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Pensions

Not me. Final salary pension.

I moaned when they took money out of my pay packet at 17, but thank **** they did. :thumbsup:
 
My current pension isn't great and TBH I need to spend some time with an expert thinking about the best savings/investment/pension plans. I might have 3 economics degrees but I'm still pretty clueless.
 
My current pension isn't great and TBH I need to spend some time with an expert thinking about the best savings/investment/pension plans. I might have 3 economics degrees but I'm still pretty clueless.

Talk to our Mortgage sponsors as they offer financial advice as well Jon
 
I have a decent retirement plan with my current employer and it's a pretty sweet gig so I anticipate staying here for a while. I am 20 years from retirement age, and I plan to have at least a million dollars in my 401k plan by the time I retire. If I get there before I'm 65, then I'll retire early. If I hadn't stuck about $200k up my bugle during my bad years then I would probably be in better shape, but I'm not worried about it and there were a few laughs on the way.
 
...at the moment. Your employer could easily end that scheme and move to a defined contribution scheme.

Unlikely. The Unions and management have reached a deal to plug the contributions gap - we pay more out of our wages, and the pension stays as it is. Remember, NR is a publicly owned company.

If things change then I imagine the Unions will take action - and rightly so. We've already done our bit.
 
Unlikely. The Unions and management have reached a deal to plug the contributions gap - we pay more out of our wages, and the pension stays as it is. Remember, NR is a publicly owned company.

If things change then I imagine the Unions will take action - and rightly so. We've already done our bit.

I have been through this and don't be so sure r.e. Unions, there are plenty of examples of such schemes shutting and being replaced with defined contribution schemes.

However the good news if you have a final salary scheme is that any money accrued in that scheme can be deferred if it is closed and then claimed later still under the final salary rules (i.e. regular payouts plus lump sum). And that is underwritten by legislation.
However if the whole economy goes tits up who knows what could happen!
 
I have been through this and don't be so sure r.e. Unions, there are plenty of examples of such schemes shutting and being replaced with defined contribution schemes.

However the good news if you have a final salary scheme is that any money accrued in that scheme can be deferred if it is closed and then claimed later still under the final salary rules (i.e. regular payouts plus lump sum). And that is underwritten by legislation.
However if the whole economy goes tits up who knows what could happen!

Yes, let's not go there.
 
Yep, should have fought harder in my divorce settlement. My ex was always the one with the hefty pension provision while I only had 15 years with the Bank. It was never an issue as it should have benefited both of us long term. So, I have the Bank one and a small one from my 7 years working part time in the school. Probably not going to stretch far when the time comes.
 
Yep, should have fought harder in my divorce settlement. My ex was always the one with the hefty pension provision while I only had 15 years with the Bank. It was never an issue as it should have benefited both of us long term. So, I have the Bank one and a small one from my 7 years working part time in the school. Probably not going to stretch far when the time comes.

What, next year? :whistling: :winking:
 
I put in a reasonable amount every month, matched by my employer, and i have a separate private one too, but there is still the nagging feeling it isn't quite enough.

Oh well, looks like I won't be retiring any time soon anyway...
 
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