Pension Pot

I have views that are going to be quite controversial, but I think everyone should be planning for their end goal with state pension removed. You should be the master of your own destiny.
 
SamTheGuru said:
I have views that are going to be quite controversial, but I think everyone should be planning for their end goal with state pension removed. You should be the master of your own destiny.
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Unfortunately you have to pay national insurance which goes towards a state pension everyone in work pays towards it there is no way of not contributing
 
city2 said:
Unfortunately you have to pay national insurance which goes towards a state pension everyone in work pays towards it there is no way of not contributing
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Rewrite: Yes NI is important. The NI employer contribution is enormous. That gets passed onto the consumer all the way down. It is a stealth tax. Not sure the relevance to pensions though?
 
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SamTheGuru said:
I have views that are going to be quite controversial, but I think everyone should be planning for their end goal with state pension removed. You should be the master of your own destiny.
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so what you're saying is, having paid NI for 40 years in the knowledge I would have a state financial contribution to help in my dotage, I should just write off that money and retrospectively plan for retirement without it? Give your head a wobble.

IF and it's a big IF, the country goes down that route, there would need to be a transition period of at least 25 years, probably more
 
city2 said:
Unfortunately you have to pay national insurance which goes towards a state pension everyone in work pays towards it there is no way of not contributing
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NI payments stop when you reach state retirement age whether you continue in work or not.
 
flook said:
so what you're saying is, having paid NI for 40 years in the knowledge I would have a state financial contribution to help in my dotage, I should just write off that money and retrospectively plan for retirement without it? Give your head a wobble.

IF and it's a big IF, the country goes down that route, there would need to be a transition period of at least 25 years, probably more
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They won’t go down that route. They won’t even dare touch the triple lock which is really where the problem is.

Age you can take it will keep getting increased I think.
 
flook said:
Well after a decent few weeks of recovery, Shitgibbon playing tariff bingo again has caused what will hopefully be just a small stutter. Down about 1% on the day, with a bit of luck weekend will give time for rationality to return.

Not that it matters as shit gibbon has deployed his nuclear subs the fucking war mongering cretin. Presumably that alone will rule out the Nobel
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Down 30K but just saw it as a buying opportunity so bought some more Amazon…will be back up after the summer hols.
 
DenisLawBackHeel74 said:
Yep.
Been paying 28% of my salary into a pension for 20 years….retiring at 57 and they can get fucked.
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One of the limitations of a pension is that the government controls when you can access it. It is age 57 as of right now and there is a 10 year rule on any changes so as long as you are over 47 you are all good. If you are younger than that you might want to just take the salary, pay the tax and put the money in a savings account. That way its out of government control.

Increasing that age is an easy leaver for the government to pull to improve the fiscal position. Workers pay way more in tax/ni than retired folks.
 
Gareth Barry Conlon said:
One of the limitations of a pension is that the government controls when you can access it. It is age 57 as of right now and there is a 10 year rule on any changes so as long as you are over 47 you are all good. If you are younger than that you might want to just take the salary, pay the tax and put the money in a savings account. That way its out of government control.

Increasing that age is an easy leaver for the government to pull to improve the fiscal position. Workers pay way more in tax/ni than retired folks.
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I have a S&S ISA that is at a decent level too, so will likely be drawing from that before my pension…
 
bluethrunthru said:
Susie Boniface actually said " the idea that you should finish work and retire and have 10 or 20 years as a pensioner to do as you please is unrealistic" .......... fucking cheek of her - she is probably mid-forties lets see how her views change in 25 years
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But if you're wealthy, made yourself a few bob from being a lovie, having spent your life been doted upon as a media celebrity, doing a few hours here and there, of course they want to continue working as its fluffing their massive egos.

Unfortunately for the rest of us we dont have an entourage of people attending to our every need when we go to work. You turn up, do your job, if the task is completed early you get more, not a hearty pat on the back and thanks for turning up.

All of those with the opinion that everyone should continue working are almost without exception already living their best life, paid lots for doing a job they love. If they were shovelling shit every day in the cold they would soon change their tune.
 
Gareth Barry Conlon said:
One of the limitations of a pension is that the government controls when you can access it. It is age 57 as of right now and there is a 10 year rule on any changes so as long as you are over 47 you are all good. If you are younger than that you might want to just take the salary, pay the tax and put the money in a savings account. That way its out of government control.

Increasing that age is an easy leaver for the government to pull to improve the fiscal position. Workers pay way more in tax/ni than retired folks.
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You can access a pension at 55 currently. It doesn’t go to 57 until April 2028.
 
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