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Help me understand pensions please?
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Spam reported.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
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gadgetmind wrote: »Spam reported.
Same here.
Would anyone seriously use an adviser that tries spamming like that? Idiots!Remember the saying: if it looks too good to be true it almost certainly is.0 -
Is it possible to work out how much I will receive when I retire so I can work out how much I need to put in now? Is there a standard formula or do I need to read and understand the bucket load of paperwork I received from the provider?0
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I have heard recently (and I don't know if this is a new thing or not or indeed whether it is true) that your private pension is deducted from your state pension. Can anyone clarify this as it would seem pointless to pay into a private pension if it is only going to be deducted from my state pension :huh: very confusing!
There is a deduction from state pension in respect of any time you were contracted out.This is an open forum, anyone can post and I just did !0 -
quatrofromageo wrote: »I'm equally baffled about how pensions work.
My Father encouraged me to set one up when I was 21 and in stable work. Been paying about £90 a month ever since.
No idea why...
Didn't you ask him?
The basic idea of saving for a pension is that you'll still need an income, need to eat, pay bills etc, when you no longer have an income from work. It's possible to live for several decades after the possibility of earning money from work has gone, and you'll still need money after that. Clothes, food etc...
The basic idea is pretty simple.
HTH[FONT=Times New Roman, serif]Æ[/FONT]r ic wisdom funde, [FONT=Times New Roman, serif]æ[/FONT]r wear[FONT=Times New Roman, serif]ð[/FONT] ic eald.
Before I found wisdom, I became old.0 -
Try playing with this calculator.
http://www.hl.co.uk/pensions/interactive-calculators/pension-calculator
There are advanced options you can play with and don't forget state pension. In fact, seeing the numbers here will make you realise what a bargain state pensions are!I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
There is a deduction from state pension in respect of any time you were contracted out.
Not from basic state pension and contracting out doesn't affect those starting now.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0
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