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Comfortable I would imagine .
Very.
Discuss Personal pensions - Do you pay into one? in the Business Related area at ElectriciansForums.net
Comfortable I would imagine .
I was always told that you were better off starting a pension fund when you were young and paying in little and often.
I wouldn’t have the spare cash now to be ploughing in a grand a month
how many youngsters today are starting a private pension fund I wonder ? I bet it’s not manyn
Totally agree... I'd say it was vital for all youngsters to allocate a certain %age of their pay to a pension... and stick to it !! There are all sorts of pension arrangements you can make these days, there's really no excuse for not making provision for your own old age.Absolutely. The benefits of starting one younger are huge. The longer you leave it the harder it is to build that pot up.
There is no pension pot to raid, the state pension is paid from taxes.I am worried Rishi Sunak is talking about raiding the state pension pot to help pay for this bloody mess we are in.
I also think people of our generation want a much more lavish retirement? So will have to make provision for it personally?
when I think back to my grandparents their retirement was very very different, they lived in an old bedsit council flat, they had no car and never went on holiday. They both drew a state pension, neither had any private income. I still remember vividly they had an old biscuit tin under the bed stuffed full of five and ten pound notes my grandfather saved up. They both lived off this cash until they eventually both died. They had nothing in the way of assets other than the old furniture in the flat and the tv. Even their washing machine was rented from the council.
Or... if he really wants to sort things out... he should overhaul the public sector gold plated pensions system. I know so many people that have retired at 50 (or thereabouts) with a massive lump sum and gratuitous pension. How can it be right for someone to receive a pension for more years than they actually worked for ??? It's crazy.There is no pension pot to raid, the state pension is paid from taxes.
It's been reported that he's considering reducing the lifetime allowance to £800K, probably doesn't concern anyone here. Or, reducing the higher rate tax allowance from 40% to 20%, long overdue IMO, or introducing an employer's tax on pension contributions.
I looked into the consolidation as I have two old pensions floating around. I was informed that it was not viable as the fees to do so would eat into the pension.I'm putting in just over £50 a week and my employer is putting in half that.
I have bits of pots here there and everywhere, I really need to get round to consolidating everything into the one.
I looked into the consolidation as I have two old pensions floating around. I was informed that it was not viable as the fees to do so would eat into the pension.
I had been wondering about that myself and suspected it would not be worth it, so useful to know.Same here for a small pot that I've got. Advisor said fees would be excessive compared to the fund value.
Re charges for transferring, are these exit penalties from the original provider. or fees from an "advisor" for arranging a transfer? Exit penalties sometimes exist especially on older schemes, and you can't do much about. Advisor fees you can maybe do the admin yourself with no fee, unless perhaps an old final salary (defined benefit) scheme where "advice" is mandatory before a transfer can be accepted.
Reply to Personal pensions - Do you pay into one? in the Business Related area at ElectriciansForums.net
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