Pensions

[Section_31]

I'm about to turn 32 and still don't have a pension, and to be honest the thought scares me quite a lot as most of my mates are state employed and do, not sure about the others.

 

Our company scrapped its final salary scheme literally about a month before I started, and you're not automatically entered into the one they have running now, they contribute something to it as far as I know, but in all honesty I wonder if it'll be in any position to pay anything out at all by the time I'm that age, or if it'll exist at all, I'd say there's a 70% chance the company will be gone in 10 years.

 

The other problem is I'm not very well paid, I seriously doubt I could afford hundreds of pounds coming out of my wages every month at this stage. I knew I should have been a teacher.

 

Do you have one? Does it suit your needs and - if you were looking at getting one, what type would you recommend?

[Guest San Don]

I'm about to turn 32 and still don't have a pension, and to be honest the thought scares me quite a lot as most of my mates are state employed and do, not sure about the others.

 

Our company scrapped its final salary scheme literally about a month before I started, and you're not automatically entered into the one they have running now, they contribute something to it as far as I know, but in all honesty I wonder if it'll be in any position to pay anything out at all by the time I'm that age, or if it'll exist at all, I'd say there's a 70% chance the company will be gone in 10 years.

 

The other problem is I'm not very well paid, I seriously doubt I could afford hundreds of pounds coming out of my wages every month at this stage. I knew I should have been a teacher.

 

Do you have one? Does it suit your needs and - if you were looking at getting one, what type would you recommend?

 

If you are worried about a company pension paying out in 30+ years, you need to investigate a StakeHolder Pension. You set this up yourself through a pension provider. There are lots of these about and no doubt, finding a good reputable one will require some research.

 

I think the Government contribute a little towards a StakeHolder Pension and these will give you a minimum pension when you retire.

 

I think they recommend you need to put 25% of your current pay into a pension to get one that will pay you a decent return when you retire, even at your current age.

 

The mantra seems to be get one started asap even if it is something basic. Doing nothing really isnt an option. If you arent sure, have a look for pensions advice on the net. Some advisors may give a free half hour session to tell you what your options are, cost etc, etc.

[Section_31]

Cheers San Don, I doubt I could afford to contribute a quarter of my wages though. Scary times.

[RedKnight]

I have a Stakeholder pension with Scottish Widows, I've had to stop paying into though as I just can't afford it. To be honest I try not to think about what will happen when I'm older as it seems I'll end up completely skint at the moment.

[Section_31]

I have a Stakeholder pension with Scottish Widows, I've had to stop paying into though as I just can't afford it. To be honest I try not to think about what will happen when I'm older as it seems I'll end up completely skint at the moment.

 

Amen brother.

[mattyq]

Get on it, Secsh. Even 5% would be good and your company should stick some in too

[Phoenix]

I imagine most employers are offering stakeholder pensions. Definitely do it for the even its the minimum amount purely because of the employers contributions.

 

As i understand if your employer doesnt survive you will still have the monies you/they have put in as its invested separately by inevstment fund manager.

[dennis tooth]

I always saw you going out in a blaze of glory, wounded in parlement, firing your last round off into cameron as he cowardly tries to run away before gove fires back and mortally wounded you manage to set off the detonators to collapse the whole structure much to the dismay of the by now meniacally laughing gove and lansley.

 

 

 

So I wouldnt worry about it.

[Stouffer]

Snap.

[TheBitch]

Might be out on strike soon because of ours. A massive deficit because of the 'global financial crisis' and they want to wind it up.

As you so perfectly put it about the Tories, Sec, and the global financial crisis being like their 9/11, so it is for our illustrious leader, he's been wanting to fuck the final salary scheme off for years and now has the perfect excuse, the cunt.

Makes me sick that he's making hundreds of millions of pounds every year and the people at the very bottom who are making him his coin are the ones he's gonna screw over first.

 

He. Is Jim Ratcliffe. The cunt.

[TheBitch]

It's mad that you need to put in a quarter of your wages to get a decent pension. It's just not feasible.

[Section_31]

It's mad that you need to put in a quarter of your wages to get a decent pension. It's just not feasible.

 

It makes me laugh how we're always being told we've got it 'better than ever', when if you know anybody who's just retired or is on the verge of doing so, we really - really don't. Odds are they've probably been working where they were long term, had a house and had a decent pension waiting for them. In all the ways that count, and I'm not talking about the ability to own a smartphone - standards have dropped like a stone.

[TheBitch]

 

It makes me laugh how we're always being told we've got it 'better than ever', when if you know anybody who's just retired or is on the verge of doing so, we really - really don't. Odds are they've probably been working where they were long term, had a house and had a decent pension waiting for them. In all the ways that count, and I'm not talking about the ability to own a smartphone - standards have dropped like a stone.

 

Correct.

 

This pensions thing has been going on in our place for ages. I talked briefly a while ago on here about going out on strike and people were kicking off, stuff about 'be thankful you've got one'. That's not really the point. I am thankful I've got one.

 

I saw last week that even Shell have scrapped their final salary scheme for new starters. Sad times.

[Liverpool lad]

Great point made there Section. I drink, play five aside, have worked with people a bit older than me, had a bevy with parents of friends, they are all living in houses worth three times what they paid for them, brand new motors and one fella who is in the police has more deductions each month from his pay than I earn in a month. I wish I was born twenty years ago, I know lads who have worked at Ford since they left school and were able to get mortgages on a few properties and have a standard of life that a lot of lads I know will never have.

 

As for pensions, I am in my mid-twenties and haven't started one, I hope to be dead by 70. People talk about us having it so good, the only lads I know my age buying houses are teachers, everyone else hasn't got a fucking chance.

 

Good luck to them I say, but we are living in testing times.

[Strontium]

It's mad that you need to put in a quarter of your wages to get a decent pension. It's just not feasible.

 

 

I think what isn't feasible is paying 10-15% of your wages for 30 years, then getting a pension which gives you 50-60% of your final salary for the next 30 years. Pensions were invented when people retired at 60 and died at 65. It's a broken model.

[Jose Jones]

I think what isn't feasible is paying 10-15% of your wages for 30 years, then getting a pension which gives you 50-60% of your final salary for the next 30 years. Pensions were invented when people retired at 60 and died at 65. It's a broken model.

 

It is really.

While it certainly isn't fair to change the final pension that people signed up for in my opinion, and also the amounts due in public and other private final salary schemes are piddling compared with the amounts of money chucked around to bail out banks, etc. etc. pensions will have to change due to there being shedloads more old people living longer. There aren't enough people working to be able to afford to look after the old giffers. Certainly by 30 or 40 years time it will be even harder.

 

I would have thought bringing in compulsory pension schemes (where an employer must pay a minimum of 10% on top of your salary into a private pension) would be a good way to do it. Then you could add some more in if you want. Problem is bringing something in that employers don't go mental about and doesn't just take the cash straight out of take home pay. Maybe phase it in over a few years.

[Liverpool lad]

Fuck knows what pensions would be like in 40 years, unless we see a drastic change we will all be getting fuck all

[AngryOfTuebrook]

I think what isn't feasible is paying 10-15% of your wages for 30 years, then getting a pension which gives you 50-60% of your final salary for the next 30 years. Pensions were invented when people retired at 60 and died at 65. It's a broken model.

And the response of you Tories is, basically, to tell working people to just give up and accept that they're going to die in poverty (even if they are existing members of a fully-funded scheme).

[Strontium]

And the response of you Tories is, basically, to tell working people to just give up and accept that they're going to die in poverty (even if they are existing members of a fully-funded scheme).

 

 

1) I'm not and never have been a Tory

2) Why are you bringing politics into what was not a political thread?

3) My party has restored the link between the state pension and earnings, so your attack is well off the mark anyway

4) Negged

[dirk grout]

1) I'm not and never have been a Tory

2) Why are you bringing politics into what was not a political thread?

3) My party has restored the link between the state pension and earnings, so your attack is well off the mark anyway

4) Negged

 

Being a tory is a state of mind.

[dennis tooth]

I think what isn't feasible is paying 10-15% of your wages for 30 years, then getting a pension which gives you 50-60% of your final salary for the next 30 years. Pensions were invented when people retired at 60 and died at 65. It's a broken model.

 

How is it broken?

Have you anything to back up this assertion?

[Brownie]

I put 3% away into my pension each month and my company matches it. I have no faith in pensions though because we've seen examples in recent years of people putting money into pensions for years and then getting nothing out of it through no fault of their own.

[Cardie]

If you're in a civil service pension scheme can you also take out a private one?

[VladimirIlyich]

My parents put a little bit away while they were working into a pension type thing,i think it was called a superannuation or similar,they were just two manual workers,dad full time and mum part time like millions of others were 30-40 years ago.

They have both been retired about 12 and 10 years respectively and all that little bit extra ever did was make them get slightly less in pension and benefits. So all that happened was they just deducted the tiny bit extra from the benefits leaving them in the exact same position as if theyd have just relied on the state.

The morals here are 1) You need the type of pension that very few of us will ever get for you to have a decent but unspectacular retirement and 2) pensions and stuff have always been shit for the average person anyway and to say 'you've never had it so good' is absolute bollocks unless you are an executive or banker,who probably have never had it so good as they are most likely stealing it off the lower paid.

[Lee909]

That's what I think the idea of this pension scheme starting later this year is designed to do.

Wait till everyone gets pension age then tell them they are over the threshold and no benefits.