Pensions - Do you have one?

SiHH · 9 Mar 2006 at 10:50

Had a pension at my last employer for 2 years - now worth £8k which in transferring into my new work pension.

I work for the NHS and they offer one of the best pensions you can get.

HEADRAT · 9 Mar 2006 at 10:51

I now have 4 pensions from various places I've worked which is a real pain, none of them have a huge amount of money in them and consolidating them into one is pretty much impossible.

As of this year I stopped paying into my works pension and started paying £200 a month more into my mortgage, this will mean that I should be mortgage free by the time I'm about 50 (at the current rate). I would rather own my own home than take a "risk" on a pension, to be honest I pretty pesimistic about the whole "pensions" thing.

HEADRAT

Smit · 9 Mar 2006 at 10:52

Currently I don't have a pension and to be honest don't intend on starting one for a few years yet (I'm 21 just now).

The company will match my contributions but to be honest I can't afford to put any money aside for it

Arcade Fire · 9 Mar 2006 at 10:53

VIRII said:
After all just because you had well off parents why should you inherit, there are poor people who need it more than you It is not as though YOU earnt it or deserved it is it. I imagine that will be the Govt line.

Obviously you don't agree.

Why is that?

SiHH · 9 Mar 2006 at 10:55

HEADRAT said:
I now have 4 pensions from various places I've worked which is a real pain, none of them have a huge amount of money in them and consolidating them into one is pretty much impossible.

As of this year I stopped paying into my works pension and started paying £200 a month more into my mortgage, this will mean that I should be mortgage free by the time I'm about 50 (at the current rate). I would rather own my own home than take a "risk" on a pension, to be honest I pretty pesimistic about the whole "pensions" thing.

HEADRAT

So ok you will have no mortgage but will the other 3 pensions provide you with enought money to survive ?

spaz · 9 Mar 2006 at 10:55

I'm near 19 but have paid into my pension since my 18th bday. 4% of my wage which the company matches, probably will put more in though once I'm on more money.

Goliath · 9 Mar 2006 at 10:59

afraser2k said:
I've been a member of the scheme for eight years so far. Editted my original post to make it clearer.

I wanted to see if it's true that a lot more younger people aren't too bothered about pensions.

My apologies, I should learn not to skim read on the forums

stoofa · 9 Mar 2006 at 10:59

I turned 30 last November and I've had a personal pension since I was 18.
During the early years I didn't pay masses in (as I wasn't exactly earning masses of money).
There was also a 2yr break when I didn't pay anything due to moving over to contract work etc.
However I'm now back on track and have been for the past 6 years.

The company I work for do have a company pension scheme.
However as I joined the company with my own personal one I didn't particularly want to change over.
I pay something around 4% - 5% of my salary I think into the fund and the company I work for matches my contributions £ for £.

Rich_L · 9 Mar 2006 at 11:03

Need to get this sorted with work as they have offered to match up to 5% of my salary of contributions into a private scheme which although I have no idea whether it's good or not it sounds ok

Am 23 so probably a good time to start and can afford to put a bit away for the future so may as well.

Vanilla · 9 Mar 2006 at 11:08

I have a work Pension. I put in 6% and they match it.

Question regarding Personal pensions - are they just like a long term savings account?

Maz · 9 Mar 2006 at 11:09

No I have property instead.

Arcade Fire · 9 Mar 2006 at 11:15

Maz said:
No I have property instead.

That ain't gonna help you when the revolution comes, boy.

VIRII · 9 Mar 2006 at 11:17

Arcade Fire said:
Obviously you don't agree.

Why is that?

Because I have rich parents?
Also because I work not just for me right now but for my daughter for the future.

Haly · 9 Mar 2006 at 11:18

afraser2k said:
I wanted to see if it's true that a lot more younger people aren't too bothered about pensions.

I plan to once I'm working fulltime but I'm not entirely sure how possible it will be initially as I expect to not be earning much and things might be a bit tight before I even consider putting money into a pension.
But I do plan to once I'm financially able to.

scott.holmes · 9 Mar 2006 at 11:21

I've been a part of my Local Goverment Jobs Superann pensions since i was 17, paid into it since day one.

I got my details through the other week, if i stay there til im 57, and retire i can get a 14k a year pension, and a 60k lump sum.... 50 years on the same job, id be mental tho!

And thats if pensions as they are now are around when i retire, i probably wont get anything :confused:

Tunney · 9 Mar 2006 at 12:17

I very much doubt that many pensions will pay out in 30 years time.
We have seen pension funds plundered before (maxwell) and with the low numbers of people putting money into them, large numbers of people expecting payout and poor investment returns I think pensions are pretty much doomed.

That's why most new schemes are unit trust funds. Basically, you and your company pays into a fund, but it's managed by a third party and your company has no access to the money once its in there. Even if both the company you work for and the third party managing the fund go belly-up, the money in the fund is safe.

It also makes consilidating multiple pensions much easier and you can choose what the money is invested in (stock market, property, etc.).

Mirage · 9 Mar 2006 at 12:46

I have a stakeholder, working with Legal & General. They pay 5% of my basic into it each month, and then match anything I put in upto 5%, which I also get tax relief on.

Kell_ee001 · 9 Mar 2006 at 12:47

I keep meaning to sort out my company pension and keep forgetting tbh!

Had so much going on recently I simply had more important things to do but now that things are getting sorted out it's time to add it to the list. I will hopefully start making contributions on next months pay-check

HEADRAT · 9 Mar 2006 at 12:55

siloleth said:
So ok you will have no mortgage but will the other 3 pensions provide you with enought money to survive ?

Well from 50 with no mortgage and even on my current salary I could create a nice nest egg, I would probably do equity release on whatever property I was living in.

My Father has made a sucess of doing "buy to let" from 50+ so I would imagine I will do something similar, housing will always be at a premium in this country as there just isn't enough land and more and more people are living alone.

In terms of my children I will do what my partents did with me, they supported me in my education and got me to a position where I am more than able to stand on my own two feet, I will probably help my kids purchase their first house (provide deposit).

HEADRAT

iv-tecman · 9 Mar 2006 at 12:56

Nope, I have no pension and no savings. I don’t own a home and I only have my mum, who doesn’t really have anything to give. In fact she is about to move in with me and my g/f as she can no longer afford to live on her own.

So basically, I won’t be retiring. I’m hoping I’ll be long gone by 70 anyhow. I’m 32, never paid into any company pension scheme; company I work for doesn’t have a scheme.

With my current finances I can “just” keep the rented house out of the red, keep my bank balance at around 1K remaining each month just in case, and pay for my car. Not a lot left to invest into pensions and with water, gas, electricity and taxes on the increase then things are getting tighter.

Not too good really, I dread getting old.

Pensions - Do you have one?

Woman of Honour