paul.mitchell1984
Member
Registered: 31st Aug 06
Location: Wakefield
User status: Offline
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just joined mine at work and wondere what everybody eklse does.
im paying 4% of my wage which is £50 roughly and my employer put in 11% im 23 and cant touch till at least 55 does this sound a good deal?
whats everybody eklse doing as im also planning on getting a high intrest saver and putting £50 - 100 in that a month aswell..
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Russ
Member
Registered: 14th Mar 04
Location: Armchair
User status: Offline
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quote:
Originally posted by paul.mitchell1984
just joined mine at work and wondere what everybody eklse does.
im paying 4% of my wage which is £50 roughly and my employer put in 11% im 23 and cant touch till at least 55 does this sound a good deal?
whats everybody eklse doing as im also planning on getting a high intrest saver and putting £50 - 100 in that a month aswell..
yeah not bad at all, i pay 4% and mine pay 16%. If i die, my NOK will get 2x my salary too.
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BarnshaW
Member
Registered: 25th Oct 06
User status: Offline
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my company pay 5% of my salary and i cant touch it til i am 65. i have also entered myself on a "high risk" plan which means my pension will rise/fall based on the economy. shud rise though as it has done in general for some years now.
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Jambo
Member
Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
User status: Offline
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ive been told not to bother wit ha pension and invest instead.
I already hav e ap ension and have had for 3?! years or so...
Want ot get out of it now
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IvIarkgraham
Premium Member
Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
User status: Offline
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i pay roughly 5% and my company pay 3%
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paul.mitchell1984
Member
Registered: 31st Aug 06
Location: Wakefield
User status: Offline
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ye mines a hogh risk rise or fall and can become less risk the older i get, if i had the money to id invest but my credits screwed and cant get a house on your own for 17k lol
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BarnshaW
Member
Registered: 25th Oct 06
User status: Offline
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same as matey, round where i live id never ever even be able to buy a FLAT let alone a house, so id either have to move somewhere cheaper or live at home til my parents die. depressing really isnt it
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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i will start paying 8% of my total wages to pension after working at ford for 6 months, only been there 2 months so far.
but i can retire on full pay at 49 and if i died my next of kin get's 2 years full pay (would be about 60k) so not bad really 
[Edited on 04-09-2007 by Ben G]
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BarnshaW
Member
Registered: 25th Oct 06
User status: Offline
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but when ur 49 years old how much will 60k get u
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James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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My company pay 5% and I pay nothing.
I also have 4x salary life assurance
[Edited on 04-09-2007 by James]
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Jules S
Premium Member
Registered: 24th Dec 03
User status: Offline
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Well,
My 2p worth.
I opted out of serps when I was 22, because I had a company pension offered (didn't have a clue tbph) 12 months later I was laid off and I forgot i had opted out 
I was then invited into a very good pension scheme when I was 27, and declined it because I couldn't afford to contribute
House etc
So I'm a tad fcuked?
Not really.
I was always told that you should never contribute to a pension if you cant afford to....I still believe that.
Investments are complex things, esp when long term investments are concerned. The money YOU put in are effectively paying the old timers pensions today. It's like a rolling cycle. At least thats my understanding of it. A bloke I work with left last week....his parting words were 'keep paying your pensions in, I want to live as long as poss on my pension'
I dunno, I could be totally wrong. What I DO know is that I forgoed my pension when I was young and bought a house. I've now got 100k equity in the house and nearly a zero mortgage. I'm now in a position where the last 25 years of my working life I can take advantage of the works pension and also invest a substantial amount of my disposable income into other funds.
Having done some rough sums in the last week I will semi retire in my 50's and fully retire at 60.
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Russ
Member
Registered: 14th Mar 04
Location: Armchair
User status: Offline
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im going to have a son, he can sign for man utd on 100k a week at 16, i can retire at 40, ace
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Gavin
Premium Member
Registered: 3rd Apr 02
Location: West Midlands
User status: Offline
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quote:
Originally posted by Russ
im going to have a son, he can sign for man utd on 100k a week at 16, i can retire at 40, ace
exactly what i plan to do.... just need to find myself someone to mother my 'pension' child 
pew pew pew pewwwww
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Marc
Member
Registered: 11th Aug 02
Location: York
User status: Offline
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Apparantley ever Norwich Union employee has a pension that the company contributes to. I don't earn enough to add to it or start one up!
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by Jules S
So I'm a tad fcuked?
Not really.
I was always told that you should never contribute to a pension if you cant afford to....I still believe that.
As someone who is quite up on pensions etc... 100% agree!! I personally think most people need to start savign around 30, but before that its not that big a deal... if you can afford it then great, if not, then dont worry too much about it!!
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Russ
Member
Registered: 14th Mar 04
Location: Armchair
User status: Offline
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obviously the sensible option could also be, dont get a pension, just put all money into your house, down grade when u retire and enjoy the collaterol
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Andrew
Member
Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
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I'm not opting in mine. I'd rather pay the 3% off student loans right now.
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neoquip
Member
Registered: 12th Aug 02
Location: Nottm
User status: Offline
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with a private pension you have to think this (as I'm now only just working it out.. at 33)
what ever they predict the CASH POT will be at retirement age.. lets say £90k
you will get back 25% cash in a lump sum when it matures.
about £20k (this will be what you've paid 'IN' yourself).
then you get a few £k a year for the rest og your life (this must be about £4k)
Use the pension as a savings, as you'll get back what you pa in and a bit every ear. BUT on't rely on it, invest ese where and buy property!!
this is just my opion of course.
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