Lambchops
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State pension here gives you 60% of your best 3 years salary average - I'll be the old soak that's pissed himself in the corner of the bar
Pensions and that
- Thread starter Frijj
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State pension here gives you 60% of your best 3 years salary average - I'll be the old soak that's pissed himself in the corner of the bar
Brian Griffin
Striker
Be sure to state that on the form nice and clearly.
Or you'll be responsible for those terrible bankers being motivated to take risks.
AndrewP
Striker
Is that a thing?
I already have about £500 stuck in a previous employer's pension scheme that I can't access until I'm 55
How do pensions work if you're not in the same organisation your entire career?
You'll have a transfer value, you can transfer your pot to another provider if you wish.
I'm familiar with the concept but what's the opportunity cost of putting into a pension?
I can't think of a better investment for my retirement. Is there one?
You've lost me
Not sure,merely pointing out that there maybe.As a few have said buy to let.There's always the chance the scheme could go bust.Bird in the hand,etc.
Pop
Striker
If he is in a DC scheme the scheme can't go bust, it's money in his name.
BTL's carry loads of risk unless you've paid off the mortgage and even then they aren't risk free if your relying on them entirely in retirement.
That would be the lifestyle benefits you would have from the extra cash in your pocket. As others have said, if your employer contributes then it's a no brainer.
Also, the money saved is not strictly tax free (*); you are merely deferring tax until you withdraw that money at which point, along with any state pension, it will count as taxable income. Of course, you would still need to exceed your personal allowance before paying tax so you're still quids in, especially if you retire before state pension age.
(*) Not strictly true as 25% of your pot is tax free and you don't pay NI on pension income.
banburysafc
Striker
I work in pensions and let's just say I think we'll be very disappointed when we reach 65/70.
Sounds like a textbook Tuesday in Brno from what I hear!
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Another way the young have been screwed by the older generation. You know the older generation who those nasty Tories were trying to get some money back from 
Looking at pensions today compared to what I got when I started mine 26 years ago is like comparing chalk and cheese. Mind I'm sure if Corbyn gets in he'll sort it out.
If I was you Frijj I honestly wouldn't know where to put my money. Today's pension schemes are pretty shit. I've been buying shares for 20 years and I've seen a pretty good return but 2008 was a sobering time.
Looking at pensions today compared to what I got when I started mine 26 years ago is like comparing chalk and cheese. Mind I'm sure if Corbyn gets in he'll sort it out.
If I was you Frijj I honestly wouldn't know where to put my money. Today's pension schemes are pretty shit. I've been buying shares for 20 years and I've seen a pretty good return but 2008 was a sobering time.
Pop
Striker
Pay in and keep paying in, the earlier you start the better.
Another way the young have been screwed by the older generation. You know the older generation who those nasty Tories were trying to get some money back from
Looking at pensions today compared to what I got when I started mine 26 years ago is like comparing chalk and cheese. Mind I'm sure if Corbyn gets in he'll sort it out.
If I was you Frijj I honestly wouldn't know where to put my money. Today's pension schemes are pretty shit. I've been buying shares for 20 years and I've seen a pretty good return but 2008 was a sobering time.
I've started an ISA with Moneybox and plan to put about £100 a month in as well as £125 into my pension.
I did look at giving Trading212 a go but not ballsy enough to meet the min payment of £100
joemcdokes
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Look at buying a new car to make a profit on it in 25 years time, even better still buy 3 or 4 of them.
Spread risk:cash,shares, property, pension.Nowt is secure 100%.Another way the young have been screwed by the older generation. You know the older generation who those nasty Tories were trying to get some money back from
Looking at pensions today compared to what I got when I started mine 26 years ago is like comparing chalk and cheese. Mind I'm sure if Corbyn gets in he'll sort it out.
If I was you Frijj I honestly wouldn't know where to put my money. Today's pension schemes are pretty shit. I've been buying shares for 20 years and I've seen a pretty good return but 2008 was a sobering time.
Edinburgh Black Cat
Striker
If your employer matches/tops up contributions then go for it.
If not I'd recommend a help to buy/lifetime isa instead. (Assuming you have never purchased a property)
You still get the tax benefit and it'll help you build a deposit which will allow you to either get a better rate on your mortgage or get somewhere quicker.
Pop
Striker
I've started an ISA with Moneybox and plan to put about £100 a month in as well as £125 into my pension.
I did look at giving Trading212 a go but not ballsy enough to meet the min payment of £100
What kind of ISA? Help to buy or lifetime ISA's are worth looking at. As well as your usual interest the government adds 25% of what you put in each month but you can only put in £200 each month.
Worth starting early if you ever plan on buying a house.
@Shirley Shammel is an IFA and an MLF
Le Chuck
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I've started an ISA with Moneybox and plan to put about £100 a month in as well as £125 into my pension.
I did look at giving Trading212 a go but not ballsy enough to meet the min payment of £100
Thought you worked in the public sector? In which case its a no brainer to join the pension scheme
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