Pension rip offs

Had a word with her last night and apparently she was deputy manager for 3 years but before that she did 2-3 years as a normal care worker so that would have also counted towards her pension. She was earning more than me when she was a deputy manager so £35,000+ I'd say. I don't really get involved in her pensions because she earned them and they're hers to spunk on a static caravan she owns. When I retire in about 3 years time then I suppose we'll pool our pensions and live according to what we have coming in. Downsizing will also be on the cards as we live in a 3 bed detached house in a nice area that is boring as feck. The only fly in the ointment is her health, I'm not sure she'll be here in 3 years time to be honest.

The way it works (or did back then) is you got 1/80th of your last salary for every year worked. Then when you leave its frozen & uprated by CPI every year.
The standard lump sum was 3 x annual pension

So 6 years employment, with last job at say £40k will get pension of £3k & £9k lumper.

But if that £40k was 20 years ago then can multiply above figures by something between 1.5 (2% Ave inflation) 1.8(3% Ave inflation)
 


Problem is that most pension funds are managed by slick haired spivs ( whether public or private ) and they don't a flying f9rt if the funds tank..its not their money.
You are better off putting away money into an account you own every week.
Maybe use some to buy a second property or invest in blue chip shares. It all takes time but the GFC ( as in previous global meltdowns ) should teach people that the people at the top of financial trees are little better than slot machine addicts
The big advantage of a pension is that employers pay into it and contributions are tax free. They would not pay into a private savings account for a property.

The pension company I'm with are always tweaking the deal and there is another round going on at the moment. It seems to always be pay in more, get less out, because it has been mismanaged in the past. But no matter how worse it is realistically going to get (unless it folds completely) then I'm going to be better off. It is a big sector wide pension scheme that would see millions in trouble if it did tank so I'd expect government bail out if it did tank completely.

I'm not completely happy with it, but it is far far better than a savings account.
 
Had a word with her last night and apparently she was deputy manager for 3 years but before that she did 2-3 years as a normal care worker so that would have also counted towards her pension. She was earning more than me when she was a deputy manager so £35,000+ I'd say. I don't really get involved in her pensions because she earned them and they're hers to spunk on a static caravan she owns. When I retire in about 3 years time then I suppose we'll pool our pensions and live according to what we have coming in. Downsizing will also be on the cards as we live in a 3 bed detached house in a nice area that is boring as feck. The only fly in the ointment is her health, I'm not sure she'll be here in 3 years time to be honest.

That's rotten news in your final sentence and I hope you're wrong. Work all your life to enjoy a short retirement. :cry:
 
I was forced into a pension at 18 by my parents and paid into that until I was 21, when I joined an insurance company, they had a better scheme, so I froze the first one and started the second one.
When I left there 5 years later, the new company were quite savvy and were run by accountants. The pension was much better and came with free, independent access to financial advisors. His advice was to transfer my previous 2 pensions into the new one as the first was barely making a profit and the second had high charges. He also advised that I should invest 8% a month from my salary and the company would stick in 10%, which I've been doing since I was 26. I'm 50 now and looking to retire in around 10 years time by which time I should be able to live comfortably in retirement without even factoring in the wifes pension (NHS) or the state pension when it arrives when I turn 67.

So my advice is to start paying into a pension, as much as you can as early as possible and never stop. I've never missed the extra cash as I've never had it and I hope to travel a bit in my 60s before my body gives out and I have to spend my days at the staring window.
 
Couple of my mates self employed have next to zero pension , my missus similar until few year back which means I’m having to find loads to put in it now , I reckon the main problem will be with self employed , loads just don’t think of paying into one / setting one up , there’s obviously no employer contributions to go in also
 
Couple of my mates self employed have next to zero pension , my missus similar until few year back which means I’m having to find loads to put in it now , I reckon the main problem will be with self employed , loads just don’t think of paying into one / setting one up , there’s obviously no employer contributions to go in also

I'm sure that all of the undeclared cash that they've taken over the years has built into quite a pile under the mattress though 😁
 

Back
Top