Who pays into a pension?

Pensions are just old age insurance, better spending the cash on booze, drugs and women now so you can die young and not have to worry about getting old with incontinence, dementia and Countdown the only things to look forwards to. :D
 
Final salary pensions are fantastic. Shame they don't exist any more. (Well, they're very rare, and I suspect any of the members here are young enough that by the time they hit retirement they won't exist any more...)

The government is trying to get it so that they don't have to pay out by creating the scheme where companies have to offer a pension. It should in theory loosen pressure on the government. Only time will tell if it does. It's also not a very good pension system, any decent company will probably offer a better one.

kd
 
To all the people who are saying it's not worth it, I also have a 10x salary death in service included as part of the pension, try and get that from normal insurance companies.

I'm convinced I won't be drawing my pension but for the lump sum if I die in service it's well worth it.

I lost my final salary pension 2 years ago, we were 'compensated' with a £1k lump sum, some compensation as I completed 20 years in November so my final salary was a hell of a lot more than the 1k!
 
Banzai_Joe said:
I pay in 3% and the company matches it.....and i thought THAT was a good deal.
Look at some of you guys with your 4% in and 9% deals......nice!
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the reason they dropped our final slary is that is was running at 6+23% at end to maintain
 
I pay 9% matched, and even at 33, that's a shockingly depressingly low amount. Retirement is defined as 67 now anyway but sod that to be working till then. It's why I chose a younger partner. She can carry on working while I spend it all. :)
 
15 % in to my final salary scheme that gives be a 1/35th return. Means I can retire at 60 on 2/3rds of what ever my final salary is.
 
OpenToSuggestions said:
Who else pays into a pension? If so, why? If not, why?
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4%-8% Matched into my first scheme from 16 for nearly 20 years. Left that job and now pay 8% matched.

I truely wish I'd never bothered. Looking at what they will pay out when I retire. All of my friends that didn't bother and got a 2nd/3rd or more properties on the same wage doing the same job are in a far far better position.

I was listening on the radio the rule of thumb for how much a pot buys you and it really was a huge mistake on my part.
 
Maundie said:
To all the people who are saying it's not worth it, I also have a 10x salary death in service included as part of the pension, try and get that from normal insurance companies.
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Awesome when you die you will be worth a lot of money for someone else! :p
Just think how amazing that will be for your Mrs to be debt free and have this large pot of cash to go chasing fresh meat ;)
 
5% matched.

To all the people saying don't bother etc. ,use be mad if they are turning down a matched pension. You get money fr nothing, a return of investment of 100% the second your employer matches. How many get rich quick schemes guarantee 100% return Instantly .

And then there is the fact that pension contributions are dedicated from your gross salary and so you do of pay taxes on that money, another large saving year by year.

And the money is always yours, beyond bad investment it is always your money and won't go anywhere what ever the company does and whatever the government does. You can also withdraw it at anytime (subject to taxes and penalties). Wen you hot retirement age if you don't want the monthly payouts you can just get it all payed out in one lump sum (paying th differed taxes,but no penalty).
 
I currently pay 11%. Soon to rise to @14%.

However its 99.9% likely that I'm about to lose that pension scheme completely and be transferred over to a new one. Not a jot I can do about it either so I'll just have to bend over and hold my eyes.
 
I pay 5%, company pays 10% - With the additional tax savings, I would be daft not to really.

For what it's worth, I'm only 27 and only started with it a couple of months ago :)
 
currently dont pay into one. once i get a better paid job i will probably just pay extra off my mortgage instead.

by the time im due to retire im sure the age will have risen to 80 or something stupid and i cant be sure i will live that long.

our company puts in 5% though.
 
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