The new employees/company pension scheme starts today
Employees can opt out
Think carefully before making a decision - you might need a crystal ball
This new scheme means a fairly low return in the grand scheme of things - one example is a 45 years old taking up the 1% option and at age 65 they get £2k a year
This is where the crystal ball comes in …
If this extra pension means it tops up an existing pension income which is already above any benefit threshold then great
If this or any other pension does not go above any benefit threshold then all that happens is that benefits get cut pound for pound
If a person or couple has a private pension of £70 PW and are entitled to £100 PW benefits all that happens is that benefits get cut by £70 PW - that means the money spent on the private pension has done nothing to improve the financial bottom line
Hi all.I have no faith in any pension schemes anywhere.They are all run by politicians so are subject to the corruptions of politics and are changed at the whim of whichever party needs to cut or change something.Not for the detriment or benefit of the public but as a tool.Since i lived in Holland and watched my pension changing every time elections came.First after 30yrs of contributing i was told i could retire early 59 with 80percent of my salary…Then,after elections it was changed to…63,with 70percent.
The times have gone when we could expect to work till pension age then be taken care of by virtue of what we had contributed over the years.Now,we hope for a comfortable amount but expect a pittance.And by virtue of the vast amounts which are given away to '‘good’'causes or merely wasted by incompetent economics it will only get worse.
I think we have to go back to the times of filling socks or mattress with money.Mike
A major problem for any government is to convince a younger person of the importance of setting money aside for retirement. It just seems so far away! Then, all of a sudden if youre like me, youre 58 with a pension of approx £1350 per annum. £104/month after tax…say, £25 a week.
Opt out yes, but dont ignore the future. Do something…!
I reckon we all would like to die peacefully of “old age”, or even be shot by a jealous husband at the age of 95, whatever, we should be prepared to sort out our finances. Its very naive to think the state will keep everybody. This mess we`re in now cold take 20 years to sort out!
Or alternatively come retirement age you could walk into your local bank waving a sawn off around. If you walk out with your bag of swag and make good your escape, then your financial future is sorted, if it all goes pear shaped you then spend the rest of your natural in a building with free central heating, excellent healthcare, top notch gym facilities, free satellite tv, three hot meals a day, and you can smoke in any room you like. Plus, you won’t need a pension then!
cheekymonkey:
A major problem for any government is to convince a younger person of the importance of setting money aside for retirement. It just seems so far away! Then, all of a sudden if youre like me, youre 58 with a pension of approx £1350 per annum. £104/month after tax…say, £25 a week.
Opt out yes, but dont ignore the future. Do something…!
I reckon we all would like to die peacefully of “old age”, or even be shot by a jealous husband at the age of 95, whatever, we should be prepared to sort out our finances. Its very naive to think the state will keep everybody. This mess we`re in now cold take 20 years to sort out!
