i had pension with equitable life, i would have been better of paying off morgage or just saved it in a high intrest account. when you look at some of the figures they pay you when you buy the anuity you would have to live until you are 102 to get back what you paid in , i would not touch a pension with a barge pole but you must i stress must save for the future
Another point to consider del949 is if your company pension fund offer a “death in service” benefit along with their pension. If you come out of the company pension scheme you may be giving up this potential benefit (I know that you wouldn’t personally benefit from it, but your dependants would. My company pension fund has a 4x annual salary as a death in service payout, well worth having) This may still be available to you even if you only contribute the minimum allowed into a “money purchase” scheme whilst making your own arrangements for your main pension.
As others have said, it is best to get all the advise you can before making any concrete decisions which you may come to regret.
you are right Kickstar, in fact i did put that point in one of my posts but deleted it as the post was getting too long!
as you say a BIG plus.
The first con was the endowment mortgage then came the pension its simple these people are here to make money from you . Girlfriends mum just had her house taken from her cos she has had to go into a home . Like the guy before said if you never work your better off
lefkasman:
The first con was the endowment mortgage then came the pension its simple these people are here to make money from you . Girlfriends mum just had her house taken from her cos she has had to go into a home . Like the guy before said if you never work your better off
Buycrider,
Thanks for your explanation. I hope you are enjoying your retirement. Good health and happiness to you for the future.
You are correctl efkasman, it doesn’t seem to pay to work hard and look after your money…at least for the majority out there. It is of course dirrerent if you are a City banker…or maybe that’s changed somewhat by now.
I heard a figure mentioned recently…£700 per week for care of an elderly person in a home. Licence to print money. It’s no wonder that so many mansions around where I live have now been converted into old people’s homes. In the 70s and 80s many were hotels and had discos at the weekends.
One last point to del949, in 40 years time, your £283187.71 will probably buy you a second-hand mini. 
No way, in 40 years time a second hand mini will be worth far more!! 