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Pensions

MK Shrimper

Striker
Joined
Aug 6, 2005
Messages
52,391
Not me. Final salary pension.

I moaned when they took money out of my pay packet at 17, but thank **** they did. :thumbsup:
 

Pubey

Guest
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.
 

McNasty

Member
Joined
Oct 23, 2003
Messages
16,197
Location
Otley, West Yorks
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
 
Joined
Aug 11, 2008
Messages
6,800
Location
Oregon
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.
 

MK Shrimper

Striker
Joined
Aug 6, 2005
Messages
52,391
...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.
 
Joined
Jul 20, 2017
Messages
303
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!
 

MK Shrimper

Striker
Joined
Aug 6, 2005
Messages
52,391
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.
 

OldBlueLady

Junior Blues Coordinator⭐
Joined
Dec 27, 2007
Messages
48,842
Location
Benfleet
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.
 

MK Shrimper

Striker
Joined
Aug 6, 2005
Messages
52,391
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:
 

Uncle Leo

This cook is an anti-semite
Joined
Nov 19, 2003
Messages
23,031
Location
NY Parks Dept
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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