our/our employers contributions were not invested in equities our pension funds would not forever have to play catch up, following the plethora of financial disasters that will no doubt occur during our working lives. Link to comment Share on other sites More sharing options...
Ms Macbeth Posted August 2, 2011 Share Posted August 2, 2011 The Private Sector pension is on it's death bed, the government need to take over. They could use employer/employee contributions to fund the exchequer, instead of borrowing huge amounts of money from The World Bank, at extortionate interest rates. If our/our employers contributions were not invested in equities our pension funds would not forever have to play catch up, following the plethora of financial disasters that will no doubt occur during our working lives. Now that sounds eminently sensible to me. And it could again give people a reasonable expectation of what they might expect in retirement. Link to comment Share on other sites More sharing options...
JarvisCocker Posted August 2, 2011 Share Posted August 2, 2011 Where is the best placed to get advise over pensions? And possibly other investments, rather than a pension. I'm in a right dilemma at the moment. I'm not paying into a private pension at the moment (I have in the past), but lost faith in them so opted back into surps. My company don't offer a pension scheme, but I know I should be doing something. I've thought about buying a second property and renting it out, is this a better investment than having a pension? This is the kind of thingI need to talk to someone about but don't know who. Don't want to just talk to someone who deals in pensions as they are just going to try and sell me one. Link to comment Share on other sites More sharing options...
crookesey Posted August 2, 2011 Share Posted August 2, 2011 If I were starting again I would by a property in the Peak Park that I could retire to, and use it as a buy to let or holiday let in the interim. I would then be able to sell my residential property on retirement and use the money to supplement my retirement. I would always take advantage of employer pension contributions, but would only contribute the minimum required. Link to comment Share on other sites More sharing options...
JarvisCocker Posted August 2, 2011 Share Posted August 2, 2011 If I were starting again I would by a property in the Peak Park that I could retire to, and use it as a buy to let or holiday let in the interim. I would then be able to sell my residential property on retirement and use the money to supplement my retirement. I would always take advantage of employer pension contributions, but would only contribute the minimum required. Thats what I'm thinking re the property. At least you can see your investment! Pensions are so confusing there's no wonder people aren't saving, there's never been anything concrete enough in my opinion to make me think I want to save in a pension. Yes taking advantage of any employer contributions is great and I did do this in one job, but then moved jobs and hey ho no pension scheme. Back to square one. Link to comment Share on other sites More sharing options...
rich5315 Posted August 2, 2011 Author Share Posted August 2, 2011 max i know what you mean but my point is when you retire and have nothing the government have to give you a minimum amount to live on! equivalent to benefits so lets say its £1000 a month that means on top of my pension the government would top it up by £400 a month, if i never work then they would still pay me £1000 a month so working my ass off isnt going to make me any better off, i live on the east coast, its a retirement village, in 20 years time it wont be, cus no one will be able to afford to. so lets say theres 25 million people working, that means on my basis the government will have to support around 18 million people in old age, that means that youngsters today will have massive tax bills, where will it end.!! Link to comment Share on other sites More sharing options...
crookesey Posted August 2, 2011 Share Posted August 2, 2011 max i know what you mean but my point is when you retire and have nothing the government have to give you a minimum amount to live on! equivalent to benefits so lets say its £1000 a month that means on top of my pension the government would top it up by £400 a month, if i never work then they would still pay me £1000 a month so working my ass off isnt going to make me any better off, i live on the east coast, its a retirement village, in 20 years time it wont be, cus no one will be able to afford to. so lets say theres 25 million people working, that means on my basis the government will have to support around 18 million people in old age, that means that youngsters today will have massive tax bills, where will it end.!! Unfortunately you are spot on, sad but true. Link to comment Share on other sites More sharing options...
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