Was it the "Nice Decade"?

PasturesNew

baileysbattlebus wrote: »

It depends on who you work for

I've never had a pension by an employer. Small companies rarely provide them (small is 1-6 employees). And larger companies used to have an "afer 2 years" rule.

Generally speaking, the whole talk about pensions never really started to come out in the open until about 1985. Before that we were pretty much told that we'd get an old age pension. So you thought that was it. There wasn't any active selling/buying of personal pensions (within the working classes).

I did start one once, £15/month in 1987, but when (yet again) I got laid off I couldn't afford it and by the time I got another job I was a bit behind with quite a few expenses so it was low priority. And upon trying to start it again I was told "you have to pay every payment you missed", which was a no no. Then they just did something to it so it wasn't operational any more (there's a special word for that that escapes me).

So I have no pension. Tried it once, it's never been something for people in/out of work and changing about a lot.

There were a LOT of pensions that went to the wall in the 90s too. And they got really bad press, and most people don't understand them anyway, so there seemed no urgency to try to work out/sort out what I had/didn't have as I was in/out of jobs and my living expenses were high anyway (single living costs the same as a couple). So that was that.

If I look at a pension calculator, it seems to say that if I save £200/month every month (without fail) from now until I retire, then I will receive back £200/month ... so, on the basis that maintaining employment isn't assured and with past experiences proving I am never continuously employed, I'd be throwing money away, money that I can't afford ... just to get back the same amount each month. Probably better off with lots of mini cash ISAs between now and then (if they still exist by then)

So I will go into retirement with no pension. Relying on the old age pension. And at today's values that is about £125/week. Well, I've looked at this figure many times and thought "if I could get that much when my house is paid for, I'll be better off than I ever was working", so it's not too bad at all.

Although it looks like I might have a bob or two put aside by the time it comes round to it (under 20 years to go now). But that's luck not judgement.

People would have a better chance at stuff like this if the Govt didn't keep changing the rules. If there'd simply been a "Tax Free Pension Savings Account" where you could drop money in across your life and not touch until you retired...

morg_monster

LillyJ wrote: »

That's fine I just think that sometimes people need a little perspective on things. I got mine (in a pretty horrid way) when my Mum became very ill in her late 40s earlier this year. I thought she was going to die. My Mum is my best friend. I suppose this made the housing market become less of a "life or death" issue for me.

PS I never said you were stupid

I know you didn't, sorry about that!

My perspective will be returning this weekend when i'm spending 4 nights away with a bunch of little girls, for many the £60 cost of the holiday was paid by their parents over many weeks, £5 or £10 at a time, all they could afford at the time. They are SO excited! I can't wait, and I won't have 5 minutes to even ponder the housing market, hooray! (or go on MSE...)

Does anyone else find, the more they read on this board, the more depressed they get about the whole economic situation (macro and micro as well as personal), yet a few days away from the boards, you wonder why you were quite so worried about it?!!! I know its good to be aware of the issues, but there's a limit... If I read HPC.com, I'd be able ready to end it all I think!

PasturesNew

morg_monster wrote: »

a few days away from the boards

Blasphemer!

fc123

morg_monster wrote: »

Does anyone else find, the more they read on this board, the more depressed they get about the whole economic situation (macro and micro as well as personal), yet a few days away from the boards, you wonder why you were quite so worried about it?!!! I know its good to be aware of the issues, but there's a limit... If I read HPC.com, I'd be able ready to end it all I think!

OMG I thought it was just me....some of it is SOOOOO depressing and we are all lumped into the same 'Disastro' categories. Neg equity looming, masses of debt, about to be sacked or go bust and so on.

We are at one of those big, decision moments and I decided to do some research in the real world...........it's not so doooom and gloooom out there after all.

Made the mistake of picking up a Mail today (I know I know!) and the header on Middle class debt was so panicky. For every person in a crunch right now, I guess there are 4 or 5 who aren't. But no link so no proof...just a feeling from a cross section of people I know.

My industry has had the life beaten out of it over the past decade (in certain parts of it) but hardly a mention in the mainstream media.
People adapt, retrain, survive.

jamescredmond

PasturesNew wrote: »

I've never had a pension by an employer. Small companies rarely provide them (small is 1-6 employees). And larger companies used to have an "afer 2 years" rule.

Generally speaking, the whole talk about pensions never really started to come out in the open until about 1985. Before that we were pretty much told that we'd get an old age pension. So you thought that was it. There wasn't any active selling/buying of personal pensions (within the working classes).

I did start one once, £15/month in 1987, but when (yet again) I got laid off I couldn't afford it and by the time I got another job I was a bit behind with quite a few expenses so it was low priority. And upon trying to start it again I was told "you have to pay every payment you missed", which was a no no. Then they just did something to it so it wasn't operational any more (there's a special word for that that escapes me).

So I have no pension. Tried it once, it's never been something for people in/out of work and changing about a lot.

There were a LOT of pensions that went to the wall in the 90s too. And they got really bad press, and most people don't understand them anyway, so there seemed no urgency to try to work out/sort out what I had/didn't have as I was in/out of jobs and my living expenses were high anyway (single living costs the same as a couple). So that was that.

If I look at a pension calculator, it seems to say that if I save £200/month every month (without fail) from now until I retire, then I will receive back £200/month ... so, on the basis that maintaining employment isn't assured and with past experiences proving I am never continuously employed, I'd be throwing money away, money that I can't afford ... just to get back the same amount each month. Probably better off with lots of mini cash ISAs between now and then (if they still exist by then)

So I will go into retirement with no pension. Relying on the old age pension. And at today's values that is about £125/week. Well, I've looked at this figure many times and thought "if I could get that much when my house is paid for, I'll be better off than I ever was working", so it's not too bad at all.

Although it looks like I might have a bob or two put aside by the time it comes round to it (under 20 years to go now). But that's luck not judgement.

People would have a better chance at stuff like this if the Govt didn't keep changing the rules. If there'd simply been a "Tax Free Pension Savings Account" where you could drop money in across your life and not touch until you retired...

hmm. seems like you're not the 'catch' I was hoping you'd be.

ah, well. it looks like I'll be buying at the portelet inn........

I've been in the same pension scheme for years. 'highly recommended', I was assured.

due to some astute investment decisions back in the 80's, the fund built up a healthy surplus.

then the trouble started.

the argument centred on surplus ownership. the TU's case was simple: both co. and employee contributed for the benefit of the pension membership. it was never envisaged that the fund could be used as a slush for the co.

eventually, a compromise was reached. the co. would take a payment holiday, while the m/ship would make reduced payments.

so everything was cushty.

but the co. was so pleased with its windfall it decided to extend the hol. for another year without informing staff.

it took a court action before the co. caved in and paid.

FF to 2000 and the surplus had long disappeared.

by now the co. had started to view the fund as an onerous burden and decided to cease £ for £ contributions. again, it didn't tell staff.

it wasn't until 2006 that this fact came to light, and it took the blunt instrument of strike action before it was persuaded to put the money in.

it left many wondering if a pension scheme was worth having if the co.'s accountants viewed it as a handy cash cow, to be raided whenever the co. felt it needed a cash boost.

never mind, I've still got enough to buy a round in portelet.

JanCee

fc123 wrote: »

OMG I thought it was just me....some of it is SOOOOO depressing and we are all lumped into the same 'Disastro' categories. Neg equity looming, masses of debt, about to be sacked or go bust and so on.

We are at one of those big, decision moments and I decided to do some research in the real world...........it's not so doooom and gloooom out there after all.

Made the mistake of picking up a Mail today (I know I know!) and the header on Middle class debt was so panicky. For every person in a crunch right now, I guess there are 4 or 5 who aren't. But no link so no proof...just a feeling from a cross section of people I know.

My industry has had the life beaten out of it over the past decade (in certain parts of it) but hardly a mention in the mainstream media.
People adapt, retrain, survive.

Don't worry, if the debts don't get us then the wine drinking will! It seems that the middle aged middle classes are the new threat to society(According to Nu Labour anyway).

lostinrates

Hm well, nice decade? For me...it was ok, I graduated into it (I'm 29) and I've seen friends who had some money do well (the ones who bought at university really there is a gulf between us now!) I worked through uni so have little student debt, a partial student loan is all. Got lured out of my post grad studies by money and men and have sen the gulf continue to widen between the young buyers and me. I have however saved, and saved and saved, which has got me through some scary times! DH was a student for longer (post grad then CPE/LPC) and we managed to stay out of debt through that too. He now has a decent job, we have big savings, but the gulf to ownership is immense.

Our parents? Well, Dh's dad sold in UK and has made a fortune! Lucky him! My parents have it better than I expect to, but still bad (does anyone KNOW when they have it good?) they have paid off their mortgage, whoohoo, but my father's pension to which he made HUGE contributions his hole working life, went under and he has made HUGE losses on that. And a stupid endowment policy. My parents will be ok but they haven't made big. I really want to not carry on th pattern of just treading water. I'd like to get to their age and be able to know that whatever else DH and I will be ok and preferably a bit more than ok.

jamescredmond

JanCee wrote: »

Don't worry, if the debts don't get us then the wine drinking will! It seems that the middle aged middle classes are the new threat to society(According to Nu Labour anyway).

I don't view myself as 'middle class' (nobody has ever given me the precise definition of 'middle class') but I'm def. middle aged.

I'm a manual worker, employed in the same industry for nearly 30 yrs.

my income is above the nat. average. so is my disposable income.

all of which makes me ripe for the nu-lab. picking.

unlike others, I don't have a prob. with tax levels, but I do take issue with how the money's being wasted. (see my other posts).

and to think I supported lab. for 20yrs.........

pass the wine bottle.

JanCee

jamescredmond wrote: »

..

pass the wine bottle.

Red or white? I drink both, so I am expecting to be served with an ASBO anytime soon.

:beer:

jamescredmond

JanCee wrote: »

Red or white? I drink both, so I am expecting to be served with an ASBO anytime soon.

:beer:

a crisp rose. grenache. and served chilled.

oh no! I've come over all middle-class!!