James
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Registered: 1st Jun 02
Location: Surrey
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What does everyone have?
I met with a "Financial Planning Consultant" last week and although I'm not going to use his services, he has made me think about pensions more.
I have no employer pension at the moment as I run my own limited company, so I've transferred all my old previous pensions into a SIPP, which eventually I'll pay into via my limited company.
I don't know much about pensions - does anyone have any advice?
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Ben J
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Registered: 31st Jan 05
Location: Cheshire
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I have 2 pensions. That's about as much as I can contribute to this thread.
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Jimbothebarbarian
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Registered: 19th Apr 07
Location: Cumbria..........drunk..
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I know the older I get the less they are worth. IMHO you're better of buying into property or bullion. I started paying into pensions from the age of 18 if I'd put the same money into houses I'd be retired today at forty odd....
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James
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Registered: 1st Jun 02
Location: Surrey
User status: Offline
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quote:
Originally posted by Jimbothebarbarian
I know the older I get the less they are worth. IMHO you're better of buying into property or bullion. I started paying into pensions from the age of 18 if I'd put the same money into houses I'd be retired today at forty odd....
That's why I chose a SIPP. I choose the investments myself, so if my pension is losing money I only have myself to blame.
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Aaron
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Registered: 9th Aug 04
Location: Cottingham, East Riding
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I have 3 pensions 4 limited companies, comb-over and a beard.
Sorry, what was this thread about again?
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
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I'm paying into my LGPS pension, have been since I was 19.
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Ben G
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Registered: 12th Jan 07
Location: Essex
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I've got a Ford pension. Been paying in for 6 years now.
Going by my grandparents, the payments when.you retire are quite generous!
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AndyKent
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Registered: 3rd Sep 05
User status: Offline
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Was never interested in pensions until my new employer said how much they'd pay in 
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Pop
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Registered: 8th May 03
Location: Reading
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9% non-contributory for me and I get to divvy out where to invest from a list of options. All in high risk at the moment and will be for the next 15+ years
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BYRON
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Registered: 1st Jun 04
User status: Offline
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I'm putting 7% (highest I could select) of my net take home into a pension scheme. My employer matches my contribution.
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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I contribute 2% of salary into mine with Scottish Widows. It's a work one. About as much as I know
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Graham88
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Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
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I'm with London Underground pension. Supposedly the best one going but who knows
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James
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Registered: 1st Jun 02
Location: Surrey
User status: Offline
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I used to think I didn't need to worry about pensions as I'm only 28, but the following tool changed my mind:
http://www.hl.co.uk/pensions/interactive-calculators/pension-calculator
I discovered that delaying my pension by 5 years could cost me £5k a year in retirement income!
[Edited on 30-10-2013 by James]
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marklawton
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Registered: 24th Apr 05
Location: Pensby, Wirral Drives:Golf mk4 GTI
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i pay into the nhs pension. think it works out at 5.3% of my income and they match, supose to be one of the best ones out there
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Robbo
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Registered: 6th Aug 02
Location: London
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a standard rule is you must have a pension plan by the time youre 30 but as you say, even before then not havign one will seriously hurt you. i pay the max into my work one (5% with work matching my contribution IIRC) and review my investment choices every 3 months to ensure they are performing well. I have an old one from my firsty emplyer with a small amount in it and when i leave VF< ill consolidate the 2. Annoyingly, my last 2 companies i left before 24 months had elapsed so all my contys were returned and spent (obv employers contys were refunded to them) - however i plan to pay an equivalent amount to my contys into my old personal pension at some point to ensure i repay myself. I want to retire max at 60, hence paying in for a long time. we operate a slaary sacrifice scheme which helps a little too as you get some additional small tax benefits
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Robbo
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Registered: 6th Aug 02
Location: London
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ps my prior 2 companies paid in 14.6% and 17.3% respectively if you paid in 5% and 7.5% respectively; RIP defined benefit schemes 
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Robbo
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Registered: 6th Aug 02
Location: London
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pps the vf work one gives us the life insurance and death allowance etc
ppps why are yous elf employed james?
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Ben J
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Registered: 31st Jan 05
Location: Cheshire
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I pay 9% and company pays 6% in my current one
My old one I just pay £150 a month.
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VrsTurbo
Premium Member
Registered: 8th Jun 10
User status: Offline
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quote:
Originally posted by Robbo
pps the vf work one gives us the life insurance and death allowance etc
ppps why are yous elf employed james?
He runs a ltd company so he will be employed by that.
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James
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Registered: 1st Jun 02
Location: Surrey
User status: Offline
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^ What he said.
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Robbo
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Registered: 6th Aug 02
Location: London
User status: Offline
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why do you run a ltd company? why doesnt the firm you work for employ you?
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James
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Registered: 1st Jun 02
Location: Surrey
User status: Offline
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Because I'm a contractor. It's better money and less BS.
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Cavey
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Registered: 11th Nov 02
Location: Derby
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I believe that I'm putting 7% into mine and Royal Mail put double that in? But that seems quite high, so not too sure tbh! My mum said it was better than her pension 
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Robbo
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Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by James
Because I'm a contractor. It's better money and less BS.
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Robbo
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Registered: 6th Aug 02
Location: London
User status: Offline
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public sector, so sounds about right
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