Are the young losing all faith in pensions?

geelamch

Just lurking around various posts on pensions only.(forget property,investments and isas etc) the vast majority of posters here are in final stages of pension so to speak.do you think this is pretty representative of the pension position of most people these days?
I was pretty lucky to have received some guidance from a co worker in the earlier years .whether he was financially savvy or not isn't clear but he knew that doing something was better than nothing.
Maybe it's time to have a more concerted / education to the younger generation or I fear big problems in the future.

jem16

geelamch wrote: »

Maybe it's time to have a more concerted / education to the younger generation or I fear big problems in the future.

The young of today are only interested in the here and now. They are not interested in what will happen in 45 years or so.

mania112

Most posters are asking questions because they are about to retire and
a) realise they do not have provision, or
b) want to know to go in Drawdown or an Annuity.

So the older people are lacking education as much as the younger.

In my opinion education is required, but that's nothing new.

JoeCrystal

That is a problem. I recalled that roughly half of employees aged 18-30 do not save into pension schemes. Which is depressing but what I also find is the fact that most pension schemes are unpredictable in their nature and I believe that is a trouble. Surely more people would be willing to save in pension scheme as long there is a real certainty on minimum income. Something like guarantee of minimum percent payable as part of index-linked cost of contribution. That is my take on it anyway.

As a young person (27 years old here, I like to think so!), I actually do not have that much faith in my own pension scheme despite contributing considerable percent of my basic wage into it but I am also painfully aware that doing nothing is still much worse than do something and if I was to do something then I will make best effort of it!

Cheers,
Joe

geelamch

Well done joe,however I fear that you are one of the few.when I talk to people at work they tend to be of the opinion that the gov will just take most of it anyway so they might as well worry about it later.
You'd be surprised how quick later arrives.

gadgetmind

We see young people here who are very clued up and older people who haven't spared so much as a few hours of their many decades on this earth to so much as learn the basics.

Stupid people do stupid things and are too stupid to learn how to do otherwise. This is the way it always was, now is, and always will be.

juliep58

my husband, myself and our 2 daughters all have personal pensions but we have noticed a downside to this. my husband was made redundant and when he tried to claim jsa he wasnt paid anything due to his pension. we looked online and he wont get any benefits until he hopefully gets a new job, whereas if he didn't have this pension he would have received some benefits in the interim period. plus his pension is def not what i would call extravagant.

gadgetmind

juliep58 wrote: »

my husband was made redundant and when he tried to claim jsa he wasnt paid anything due to his pension

Out of interest, why did he start drawing his pension before retiring?

You can take lump sum but not an income, or maybe it's the lump sum held as savings that's causing issues?

JoeCrystal

However, two good upside to having pension scheme is that benefit does not take into account of the pension fund when claiming benefit and secondly, in case of bankruptcy, you still retain the pension fund.

It is just your husband is unfortunate that he got a pension income but it is still an income nevertheless. But if he does not have a pension income then I have no idea why he cannot claim JSA.

He should still get six months of JSA anyway since that is contribution based but if he got a pension income then really. Lump sum really only affects income based JSA which either kicks in at start if you have not got any contribution or after six months.

Cheers,
Joe

nearlyrich

I am early 50's I worry about whether I have enough saved/going in but out of all my friends I think I have more idea of what I will get. One friend already retired claims pension credit and has no assets others think their £10 a month will keep them in a similar state to their £30k a year job...and one thinks the lord will provide. I was lucky enough to meet a pensions advisor who I could trust and he has certainly made my funds grow.

Juliep is you husband actually drawing his pension ?

atush

My son is 22 and got a job after Uni and joined their pension scheme (on my advice lol). He then set up 2 regular savers for excess cash for his near future.

So, not all the young are clueless.