we had ours stopped despite it being contractual, as long as they give notice they can do it
What monthly dosh will I get from £500000 pension pot?
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we had ours stopped despite it being contractual, as long as they give notice they can do it
sounds very high
Soldato
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currently. Its unlikely to be abolished either in reality.
In 30 years it will be income-dependant, everythign will be a tax-credit or income-support etc, so the govt can give to those who 'REALLY NEED IT and can't work as they are too lazy'.
I fully expect to have no govt pension, just hoping they don't screw me out of an NHS pension if I spend another 25/30 years paying into one. If they do that I'll likely splash the pensions minster in the face with acid.
I am fed up paying so much in taxes and then paying away a significant proportion of the rest in indirect taxes, duty, charges and licences. Best of it is, no party wants to tackle the issue or do anything about it, as they all fear political slaughter if they actually produce a good policy.
I really need to think about a pension. I'm not far off 24 but haven't really thought much about it; I plan to have saved enough money by the time I've retired to live comfortably, but it's a gamble of course. I'm doing ok so far anyway.
I don't like the ideas of pensions, in that I want all my money in my account now rather than be spoon fed it back by the Government :/.
I don't like the ideas of pensions, in that I want all my money in my account now rather than be spoon fed it back by the Government :/.
You sure the British mortality rate before 65 is that high. Life expentancy is 76 for a man and 81 for a woman I think, It would be much less if 28% of the population didnt reach retirement age of 60 or 65 depending on sex.
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The government knows people don't like or want to think about pensions .. so they make it very VERY financially sensible to have one.
Basically it's TAX FREE. It's (as a rule) better than the best savings account you could ever hope for with regards to the pure wodja you end up with - as long as you don't want the money out until you are 55..
You may not believe this -- but if you don't deal with it in your 20s, in the 30s it becomes so much more painful when your IFA is showing you charts of where you would stand if you were bothered to think about it 10 years ago - then asking you for MASSIVE HIGHER CONTRIBUTIONS to try and match your retirement expectations (and I only want 20K a year for me and the missus when I retire
and the IFA is saying 'can you possibly stretch to £1800 a month contributions so at least we've got a hope of reaching what you want? !!!!The sad thing is, I wouldn't have even missed that £180 a month .. I just chucked it up the wall
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Soldato
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Thats how am likely to end up along with most people I know, finished paying my morgage years ago but now need a bigger house. I need to get a well payed job to even think about a pension along with a morgage and keeping a family a float. I need to get the finger out...
I have a feeling that come my time to retire the UK will be like Albania in early 1990s and if thats the case a £500000 pension pot will be like a weeks wages. I hope am wrong.I did the same, I'm 40ish now and my pension will be worth £765,000 or there abouts at 55, I also have a Royal Marines pension. No company pension as I own the thing.
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Gaiden you are sorted mate ....
And if you work past 55 -- you are even better off.
Basically in the game of life you're off to the mansion, whilst I'm in the grotty old person's home! Then again -- as a royal marine you deserve every penny mate ..
And if you work past 55 -- you are even better off.
Basically in the game of life you're off to the mansion, whilst I'm in the grotty old person's home! Then again -- as a royal marine you deserve every penny mate ..
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Started at 35
Put in almost £1800 a month (which is so tough it hurts -- and doing it the rest of my working life).
This will get me and the missus (in todays money) about £1300 a month to share when I retire (inflation linked).
Puts it into perspective eh? Get saving kids ... or live your final years like a jippo!
not according to what I've been told.
if its agreed its agreed. there is no provision for notice to change the pension.
i am not saying they couldn't do it elsewhere, but that would be breaking the agreement.
thats from pcs lawyers, talking particularly about hmrc (in rev/ C&E).
believe what you will, because in my years its apparent people will.
who were you with out of interest?
because i'd be mightly miffed at that. I know long term funding is a problem, but public sector pensions are a monster the government created. i think this is often forgotten. (not perhaps by you)
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Soldato
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You should only put into your pension pot what your employer is willing to match.
The rest should go into your ISA / low tax savings vehicles.
The rest should go into your ISA / low tax savings vehicles.
I think from memory it's 28% from the day you are born but can't find the link atm. However here are the death rates for 35 to 65 year olds in the uk
http://www.heartstats.org/datapage.asp?id=722
From the data if you are 35 today, 20% of men will have died before they are 65.
You have to remember that about 3000 people per year are killed on the road, 4000 suicides, heart attacks, cancer, dangerous sports/activities, murders tec.
Even at 20, the odds of you dying this year in the uk is less than one in 1000
http://www.medicine.ox.ac.uk/bandolier/booth/Risk/Agesex.html
Anecdotal but in the last couple of years i've known three men to die at 65/66.
Bit tragic not even to get a few years to do what you want..
Thanks mate, dunno about the mansion though. I left the Marines a while ago now, dunno what the pension will be as I did 9 years and not the full 22. Hopefully my Son will want to take on the business when I retire at 55, although I expect I'll carry on part-time.
Soldato
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Good idea to carry on part time anyway, I know a lot of older folk who gave up work, got bored and snuffed it within a couple of years. No ta!