What Age Did You Start Paying in to a Pension?

Darren_G

Well, the Queen's speech will confirm, among other things, the public sector pensions reform.

Without getting into too much debate about 'gold plated pensions' and the like, I for one would be interested in the average number of years people have 'paid in' to a pension pot and if there is any difference in length between public and private sector workers.

Hopefully, there is a poll attached, but as it's my first time trying to add a poll you never know..

Hollypop_2

i work for a private company, they started up a pension scheme about 4 years ago now, i pay in 3% and they used to match up to 3% however due to the recession they stopped all payments for 18 months and are now only just starting to pay 1% back.
im currently on track for a pension of £1400 a year !! Oh its going to be fun when im old!

JoeCrystal

Well, I am working for a private sector manufacturing company whose only offer typical stakeholder pension scheme with no employer's contribution. As the result, I had to set up my own personal pension scheme with an IFA. I started paying into my pension in September 2010 at age of 24. In spite of short amount of time, it is still growing but alas slowly. I am still planning to add lump sum every Xmas and ensuring that my contribution is at least index-linked though. So that should help, hopefully...

According to my depressing retirement calculator, if I retire at 65, (in 36 years...), I might get £6,500 per year should everything are going well...

Cheers

Joe

bugslet

23 - 24 - can't remember exactly. It was only |£25.00 a month, but it was all I could afford at the time.

mgdavid

I've almost always worked for blue-chip companies with decent pension schemes but have lost out by moving around a bit (as most do). I will be OK in retirement, somewhere around average working wage, but intend to work on hopefully on reduced hours as the prospect of having too much time and too little money is depressing (and I have an expensive hobby).

bilbo51

JoeCrystal wrote: »

I started paying into my pension in September 2010 at age of 24.
.
.
.

... if I retire at 65, (in 36 years...), I might get £6,500 per year should everything are going well...

Cheers

Joe

Hell Joe, you've aged 5 years in 20 months!

Slow down man. :cool:

jackyann

I sat in what we used to call "preliminary training scheme" class, 2 weeks off my 18th birthday. We were all given a pile of paperwork & Sister Tutor talked us through it all. A lot was compulsory. The "optional" bits were the pension forms & joining a union. I signed both - following my mother's advice on the first & my father's on the second.
40+ years later I am grateful I did; I just thought "if I don't have it, I won't miss it". My first pay slip was £24 for a month's work (1969, but my "stoppages" included a room at the nurses' home)

These days, nurses are students until they qualify & get a job, so they can't pay in to a pension until later than we did.

Starbrite

I was 34 and a half yrs old!

Compaines I have worked for don't have a scheme or you had to be there a year before you could join. I joined one had £800 in it, when I left the job the pension company wrote out a cheque for the monies, which then got spent elsewhere!

So come Jan last year I was unemployed watching day time TV and a show about pensions came on, I then looked into them and set on up with £10 DD. Now I have my employer paying into it myself and the tax releif.

I don't think I'd be a rich pensioner but I'll be better of than I was with just the state pension.

I do wish I started sooner, but hindsight is an amazing thing.

samwich1979

Well i've been paying into an NHS pension since the age of 19 and im so glad i did it so young.
Already had paper work to tell me how much i can expect when i retire and its looking pretty good but as im only in my mid-thirties now god knows when i'll actually receive it!

JoeCrystal

bilbo51 wrote: »

Hell Joe, you've aged 5 years in 20 months!

Slow down man. :cool:

My bad. I must calculate that figure by minus from 60 rather than 65. I meant 39 years instead. Though sometime, reading this pension forums can age a person mentally much faster.

Cheers

Joe

Yoe

I have a private pension and I started it when I was 19 (I'm now 23 )