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bluethrunthru

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Just watching an item on Newsnight concerning proposals to yet more changes to UK pensions schemes, tax reliefs and contributions and Mark Garnier MP ( Con ) is talking about the need to get people who are at the younger end to contribute as much as possible as early as possible - something I whole heartedly agree with but don't the daft cunts see that not all youngsters are independently or inheritedley wealthy so they may see the benefit of pensions savings but just can't.
They have Student Loans, high housing costs and lower graduate pay hanging over them - then with kids of their own they face contributing to education and health costs for their kids and at the same time wage growth is low and prospects are poor - I mean for fucks sake you can't squeeze society and ask them to contribute more at the same time ....... unless you have no understanding of what "normal" people have to cope with that is of course.....
 
I have this argument nearly every week with some of the other lads at work that are my age or slightly older because we have a good (in my opinion) pension scheme where the company will double what you pay in (there max contribution is 14%) so I stick 7% in. Most of the guys I work with say I pay in too much and only do 3/4%, they can't see that they are throwing money away but I have a plan to retire well before 65, i'm only 26 now but I do believe you have to think ahead. I think kids need educating on financial matters at high school because I personally had no idea about tax, pensions etc, I pay a huge amount of my wage on the mortgage but took it over 14 years to pay as much as I can before I have kids and it's a struggle sometimes but I have a good lifestyle.
 
Got three in the UK from different companies and can start one here next month as I've been in this job 12 months then. Couldn't afford it in my previous job as was skint every month.
Got a huge pamphlet in the post yesterday and will scour over it at the weekend.
 
Spent a large portion of my working life overseas and I always paid my Nat Ins contributions to qualify for my govt pension which I have just started receiving. Not the full amount because I'm not permantely residing in the UK but I'm happy with what I'm getting.
 
Somewhat suspicious that this government (or any government) only encourages the great unwashed to put more in their pensions so that said government can help themselves to it further down the line.
 
bluethrunthru said:
Just watching an item on Newsnight concerning proposals to yet more changes to UK pensions schemes, tax reliefs and contributions and Mark Garnier MP ( Con ) is talking about the need to get people who are at the younger end to contribute as much as possible as early as possible - something I whole heartedly agree with but don't the daft cunts see that not all youngsters are independently or inheritedley wealthy so they may see the benefit of pensions savings but just can't.
They have Student Loans, high housing costs and lower graduate pay hanging over them - then with kids of their own they face contributing to education and health costs for their kids and at the same time wage growth is low and prospects are poor - I mean for fucks sake you can't squeeze society and ask them to contribute more at the same time ....... unless you have no understanding of what "normal" people have to cope with that is of course.....
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While I agree that people have so many other things to fork our for, even if a young person in their early twenties started off by putting £20-£30 a month in a private pension and upped their contributions gradually over time, they'd be sat on a decent pot come retirement age. One of my biggest regrets is not doing something like this when I was at that age - instead I just pissed pretty much every spare penny up the wall for years and years. I'm in my mid-40's now and contributing to a private pension but I need to be putting literally hundreds and hundreds away to get a decent pot at retirement and while I'm making significant contributions, I can't stretch to that.
 
big phil said:
Somewhat suspicious that this government (or any government) only encourages the great unwashed to put more in their pensions so that said government can help themselves to it further down the line.
Click to expand...

I'm suspicious too but not for that reason. The introduction of the workplace pension has me thinking that the state pension will get scrapped entirely further down the line. I'll probably be entitled to a state pension if and when I reach retirement age as I'm 45 but someone who is 20 might see it getting canned off once they've retired.
 
Too many stupid people not putting money aside when they can afford it. Take those women last month who didn't know their retirement age had changed twenty years ago and complained that no-one had personally written to tell them so they had to work longer.

You can get basic financial advice for free and this just showed they hadn't looked at their own circumstances in that time, instead jollying off on holiday as one confessed.
 
SiMCFC said:
I have this argument nearly every week with some of the other lads at work that are my age or slightly older because we have a good (in my opinion) pension scheme where the company will double what you pay in (there max contribution is 14%) so I stick 7% in. Most of the guys I work with say I pay in too much and only do 3/4%, they can't see that they are throwing money away but I have a plan to retire well before 65, i'm only 26 now but I do believe you have to think ahead. I think kids need educating on financial matters at high school because I personally had no idea about tax, pensions etc, I pay a huge amount of my wage on the mortgage but took it over 14 years to pay as much as I can before I have kids and it's a struggle sometimes but I have a good lifestyle.
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Is the correct answer!!
I would advise anyone to take out a personal pension scheme. I was lucky enough to have joined two organisations with contributory pension schemes and when I could afford it I also took out additional AVC's.

It has allowed me to "retire" at 58.
 
I started work in 1974.
In those days pension schemes were compulsory if your company had one.
Thank god.
My wages were shit. I couldn't afford holidays or a mortgage for years but I was making pension provision.

I just cannot understand theses claims of not being able to afford it.
You cannot afford NOT to have one.
Just work on the basis that you are being paid a percentage less than your real gross.
I wonder how many who make this claim have all the tech bells and whistles - Sky/Virgin subscription, fancy phone contract, flashy car?
It's all about priorities.

I often hear daft claims like "my house is pension".
Let.'s consider that.
I could get about £280K for my 3 bed roomed house. If I sold it I could buy a retirement apartment nearby for about £180K.
So I would trouser £100K.
That won't go far!

One of my kids is in a works pension scheme where they will match £ for £ up to 10%.
She's on slightly more than the working wage but nevertheless I sat down with her and we looked at the figures and she has maxed out her own contributions.
Another kid has a company pension on minimum contributions so he also has a private pension.

Opting out of a works pension scheme is equivalent turning down a pay increase.

If people rely on the state pension only they will live their older years in penury and won't get it until they are fit to drop.

Get started now.
 
Shove money into a pension pot, pay off yer student loans, and get a mortgage. Simple arrangement, particularly if yer Dad's an MP! Not so good for the majority. Does this Tory Turd MP think that working folk can stretch a pound into a fiver? They don't live in the world that pays inadequate salaries.
 
M18CTID said:
I'm suspicious too but not for that reason. The introduction of the workplace pension has me thinking that the state pension will get scrapped entirely further down the line. I'll probably be entitled to a state pension if and when I reach retirement age as I'm 45 but someone who is 20 might see it getting canned off once they've retired.
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I think you're right about it being scrapped, but I'm not so sure it'll still be around for us to pick up, and I'm 49 next month. Successive governments have seen it as a slush fund to do with as they please. Not that it bothers them, with their index linked final salary pensions. Still, we'll probably have enough to go halves on a cardboard box somewhere, eh?
 
I have 30 years in a final salary scheme with a 7% contribution, and 14% (2x matched) contribution from my employer. The scheme changed 6 years ago to a defined contribution scheme (where you build up your own pot of money rather than get a guaranteed monthly payment at the end). I will encourage both my children to contribute as much as they can afford right from the start, as soon as they get their first jobs. If they get used to that loss in the first place, they should never miss that money.
 
Eli Panic said:
I have 30 years in a final salary scheme with a 7% contribution, and 14% (2x matched) contribution from my employer. The scheme changed 6 years ago to a defined contribution scheme (where you build up your own pot of money rather than get a guaranteed monthly payment at the end). I will encourage both my children to contribute as much as they can afford right from the start, as soon as they get their first jobs. If they get used to that loss in the first place, they should never miss that money.
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That's what I did mate. Came out of my time and then as soon as I got my first 'proper' job I started paying in the max they would match, there has been times when the extra at the end of the month would have been handy but i've never had it to miss it!
 
SiMCFC said:
I have this argument nearly every week with some of the other lads at work that are my age or slightly older because we have a good (in my opinion) pension scheme where the company will double what you pay in (there max contribution is 14%) so I stick 7% in. Most of the guys I work with say I pay in too much and only do 3/4%, they can't see that they are throwing money away but I have a plan to retire well before 65, i'm only 26 now but I do believe you have to think ahead. I think kids need educating on financial matters at high school because I personally had no idea about tax, pensions etc, I pay a huge amount of my wage on the mortgage but took it over 14 years to pay as much as I can before I have kids and it's a struggle sometimes but I have a good lifestyle.
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Very smart move mate. I whacked in a load of AVC's for years to boost my company pension and have now retired with a comfortable pension income. Like you, some of my mates considered retirement so far off that they didn't bother much with pensions, some preferring to piss it all up the wall as soon as they got their pay. The trouble is that time flies and retirement isn't really as far away as it seems and some of them are now starting to rue their decision. The state pension isn't enough to live on even if you own your own house and state pension retirement ages are already being pushed higher.
 
SiMCFC said:
I have this argument nearly every week with some of the other lads at work that are my age or slightly older because we have a good (in my opinion) pension scheme where the company will double what you pay in (there max contribution is 14%) so I stick 7% in. Most of the guys I work with say I pay in too much and only do 3/4%, they can't see that they are throwing money away but I have a plan to retire well before 65, i'm only 26 now but I do believe you have to think ahead. I think kids need educating on financial matters at high school because I personally had no idea about tax, pensions etc, I pay a huge amount of my wage on the mortgage but took it over 14 years to pay as much as I can before I have kids and it's a struggle sometimes but I have a good lifestyle.
Click to expand...

People just can't see that it's a tax free instant pay increase. They should be maxing out this pension as it's such a good deal.
 
Whilst I agree with most in here about a pension I've done the right thing since I was 18 and 3 years ago the government tear up the agreement and say I have to work 8 years more, give more and get less, I'd tell my daughter to invest in housing as soon as possible, and hopefully every 10 years buy another. She then controls her money for her retirement, I remember what Maxwell did to his workers pensions and how the government have fucked over the public sector, I trust no one.
 
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