Your Pension.

Camalot

Camalot

Camalot

Soldato
Joined
7 Mar 2005
Posts
6,921
Location
Wolverhampton
Hello,

I watched a programme last night called "who want's to work forever". It address's the lack of knowledge in the pension schemes.

I for one, at 29yrs old have only just started one due to the auto enrolment of the government last October, so i am quite worried where i will sit come retirement!

I have also started putting some away each month via standing order to a savings account to go towards retirement. I am starting to look more towards my retirement now.

Have you sorted yours? What are your plans for retirement?
 
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Armed Forces Pensions.

Just a shame it is slowly getting nerfed as the years go by...

Still, claimed to be one of the most competitive out there :P
 
I put in I think it's 5% here, but that's off my gross, so it's not too bad what I contribute. I do have a local pension from when I did a small period at a police constabulary working in IT... was there like a year and I get 1200 a year when I'm retired. BONUS! Don't knock it, that's a nice little pot for... something? Holiday each year when I'm old :D

I need to find out what goes in to mine here actually, the statement I got was a bit confusing.

I have an aim for retirement; I want to have at least 3k coming in each month from property. So, I'd say like roughly 6 properties at 500 a month.

I'd love to buy in Newcastle (where my wife is from) nice little flat or something for the next one. 100k should do that I'd say.

I'm 28
 
I am 30 and have 6 years in a pension in total.

In my new employer I am tanking away 8%(+2% from tax relief) they are putting in 10% as well.

I am tempted to buy my first property next year/early 2016, get a lodger/girlfriend/wife? then overpay the mortgage to pay it quicker, then when ever my Mum and Dad pass away (I hope its many years away) I buy to rent and use the rent income to supplement my retirement, while keeping my capital (+inflation out of the rent money)
 
Id love to own property but its the money!

How does buy to let mortages work? The rent they pay buys the mortage? You'd need to do that now in order to benefit anything when you retire.
 
I started my own savings fund a while back with some personal investments as well as non UK based solutions (for obvious reasons).

However I started on my UK pension fairly recently but it's a final salary pension scheme and the contributions are VERY generous.

I hope to rent property to try and boost income when I retire too.
 
Camalot said:
Id love to own property but its the money!

How does buy to let mortages work? The rent they pay buys the mortage? You'd need to do that now in order to benefit anything when you retire.
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Well no, when the time comes and I have inheritance to buy a flat in Kent, I will be a 100% cash buyer. I then rent it out via a management company, save the equivalent in interest rate on my month rent income and spend the rest.

This way my capital investment never depreciates, unless the market crashes before I die. Then that wouldn't really matter to me...
 
Currently 9% for me. Going to switch to 12% next month. 1:2 ratio contribution by the company.
 
I started at 22 and now have 2 frozen pensions (although still index linked - age 34 now)which are worth just shy of £200k. That would give me around 5 to 6 years after retirement. Not great. I now have my own company and have set up a pension through that as well.

I have friends who don't even think about pensions, they are in their 30s too. Shocking really that they think they have all the time in the world, but really don't, and to make up any shortfall would see them overpaying massively. The believe that property will save them. Sadly, we know that's not always the case
 
Been paying into my pension since I was 18, I'm 26 now...27 this year. The pension I have got is pretty darn good although its taken a bit of beating over the last couple years. It's certainly not as good as it was. But I will be fine once I get to retirement so no worries here :p

Got to say though when I started paying into it at 18, I always thought why the hell am I paying into this ! but now I see the merits behind it. Plus its not a huge chunk of my salary.
 
Only started this year (31) but that was due to racking up loads of debt in my 20s that I only just cleared.

Starting at 2% match by my company, hopefully supplemented by coin mining income ;)
 
I pay 12.5% of my wage and this is to rise to 15% next year. My pension has been re-jigged and I am looking at a 40% loss in my lump sum while also having to work an extra 8 years before I can draw my pension.

Work longer, pay more, get less.
 
Camalot said:
My parents don't own a house and I'm due no inheritances.
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Relying on inheritance for retirement planning is... unsafe, to say the least. Look at it this way - since you don't have the option, you'll have to make your own proper plans!

I've had a pension for about two years now, pay 6.5%. It's safe and will pay a decent amount - assuming I stay in my sector for another 38 years. Don't see that happening, mind you, but every little helps! :)
 
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I currently pay 3% conts and my employer pays 7.5%. Unfortunately my employer wont match any additional contributions (3% is age capped) so that means AVCs.

Given the frankly **** level of Annuity rates these days, I'm loathe to put it into AVCs. I have been paying into my pension for 7 years now and my estimated NRD pension from 39 potential years service is £4-5k a year which is shocking. As a result I've had to move my investments into higher risk funds in order to try and boost it.

Whilst AVCs would benefit from tax relief, given the annuity rates and to avoid an 'all eggs in one basket' deal, I think it's a good idea to spread things around. So I'm planning on starting an ISA rather than paying AVCs.
 
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