Are the young losing all faith in pensions?

gadgetmind

juliep58 wrote: »

just never occured to us that it would preclude us from a benefit that he had paid NI contribitions for for many years

That benefit is a safety net intended for those who need it briefly between jobs to avoid them starving to death. Those who have income from other sources need less help, so the benefit is reduced so that we all pay less tax and NI.

roundabouthere

Currently 34 years old and had my pension with my current company from the age of 23. I've always been interested in my pension and maximising my retirement fund for when i hopefully retire at 58-60 years old.

Originally started at a 5% matched contribution level but then got given the opportunity to salary sacrifice an additional 3% about three years later which I grabbed with both hands. Higher rate tax payer and now increasing my own contributions on top of what I have been contributing previously.

I now contribute 6% with the company paying 11% but aim to try and increase my contributions by 1% a year for the next few years. My fund is currently worth £72,500 so i believe I'm in a reasonably good position to get a nice healthy fund over the next 25ish years.

Some people at my work of similar age take no interest in pensions at all. I often hear the quote that some bloke who they once met down a pub who got tuppence back in a pension after contributing for 150 years told them not to bother so they don't. Each to there own but to me a pension particularly one who's employer contributes to is a no brainer.

kidmugsy

Perhaps they'll start taking money seriously once they have children.

Of course, it must be said that if The Young don't think about pensions then we are mad to continue with those ruinously expensive public sector pension schemes - pensions that are not thought about are no way to attract and retain staff. Pay rises, where necessary, would do that job more effectively and far more cheaply.

geelamch

With regards to advice I believe that a bit of lurking on sites like this is fantastic,then take the plunge and see an ifa ,pay the fee and have a little bit of an insight into where you are being directed.
Some of the regular posters on this site are giving out free knowledge (not advice) so take some and leave some as you please.these guys have been there and done it.
Incidentally if you look around you will see the same posters admitting where they made mistakes, and how they should have steered ,but I always believe a little knowledge is better than none.

geelamch

kidmugsy wrote: »

Perhaps they'll start taking money seriously once they have children.

Of course, it must be said that if The Young don't think about pensions then we are mad to continue with those ruinously expensive public sector pension schemes - pensions that are not thought about are no way to attract and retain staff. Pay rises, where necessary, would do that job more effectively and far more cheaply.

Got a little bit sympathy for the public sector as the press has now destroyed them for what was initially a trade off for lower salary.their contributions are now inching up and in several years the liability will lessen.we still need good people in the public sector,however I do agree that this should no longer be by over funded pension schemes.
Maybe now is the time to move private and public sector pensions to the free market.

racing_blue

Pension fan here!

I'm in my 30s & chucking cash at it. Will stop when I reach the lifetime allowance, when I retire, or when I die... whichever comes first (listed in my order of preference!)

geelamch

racing_blue wrote: »

Pension fan here!

I'm in my 30s & chucking cash at it. Will stop when I reach the lifetime allowance, when I retire, or when I die... whichever comes first (listed in my order of preference!)

What's yer preference?

racing_blue

Well, I'd take 1+2 but I don't think that's on the table.
So 1+2+3
or 2+3
but not 1+3

geelamch

3 shouldn't even be in the equation.posive thinking.i like to think my pension is a betting slip,they bet I die I bet I don't.so it's up to me to sway the odds in my favour.regular rum to prevent scurvy,regular exercise to prevent heart problems and regular sex to prevent...ach who cares.

gadgetmind

kidmugsy wrote: »

Pay rises, where necessary, would do that job more effectively and far more cheaply.

Or just throw them some fish three times a day.