What Age Did You Start Paying in to a Pension?

StephenM_2

Private sector FS scheme. Started at 24. Now 52 and still in it, so doing ok pension-wise.

darkvader

Started pretty late at 30 thanks to my ignorance....but MSE was a life saver!

I pay 0.5% plus 2% additional and company puts in 5%, they will increase based on age going to 15% at 45 which is great

At the current run rate, projected income is £22000 which is fair enough, the missus has a below average pension and I believe she will get £7500 per annum at current rate - I wont complain come 68 if we are still together and getting almost £30k per annum

DV

nearlyrich

I put private and 25 to 30 (I was 28) however I had paid into a public sector pension from about 19 to 23 but at the time you could get contributions back if you had been in the scheme less than 5 years, seemed like a great idea at the time:o

DiggerUK

Can't enter in to poll as I paid in to private sector when I was young, and public sector when I was old.

The main danger to us all isn't the tax changes, even though they are not to our advantage; it's the ability to keep adding on a year or two, or three, or.... before we collect state pension.
Why is nobody mentioning this bigger threat.
..._

Darren_G

At 87 votes, the results have surprised me so far, especially regarding those in the private sector starting to pay in at a 'young' age, but perhaps that is down to a younger generation than my own having a better understanding of the need to save for retirement.

I started work for my local Parks department almost straight from school (very brief period as a YOP/YTS mechanic). In those days, you were automatically joined up to a union and at 18, started paying in to superannuation. I then worked as a bus driver, which was in the same scheme and everything transferred automatically - again without any choice.

I then moved to the private sector, and was advised to transfer my benefits into a private pension - oops! Three years later, I was back where I started, working for the Parks Department again... Luckily, I was able to transfer my service back in, plus 'purchase' some years as a result of the incorrect advice regarding transferring my super in to a private fund. 20+ years later, I am still there, with almost 25 years of contributions under my belt, and if I work to the revised pension age, will have another 25 years to pay in.

I am in one of the healthier schemes, which makes it a little disappointing that no allowance is made for flexible retirement age on reduced benefits. Although it would be a financial burden, I also have no issue with increased contributions if that's what it takes. Just a shame those in power on both sides of the table can't focus their energies on being productive rather than rumour mongering and misdirection!

Lokolo

Darren_G wrote: »

At 87 votes, the results have surprised me so far, especially regarding those in the private sector starting to pay in at a 'young' age, but perhaps that is down to a younger generation than my own having a better understanding of the need to save for retirement.

To be honest, I think it's just this site. There won't be many regulars of MSE who can say "I would never put anything away for my retirement and I would never save any money".

I suspect the majority of people who don't contribute to a pension before 30, will have never heard of MSE (as shown in post 13)

tanith

Mine was an NHS pension which I started paying into at 39 and now I've had to take ill-health retirement at 58 I am so glad I did as its made the difference from existing on benefits and then a reduced State Pension to actually being able to live without benefits and pay my way 'just'. Just wish I'd started younger with the pension payments.

Darren_G

tanith wrote: »

Mine was an NHS pension which I started paying into at 39 and now I've had to take ill-health retirement at 58 I am so glad I did as its made the difference from existing on benefits and then a reduced State Pension to actually being able to live without benefits and pay my way 'just'. Just wish I'd started younger with the pension payments.

One of my worries is that, even if not on paper, the opportunity to retire through ill health will go completely. This is one of the worries that has prompted the protests by police and prison wardens - they will basically be sacked if they fail a medical, because it is the easiest and cheapest option. Poor treatment to people who are literally risking their lives for our safety and security.

Longevity is not something males on both sides of my family have been blessed with - most either not making it into their 60's, or only just, so I personally would rather retire earlier to ensure I get some form of retirement before popping off this mortal coil, even if it is on a reduced pension.

tanith

I did mean that 'I was so glad I had paid into the pension', rather than 'glad I took ill-health retirement'. I would of been much happier to carry on as long as poss , but it was not to be and I realize how lucky I was to be able to take my pension early. I'm sure its going to be much harder if not impossible for anyone now or in the future.

JoeCrystal

Lokolo wrote: »

To be honest, I think it's just this site. There won't be many regulars of MSE who can say "I would never put anything away for my retirement and I would never save any money".

I suspect the majority of people who don't contribute to a pension before 30, will have never heard of MSE (as shown in post 13)

I agreed. It take certain kind of person to visit and post on MSE forum, small number of certain kind of person to visit pension forum and even smaller amount of certain kind of person to stay around, often commenting on and answering these questions. Of course, these people are wonderful, caring and helpful with occasional banging on the wall on sheer stubbornness of some people and often queuing up to shake some people into sensibility. I do find a hint of humour that virtually any post on should they opt into DB pension or worse, opt out of the DB pension would have entire queue ready, after stunned moment at the thought that anyone would staying out or opt out of the DB pension, furiously typing to speak their pearls of wisdoms.

In my case, it is virtually certain that if I did not visit this pension forum, I would not have a mind, care nor courage to ask at work about pension and to open personal pension scheme with an IFA.

Cheers

Joe