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Pensions

RobM

55 years as a supporter!⭐
Joined
Jan 20, 2007
Messages
9,350
Location
Essex of course!
Having done courses etc.on pensions, I quickly realised that we all hate putting, say, £100 a month in, but we all want substantially more out when we need it!
 

RHB

Super Moderator⭐
Staff member
Joined
Aug 14, 2009
Messages
25,490
Location
Westcliff riviera
I've got a State and Private pension. Like MK, mine was a final salary pension and I hated it when I watched it being deducted at 17. Many people have to survive on the state pension alone and it must be a very hard struggle to do so. If you can, contribute to a pension scheme to augment the state pension. It may be hard to find the dosh, but it will be worthwhile come retirement.
 

Billy Bests boot laces

President⭐
Joined
Nov 13, 2006
Messages
6,800
Private personal pension ( which I started in 1989 ) matured 3 weeks ago, when I was 60. Drew out 25% tax free, and taking rest out in yearly instalments over next 6 years.
Advisor asked how i'd get by after then, with only state pension available?. Probably sounds like a 'carefree' attitude, but replied 'I've got to get there first, then i'll assess the situation'.
Currently working 3 days a week, never been in debt, had an overdraft, paid a penny interest to Banks or CC companies, so consider myself disciplined re all financial matters and disposable income per week.
With probable inheritances before then, estimate i'll be ok till if I reach 70!. Not meaning to sound negative, but last 2 years have lost 6 mates aged between 58-61 ( and estranged wife ) to various forms of cancer, plus younger brother to Sepsis ( died 5 days after feeling unwell ).
So just intend to enjoy life while I can, within limitations, and see what happens.
 

Billy Bests boot laces

President⭐
Joined
Nov 13, 2006
Messages
6,800
I never though I'd make it to 65 but believe me there are compensations.:winking:

Compensations on reaching 60!. Found out last week that don't have to pay for prescriptions any more, and B & Q do an over 60 card for 10% off every Weds!.
Only downside so far, is I have to get up twice in the night for a pee!!.
 
Joined
Mar 6, 2004
Messages
3,974
Location
Suffolk 'em all
For 30 years - before I became so beaten up by the despair of it all and working for a clueless American owner trying to each Brits to "go out and kick ***" in team meetings (we all wanted to kick his) I left to become a gardener - I was a pensions consultant.

Pensions is far too complex and every attempt to make it 'better' makes it worse as it just adds on another layer of regulation. People are therefore put off by it all - more than once I had folk wearing headphones listening to music during my presentations. Folk don't help themselves, but the problem starts at school with the lack of education on basic home and personal finance. I once tried to help by getting my boss to agree to let me go in to schools to take part in finance lessons and help put things in to 'real perspective', but in the end gave up as there was too much school red tape to get thro first.

I don't worry about pensions - I know the pitfalls, have a bit of final salary stashed to call on when I give up gardening, and have some financial awareness. But the vast majority don't, and as with health care and folk living longer there is a time bomb ticking which despite the govt pushing the State Pension Age up they are still sticking their heads in the sand because politics is self-centred and short-term.

And when it comes to claiming your benefit well then there is the minefield of paper to get thro. Age 55 this year I cashed in a small pension - there was at least 50 pages of blurb thrown at me, and then when I completed it and sent it back I heard nothing for a month until I chased. I then got a wrong answer (I only knew it was wrong because of my pensions experience), and a further delay - pensions admin teams suffer greatly as their staff are under-trained, deluged and working under too much pressure. I got my dosh in the end, but it was a fight and what I was doing was straight forward.

So, worry about pensions? Personally no but that's due to special circumstances. Should others? Yes for lots of reasons.

Ugh, every time the pension word comes up I thank the day I opted out of that world.
 

RobM

55 years as a supporter!⭐
Joined
Jan 20, 2007
Messages
9,350
Location
Essex of course!
The whole pensions thing makes the theory of relativity look simple. Just an example - I found seven different definitions of "final salary"! Accrual rates, commutation factors...ooh, my brain hurts already!
 

londonblue

Topgun Pilot
Joined
Feb 18, 2004
Messages
17,288
I have a defined contribution pension from my 1st job, a final salary pension from my 2nd job and a private pension that I've been paying in to since the start of my 1st job. It's now the only one I pay into sInce I now work for myself.

It was assessed by a financial advisor a few years ago who seemed happy enough. Or more accurately unhappy enough because he couldn't justify trying to sell me a new one!
 

RHB

Super Moderator⭐
Staff member
Joined
Aug 14, 2009
Messages
25,490
Location
Westcliff riviera
Compensations on reaching 60!. Found out last week that don't have to pay for prescriptions any more, and B & Q do an over 60 card for 10% off every Weds!.
Only downside so far, is I have to get up twice in the night for a pee!!.

Don't forget over 60s season cards at Roots Hall (£250). Alternatively, match day tickets at £15 a time.
 

Yorkshire Blue

Super Moderator⭐
Staff member
Joined
Oct 27, 2003
Messages
38,050
Location
London
I've been screwed several times on pensions already.

I'm of the generation that can only dream of the luxury of a final salary scheme, whilst funding through taxation the final salary pensions of previous generations.

One job I missed out on qualifying for work contributions as I was too young by 12 days.

In another job the scheme changed to a less advantageous one and I missed out on the compensation as I was again too young - the rationale being that I'd have plenty of time to make it up in future years. I've also had a contractor role that didn't have any pension entitlement.

And I've been constantly ripped off by pension providers taking the **** with their fees which are higher than the fees for non-pension products that don't benefit from the tax advantage.

When I finally retire (in my 70s?), I suspect the pot will have struggled to keep up with inflation and annuities will be rubbish. But depressingly I'm still one of the luckier ones of my generation. The state of pensions in this country is a national disgrace and would be a far better use of government time and money than the stupidity that is Brexit.
 

Uncle Leo

This cook is an anti-semite
Joined
Nov 19, 2003
Messages
23,031
Location
NY Parks Dept
When I finally retire (in my 70s?), I suspect the pot will have struggled to keep up with inflation and annuities will be rubbish. But depressingly I'm still one of the luckier ones of my generation. The state of pensions in this country is a national disgrace and would be a far better use of government time and money than the stupidity that is Brexit.

Or indeed our PM moaning about a bell tower going quiet for four years.
 

Yorkshire Blue

Super Moderator⭐
Staff member
Joined
Oct 27, 2003
Messages
38,050
Location
London
Or indeed our PM moaning about a bell tower going quiet for four years.

I think that was a rare valuable contribution on her behalf: if it takes 4 years to sort out a single bell tower imagine how long it's going to take to sort out something of the complexity of Brexit!

Hopefully the bell will toll on her premiership sooner rather than later and we can get an administration that can start to address the pension (and associated care) crisis that awaits this country.
 

Benfleet A1

Hector Of The House
Joined
Jan 19, 2007
Messages
8,564
Location
Slade Prison
Or indeed our PM moaning about a bell tower going quiet for four years.

I heard Corbyn on the radio saying that the workers safety was the main priority. I thought it was another 'Up the Workers' monatone until it dawned on me. Who wants a sodding great bell ringing in your ear when you are working next to it. :smile:

He's right you know.
 

The General

The Mouse (*)
Joined
Oct 24, 2003
Messages
21,140
Location
My Gaff
Thats the big issue at work! They are planning on shutting down the plan next April (and moving to a worse one) and everyone is going to be a lot worse off. Especially the younger ones (me!) ... we are talking ten of thousands for people like myself come retirement which is going to sting. Could bring the first strike in 10 years. Could. Time will tell.
 
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