Pensions

[Guest The Chimp]

Fuck bothering with a pension Mark. Somewhere down the line some shyster is just going to use it and lose it. I say put any spare money aside and get over to Southeast Asia (not Singapore obviously as it's pricey). Me and Mrs Monkey are off to Malaysia when we're older. We rent our place out over there for 250 pounds a month. When/if the pound is back to "normal" it's less than 200. Food is dirt cheap. Eating out three times a day at the local hawker stalls sets me back a fiver. Nasi lemak, rhoti canai and teh tarik for breakfast; chicken rice and lychee juice for dinner, and curry and rice and a nescafe for my tea. The weather is always warm so you need fuck all heating or clothes. I'm fucked if I'm staying in the West and being ripped off for food, leccy, phone etc. No chance.

[AngryOfTuebrook]

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

 

1) You consistently defend the policies of an unmistakably Tory Government (judged by its actions, not by its brand name).

 

2) The thread was started by one of the 2/3 of people in this country who is unprepared for retirement. Like many of them, it's because his employer has decided to wash its hands of the people who make its money, once they are no longer deemed useful. Like Skunk Anansie said, "Yes, it's fucking political."

 

3) Whoop. Every other destructive act of the Tory class warriors is only possible because the leadership of your party chose to sit next to the people in power, rather than make any attempt to hold the people in power accountable.

 

4) Not entirely unexpected.

[She Knows It]

I've got no pension. I plan to start putting some money aside once the kids have flown the nest. Once we hit retirement we'll sell the house, downsize, and blow every penny on holidays, hard drugs and other such frivolities. Hopefully by the time the money runs out, I'll be demented and doubly incontinent and the fucking state will have to keep me, or euthanase me, because I'll be bankrupt.

[Stu Monty]

I don't have one. I don't trust that it would still be there in 35 years and also initially thought I wouldn't be in this industry long enough to build up a decent enough sum (fancied I'd do different things during my life, that changed as I like this work).

 

It's depressing that I don't even have confidence in an industry like the railway to be strong enough to hold onto its decent pension scheme in the long run.

[Hooch]

Yep, me neither. I keep saying when my salary goes up just a bit more I'll start one but I'd guess I'll be saying the same thing in three years time and so on.

 

The only thing that stops me from worrying is my mum and dad (divorced) each own houses, so theres at least that for me and my Brother to share when they are gone.

I can't even see myself owning a house to be honest.

Our generation are fucked, in so many ways.

[Strontium]

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

 

 

I'm not sure. You'd certainly not find a private pension with such good terms though.

[Whelan]

I would seem to be one of the lucky ones! I pay about 10% into the pension, and the employers add their contributions.

 

It is final salary, however I don't actually agree with them! Technically I could pay a higher rate for 30 years, and them someone can get two promotions in succession and finish on the same wage and get the same pension! Despite paying in a lot less! I think an average is fairer.

 

It is expensive though, a couple of hundred quid a month hasn't been an issue as I signed up the day that I began, so much so that I don't even consider it part of my wages. It would seem that I am an exception when I speak to my mates.

[Cardie]

I'm not sure. You'd certainly not find a private pension with such good terms though.

 

Doesn't mean the terms themselves will be/or are good though.

[lifetime fan]

I paid into a final salary pension scheme for 11 years, like Whelan I started paying in as soon as I got the job so never really noticed the money 'missing', I just always viewed it as part of the deductions.

 

I havn't got around to setting up a pension with my current employer, I should do. It's nothing great but if I put in 3% they'll put in 6%.

[lifetime fan]

I just remembered, I had a pension with my saturday job working in Woolies, I wonder what the fuck happened to that money?

[Guest San Don]

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.

 

If you dont have faith in pensions generally, you could also stash some money away in a full ISA. You can put 10k a year tax free into one.

 

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

 

Yes but you can only contribute to workplace pensions whilst you are actually an employee. This means you could actually have many different former ones operating at the same time, known as "dormant" i.e. you're not making payments / contributions. But they're still invested and hopefully growing for you. This would be if you had left previous jobs and not transferred your occupational pension fund.

 

You can also have as many personal pensions as you like provided that added together all your payments do not beat your annual or lifetime limits. The annual limits for this are now £255,000 and the lifetime fund limit stands at £1.8m.

[Rico1304]

Mine is final salary, which is now closed to new entrants. We've just been told that they are making changes that any increases are capped at 3% a year, so if you get a decent pay rise not all of it will be pensionable. On the other hand the employer contribution is 22% so the pot should be ok if I last till retirement. Getting to 45 is the main target as it means I can get my pension at 50 if I get made redundant.

[Section_31]

I never thought I'd reach the point where I get more jealous of someone who says they've got a good pension than I would be of someone who spent the night spuds deep in Katy Perry's pooper. What a sad fucking sign of the times.

[Carvalho Diablo]

A lad I work with got run over by an HGV today while he was peddaling to work.

 

Dead in a ditch.

 

Carpe Diem ?

[Rico1304]

That's one way of looking at it, but if that was me my wife would get 5 times my salary as a lump sum and my pension.

 

I spend most of my day looking for booby traps and do all the cooking.

[Lee909]

I'm just planning of throwing anything between £100-200 a month into a account from next year and by the time I get to 65 I should have something between £60-80k

nothing major I know but I plan to dissapear to the far east and it will last a while.

[TheBitch]

I never thought I'd reach the point where I get more jealous of someone who says they've got a good pension than I would be of someone who spent the night spuds deep in Katy Perry's pooper. What a sad fucking sign of the times.

 

The Bitch > Russell Brand

[janmolby]

Section there are alot of people who would advocate maximising your cash ISA allowance each year before starting a pension. Have a look over at moneysaving expert or this is money if you can stomach their daily mail musings.

 

I'm pretty sure though that if you contribute to a company pension it is transferable and even if the company were to cease to exist you would still have your pension.

 

My missuses work have one and they contribute a % of your annual earnings so I encouraged her to put the minimum possible in per month. She only puts in about £12 of a total of £40 or so. Not exactly alot but better than nothing.

 

Personally I'm not convinced of pensions unless your a higher rate tax payer or are part of company subsidised one. I think there are better saving options.

[Cardie]

If you dont have faith in pensions generally, you could also stash some money away in a full ISA. You can put 10k a year tax free into one.

 

 

 

Yes but you can only contribute to workplace pensions whilst you are actually an employee. This means you could actually have many different former ones operating at the same time, known as "dormant" i.e. you're not making payments / contributions. But they're still invested and hopefully growing for you. This would be if you had left previous jobs and not transferred your occupational pension fund.

 

You can also have as many personal pensions as you like provided that added together all your payments do not beat your annual or lifetime limits. The annual limits for this are now £255,000 and the lifetime fund limit stands at £1.8m.

 

Sounds like too much work, I might just bury any spare cash in the garden until I need it.

[Guest San Don]

Sounds like too much work, I might just bury any spare cash in the garden until I need it.

 

Uhh!?

[stevebaby]

A lad I work with got run over by an HGV today while he was peddaling to work.

 

Dead in a ditch.

 

Carpe Diem ?

Live fast, die young, leave a pretty corpse.

[lifetime fan]

Just a quick question.

 

Is your pension contribution a % of salary or will it include overtime too?

[Rush 346]

Just a quick question.

 

Is your pension contribution a % of salary or will it include overtime too?

 

usually a %age

[gumps]

 

You can also have as many personal pensions as you like provided that added together all your payments do not beat your annual or lifetime limits. The annual limits for this are now £255,000 and the lifetime fund limit stands at £1.8m.

 

HeHe! Oh to be in a position that you might actually have to worry about this!

 

As a public sector worker, I'm lucky enough to be in a final salary scheme.

 

15 years to go to 60, so god knows what state it will be in by then. But I do realise I'm very lucky compared to some.

[lifetime fan]

usually a %age

 

Sorry, I should have phrased my question better.

 

Is it a percentage of my flat salary, or do they take into account enhancements for unsocial hours and overtime (which are different every month)?