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Author Pensions and Savings
bishbosh
Member

Registered: 25th Sep 06
User status: Offline
10th Nov 09 at 11:40   View User's Profile U2U Member Reply With Quote

What are you doing with regards to your Savings and Pensions?

I currently have a pension with work, they match my contributions up to 8%.

I've been thinking about thking out a second pension, not sure how they work?

Also, whats the best way to save 100 for 10yrs??
AndyKent
Member

Registered: 3rd Sep 05
User status: Offline
10th Nov 09 at 12:21   View User's Profile U2U Member Reply With Quote

No pension at all.
My employer doesn't have to make contributions due to the size of the company (I think) so I don't bother.

Plan to put all my cash into property and see how I get on
Colin
Member

Registered: 4th Apr 02
Location: Drives a hire car
User status: Offline
10th Nov 09 at 12:45   View User's Profile U2U Member Reply With Quote

I dont have any pension at all & im 27 - fuckit lifes too short to worry!!!

Got another 21 years to work to qulify for an old age pension....if theres still such a thing then!!
bishbosh
Member

Registered: 25th Sep 06
User status: Offline
10th Nov 09 at 12:48   View User's Profile U2U Member Reply With Quote

I was just thinking, having a good pension might make the difference between retiring at 60-65 rather than 75+
mattk
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Registered: 27th Feb 06
Location: St. Helens
User status: Offline
10th Nov 09 at 12:50   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by AndyKent
No pension at all.
Plan to put all my cash into property and see how I get on
bishbosh
Member

Registered: 25th Sep 06
User status: Offline
10th Nov 09 at 12:52   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by mattk
quote:
Originally posted by AndyKent
No pension at all.
Plan to put all my cash into property and see how I get on




By this do you mean paying your mortgage?
Conway563
Member

Registered: 7th Jun 06
Location: Yate, Bristol
User status: Offline
10th Nov 09 at 12:59   View User's Profile U2U Member Reply With Quote

I've got a pension through work that they match the payments to.
Currently only pay 2% but hoping to start putting more in next year
Colin
Member

Registered: 4th Apr 02
Location: Drives a hire car
User status: Offline
10th Nov 09 at 13:07   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by bishbosh
I was just thinking, having a good pension might make the difference between retiring at 60-65 rather than 75+


I dont plan to live that long!!
bishbosh
Member

Registered: 25th Sep 06
User status: Offline
10th Nov 09 at 13:21   View User's Profile U2U Member Reply With Quote

Haha - but what if you do...
Conway563
Member

Registered: 7th Jun 06
Location: Yate, Bristol
User status: Offline
10th Nov 09 at 13:23   View User's Profile U2U Member Reply With Quote

It actually works out that by paying into my pension I take home more money each month than if I wasn't making any contributions
bishbosh
Member

Registered: 25th Sep 06
User status: Offline
10th Nov 09 at 13:24   View User's Profile U2U Member Reply With Quote

It must be tax efficient like mine, the pension is taken from gross pay and not nett
AndyKent
Member

Registered: 3rd Sep 05
User status: Offline
10th Nov 09 at 15:04   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by bishbosh
quote:
Originally posted by mattk
quote:
Originally posted by AndyKent
No pension at all.
Plan to put all my cash into property and see how I get on




By this do you mean paying your mortgage?


More than one mortgage, hopefully.
Ben G
Member

Registered: 12th Jan 07
Location: Essex
User status: Offline
10th Nov 09 at 16:07   View User's Profile U2U Member Reply With Quote

i pay 40 a week into my work pension. think it's 8% of my wages every week after tax and NI.

should get a tidy some when i come to leave.

they just pay you a wage based on your last 3 years of working before you retire.

so god knows how much i'll get once i've done 35 years there.

[Edited on 10-11-2009 by Ben G]
Andrew
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Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
10th Nov 09 at 16:37   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by mattk
quote:
Originally posted by AndyKent
No pension at all.
Plan to put all my cash into property and see how I get on

Cavey
Member

Registered: 11th Nov 02
Location: Derby
User status: Offline
10th Nov 09 at 17:00   View User's Profile U2U Member Reply With Quote

I've got a Royal Mail pension which on paper, looks great, I put 7% in, they double it every week.

But with this whole Pension deficit (think they owe 10billion to the pension scheme... i'm starting to wonder whether it's worth it or not!
Twiggy
Member

Registered: 15th Oct 04
User status: Offline
10th Nov 09 at 17:26   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Colin
I dont have any pension at all & im 27 - fuckit lifes too short to worry!!!

Got another 21 years to work to qulify for an old age pension....if theres still such a thing then!!



tut tut tut Colin!

My dad started his pension at 16 and retired at 50

His mate did put in fuck all and had to work till 65

I would bang in as much as you can while you can!
Colin
Member

Registered: 4th Apr 02
Location: Drives a hire car
User status: Offline
10th Nov 09 at 17:41   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Twiggy
quote:
Originally posted by Colin
I dont have any pension at all & im 27 - fuckit lifes too short to worry!!!

Got another 21 years to work to qulify for an old age pension....if theres still such a thing then!!



tut tut tut Colin!

My dad started his pension at 16 and retired at 50

His mate did put in fuck all and had to work till 65

I would bang in as much as you can while you can!


As did my old man at 55 but hes pensioned out his nut

I dont care really, live for the minute is my moto, plus ive heard too much of people paying into pensions all their working life then not reeping the rewards for one way or another!!
Twiggy
Member

Registered: 15th Oct 04
User status: Offline
10th Nov 09 at 17:53   View User's Profile U2U Member Reply With Quote

Daniel_Corsa
Premium Member

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Registered: 21st Apr 04
Location: Wigton, Cumbria
User status: Offline
10th Nov 09 at 20:48   View Garage View User's Profile U2U Member Reply With Quote

I've paid into a pension since I was 18, left my last job and company pay a contribution my contribution is optional, I currently pay nothing but company still pay a fixed monthly amount.

I keep meaning to set it up so I pay in something each month also.


April '06' Corsasport Feature Car | Aug '08' Total Vauxhall Feature Car | Spring '09' Fast Car Feature Car
Kathryn W
Member

Registered: 12th Oct 03
Location: Widnes, Cheshire
User status: Offline
10th Nov 09 at 21:09   View User's Profile U2U Member Reply With Quote

Paid into my works pension since i started at the age of 18..

Works out that i pay 5.4% which roughly is 80 a month and then the council pay 3% or there about.

Lucky enough to get a large lump sum on retirement age..

My old boss got 30k in his lump sum alone!!
Pop
Member

Registered: 8th May 03
Location: Reading
User status: Offline
10th Nov 09 at 21:25   View User's Profile U2U Member Reply With Quote

I get a non-contributary 9% (might be 8%) pension through work. Not adding anything to it myself as extra money is going into overpaying on the mortgage.
James
Member

Registered: 1st Jun 02
Location: Surrey
User status: Offline
10th Nov 09 at 21:29   View User's Profile U2U Member Reply With Quote

What you pay into it is somewhat irrelevant when most of them get invested in stuff like CDOs which are worth nothing since the sub-prime mortgage crisis.

My company pays about 8% and I don't pay anything. When I decide to start putting some away myself i'll either invest in property or open a SIPP.
J da Silva
Member

Registered: 10th Apr 03
Location: The FACTory
User status: Offline
10th Nov 09 at 22:24   View User's Profile U2U Member Reply With Quote

I don't have a pension, instead I bought houses to rent out, when they are paid off and I start to rot in my armchair I'll get rid of them and keep some for my children to sell/use.

I don't rely on paying into a scheme, with everything that's been happening with them lately.
Twiggy
Member

Registered: 15th Oct 04
User status: Offline
10th Nov 09 at 22:29   View User's Profile U2U Member Reply With Quote

but in 40 years time when i am looking to retire i am sure it will be back to normal and rather have something than nothing...
deano87
Member

Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
10th Nov 09 at 22:46   View User's Profile U2U Member Reply With Quote

I got a lovely letter from HM Revenue & Customs asking if I wanted to pay 300 to make up my National Insurance Contributions.

Apparently you need 30 years of paying it before you get a pension, and I've got that left in me I'm sure, so won't be giving them a penny of my money unless I have to.

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