How did company pensions work in the 90s/00s....

gt568

Brynsam said:

gt568 said:

My annoyance now is she is missing potentially 5 years of pension build up through youthful stupidity (I haven't said that to her yet).

Probably be a good idea not to say it to her at all...surely it's for her to be 'annoyed' at her own stupidity, not you? Most teenagers/early 20s would have taken the view that cash now was better than some vague thing called a pension, payable half a century later.

Probably....but then as she will be benefiting from my pension when we retire I reserve the right to take the p1ss out of her lack of planning.... :-)  

LHW99

gt568 said:

Brynsam said:

gt568 said:

My annoyance now is she is missing potentially 5 years of pension build up through youthful stupidity (I haven't said that to her yet).

Probably be a good idea not to say it to her at all...surely it's for her to be 'annoyed' at her own stupidity, not you? Most teenagers/early 20s would have taken the view that cash now was better than some vague thing called a pension, payable half a century later.

Probably....but then as she will be benefiting from my pension when we retire I reserve the right to take the p1ss out of her lack of planning.... :-)  

Hope in that case you participated equally in cleaning the loo, sorting / doing the washing, ironing (days off for sick kids?)

gt568

LHW99 said:

gt568 said:

Brynsam said:

gt568 said:

My annoyance now is she is missing potentially 5 years of pension build up through youthful stupidity (I haven't said that to her yet).

Probably be a good idea not to say it to her at all...surely it's for her to be 'annoyed' at her own stupidity, not you? Most teenagers/early 20s would have taken the view that cash now was better than some vague thing called a pension, payable half a century later.

Probably....but then as she will be benefiting from my pension when we retire I reserve the right to take the p1ss out of her lack of planning.... :-)  

Hope in that case you participated equally in cleaning the loo, sorting / doing the washing, ironing (days off for sick kids?)

Yeah I have thanks!

Don't really see a problem with maximising our retirement income.

LHW99

gt568 said:

LHW99 said:

gt568 said:

Brynsam said:

gt568 said:

My annoyance now is she is missing potentially 5 years of pension build up through youthful stupidity (I haven't said that to her yet).

Probably be a good idea not to say it to her at all...surely it's for her to be 'annoyed' at her own stupidity, not you? Most teenagers/early 20s would have taken the view that cash now was better than some vague thing called a pension, payable half a century later.

Probably....but then as she will be benefiting from my pension when we retire I reserve the right to take the p1ss out of her lack of planning.... :-)  

Hope in that case you participated equally in cleaning the loo, sorting / doing the washing, ironing (days off for sick kids?)

Yeah I have thanks!

Don't really see a problem with maximising our retirement income.

Quite agree, but usually best done as a couple. Pensions have only really been a topic of interest for those under 50 since the pensions freedoms, before that it tended to be the "S&S nerds" that took much interest in what was going on

Terron

My parents were concerned about my pension when I started work in 1981. They both had NHS pensions and thought the lack of a company pension scheme for non-managers was very bad. They were happier with my sisters becoming teachers. After a few years when my salary had increased and I was getting a lot of overtime I took out a couple of private pensions. I didn't think much of them until recently when I realised they had GARs of 10.5%.They should start paying out in about 3 months.

crv1963

gt568 said:

Brynsam said:

gt568 said:

My annoyance now is she is missing potentially 5 years of pension build up through youthful stupidity (I haven't said that to her yet).

Probably be a good idea not to say it to her at all...surely it's for her to be 'annoyed' at her own stupidity, not you? Most teenagers/early 20s would have taken the view that cash now was better than some vague thing called a pension, payable half a century later.

Probably....but then as she will be benefiting from my pension when we retire I reserve the right to take the p1ss out of her lack of planning.... :-)  

However to put it into context- back then how many people in their teens thought about pensions - even if offered the chance to join one? Did you actively join your scheme or were auto- enrolled by virtue of who your employer is? As you say she now has an NHS Pension she is contributing to it may be she isn't going to be totally dependent on your pension income?

A more constructive way may be to jointly plan your retirement and see if there is a way to either increase your total pension incomes or be in a position to take them earlier or a combination? With two Govt funded pensions, plus SP maybe saving into pensions/ ISAs or other tax efficient ways could bridge any gaps you see. 

We established what we have acquired between us already, then what our target retirement income is going to be and finally when we want it. Then planned how to make it happen- a process we're still saving for, while also trying to live a life! We take it as read that retirement income is a joint venture.

MallyGirl

Notepad_Phil said:

gt568 said:
Oh I see, what were people supposed to do if they weren't old enough or hadn't worked there long enough then?

They waited till they were old enough and had worked there long enough - in my case I think the minimum age was 23 and you had to have been there a year. I doubt that many people would have thought of taking out their own personal pension - I know it never entered my mind to do so.

In my first job you couldn't join the DB Pension scheme till you were 25 but they did operate a separate DC type scheme for the young ones. I was oblivious about it all back then but if I look at it online now I have £1876 pa DB pension (or transfer value of £95k) plus another pot of £20k from when I was under 25.

Gary1984

I, like an idiot, opted out of the DB scheme at my first part time job in a call centre for a large insurer, as did most people who started at the same time. I was there for 4 years and it would probably be worth an Index linked £750 p.a. or so. Not life changing but a nice bit of guaranteed income. Definitely one of my biggest financial regrets. 

badmemory

It used to be quite normal for the male/female start age to be different.  Personally I would avoid p*ssing her off too much over this especially if it turns out that she did not have a pension available!

Pension sharing on divorce is now a thing!

gt568

I was being slightly tongue in cheek about the p1ss taking....

And being able to draw a pension from the age of 40 (which I haven't yet, still working) was one of the main reasons I chose my career...at the age of 16 (though the first two years till 18 don't count)!