'Not got a pension? You will do in two years!' blog discussion

Former_MSE_Penelope

This is the discussion to link on the back of Martin's blog. Please read the blog first, as this discussion follows it.

Read Martin's "Not got a pension? You will do in two years!" Blog.

Please click reply to discuss below.

sydney2002

So if I already have a private pension, or work pension in place, this will not mean a thing to me. Its only for folks who have NO pension what so ever, they will be forced to kick start one, if employed ?

jojemac

Well Ive been paying into my pension since the age of 18, when I started permenant full time employment, im now 25. I pay in 6% of my salary every month, and my employer matches (plus a little more if I remember rightly). I have never been good with money, but it is nice to know I will have a nice little nest egg when (In 43 year!! :O ) I come to retire. According to the stakeholder pensions calculations I should be putting in 9%, and between myself and my employer im putting in 12! Go me.

Now roll on retirement.........................

sydney2002

jojemac wrote: »

Well Ive been paying into my pension since the age of 18, when I started permenant full time employment, im now 25. I pay in 6% of my salary every month, and my employer matches (plus a little more if I remember rightly). I have never been good with money, but it is nice to know I will have a nice little nest egg when (In 43 year!! :O ) I come to retire. According to the stakeholder pensions calculations I should be putting in 9%, and between myself and my employer im putting in 12! Go me.

Now roll on retirement.........................

Happy retirement, for 43 years time. Have a good un :beer:

jojemac

sydney2002 wrote: »

Happy retirement, for 43 years time. Have a good un :beer:

Thank you! As some of my fellow employees have told me, they will be 103 when I retire! :O

Beachguild

My husband and I have saved. we have saved in pensions and in other vehicles. We have been self employed and employed. I am currently sorting out an almighty botch up by a pensions advisor who has simply chosen not to contact us anymore.

So now with 10 years to retirement I am faced with throwing even more money at this stupid system and idiots who cannot organise anything. This has all happened before.

Will the last qualified sensible person leaving the UK please switch off the light ( contractors will know what I mean !)

piggindi

Like sydney2002 i paid into a healthcare pension from the age of 18. Initially it was contributions based, which is why i started to contribute at such a young age, but all changed for it to be a finaly salary. I contributed for 20years and relocation afforded a break, so i could responsibly meet the needs of my family.

I hope they help single parents in all of this, because we get little support as it is.

JasonLVC

Why the need for a single 'nest' organsiation though?

The use of the private sector in providing Child Trust Funds and ISA's (in effect, both government schemes) show that with a minimum set standard and clear marketing, the consumer can choose the appropriate scheme, whilst good old fashioned capitalism keeps the market price competitive.

I can only foresee the charges being increased year on year by the government or linking it to some ridiculous RPI or similar. large scale government projects always fail, whichever government is in power.

If the compulsory pension has an opt out clause, then how many people are going to be cash savvy to reaslise the benefits of a pension fund? If people realised today, there wouldn't be a need for a semi-compulsory pension fund in the first place, which suggests you average bloke working in a factory or student picking strawberries in a field are hardly going to want to pay out for something they'll not see a return on for sometime.

WestonDave

Not sure the premise in this that it equates to a payrise is entirely true. I can foresee situations where employers can either afford the contributions to the pensions scheme or a cash payrise, but not both. Employers know this is coming and in many places this 3% increase in employment costs will be factored into pay decisions in the run up to this change.

JasonLVC

My pension fund has a management charge of less than 0.50% (half a percent), compared to the 1.5% nominal value for the government scheme, it makes it look very expensive.

ormus

ive never had a pension to speak off. i realised many yrs ago that the whole thing is a con.
private pensions were not guaranteed and then all those charges!

the only pension worth having is a public sector pension (absolute gold dust) or if you were lucky enough to work for a large multinational all your life. (is yours still in business?).


my house is my pension and any investments ive made myself.
i can certainly pick better stocks than 99% of tosspot fund managers.