Pensions?
- Thread starter Glaucus
- Start date
You're having a laugh with your last statement surely?
Having been screwed with mine, I wouldn't bother; save it and buy a repossession property would be my advice.
Good luck whatever you decide.
My pension plan is to keep back a few hundred quid to buy a sawn off down a dodgy boozer and do over a bank. If I get away with it, the Pina Coladas are on me in Rio. If not, it is three square meals a day, free medical and Sky telly at her Majesty's pleasure. Sorted.
Soldato
- Joined
- 3 Mar 2008
- Posts
- 2,566
all you need to know generally, is
the younger you start and the more you put in to begin with the better you will beoff in the long run.
Ignore the Daily mail readers who say shock horror 1 zillion ponds ahve been wiped of people pensions.
when you get towards your retirement for the lease 10 years or so, the investments get moved into saver investments such as Cash and bonds rather than the stock market.
the younger you start and the more you put in to begin with the better you will beoff in the long run.
Ignore the Daily mail readers who say shock horror 1 zillion ponds ahve been wiped of people pensions.
when you get towards your retirement for the lease 10 years or so, the investments get moved into saver investments such as Cash and bonds rather than the stock market.
good if you are in local government.
i wouldn't bother with a pension unless it is a final salary scheme.
depending on your age.
keep maxing out an ISA each year for the next 20+. compound interest once the interest rates are higher will see you smiling.
The above is a good example of why independant financial advice is a good idea. Even non final salary pension schemes can be worth investing in, it all depends on the terms of the scheme.
And considering nowhere offers final salary pensions any more that's basically like saying "None are worth investing in".
Started my "not final salary" pension back when I was 18.
Even if I get the lowest projected returns I should be able to retire early with a good lump sum and have a good income each week.
I personally don't agree with the "Don't bother" crowd.
But as has been said you should seek proper financial advice on this one - its your future your dealing with and you don't want to get it wrong.
Started my "not final salary" pension back when I was 18.
Even if I get the lowest projected returns I should be able to retire early with a good lump sum and have a good income each week.
I personally don't agree with the "Don't bother" crowd.
But as has been said you should seek proper financial advice on this one - its your future your dealing with and you don't want to get it wrong.
I'm the same as Stoofa pretty much. Started my non-final salary back when i was 18 (17 yrs ago! 
), i can take it from 45 onwards. Also managed to land a final salary pension in 2004 when i started in the NHS so now have both schemes running side by side so hoping they will equal a decent pension. As people have said, speak to a financial adviser, look on the FSA website and speak to a local one to you, you will normally get the first visit for free.
), i can take it from 45 onwards. Also managed to land a final salary pension in 2004 when i started in the NHS so now have both schemes running side by side so hoping they will equal a decent pension. As people have said, speak to a financial adviser, look on the FSA website and speak to a local one to you, you will normally get the first visit for free.
Soldato
- Joined
- 24 Sep 2007
- Posts
- 6,259
I don't think you loose your entitlement to the basic state pension no matter what, however I believe you can choose to contract out of the second state pension if you wish in order to pay more into an employer one.
I doubt there will be a state pension by the time most of us retire..
I'm not going to stop my company pension as they pay 3% more than I contribute up to 7%.
Will have to read through everything.
I take it you would have to pay for a financial advisor?
I wouldn't be surprised if you lost that FSP over the coming few years...I'm the same as Stoofa pretty much. Started my non-final salary back when i was 18 (17 yrs ago!
Do you realise how much you save by not paying income tax on pension contributions? ie: All the extra money that can go into your pension 'for free'.
You do pay it when you get it back though, so it's swings and roundabouts.
Maybe so, but I'm investing substantially more in my pension, than I could do for the same money with an ISA.
eg: £100 into a pension would equal only £60 into an ISA. 40% it's gone before it's even got to the ISA...
It's only deferring it though - lets say you got that money today, and that was all you were going to invest:
£60 in an ISA for 50 years at 10% return = £7,043.
£100 in a Pension for 50 years at 10% return = £11,739. You then choose to take all of that in one go as income, which you pay 40% tax on. You get.... £7,043.
There are benefits in that you'll be making use of personal allowances in the years you're retired, and making use of the lower rates of tax - rather than burning it all at 40% right now. And you often get a tax free lump sum too. It's just not quite as clear cut as saving all that tax.
Last edited: