Friends life

Alice_Holt

kingrulzuk wrote: »

Im glad i have Opt out.

Re-read posts 3,5 & 6. Then read them again.
Forgoing employers pension contributions is silly.

Bet you will not be glad, when you retire and you have no pension!

woolly_wombat

kingrulzuk wrote: »

Someone from work said to me UK people only care about today and not what will happen in years time so they will vote to stay in EU, so why do we care about pension?

Please don't assume that all people in the UK only care about today and are irresponsible enough not to care about pensions!

That attitude won't help you in your old age when your state pension is too small to manage on.

kingrulzuk

I like to have control over my hard earn money and I don’t like the idea of handing over my money to someone where things can change and goal post can be moved.
I have my own flat mortgage free; I save 90% of what I get paid every month, I have never been on any benefits, I travel to different countries every year.
My plan is to **retire at the age of 40.


**Travel around the world and volunteer as much as I can

dunstonh

I like to have control over my hard earn money and I don’t like the idea of handing over my money to someone where things can change and goal post can be moved.

What goal posts have been chanced to your detriment since personal pensions were first introduced in 1988? (Even the pre 1988 retirement annuity contracts that existed for decades prior to that still do what they said they would do, albeit with slightly improved terms through added flexibility they didnt originally have).

My plan is to retire at the age of 40.

So, one assumes a mix of ISAs and pensions with a small amount of cash savings is being used. All things that get tweaked over time.

planteria

retiring at 40 mortgage free sounds great, but..

Alice_Holt wrote: »

Forgoing employers pension contributions is silly.

is right. i wouldn't be unduly worried about the provider that your employer has chosen, despite agarnett's clear frustration.

as it happens 3 days ago my employer has had to introduce a company pension, and it seems they are only offering the basics, but i'm automatically enrolled and i won't be opting out. i give up some money each month and it gets more than doubled & then invested? i'll take that.

kingrulzuk

I can understand you want to do that as you want to work all your life, but I don’t want to work I have set up my mind that I will work till I’m 40 and after that I’m away.



Do I not get a state pension?

zagfles

dunstonh wrote: »

What goal posts have been chanced to your detriment since personal pensions were first introduced in 1988?

Access age increased from 50 to 55. Reclaim of tax credits on dividends stopped.

Different type of scheme but look at what they're considering doing to the steelworkers pension scheme at the moment. State pension age. Change to CPI indexation. Different types of schemes, but govt changes have moved goalposts on almost all type of schemes.

A lot of beneficial changes too, don't get me wrong. But people are right to be wary of moving goalposts.

zagfles

kingrulzuk wrote: »

I can understand you want to do that as you want to work all your life, but I don’t want to work I have set up my mind that I will work till I’m 40 and after that I’m away.



Do I not get a state pension?

Yes but if you've only worked till 40 it won't be a full pension. Under the current scheme you need 35 years of working/credits. You can get credits for things like signing on for JSA or caring for children/relatives etc.

kingrulzuk

zagfles wrote: »

Access age increased from 50 to 55. Reclaim of tax credits on dividends stopped.

Different type of scheme but look at what they're considering doing to the steelworkers pension scheme at the moment. State pension age. Change to CPI indexation. Different types of schemes, but govt changes have moved goalposts on almost all type of schemes.

A lot of beneficial changes too, don't get me wrong. But people are right to be wary of moving goalposts.

I agree with you and what year did they change access age from 50 to 55?

dunstonh

Access age increased from 50 to 55. Reclaim of tax credits on dividends stopped.

Tax credits changed all wrappers/unwrapped holdings. So, not pension specific. Age 50-55 was a detriment but seeing how few people retire at 50, that was a minor thing.

Different type of scheme but look at what they're considering doing to the steelworkers pension scheme at the moment. State pension age. Change to CPI indexation. Different types of schemes, but govt changes have moved goalposts on almost all type of schemes.

The OP wont have that type of pension. So, lets not confuse him any more.

A lot of beneficial changes too, don't get me wrong. But people are right to be wary of moving goalposts.

But they shouldnt cut their nose of to spite their face. Things do change but they change everywhere.