Are you paying into a pension?

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Studi0488

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We just upped our to £600 a month and am starting to think if it is more valuable elsewhere? I have been paying one for about 20 years, it has about 10k more than I paid in, what do you do?
 
The pension is now paying into me. ;)
 
What are you investing your pension contributions in?

Remember that pension contributions are tax free and you can get 25% of that out again at the other end tax free too. You also have a huge range of options for investment of those contributions.
 
Wilkol said:
What are you investing your pension contributions in?

Remember that pension contributions are tax free and you can get 25% of that out again at the other end tax free too. You also have a huge range of options for investment of those contributions.
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No a clue, our financial advisor manages the stuff, that's half the problem, its such a difficult thing to get your head round.....
 
I'm 33 and paying in £400 a month, I hope to increase this shortly.

If you are over 30 and not paying into a pension, you need to seriously think about how you will fund your retirement.
 
Studi0488 said:
We just upped our to £600 a month and am starting to think if it is more valuable elsewhere? I have been paying one for about 20 years, it has about 10k more than I paid in, what do you do?
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Dale_tem said:
I'm 33 and paying in £400 a month, I hope to increase this shortly.

If you are over 30 and not paying into a pension, you need to seriously think about how you will fund your retirement.
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:eek: Sod that, I'm glad I'm in a company pension scheme.
 
Do you contribute? if not you will soon have to contribute 5%
 
Dale_tem said:
I'm 33 and paying in £400 a month, I hope to increase this shortly.

If you are over 30 and not paying into a pension, you need to seriously think about how you will fund your retirement.
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I'm gonna let all your kids keep me :D





KIDDING!!! :lol:
 
I'm 29 and pay £330 a month into a final salary pension. It's a lot of money but from what I'm told is one of the best pensions around. Whether its still good in 30 years time I don't know.
 
I'm 35 and currently about 700 a month goes into my pension.
 
dan_yorkshire said:
I'm 29 and pay £330 a month into a final salary pension. It's a lot of money but from what I'm told is one of the best pensions around. Whether its still good in 30 years time I don't know.
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Final salary pension schemes are worth so much more than most people realise and they are becoming rarer and rarer. Don't expect it to be around for much longer (unless you are in the public sector) but the pension you have accrued in the past will still be pretty safe.
 
I was paying into one years ago til I got a forecast of pension when I was 65, not worth having so I stopped paying, I'd payed about 17 grand in, I cashed it in as soon as I was 50, I got 5 a grand lump sum and get £72 a month til I die.
 
Pensions, one of my biggest regrets in life. All these so called financial advisors had me throwing money into pensions in the belief I was going to benefit in later life. This was money I could have put to better use at the time.

If I retired now with a pension pot of £100,000 my annuity would give me circa £4500 pa. £200,000 would give me £9000 pa.

How can a retired couple live an above average life on £9000 pa?
 
admirable said:
Pensions, one of my biggest regrets in life. All these so called financial advisors had me throwing money into pensions in the belief I was going to benefit in later life. This was money I could have put to better use at the time.

If I retired now with a pension pot of £100,000 my annuity would give me circa £4500 pa. £200,000 would give me £9000 pa.

How can a retired couple live an above average life on £9000 pa?
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Depends on what your outgoings would be, you wouldn't be paying any tax or ni for starters.
 
I have been very fortunate in that I have had three main jobs in my working life, and all have had compulory pensions contributions. Has it been up to me, when I was younger I would have spent that money on other pursuits so am glad that I had no choice but to contribute. Hopefully I will retire on about 50% of my present salary, which should mean that if I am careful I need not compromise on life style. However, who know what may or may not happen in the future.
 
admirable said:
Pensions, one of my biggest regrets in life. All these so called financial advisors had me throwing money into pensions in the belief I was going to benefit in later life. This was money I could have put to better use at the time.

If I retired now with a pension pot of £100,000 my annuity would give me circa £4500 pa. £200,000 would give me £9000 pa.

How can a retired couple live an above average life on £9000 pa?
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Similar story here. I had a private pension for years I paid into. Eventually amalgamated it into my employers pension before I was self employed and within 18 months thanks to the investments portfolio and 2008 crash they'd more than halved it!

Being broke and self employed I doubt I'll ever retire!
 
nilagin said:
Depends on what your outgoings would be, you wouldn't be paying any tax or ni for starters.
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Don't be stupid , it costs me more than £9000 pa to run my house. I would need to sell it. What about a new car every few years, holidays etc?
 
Studi0488 said:
We just upped our to £600 a month and am starting to think if it is more valuable elsewhere? I have been paying one for about 20 years, it has about 10k more than I paid in, what do you do?
Click to expand...

Dale_tem said:
I'm 33 and paying in £400 a month, I hope to increase this shortly.

If you are over 30 and not paying into a pension, you need to seriously think about how you will fund your retirement.
Click to expand...

dan_yorkshire said:
I'm 29 and pay £330 a month into a final salary pension. It's a lot of money but from what I'm told is one of the best pensions around. Whether its still good in 30 years time I don't know.
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wisemen said:
I'm 35 and currently about 700 a month goes into my pension.
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are those figures what YOU pay or combined with your employer? Im on a good salary and have had a pensionplan in place for a long time and dont pay anywhere near that...
 
admirable said:
Pensions, one of my biggest regrets in life. All these so called financial advisors had me throwing money into pensions in the belief I was going to benefit in later life. This was money I could have put to better use at the time.

If I retired now with a pension pot of £100,000 my annuity would give me circa £4500 pa. £200,000 would give me £9000 pa.

How can a retired couple live an above average life on £9000 pa?
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£9000 on top of your state pensions? Will probably work out not too bad. No mortgage,No tax, no NI.

I've been recommended a minimum of 250k in the pot if I want to be comfortable.
 
admirable said:
Don't be stupid , it costs me more than £9000 pa to run my house. I would need to sell it. What about a new car every few years, holidays etc?
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Sorry didn't realise you lived in a stately home.:cuckoo:
 
Pensions are worth squat.

My other half has enough in one to buy a detached house in Surrey. when you retire lucky if you see a few K a year.


We are building this business up as far as we can. if it is salable in the future cool. if not we have a team of photographers and managers in place and keep it running. We will baby sit the business and get paid instead of the Naff pension system.

i only have 6years from a Police civie pension. So it will pay £5 a month.

pensions are a joke.

250k
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Even if you retired in 10 years time wont pay squat in the future. Better off buying houses and renting them.
 
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admirable said:
Don't be stupid , it costs me more than £9000 pa to run my house. I would need to sell it. What about a new car every few years, holidays etc?[/QUOTE]

That alone says a lot about priorities.
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Dale_tem said:
£9000 on top of your state pensions? Will probably work out not too bad. No mortgage,No tax, no NI.

I've been recommended a minimum of 250k in the pot if I want to be comfortable.
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The problem is I was told £85K would be a decent amount to have in a fund for retiral and I was on target to attain that. 30 years later I have £66K so they got that wrong. I have it in writing but it's only a projection so in effect it means nothing.

The other thing is you need to reach retiral age to receive the benefits.
 
Daryl said:
New car every few years? If only I had that to worry about.... and the chap selling the 'Big issue'.





lots are reaching 90. Pension will be gone before that time, then what?
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:clap: :clap:
 
viv1969 said:
admirable said:
Don't be stupid , it costs me more than £9000 pa to run my house. I would need to sell it. What about a new car every few years, holidays etc?[/QUOTE]

That alone says a lot about priorities.
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It's not about priorities.

Personal pensions were sold as an addition to the state pension. The idea was you would save when you were young and reap the benefits when you were older.

If I wanted a standard life living off the state pension then so be it but this was intended to give you the extra few luxuries in life.
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matty said:
are those figures what YOU pay or combined with your employer? Im on a good salary and have had a pensionplan in place for a long time and dont pay anywhere near that...
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Mine is mine only. My company put in at least the same again. My final salary pension is with the old British Rail. I was one of the last to join it which probs means no one funding my pension underneath me.... arse!
 
Daryl said:
Even if you retired in 10 years time wont pay squat in the future. Better off buying houses and renting them.
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250k now would give me about £1200 a year if I was retiring now (including state pension). My wife will get about the same, so we will have about £2400 a month to live on.

That would be quite comfortable :)
 
Daryl said:
Pensions are worth squat.

My other half has enough in one to buy a detached house in Surrey. when you retire lucky if you see a few K a year.


We are building this business up as far as we can. if it is salable in the future cool. if not we have a team of photographers and managers in place and keep it running. We will baby sit the business and get paid instead of the Naff pension system.

i only have 6years from a Police civie pension. So it will pay £5 a month.

pensions are a joke.

Even if you retired in 10 years time wont pay squat in the future. Better off buying houses and renting them.
Click to expand...

That's why I'm glad I'm in a company pension scheme, I can retire early (8 more years please) with a lump sum which I hopefully won't have to touch and just live comfortably off my monthly pension.
 
admirable said:
Hardly, bloomin' council tax is £3000 pa to start with!
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I'd move just on the strength of that alone. I'd have to be living in a property in the highest band in my area to pay that much.
 
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we are cashing ours in. House is payed and not retiring for 15 years if ever...

Got cars ,3 mistress's and a dog with mobile phone and crack addiction to pay for. ( The Dog, Harrison not mine)

Dogs texting is stopping me change the van every 3 years.

Massage parlours...... What is wrong with calling the 'Pouch mobile' I'll never know.
 
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Daryl said:
we are cashing ours in. House is payed and not retiring for 15 years if ever...

Got cars ,3 mistress's and a dog with mobile phone and crack addiction to pay for. ( The Dog, Harrison not mine)

Dogs texting is stopping me change the van every 3 years.

Massage parlours...... What is wrong with calling the 'Pouch mobile' I'll never know.
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BTW...your dog should receive the restraining order by Wednesday.
 
The problem with retirement is not when you take it, it is the expectation that you can somehow live comfortably on about a third of the income you couldn't survive on whilst working. Pensions are a product of the last century - they don't work anymore. Successive chancellors have taken every opportunity to trash them - none more successful than Brown.

I guess I'm fairly fortunate as, although I have never paid into a conventional pension (apart from starting a SIPP a few months ago), I'm already in receipt of a small military pension and I have a residual income stream that continues to grow. I have no intention of fully retiring until my portfolio generates at least 3k pcm. I can't imagine retiring on anything significantly less than this amount.

I believe that everyone has to take ownership of their own financial destiny. Most now realise that the State Pension is next to pointless and many are now concerned about the inadequacys of conventional pensions. The future is to have multiple income streams and ideally both investment (including pension) and residual income.

Not everyone can be employed in B&Q in their later years :)
 
I pay £70-odd per month, the tax man takes it up to £100 then my employer adds in £200 - £300 in total every month into a moderate/high risk investment through Zurich. Got about £40,000 in there are the moment which isn't much really, but it's a start...
 
2blue4u said:
The problem with retirement is not when you take it, it is the expectation that you can somehow live comfortably on about a third of the income you couldn't survive on whilst working. Pensions are a product of the last century - they don't work anymore. Successive chancellors have taken every opportunity to trash them - none more successful than Brown.

I guess I'm fairly fortunate as, although I have never paid into a conventional pension (apart from starting a SIPP a few months ago), I'm already in receipt of a small military pension and I have a residual income stream that continues to grow. I have no intention of fully retiring until my portfolio generates at least 3k pcm. I can't imagine retiring on anything significantly less than this amount.

I believe that everyone has to take ownership of their own financial destiny. Most now realise that the State Pension is next to pointless and many are now concerned about the inadequacys of conventional pensions. The future is to have multiple income streams and ideally both investment (including pension) and residual income.

Not everyone can be employed in B&Q in their later years :)
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Is that before or after tax?
When I retire there'll be no ni to pay, no mortgage, very little tax, less in travelling costs, I reckon we could easily afford to live more than comfortably on a cut of around £800 to £1k from my current wages. Certainly won't need £3k
 
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