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Do you have a pension fund?


David

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As the thread title suggests, feel free to discuss how important you consider your pension fund to be, and how much you're paying into it. Are you paying a lot into it every month in the hope that you have enough money to go on that rock climbing holiday you've always wanted to go on when you retire and have time?

 

Hoping to have enough to finally buy that Ferrari or speedboat you always wanted?

 

How important is your pension to you?

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I save for my retirement.

 

I have a work pension but an FPM scared me shitless when I was starting out by pointing out that if your work pension pays out half my final year salary, factoring in inflation something-or-another, blah blah blah etc, and assuming whatever I stick my lump sum/savings into pays out at 5% p/a, and I was going to retire in 43 years (at the time) then I'd need my pot to be about

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As a student pensions actuary and former IFA who did a lot of pensions work I'd be a bit hypocritical not to. But yes, it's a DC scheme I put in 2% of salary, company puts in 6% which is ok.

 

Unfortunately the idiotic view expressed above is quite typical of people who don't know anything about the subject, which is going to result in the same group being worse off financially due to pure ignorance.

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On another note any of us below the age of 35 and paying full National Insurance each month can kiss our state pension goodbye! :(

 

*Raises hand*

 

We'll effectively be paying for somebody else's pension, as the gov't sees fit that you deserve at least

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I save for my retirement.

 

I have a work pension but an FPM scared me shitless when I was starting out by pointing out that if your work pension pays out half my final year salary, factoring in inflation something-or-another, blah blah blah etc, and assuming whatever I stick my lump sum/savings into pays out at 5% p/a, and I was going to retire in 43 years (at the time) then I'd need my pot to be about

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When I turn 65, it will be 97 and 94 years respectively since my parents were born. My pension plan is that they will be dead at this point and we'll be renting their house out.

 

My back up plan is that by this point there'll be so many old people, we'll be able to hold the government to ransom over the state pension.

 

My back up back up plan is that after decades of working 3-4 hours a day in non-manual labor, I'll be fit to carry on doing so after my "retirement age."

 

My back up back up plan is the money I've accrued in a previous employee pension scheme, currently predicted to be worth

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My plan was to do it outside of a pension plan, as where I first started working full time the Pension the company had was shit, plus it was tied in so couldnt get at it if needed for an emergency had to wait until 50 plus and couldnt be transferred upon being made redundant :/ So was dead money to boot

 

So mapped out sorting an ISA and putting in the Maximum in each year, then spreading some stuff around into Bonds and other long term saving plans and so on and possibly Buy to Let when reached the requisite level. So the money was always doing something and didnt have all my eggs in one basket, Whilst saving as much as I could in the interim

 

Unfortunately things got slightly buggered. Unless I get back to work then its not going to happen. So will be whatever I can eke out between now and supposed retirement age. Nevermind

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50% of the male population will be dead by the time they reach 65 years old

 

80% are dead by the time they reach 70

 

Odds on I will be in there somewhere so I`ll enjoy the money now and if by some medical miracle I make it past 70 the government can pay for me (makes up for the National insurance contributions I`ve been making for the 50 years of working)

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I was getting 20% total based on a 7% contribution by me, but I'm on a payment break at the minute to fund some studies until my next payrise (hopefully) kicks in.

 

I do wonder if it will be worth it as I'll be semi-retiring as soon as the mortgage is clear anyway.

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50% of the male population will be dead by the time they reach 65 years old

 

80% are dead by the time they reach 70

 

Odds on I will be in there somewhere so I`ll enjoy the money now and if by some medical miracle I make it past 70 the government can pay for me (makes up for the National insurance contributions I`ve been making for the 50 years of working)

 

Is this true?

 

Interesting stat if it is.

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