How safe is your pension? Channel 5. Any thoughts?

daveyjp

And of course he won't have appeared on the programme for nothing!

fly-catchers

I remember seeing a similar programme to this a few years back. The featured couple were disappointed that their pension income wasn’t enough to pay for an annual holiday costing £14000! And it would only stretch to a £2000 holiday! Considering that their wages from the work they had been doing prior to retirement wouldn’t have been enough either what were they expecting!

Random47

I thought it was factually poor, misleading as it didn't reflect what State Pension they would have or DB from employment (fire service job) etc so the savings bit as being only funds available really and no mention of what your £1 now will be worth in years to come. In honesty it started to get on my moobs after 15min so off it went. 

arnoldy

What this programme reinforced with me is how difficult it is for the grafters in the UK with so much tax. 

Earn £25 - 30 grand and pay marginal tax of 20% income tax;13.2% NI, Graduate tax 9%, pension contributions 8% .....and then have to buy a house at ££s astronomical + upkeep. And then get hit for £2.5k community charge out of what's left of your take home. That's before utility bills - but you wont get the £650 + handout you would get if you didn't graft.

Oh and also their pension means they are not better of than those with nothing. They claim pension credit which also unlocks a further treasure trove of benefits and freebies eg free TV, grants and energy subsidies, and so forth - the list goes on. All unfair and unsustainable.

Dh6

As has been said, it’s a repeat. I’m pleased I stumbled across this programme in 2019 as this alone is what made me wake up to the fact that I had no pension provision at all. 

3 years later I continue to drop in monthly as I’m amazed every time I look at my fund how much progress I’ve made.

kind regards DH

SouthCoastBoy

arnoldy said:

What this programme reinforced with me is how difficult it is for the grafters in the UK with so much tax. 

Earn £25 - 30 grand and pay marginal tax of 20% income tax;13.2% NI, Graduate tax 9%, pension contributions 8% .....and then have to buy a house at ££s astronomical + upkeep. And then get hit for £2.5k community charge out of what's left of your take home. That's before utility bills - but you wont get the £650 + handout you would get if you didn't graft.

Oh and also their pension means they are not better of than those with nothing. They claim pension credit which also unlocks a further treasure trove of benefits and freebies eg free TV, grants and energy subsidies, and so forth - the list goes on. All unfair and unsustainable.

Yes it is very difficult for the younger generation. I have encouraged both of my children to work for the govt to ensure they won't need to worry about their pension.

nigelbb

daveyjp said:

nigelbb said:

westv said:

Collyflower1 said:

Looked like an old programme ive seen from a few of years ago! Michael Burk mentioning the state pension would only bring in about £160 per week and people expecting a hand to mouth retirement would need double that!

At the end it says it was filmed in 2019.

Upthread it mentions Michael Buerk (born 18 February 1946) saying that at the age of 76 he still has to work.

I suspect this is a case of 'get someone people know to say something which reinforces our position'.

Media people are often in a position where they don't have to retire and they are available to do odd jobs  and keep their hand in.  Some are probably fearful of being forgotten, but they may not admit it, and one day the offers may stop.

"Has to work" can be judged in many ways.

Work to keep wolves from the door or work to maintain a lifestyle he has become accustomed to?

My point was that Michael Buerk was 76 in 2022 not 2019 when the programme was said to have been made.

westv

nigelbb said:

daveyjp said:

nigelbb said:

westv said:

Collyflower1 said:

Looked like an old programme ive seen from a few of years ago! Michael Burk mentioning the state pension would only bring in about £160 per week and people expecting a hand to mouth retirement would need double that!

At the end it says it was filmed in 2019.

Upthread it mentions Michael Buerk (born 18 February 1946) saying that at the age of 76 he still has to work.

I suspect this is a case of 'get someone people know to say something which reinforces our position'.

Media people are often in a position where they don't have to retire and they are available to do odd jobs  and keep their hand in.  Some are probably fearful of being forgotten, but they may not admit it, and one day the offers may stop.

"Has to work" can be judged in many ways.

Work to keep wolves from the door or work to maintain a lifestyle he has become accustomed to?

My point was that Michael Buerk was 76 in 2022 not 2019 when the programme was said to have been made.

Filmed in 2019.

Sea_Shell

Watched it.

Some of the voiceover parts were obviously up to date.

I think we're all in for a period of "stress testing" our pension plans.

If people have now rushed to look at their funds this week...it doesn't make good reading.

So far our (early) retirement has been made up of a pandemic, war in Europe, inflation and a market slump....it's going swimmingly 😉

SouthCoastBoy

Sea_Shell said:

Watched it.

Some of the voiceover parts were obviously up to date.

I think we're all in for a period of "stress testing" our pension plans.

If people have now rushed to look at their funds this week...it doesn't make good reading.

So far our (early) retirement has been made up of a pandemic, war in Europe, inflation and a market slump....it's going swimmingly 😉

Yes, and I don't think it will improve any time soon, I can't see inflation being short term as BoE have previously stated, . Interesting times, I wonder how far interest rates will go, I hope the banks, NS&I etc. start putting up their savings rates.

My company pension has taken a real hit, my personal SIPP has performed a lot better over the last 12 months. I have found it difficult to find any funds in my company pension that I would currently wish to switch to, so going to have to ride out the storm.