Boldoneye
Midfield
I'm 60 years old and I got made redundant 3 years ago and have only had on and off part time work ever since as no one wants to employ owld folk full time. Anyway I've got a couple of small pensions that ended, one when I got made redundant and another about 10 years before that. I got a 'projection' letter off one of them a couple of days ago off one of them, normally I just bin them but I decided to look into this one as I was bored.
The value of it now is £31,195 the 'projected value when I'm 65 will be £31,500, so a capital of just over £30,000 will make just £300 interest over 5 years!!!!!! unbelievable. Also, when I retire they plan to give me £1320 a year of my own money, this equates to me living to just over 88 years old before I even get my money back ( a lifetime working in the yards and heavy industry, I don't think so!) and don't forget they are still making money on the capital whilst they are paying me back over the years. Imagine going to a Bank and asking for a loan of £30,000 and saying you will start paying it back in 5 years time and you want it interest free over 30 years and if I die 'tuff'' your'e getting nowt back. It's an absolute rip off and I would urge any younguns out there not to get one. Wish I could just withdraw the lot, but apparently pensions don't work like that. Bastards.
The value of it now is £31,195 the 'projected value when I'm 65 will be £31,500, so a capital of just over £30,000 will make just £300 interest over 5 years!!!!!! unbelievable. Also, when I retire they plan to give me £1320 a year of my own money, this equates to me living to just over 88 years old before I even get my money back ( a lifetime working in the yards and heavy industry, I don't think so!) and don't forget they are still making money on the capital whilst they are paying me back over the years. Imagine going to a Bank and asking for a loan of £30,000 and saying you will start paying it back in 5 years time and you want it interest free over 30 years and if I die 'tuff'' your'e getting nowt back. It's an absolute rip off and I would urge any younguns out there not to get one. Wish I could just withdraw the lot, but apparently pensions don't work like that. Bastards.