Pensions - how much does your company pay in?

westv

Lovelyjoolz wrote: »

Anyone aged over 60 is technically an OAP

How do you work that one out then when the male retirement age is currently 65.

Lovelyjoolz

westv wrote: »

How do you work that one out then when the male retirement age is currently 65.

You may not have noticed but there are women in the world too. Some of them received their pension at 60.

LadyMissA

Lovelyjoolz wrote: »

Of course you pay income tax on a pension. Its an income, so it's taxed. Anything earned over your personal allowance incurs tax. Your mum doesn't pay tax probably because her pension does not exceed her personal allowance. But any personal pension plan that you take out which pays you annuities higher than your personal tax allowance will incur income tax.

Make sure any future partner is entirely clear that you're only after him for his pension

Thats a very narrow view point. Anyone aged over 60 is technically an OAP and I know a quite a few 60 year olds who didn't have children until they were in their 40's and therefore still have children living at home or at Uni. It's not a rare occurance.

Like I say my mum doesn't pay tax on her state pension and like I have also said I do not have a private pension (nor does she) so there will be no tax to pay for me.

Erm no I am not looking for a husband/partner thanks, I am ok on my own.

It's not a narrow view point since I thought men retire at 65? Most of your kids if not all will be working and paying house keeping. My brother was 22 when my mum was 60 and he had been working for 5 years.

westv

westv wrote: »

How do you work that one out then when the male retirement age is currently 65.

Lovelyjoolz wrote: »

You may not have noticed but there are women in the world too. Some of them received their pension at 60.

You said "anyone". If you meant only women over 60 then you should have said so. A man over 60 isn't an OAP until 65.

Lovelyjoolz

westv wrote: »

You said "anyone". If you meant only women over 60 then you should have said so. A man over 60 isn't an OAP until 65.

My sincerest apologies.

Oldernotwiser

LadyMissA wrote: »

HB? Housing Benefit? OAP's can get that? News to me but then I am not an OAP yet haha

Last time I bother answering your questions!

jem16

Lovelyjoolz wrote: »

I've never believed that personal pensions are worth the effort. SIPPs, bonds, ISAs etc are much more reliable.

What do you think SIPP stands for?

As to ISAs, they invest in exactly the same funds as pensions unless you are talking about cash ISAs which are open to inflation risk so no good for long term planning.

And you have more control over your investments. With a personal pension you are relying on some numpty of an investment banker to put your money in the right place. And how many people trust investment bankers now??

So what are you planning on investing in that gives you more control?

LadyMissA

Oldernotwiser wrote: »

Last time I bother answering your questions!

What? Because I have no idea what HB means and I am not a OAP yet

Lovelyjoolz

jem16 wrote: »

What do you think SIPP stands for?

As to ISAs, they invest in exactly the same funds as pensions unless you are talking about cash ISAs which are open to inflation risk so no good for long term planning.



So what are you planning on investing in that gives you more control?

Sorry I didn't explain what a SIPP is. A Self-Invested Personal Pension (SIPP) is the name given to the type of UK-government-approved personal pension scheme which allows individuals to make their own investment decisions from the full range of investments approved by HMRC. Investors may make choices about what assets are bought, leased or sold, and decide when those assets are acquired or disposed of i.e. the investor is in control, not a faceless banker who couldn't care less how your pension performs.

Lovelyjoolz

LadyMissA wrote: »

It's not a narrow view point since I thought men retire at 65? Most of your kids if not all will be working and paying house keeping. My brother was 22 when my mum was 60 and he had been working for 5 years.

Many people delay starting a family now. All those people who have children in their forties are going to have children in their twenties by the time they hit 60. How many kids still live with their parents in their twenties? Lots. And it's likely that many of them are at uni and still not earning.