Just pure laziness

PasturesNew

I've just looked at stakeholders .... under 10 minutes and I already have the fear of God in me - and more confusion than ever.

Even this page introduces a new dimension
http://www.moneysavingexpert.com/savings/discount-pensions#picking
And even if what Martin says (pay a £35 fee for somebody to pick one for you) is right, then how do you know the picker is any good..?

Also (and I just checked this), if I pay in £X every month, without fail, come hell or high water, from now until I am 66, then I'd get back (maybe) a pension worth (£X-6) every month.

I know Pensioner MIG probably won't be around when I retire, but that's the current yardstick to measure against - and it seems to me that if I skimp/save and squirrel away EVERY spare penny from now until I retire, then all I'd end up doing is not getting the MIG ... and as somebody who will have worked for over 50 years by then I figure it's damned if you do, damned if you don't.

EdInvestor

Thank you Pastures New for that detailed demonstration of the syndrome mentioned in the opening para and apparently shared by half the population with a pension (I note you had one at one time).

I have no objection to people complaining about the way the pension system is organised - it leaves a lot to be desired. But please don't trot out a raft of excuses for ignoring the entire issue and then turn round when you are 65 and moan that you are forced to claim means-tested benefits because it was impossible for you to make retirement provision.

That's simply not true: you have not properly investigated the options at all.

DD4

I don't think it helps when those who actually do make the effort to research pensions and come to this sort of a forum to ask specific questions, then see their threads descend into a maelstrom of vested interest, soap box opinions and overly complex arguments designed to make the contributor look intelligent rather than to actually impart any knowledge to the OP. I've seen many a prospective pension investor disappear forever with the arguments of ISA v Pension still ringing in their ears.

If people on here just gave specific advice to specific questions, instead of pushing their own agendas, we'd see a few more people providing for their own retirement.

Interesting that the chief culprit is now the person berating the very people she has helped to turn away from pensions.

EdInvestor

There's no pleasing DD4.If you post something pointing out that some people (eg those who are paranoid about or terminally baffled by pensions, there are such people) may prefer to save for retirement using ISAs, you are accused of being biased and subject to vested interests.

If you then post a comment that people who already have pensions really ought to pay at least some attention to them, you are accused of pushing an agenda to turn people away from the whole idea of pension saving.

Of course accumulating retirement assets should be a much broader brush topic than just the pension aspect, something DD4 is learning and others of us have known for many years.A narrow focus on one particular tax wrapper isn't appropriate.

But if you have acquired one of these already, do pay attention to it.It's not that hard really.

olly300

EdInvestor wrote: »

Thank you Pastures New for that detailed demonstration of the syndrome mentioned in the opening para and apparently shared by half the population with a pension (I note you had one at one time).

Pastures New isn't an illustration of the detailed demonstration in the opening paragraph.

I personally know people who are a detailed demonstration of this.

PN isn't simply because she has bothered to have a look at her pension arrangements, and try and work out for her self what she needs.

She has mentioned on other threads that I have read that she keeps trying to look into her pension arrangements but is getting no where.

Plus she can't work out if she is better of not saving for a pension at all due to her current income levels. This is something pension advisor's tend to refuse to discuss as you don't get commission out of being honest.

Yes she is afraid of people who work in the pensions industry but so am I especially since I had a flatmate who worked fixing pension mis-selling a decade ago. I also have a close relative who put his pension savings in Equitable Life. (Luckily I know other people to ask about pensions.)

When you have an employer scheme, whether it be money purchase or FS, at least you know you have a limited choice in what you can do with your money if you want your employer's contribution.

If you are self-employed, temporary employment, work on fixed term contracts or simply move jobs every few years it's much harder to work out what you need to do.

mlz1413 wrote: »

I have no objection to people complaining about the way the pension system is organised - it leaves a lot to be desired. But please don't trot out a raft of excuses for ignoring the entire issue and then turn round when you are 65 and moan that you are forced to claim means-tested benefits because it was impossible for you to make retirement provision.

That's simply not true: you have not properly investigated the options at all.

You should read more threads that PN posts in.

And you should be honest with people like her who are older and on a very low income whether it's worth them bothering to save for a pension when it means they are likely to lose out on means tested benefits.

EdInvestor

Doesn't PN have a large stash of cash from a property purchase?

Not a typical low paid benefits candidate in the long term, methinks.

She appears to be one of the many freaked out by the word pension, it's very common.There are other ways to save for retirement. My criticism was aimed at people who already have pensions buyt ignore them.

Prudent

I can't speak for PN but I am one of those 'freaked out by pensions'. Like PN, I have looked regularly at my pension provision and am still no closer to deciding if its ok or not. I have a public sector final salary pension and a private pension (only taken out last year). I still don't know if it either enough provision for the future or alternatively if I am saving more than I need to. Even with advice from a good IFA, I still don't feel much the wiser. No wonder some people just avoid the issue.

Pobby

There are also a lot of people who are not provided with an employment scheme. They will have to fund their own pensions and with the cost of housing and many other things, unless you have a pretty good income, no a better than average income, many will struggle to find those amounts that will give a meaningful income in retirement.

As far as traditional pensions are concerned, falling annuity rates, the stock market crashing in the last 8 years, hardly is an inviting prospect.

I am, perhaps, a bit confused as to other ways to save. Isas I understand and also btl. However the latter confuses me. Again, surely those that rent are not in much of a position to save for retirement.

PasturesNew

EdInvestor wrote: »

Doesn't PN have a large stash of cash from a property purchase?

Not a typical low paid benefits candidate in the long term, methinks.

She appears to be one of the many freaked out by the word pension, it's very common.There are other ways to save for retirement. My criticism was aimed at people who already have pensions buyt ignore them.

Well, I sold a house and shortly will buy another to live in.
I've never been offered a pension at work and rarely earnt very much, so the cost of living alone has just gobbled up money. I've never had any luxuries in life, I don't even have a music system, I've got a portable TV, no credit cards a fuel economic car and I don't have holidays or designer clothes. It all just gets gobbled up on average on the basics.

I think for the 5 years before I sold my house, after paying the basic bills I had about £50-100/month to live on before I walked outside. Things are very variable in life.

bendix

How on earth can people be freaked out by pensions? It is just laziness, pure and simple.

You don't need to be an expert - all you need to understand is the simple concept of putting money in to get something out. How bloody hard is that?

When I read threads from people wondering why their 20 year contribution of £20 a month isnt going to let them retire to Monte Carlo, I want to pull my hair out. Do the goddamn sums, people!