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Pensions

united we stand

Life President⭐
Joined
Dec 4, 2008
Messages
7,211
Location
Wickford
I'm 50 next year and four years ago had my "panic" moment. Thru pure luck an aquatence had given an advisor my number and I saw him. I work in finance, am good with numbers and enjoy researching stuff so I felt comfortable make my an informed decision and went with him. I already had works pensions from the last 30 years, and was in a better position than most, but i wasn"t going to have what I wanted. It's been a hard 4 years but I am now on n a much more comfortable pension position and feel a weight has been taken off me.
The issue as another poster has said is we don't know what life has in store for us. I am hoping to be well and active in my 70's and 80"s ( don't we all) and want to be able to afford to still do stuff. If I don't make it that far it will have been a crap financial decision
 

Billy Bests boot laces

President⭐
Joined
Nov 13, 2006
Messages
6,727
The issue as another poster has said is we don't know what life has in store for us. I am hoping to be well and active in my 70's and 80"s ( don't we all) and want to be able to afford to still do stuff. If I don't make it that far it will have been a crap financial decision

That was me!. I also have no wish to self destruct, and have 10 years on you!. I used to run Marathons ( 3hrs 7 mins best time ), still 'jog' not run now, and do plenty of walking. Back in my day, flowed like a Gazelle. Like to think I still do, but in truth probably resemble a slumbering Rhino!.
Fate dictates what lies ahead, alas there are no rules re good clean living etc, giving us all a long life.
Only thing awaiting us once we reach our 70's plus, is an allotment growing out of your ears & nose, hearing & eye sight diminishing, aches & pains all over, lack of energy, teeth falling out & Pom Pom's on your slippers!.
And not forgetting the lunatic in North Korea, who could start something to end our days, before Fossets Farm is built!.
 

Mad Cyril

Proud sponsor of Mark Molesley's white trainers⭐
Joined
Oct 29, 2003
Messages
19,564
Location
Flavour country
I have just checked my pension pots and feel a bit better however there is little guarantee I will be able to maintain my current salary into my fifties so who knows...
 

OldBlueLady

Junior Blues Coordinator⭐
Joined
Dec 27, 2007
Messages
48,936
Location
Benfleet
Mine's worse than I thought, HSBC are one of those with the dreaded "clawback" which means thousands of the lower paid workers will be worse off. There's a huge furore going on over it, with questions being asked in Parliament and several MPs campaigning hard for HSBC to write this dreadful system off.

That's all apart from the fact that my first stint there was short by 6 days from qualifying as pensionable service. You would have thought that someone back then might have taken me to one side and advised me to postpone leaving for one week. So, that's 4 years 11 months and 3 weeks pension down the drain.
 
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Billy Bests boot laces

President⭐
Joined
Nov 13, 2006
Messages
6,727
Mine's worse than I thought, HSBC are one of those with the dreaded "clawback" which means thousands of the lower paid workers will be worse off. There's a huge furore going on over it, with questions being asked in Parliament and several MPs campaigning hard for HSBC to write this dreadful system off.

That's all apart from the fact that my first stint there was short by 6 days from qualifying as pensionable service. You would have thought that someone back then might have taken me to one side and advised me to postpone leaving for one week. So, that's 4 years 11 months and 3 weeks pension down the drain.

With the bad luck you've had, reckon you'll be working till your 70!.
 

Mad Cyril

Proud sponsor of Mark Molesley's white trainers⭐
Joined
Oct 29, 2003
Messages
19,564
Location
Flavour country
Mine's worse than I thought, HSBC are one of those with the dreaded "clawback" which means thousands of the lower paid workers will be worse off. There's a huge furore going on over it, with questions being asked in Parliament and several MPs campaigning hard for HSBC to write this dreadful system off.

That's all apart from the fact that my first stint there was short by 6 days from qualifying as pensionable service. You would have thought that someone back then might have taken me to one side and advised me to postpone leaving for one week. So, that's 4 years 11 months and 3 weeks pension down the drain.

That sucks.

I worked with somebody who resigned on a Friday. He would have been made redundant with a big payoff on the Monday.
 

DoDTS

The PL League Boss⭐
Joined
Apr 28, 2006
Messages
9,520
Location
PL Headquarters Hullbridge
I started to worry about pension/outstanding mortgage at about 50, with a divorce and about 8 house moves my mortgage was largely interest only. I did have 30 years in a final salary pension and a second pension I was paying into. I'm now retied and everything worked out fine and I would say I am comfortable and the mortgage is paid off but I did have some expert advice and guidance from my son (DTS).

Firstly I took my first pension early as the control was passing to Americans who I distrusted, this gave me a lump sum which I used to largely clear the mortgage and secondly I had a monthly income. The extra income I ploughed into the second mortgage but on Dave's advice I asked my employers about salary sacrifice.

This works for example that if you have a monthly income of £2,000 then you pay tax and national insurance (and so does your employer) on £2.000, if you sacrifice £500 and have it paid directly into your pension fund you only pay tax and national insurance (and so does your employer) on £1,500. The downside is your annual salary would have reduced from £24,000 to £18,000 which could be a problem if you wanted a new mortgage/loan.

My employers were reluctant at first (although it cost them nothing) but agreed and they also paid their savings into my pension. It worked brilliantly for me and because I had the first pension I could afford to be adventurous (probably not such a good idea now in these Brexit days).

If anyone is interested there is more information below or ask a financial adviser:
https://www.pensionsadvisoryservice.org.uk/about-pensions/saving-into-a-pension/salary-sacrifice

I was also lucky in that I was one of the first to get the new pension amount which is about £7,500 pa per person (although my wife who is younger missed out.

So as I see it for a couple reaching retirement now they should have a state pension income of about £15,000 If they own their own home or have a private pension they should be liveable. If they are renting and have no pension they have problems.
 
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