Abu Dhabi Red and White
Striker
What even is that?
Pensions
- Thread starter jedi_toaster
- Start date
vote quimby
Striker
Swindon On Tour
Striker
Global Sourcing Manager.
Basically buying parts and materials. I do less travelling now which suits me.
Started in the Automotive industry and funnily enough we used to supply Nissan their lighting for their cars.
It’s all about saving money, targets, legal contracts etc.
Brilliant. Would you believe me if I told you years ago my nephew did that job!!
Rockin Robin.
The last N in Swindon in the seats behind last row at the top in white is where I sit.
Last edited:
3.142
Striker
on my current dc scheme, once my employer has made its basic contributions it then matches mine on top of that. there's a point where it's no more tax efficient to put my own money in than not. if I choose to keep my piece the employer puts what it would have matched straight into my monthly pay. I get to keep my own money and get what would have been the employers contribution now. bingo.
jedi_toaster
Striker
Stab people.
D
Deleted member 14766
Guest
I’ve not got a fantastic pension provision. Or thats what I thought till I read the OP
I have 1 final salary pension from an employer I worked at for 12 years in the 80s and 90s. A private pension pot from combining and transferring the benefits from two other occupational schemes. A defined benefits occupational scheme that I paid into for 10 years and a final salary scheme that I just became eligible for and started which will take me to retirement.
Plus the state pension.
I have a financial advisor who I occasionally call regarding pensions, mortgages and savings/ bonds etc
The OP will be reliant upon the taxpayer and the government presumably but I don’t give a too much of a shit about that coz by the time he needs the money I won’t be a tax payer.
I have 1 final salary pension from an employer I worked at for 12 years in the 80s and 90s. A private pension pot from combining and transferring the benefits from two other occupational schemes. A defined benefits occupational scheme that I paid into for 10 years and a final salary scheme that I just became eligible for and started which will take me to retirement.
Plus the state pension.
I have a financial advisor who I occasionally call regarding pensions, mortgages and savings/ bonds etc
The OP will be reliant upon the taxpayer and the government presumably but I don’t give a too much of a shit about that coz by the time he needs the money I won’t be a tax payer.
Unless you’re dead you’ll be paying taxes in some way, shape or form.
D
Deleted member 30053
Guest
Find pension contact details - GOV.UK
Type the name of the employer into there and it will give you details of the scheme administrators.
It’s worth requesting a CETV (cash equivalent transfer value) for your old final salary scheme at this moment in time. Then you can decide once you see the value whether you think it’s prudent to seek advice.
Last edited by a moderator:
TicoTorres
Midfield
Gracias
Jimmer13
Midfield
Depend what pensions you realise monthly, remember state pension is taxed so lose part of personal allowance straight away, then allowances also taxed against private pensions. So anything over new tax allowance you will pay tax @ 20% unless part of your income takes you into 40% bracket. Unless you are in tax efficient schemes via adviser. So may be a reduced tax payer but could still be a tax payer.....get away with nothing with this lot.
D
Deleted member 14766
Guest
That's partly what I meant. The OP will need help from the taxpayer in about 25 to 30 years. In 25 - 30 years I'll be between 88 and 93 years old. He's not gonna get many years of contribution from me.
I was about to ask for just that as well as a full statement as the company were acquired and the pension transferred to a new management company a year or two ago. Need an update. Thanks.
See my first response. I'll be a reduced tax payer then dead by the time the OP is living off the state. It'll be quite a different state by then. Probably in one hell of a state.
Last edited by a moderator:
squashjoe
Striker
Especially if you need care.
Fact Hunt
Striker
The care system is in the verge of collapse, I wouldn’t count it being around in the form that we are used too for very much longer....
Slim999
Winger
This is not right.
The pensioners today are actually being paid for by workers of today via their NI.
.. Today's pensioners paid for others pensions in the past in a similar way.
If the NI couldn't cover it then overall gross pensions would simply be cut.
Be very wary of Tories promising to cut NI.. .
If any party was to suggest that their manifesto would means-test the state pension in future .... they would be shot with shit.
It would be a massively counter productive step
The impact would be 2- fold
1. They woukd lose an election
2. Anyone paying into a company or private pension would stop- as what would be the point ??
No the state pension for all us here to stay - but it will be limited to the levels it's at now.
Last edited:
42
Striker
NI isnt ringfenced for pensions & NHS.
It all just goes into the same pot. Governments in the past have pulled a fast one when they reduced the income tax but then increased the NI rate. Because people believe this link with pensions & NHS they tend not resent paying it as much so governments get away with it.
The state pension will get later & later when people can get it, to the point theres not much point in it. It'll probably be around 70 by the time I get it.
Slim999
Winger
Yep Agree
This us why you need to have your own pension otherwise you will work till 70 which is too long for many and definitely for anyone doing a physical job. We may be living longer but everyone will still feel knackered by 70.
There is no way the state pension will be cut for the better off though ...
Labour wouldn't dare do it - and the Tories would never ever do it as they like to show themselves as the party that rewards graft.
I think you're right - they will balance the equation by stealthy sneaky changes to age limit thresholds- and by pushing random parts of health care into a place whete you need to fork out yourself. ( remember free dental care?)
I'm 55 and I've just stopped working - but might go back.
House paid for and £250k pension pot pretty much untouched.
I feel lucky to have what I have - and I recognise that it won't be as easy for you youngsters coming through the system .
However the universal employer pension contribution now being set in stone - company pensions should be higher in future.
joemcdokes
Striker
No he's not.
Fletch
Striker
I know shed loads have nowt (including my missus) but at 55 , a pension pot of 250k , be surprised how quickly that will go
The Great Soprendo
Striker
Based on a drawdown approach, you can get a rough idea using a calculator like this:
Income drawdown calculator - making your money last
