Pension?

helpimcrap

helpimcrap

helpimcrap

Soldato
Joined
13 Jan 2004
Posts
12,779
Location
Leicestershire
Hi all,
Just thinking about nothing really so thought I'd ask a question.

Obviously paying into a pension and I'll get a full state pension in 24yrs when I retire.

Also paying a bit into an AVC.

I have 3 pensions from different employers, so am I best transferring into one or leave them as they are?
Not putting all my eggs into 1 basket so to speak.

Also have a pension at £10 a month I set up to get cheap car insurance! :D lol.
 
helpimcrap said:
Hi all,
Just thinking about nothing really so thought I'd ask a question.

Obviously paying into a pension and I'll get a full state pension in 24yrs when I retire.

Also paying a bit into an AVC.

I have 3 pensions from different employers, so am I best transferring into one or leave them as they are?
Not putting all my eggs into 1 basket so to speak.

Also have a pension at £10 a month I set up to get cheap car insurance! :D lol.
Click to expand...


I ended up combining 2 work place pensions who were with one provider (the two companies used the same provider) but i had 2 pension accounts. They combined them in to one and then it got moved to my now current latest workplace pension provider. so its all in one pot
 
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I combined all my old pensions with Pensionbee, it's been a few years now but it's actually really good. The interface is simple, the options are great and changing plans is very easy. I just lumped it all on the riskiest option they offer and it's been performing rather well. Drop me a trust if you fancy a referral, I think you get £100 bonus or something.

My current employer's pension is like going back 30 years in time, the interface is hilariously crap. AON Mastertrust. If you want to view other investment plans, they're only *just* above posting you a sheet, you have to download a PDF for each plan and compare them. To log in you end up with 300 tabs because each page opens a new tab and you can't just view stuff, you have to to through a million different pages, portals, logins etc. It does my head in.
 
It can be worth combining, purely for simplification and perhaps one has higher costs associated with it, that could be reduced moving it.

However, it is worth comparing costs and performance of the pensions you have to decide which one to consolidate into. There's nothing wrong with keeping all 3, just more paperwork.
 
helpimcrap said:
Hi all,
Just thinking about nothing really so thought I'd ask a question.

Obviously paying into a pension and I'll get a full state pension in 24yrs when I retire.

Also paying a bit into an AVC.

I have 3 pensions from different employers, so am I best transferring into one or leave them as they are?
Not putting all my eggs into 1 basket so to speak.

Also have a pension at £10 a month I set up to get cheap car insurance! :D lol.
Click to expand...

Ooh tell us more about how to get this cheap car insurance?
 
dirtychinchilla said:
Ooh tell us more about how to get this cheap car insurance?
Click to expand...
It was Aviva at the time and you'd get 25% discount if you had another product with them. I had a Porsche 911 at the time so insurance was worth the £10 a month extra as I'd save about £300 over the year lol.
Think it was somebody on here who confirmed my thoughts.

Not sure if they still do it but if they do, get a pension started as whatever you put in you'll get back in the end anyway.
 
helpimcrap said:
It was Aviva at the time and you'd get 25% discount if you had another product with them. I had a Porsche 911 at the time so insurance was worth the £10 a month extra as I'd save about £300 over the year lol.
Think it was somebody on here who confirmed my thoughts.

Not sure if they still do it but if they do, get a pension started as whatever you put in you'll get back in the end anyway.
Click to expand...

Sadly not! The insurance on my 3 Series is also a bit laughable - Aviva quoted £1,200 p.a!
 
Diddums x said:
I combined all my old pensions with Pensionbee, it's been a few years now but it's actually really good. The interface is simple, the options are great and changing plans is very easy. I just lumped it all on the riskiest option they offer and it's been performing rather well. Drop me a trust if you fancy a referral, I think you get £100 bonus or something.

My current employer's pension is like going back 30 years in time, the interface is hilariously crap. AON Mastertrust. If you want to view other investment plans, they're only *just* above posting you a sheet, you have to download a PDF for each plan and compare them. To log in you end up with 300 tabs because each page opens a new tab and you can't just view stuff, you have to to through a million different pages, portals, logins etc. It does my head in.
Click to expand...

I did exactly the same with a bunch of old workplace pensions and I will move over my current pension if/when I move from this company just to keep it simple. Returns so far have been really good with them.
 
I know it depends on total outgoing etc, but what do you consider a comfortable amount after all expenses (or average)?

I have 2 pensions and an investment, which has proven to be enough for myself and my wife; already done all the travelling
to different countries etc, so just happy to be at home in my old age. (≈ 3k month)
 
I moved my old pensions to my current active one mainly as it was easier and also because the old ones had been put into a dormant state so were not earning me anything. Might be worth checking any old pensions are not just sitting there not earning.
 
Old Man said:
I know it depends on total outgoing etc, but what do you consider a comfortable amount after all expenses (or average)?

I have 2 pensions and an investment, which has proven to be enough for myself and my wife; already done all the travelling
to different countries etc, so just happy to be at home in my old age. (≈ 3k month)
Click to expand...
Expectations clearly vary significantly from person to person, but according to UK Pensions, "Comfortable" spending for a retired couple is just over £5k a month.
 
EvilRob said:
Expectations clearly vary significantly from person to person, but according to UK Pensions, "Comfortable" spending for a retired couple is just over £5k a month.
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The Pensions and Lifetime Savings Association say "comfortable retirement" for a single person household needs an annual income of £43,900. That means with a 4% drawdown I'd need £1.1 million in my pension pot.

Who has £1.1 million saved!!

Surely that can't be right, have I messed up somewhere? :D
 
Firegod said:
The Pensions and Lifetime Savings Association say "comfortable retirement" for a single person household needs an annual income of £43,900. That means with a 4% drawdown I'd need £1.1 million in my pension pot.

Who has £1.1 million saved!!

Surely that can't be right, have I messed up somewhere? :D
Click to expand...
Personal definitions of comfortable can vary, but the answer is that many people are not going to have a comfortable retirement.
 
Firegod said:
The Pensions and Lifetime Savings Association say "comfortable retirement" for a single person household needs an annual income of £43,900. That means with a 4% drawdown I'd need £1.1 million in my pension pot.

Who has £1.1 million saved!!

Surely that can't be right, have I messed up somewhere? :D
Click to expand...
You're forgetting that you get £12k from state pension, so you only need to top up with £31k.
 
Are pensions even worth it these days with the worry of pension age being increased due to national finances and the health of the nation getting worse due to poorer health care (again due to finances) ? I imagine in 2 decades we'll be at a point where most won't get to see their pension because they'll have been worked to death before payday
 
Minusorange said:
Are pensions even worth it these days with the worry of pension age being increased due to national finances and the health of the nation getting worse due to poorer health care (again due to finances) ? I imagine in 2 decades we'll be at a point where most won't get to see their pension because they'll have been worked to death before payday
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Well if you don't have one your life will suck, so yes it's worth it.
 
Minusorange said:
Are pensions even worth it these days with the worry of pension age being increased due to national finances and the health of the nation getting worse due to poorer health care (again due to finances) ? I imagine in 2 decades we'll be at a point where most won't get to see their pension because they'll have been worked to death before payday
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You need something, whether that's additional property for income or a pension. You're going to struggle otherwise.

Yes you need to live for now, but don't leave yourself destitute tomorrow.

The people I feel for is those that say they're going to rent forever. Sure, but in 20 years your rent is going to double what it is now. How you going to pay that in retirement ?
 
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