34 and no pension

I'd like some advice please, I'm 34, female and have no pension atm and earn peanuts (£5-8k). What sort of pension should I look for and what percentage of my income should I put into it each month?

Thanks

Comments

  • Liney_2
    Liney_2 Posts: 653
    First Post
    Forumite
    I am in the same boat as you, but I just don't trust pensions - but I realise its something everyone says I should start saving for. I had 2 x company pensions with small amounts sat in them but I now get letters saying they may not have enough money to pay me what I and the companies concerned put into them. As a result I don't trust pensions schemes anymore. Not sure where to go from here...
    [size=-2]Remember its nice to be nice and its good to share!

    Those that mind don't matter, and those that matter don't mind!

    Before printing, think about the environment![/size]
  • dunstonh
    dunstonh Posts: 116,040
    Name Dropper First Anniversary Combo Breaker First Post
    Forumite
    I'd like some advice please, I'm 34, female and have no pension atm and earn peanuts (£5-8k). What sort of pension should I look for and what percentage of my income should I put into it each month?

    Probably not worth bothering to be honest. Not unless you have a spouse/partner. In which case it would be.

    In 2012, the NPSS comes out which will kill off stakeholder pensions and force employers to pay into the scheme. You may be better off waiting for that and saving up in a cash ISA in the mean time (and maybe a stocks and shares ISA once you have a decent back up fund).

    but I just don't trust pensions

    In which case you better not trust savings accounts, ISAs, unit trusts, oeics, sicavs, shares, gilts or anything else to be honest.
    Not sure where to go from here...

    Stock up on the tin foil and brown paper bags ;)
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Ouch, that's not nice to hear!

    That reminds me, I've got about 3k in an old company pension somewhere which will pay me something silly when I retire but that's it. I also keep getting letters from NI saying I've a shortfall in my contributions and unless I pay up I won't get a state pension (but then again will there even be a state pension in 30 years time??????).
  • exil
    exil Posts: 1,194 Forumite
    Would be better paying off debts 1st if you have any money spare.

    Will there be a state pension in 30 years time? Almost certainly.
  • cyclonebri1
    cyclonebri1 Posts: 12,827 Forumite
    dunstonh wrote: »
    Probably not worth bothering to be honest. Not unless you have a spouse/partner. In which case it would be.

    In 2012, the NPSS comes out which will kill off stakeholder pensions and force employers to pay into the scheme. You may be better off waiting for that and saving up in a cash ISA in the mean time (and maybe a stocks and shares ISA once you have a decent back up fund).


    In which case you better not trust savings accounts, ISAs, unit trusts, oeics, sicavs, shares, gilts or anything else to be honest.



    Stock up on the tin foil and brown paper bags ;)


    Wow, is there something going here that I've missed??
    I like the thanks button, but ,please, an I agree button.

    Will the grammar and spelling police respect I do make grammatical errors, and have carp spelling, no need to remind me.;)

    Always expect the unexpected:eek:and then you won't be dissapointed
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 342.5K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607.1K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards