Pension

At the moment they're supposed to be pretty **** if you go for a standard low risk pension. Saying that though if you go for something like a high risk ISA they are doing well at the moment as the market is on a rise in general since the whole shennanigans of the "global economic crisis". My sister put in 7k in April and has c.10K in there now, which as a percentage is unmatchable unless you are doing stocks and shares directly.

My advise would be to consider all the savings options and maybe spread your assests. Premium bonds are also a good way of getting some savings.

hth
 
Yes Martin, get one sorted. How old are you? You can't be relying on the state pension, so don't leave it too late! I'm with Legal & General who seem fine. Isn't much between them.
 
my company use Scottish widows.

seem to give me plenty of choice with regard to how much risk i want to take.
 
Where do you find out about pensions? Sorry if this is really dim, and whilst I have no need of a pension at 20 (no job, and at uni), it would be nice to get a bit of information together.

Are there particular places I can visit?
 
dirtydog said:
Depends on your age and circumstances. For a lot of people I would say a pension is not a wise investment.
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I have heard a lot of people saying "dont leave it too late" and "you need to invest in your future" and then I have also heard "the sooner you start the better"

So is it not a wise investment in the current market, or would it be wise to as some one said above "Cash + Mattress = Pension" :p ???

I am 22 and know very little about pensions, however, i feel i should start to get to know a little bit about them
 
sbi5ar said:
I have heard a lot of people saying "dont leave it too late" and "you need to invest in your future" and then I have also heard "the sooner you start the better"

So is it not a wise investment in the current market, or would it be wise to as some one said above "Cash + Mattress = Pension" :p ???

I am 22 and know very little about pensions, however, i feel i should start to get to know a little bit about them
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There are lots of things to consider. Personally as pension legislation stands at the moment, I would not put any money into a pension. There is no cast iron guarantee what you will get out of it, or indeed whether you will get anything from it at all. eg. the provider could go bust, or state pension/benefits legislation could mean that your private pension simply reduces the amount of state benefits you would have got anyway. Unless you earn a decent amount and are able to put significant sums into a pension, as the rules stand at the moment it would be throwing money down the drain in my opinion.

This isn't to say you shouldn't save for your retirement, but you don't have to do that within the straitjacket of a pension scheme.
 
Start here for some basics

http://www.direct.gov.uk/en/Pensionsandretirementplanning/BeginnersGuideToPensions/DG_10027104

All depends on what you want to pay in, does your company offer you anything?, will they pay into your pension? How much input do you want to your pension? How much risk are you willing to take, what sort of funds to invest into.

Start a pension now is a very good idea, the longer you leave it the more you will have to contribute to get to a figure you want to retire on.

Not always a feasible one but i have seen this banded around a fair bit regards how much to pay into a pension

Take the age you start your pension and halve it.
Put this percentage of your salary aside each year until you retire.
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Realistically this is never going to work for most people because at 40 you are supposed to be paying 20% of your salary into a pension which is unlikely to ever be the case!

http://www.moneysavingexpert.com/savings/discount-pensions#howmuch

More information there.

Anything else needed let me know.
 
There is no cut off point just how many years contributions you pay. Last time I got my pension statement from work I went :eek: as my state pension in today's money is ~£9K and I get it when I'm 67 and 9months :eek:

Fortunately I've always paid into pensions wherever I've worked so I've got 1 stake holder and 1 final salary on hold and currently paying into a final salary and share scheme one atm.....

Wife's also on final salary and been paying from the start of her career..... So looking at it I think I've done well with out even thinking about it
 
Strife212 said:
How much is the state pension?
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Depends on how many years of NI contributions you have made.

In 2009-2010, the full basic State Pension is £95.25 a week. The full basic State Pension for a married woman using her husband’s National Insurance record is £57.05 a week.

This means that a married couple could get separate basic State Pension payments totalling £152.30 a week. If they both qualify for a full basic State Pension this could be £190.50 a week.
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Not a lot, from:

http://www.direct.gov.uk/en/Pensionsandretirementplanning/StatePension/Basicstatepension/DG_10014671

You may want to read this:

http://www.direct.gov.uk/en/Pensionsandretirementplanning/StatePension/index.htm

Who knows what it will be in the future.
 
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