Pension Question

Kynthia

johnsmithy wrote: »

Sorry, did not mean to be offensive, what I was trying to get over was that I think the giving of advice could be more thorough. Then I don't know what the law is in regards of the employer in giving information.

I understand about personal responsibility, but the thing is when you are young and naive when starting a job, you're not necessarily going to have your head switched on in order to know what the best thing is to do in regards to your pension - which might go to explain why over time, individuals build up quite small pots.

Anyways, thanks for all your advice, its answered my original question - appreciated.

All the scheme guides for your pension, along with quick guides, faqs, examples, and calculators, are on the website civilservicepensionscheme.org so please take a look.

Retirement planning is our own responsibility as it's us who will be living it. Employers or the pension scheme provide lots of information and annual benefit statements that people rarely take the time to read or understand. They can't do much more than that because everyone is an individual with different desires, plans, dependants, household income, previous pension pots, savings, tax situations, risk appetites, etc. So what is best for someone and what actions they should take to plan for their retirement will differ person to person. That is why people should consider an IFA who will look into their whole situation as an individual if they want advice.

kidmugsy

mollycat wrote: »

This made my jaw drop.

Ever heard of personal responsibility?

What else apart from sort out your retirement do you want you employer to do for you; cook your tea, book you a holiday, have your babies perhaps?

Unbelievable.

And the employers should teach him how to spell "practice" too.

johnsmithy

Thank you for the sound advice everyone.

I will openly admit I was naive when I took out my pension when I was young as I didn't really understand what it was all about so didn't know what was the best way to handle a pension system. If employers have no responsibility to encourage people in the best way to handle their pension, fair enough, no complaints from me.

However, now I am older, I do understand pensions more and as I am 35, I am unemployed and looking for work so I hope when I get a new position, I am more adept in how to handle the best method for myself, in regards to my own pension.

I know some of you might think I am a bit slow, which I could understand, but as I say, I hope you appreciate that when I was only 21, I didn't really understand the system and therefore, didn't contribute as I should have done but that is something I have got at the forefront of my mind to sort in my next role.

Anyways, thanks for the sound advice and again, apologies for any inconvenience or friction I have caused.

JohnSmithy