MSE News: Thousands forgoing pay rises due to pension apathy

dunstonh

This post and your earlier one where you called people who don't pay into a pension stupid is ignorant in the extreme

I have never said such a thing. I am on about non-joiners/opt outs and I stand by my comments.

If you think its clever to turn away free money or that alternatives will beat free money then its not me that is the ignorant one but you.

People who pay into pensions believe that THEIR way is right and ONLY their way is right. Similarly, people who don't pay, believe their way is the only way.

I would disagree. Its not a view I have come across and its certainly not a view of the regulars on this forum. The only thing you sometimes find it people that are anti-pension. Often based on inaccurate information.

I'm not saying that my way is the only right thing to do. Nor am I saying with absolute certainty, that my way is even the best choice for me (I don't have a crystal ball, sadly). But I am more in control of my own money which I work hard for. And I don't have such an ignorant view as you appear to do, so I'm definitely happy about that.

If you are an opt out, which is what the comments on this thread relate to, then you are ignorant. You may like property but property cannot beat free money.

GillsMan7

Your posts proves my point exactly. Two references to me being ignorant, merely because I want to control my own financial future.

I'm not ignorant, I'm just happy that I've weighed up the options and have gone for the option which best suits me in line with my aspirations in life.

Pensions are a great investment for some people. But not wanting to take a pension does not make you ignorant. The sooner you realise that - especially given your profession as a "financial advisor" the better.

I'm not coming in here saying "oh my way is the best", but it's without a doubt the best solution for me, and I really don't feel you're representing your profession in the the best light given your, frankly, ignorant comments on people's choices.

GillsMan7

dunstonh wrote: »

If you think its clever to turn away free money or that alternatives will beat free money then its not me that is the ignorant one but you.

Yes, I could pay a fair whack of my money into a pension pot and if I'm really, really lucky I might have a pension which will support the type of lifestyle I am aiming for. But I won't be able to touch that money until I'm 55 (25% of it) and the rest several years after that. My way (which is not necessarily the best for all people) means I keep my money, use it sensibly and prepare for the future. If something terrible happens, or I get diagnosed with a terminal illness at aged 40, I've got the security of knowing that I can tap into my money if needs be. I'm providing a future for myself for after I've retired and, hopefully, an investment for my children.

Yes I could get a bit of a tax break and yes, I could get some free money with a pension (assuming the financial climate isn't wildly different in thirty, forty years time - no reason why it will be I suppose). But you have to understand that not everyone wants this out of life.

Feel free to think I'm wrong, but ignorant or ill-informed I am not. And this isn't about wanting the money now either. Everything I would have spent on a pension (and more) is going on my modest plans for the future.

dunstonh

Your posts proves my point exactly. Two references to me being ignorant, merely because I want to control my own financial future.

I just returned the comments in the style you used.

If something terrible happens, or I get diagnosed with a terminal illness at aged 40, I've got the security of knowing that I can tap into my money if needs be.

Just as you would with pensions.

Pensions are a great investment for some people. But not wanting to take a pension does not make you ignorant. The sooner you realise that - especially given your profession as a "financial advisor" the better.

I think you have missed the point of the article and this thread. Its about people not taking the "free money".

If you want to do all the other things then fine but nothing will beat free money.

I'm not coming in here saying "oh my way is the best", but it's without a doubt the best solution for me, and I really don't feel you're representing your profession in the the best light given your, frankly, ignorant comments on people's choices.

If you think free money isnt worth having then it says more about you than me.

GillsMan7

dunstonh wrote: »

I just returned the comments in the style you used.

Jesus wept. It was you that started bandying about terms such as "stupid" and ill-informed in the first place.

Just as you would with pensions.

Quite. You'll find no disagreement from me there. Pensions aren't the be all and end all for all situations.

I think you have missed the point of the article and this thread. Its about people not taking the "free money".

Fair point.

If you want to do all the other things then fine but nothing will beat free money.

Not so. Nothing's free, and that "free" money comes at a price. I've already told you that having control over my own financial future means far more to me then having a few extra quid on top of a measly pension when I retire. The fact is, to get the sort of pension I aspire to, I'd have to be putting away silly amounts of money each month. But I'm not really here to argue about the pros and cons of pensions with you. I'm not ignorant enough to suggest that pensions are not an answer. It's just that I'm not ignorant enough to think that pensions are the only answer either. But hey, I understand your POV - after all, it's in your interests to proffer the idea that anyone who doesn't take a pension out is an idiot.

If you think free money isnt worth having then it says more about you than me.

Of course it does. Why would my opinion on my finances say anything at all about you? But carry on trotting out the tired old "free money" line. You know best after all.

Different people have different needs and what is right for one person may be different for another

If only you listened to the advice in your own signature.

dunstonh

that "free" money comes at a price.

How much is the price of "free money"?

after all, it's in your interests to proffer the idea that anyone who doesn't take a pension out is an idiot.

No its not. My point of view is well documented in this forum and its certainly not that taking a pension out is best.

However, I do think, as will most other sensible people, that anyone not taking the "free money" is an idiot.

GillsMan7

dunstonh wrote: »

How much is the price of "free money"?

I've already explained.

dunstonh wrote: »

No its not. My point of view is well documented in this forum and its certainly not that taking a pension out is best.

However, I do think, as will most other sensible people, that anyone not taking the "free money" is an idiot.

Sums you up perfectly. Resorting to calling me an idiot just because I don't want to pay into a pension which may or may not be worth as much as expected in forty odd years when I come to retire, whatever the retirement age is then. Nice one. :T

dunstonh

Sums you up perfectly. Resorting to calling me an idiot just because I don't want to pay into a pension which may or may not be worth as much as expected in forty odd years when I come to retire, whatever the retirement age is then. Nice one. :T

I make no apologies. You confirm exactly what I was saying is correct and I thank you for that.

jamesd

GillsMan7, do you have any work pension that would have employer contributions anyway? if not, it's mostly moot for you because it's only this case that the story is writing about.

The current age for taking pension income is 55. A mixture of pension and non-pension things can work best but not everyone likes the pension restrictions. They certainly aren't convenient for early retirement or ill health ending of working life, say. Still, since you can hold commercial property for rental income in a pension and take out a mortgage in a pension to buy the property, you might want to not completely rule it out once you get closer to 55 and the point at which you could take income from property or other investments inside a pension.

property.advert

There is another conundrum though that pension contributions mean less cash available for saving a deposit, buying a house and paying the mortgage off. Great in theory and still daft not to take free cash but many are faced with either paying into a pension and getting the tax benefits or sacrificing money to tax in order to get their mortgage paid off.