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What's your pension plan idea? (work)

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By *arla Swinger OP   Woman
25 weeks ago

Somewhere

So, I've just continued to get my pension subs deducted from my pay packet as is standard for my company. However, was recently surprised that someone my age (45) were stating they'd prefer to opt out as would rather the few extra quid in their wage?

Not for me personally, as I'll build up whatever I can, and pension pots are on my mind these days. But any others opting out?

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By *929Man
25 weeks ago

newcastle

I don’t pay into any pension and never would as pretty poor return on investment plus watched my fad die a year into his so he may as well have pissed the money up the wall. I don’t expect to live a long life after all the ailments over the years nor do I want to

Plan is property my own house was paid off 4 years ago plan to buy a very cheap rental place outright this year plus maybe 2-4 more between now and 50 (assuming work goes ok still) and retire at 50

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By *arla Swinger OP   Woman
25 weeks ago

Somewhere


"I don’t pay into any pension and never would as pretty poor return on investment plus watched my fad die a year into his so he may as well have pissed the money up the wall. I don’t expect to live a long life after all the ailments over the years nor do I want to

Plan is property my own house was paid off 4 years ago plan to buy a very cheap rental place outright this year plus maybe 2-4 more between now and 50 (assuming work goes ok still) and retire at 50 "

You're self employed though.. Ain't an option for me

So, I'm chatting more about if you're working for a company, and if you want to opt out of their pension plan?

But I love your vibe, and kudos to you

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By *ed VoluptaWoman
25 weeks ago

Wirral.


"I don’t pay into any pension and never would as pretty poor return on investment plus watched my fad die a year into his so he may as well have pissed the money up the wall. I don’t expect to live a long life after all the ailments over the years nor do I want to

Plan is property my own house was paid off 4 years ago plan to buy a very cheap rental place outright this year plus maybe 2-4 more between now and 50 (assuming work goes ok still) and retire at 50

You're self employed though.. Ain't an option for me

So, I'm chatting more about if you're working for a company, and if you want to opt out of their pension plan?

But I love your vibe, and kudos to you "

I thought that if you opt out of a company pension now, you have to opt into a private one?

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By *arla Swinger OP   Woman
25 weeks ago

Somewhere


"I don’t pay into any pension and never would as pretty poor return on investment plus watched my fad die a year into his so he may as well have pissed the money up the wall. I don’t expect to live a long life after all the ailments over the years nor do I want to

Plan is property my own house was paid off 4 years ago plan to buy a very cheap rental place outright this year plus maybe 2-4 more between now and 50 (assuming work goes ok still) and retire at 50

You're self employed though.. Ain't an option for me

So, I'm chatting more about if you're working for a company, and if you want to opt out of their pension plan?

But I love your vibe, and kudos to you

I thought that if you opt out of a company pension now, you have to opt into a private one? "

Does that still hold if you're self employed though? Interesting if it is?

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By *ripfillMan
25 weeks ago

havant

Don’t get me started …..mr Angry from Havant here …

The current government has lowered the personal tax threshold

You pay into the state pension

Your private pension you pay into

( ok you may decide property investing is a better option - but beware of capital gains tax )

When you decide to take your personal pension yes you can get 25% tax free

But …. Wait for it …

When you draw your state pension take into the miserly personal tax threshold

Start you take your pension you are taxed again. A second time !!!!!

Ok you can buy an isa ( either a cash or stocks and shares ) £20k a tax year

When you cash that in it’s tax free but when your earning so few people have that benefit )

Sorry but this is all ahead of me and not too far away and I am concerned

Sorry not very FAB. but I want to enjoy life and fab does come into that too

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By *kirun24Couple
25 weeks ago

Teesside

If you have option of company scheme then probably worth taking as company will also contribute as compared with losing the tax and NI on receiving the salary, and no contribution from the Company. Most pension schemes now are a savings pot, which if you never use then can form part of your estate and be left to others if worst should happen. Depending on the scheme it may also offer death in service life assurance, although not so common now.

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By *ripfillMan
25 weeks ago

havant

So sorry still ranting a bit …

I fear so much for my son and daughter ( like all

Of our kids ) the retirement age will

Likely go up !

They will have to contribute to pension now just when their disposable income is on a tight rope because the British state pension is the lowers t in the EU countries. France is double our

Ours approx £840 per month France £1580 per month

Luxembourg approx £2240

What have we been doing …over the last 14 years

Off now to get a cold shower … sorry all

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By *ripfillMan
25 weeks ago

havant


"If you have option of company scheme then probably worth taking as company will also contribute as compared with losing the tax and NI on receiving the salary, and no contribution from the Company. Most pension schemes now are a savings pot, which if you never use then can form part of your estate and be left to others if worst should happen. Depending on the scheme it may also offer death in service life assurance, although not so common now."

Yes 100% agree

Oddly reading about death in service … it’s becoming extinct in companies now so the implication is to find your own assurance deal

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By (user no longer on site)
25 weeks ago

I have a company pension (final salary) and and I've actually just increased my contributions

I'm hoping to retire in 4 years

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By *icecouple561Couple
Forum Mod
25 weeks ago

East Sussex

Unless you have a very good alternative to a private or company pension I would never advise opting out. We keep boring our kids telling them to contribute more to their company scheme if they can.

I respect people who have alternate arrangements, that was never an option for us.

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By *rispyDuckMan
25 weeks ago

Chinese Takeaway near you

At this rate I will retire at 90 & live comfortably for 15mins lol

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By *ripfillMan
25 weeks ago

havant


"I have a company pension (final salary) and and I've actually just increased my contributions

I'm hoping to retire in 4 years "

Seriously - I mean it - well done you !!!

Remember you’re a bloody long time dead …

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By *icecouple561Couple
Forum Mod
25 weeks ago

East Sussex


"I have a company pension (final salary) and and I've actually just increased my contributions

I'm hoping to retire in 4 years "

You won't regret it.

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By *ellhungvweMan
25 weeks ago

Cheltenham

I dump as much cash as I can spare into market tracking ETFs and then just leave it to compound. If I can fill a tax free vehicle then great but my pension plan is to make use of time and compounding.

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By *randmrsbigboobsCouple
25 weeks ago

romsey

I have a few different pensions through moving jobs hoping to have this one as my last pension pot (ha!) only 34 so you know probably not so likely!

I doubt there will be a retirement age by the time I get there it’ll be a case of doing it when I can afford to (probably never) or working til I pop my clogs or am too ill to work (far more likely)

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By *randmrsbigboobsCouple
25 weeks ago

romsey

Cheery Thursday thought :P

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By *AYENCouple
25 weeks ago

Lincolnshire


"So sorry still ranting a bit …

I fear so much for my son and daughter ( like all

Of our kids ) the retirement age will

Likely go up !

They will have to contribute to pension now just when their disposable income is on a tight rope because the British state pension is the lowers t in the EU countries. France is double our

Ours approx £840 per month France £1580 per month

Luxembourg approx £2240

What have we been doing …over the last 14 years

Off now to get a cold shower … sorry all

"

I'm pretty sure France doesn't offer totally free health care, I have no clue about Luxembourg but I doubt it does either. K.

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By *ealMissShadyWoman
25 weeks ago

St Albans/ Welsh Borders


"If you have option of company scheme then probably worth taking as company will also contribute as compared with losing the tax and NI on receiving the salary, and no contribution from the Company. Most pension schemes now are a savings pot, which if you never use then can form part of your estate and be left to others if worst should happen. Depending on the scheme it may also offer death in service life assurance, although not so common now.

Yes 100% agree

Oddly reading about death in service … it’s becoming extinct in companies now so the implication is to find your own assurance deal "

My company offer death in service at 3× your salary which I've opted into. I work for a College and my pension is a Council one, they pay 3× what I pay in so it is worth it for me. Though my guess is I won't reach retirement age so my kids will benefit from it

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By *icecouple561Couple
Forum Mod
25 weeks ago

East Sussex

As things currently stand one of the best things you can do is ensure that you are mortgage/rent free by retirement (whenever that may be). I do realise that not everyone is fortunate enough to be able to do that.

Also the biggest mistake you can make is to assume that you'll never retire.

Even if the state pension age increases if you have things in place at least you have the option of reducing your hours drastically and claiming private pensions or using whatever you have in place

As boring as it might feel and as far off as it seems the day will come if you're fortunate when you just don't want to or can't work any more.

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By *obilebottomMan
25 weeks ago

All over

And lots of piggy banks if you can

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By *r John WickMan
25 weeks ago

The Continental

I have no option but to use my property as my pension. Never saved into any pension plan being self employed and barely earning enough to live on, let alone be able to save.

I’ll be on the job till I drop dead I suppose.

Yay, a cheery thought for a morning.

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By *icecouple561Couple
Forum Mod
25 weeks ago

East Sussex


"I have no option but to use my property as my pension. Never saved into any pension plan being self employed and barely earning enough to live on, let alone be able to save.

I’ll be on the job till I drop dead I suppose.

Yay, a cheery thought for a morning. "

Sorry to hear that. My dad reluctantly took a private pension out in his mid fifties. He's 97 now retired at 75 and blesses the day he took the pension out every month.

If you are ever able to afford it, it's not too late for a while.

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By *kirun24Couple
25 weeks ago

Teesside


"If you have option of company scheme then probably worth taking as company will also contribute as compared with losing the tax and NI on receiving the salary, and no contribution from the Company. Most pension schemes now are a savings pot, which if you never use then can form part of your estate and be left to others if worst should happen. Depending on the scheme it may also offer death in service life assurance, although not so common now.

Yes 100% agree

Oddly reading about death in service … it’s becoming extinct in companies now so the implication is to find your own assurance deal

My company offer death in service at 3× your salary which I've opted into. I work for a College and my pension is a Council one, they pay 3× what I pay in so it is worth it for me. Though my guess is I won't reach retirement age so my kids will benefit from it "

You are very fortunate and it is because you are semi public sector that you have those advantages; most private sector schemes lost these a long time ago, after a certain Chancelllor decided to raid pensions!. The death in service works well to offset the disadvantages of final salary schemes which is that there is no “pot” of money to pass on should you die, unlike personal or defined contribution company schemes, where the money is yours to do what you wish

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By (user no longer on site)
25 weeks ago

Mine is to hope my parents don't need to go into a care home before dying, which sounds awful but the truth is their home equity is only way I can envision a modest retirement. Works pension is growing after shifting the investements away from the risk averse standard offering (my choice and not a recommendation).

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By *hatsWhatCoupleCouple
25 weeks ago

Northampton

Pensions are the most tax efficient way you can save for the future/retirement. But they may not be the best performing way to invest.

If your employer contributes - which they should. (Minimum contribution of 3% company for 8% total is the law). Then take the free money

You’ll be hard pushed to get a greater return on the net value equal to your 5% contribution if you invest privately.

A bit of advice that I always share. Your private pension sits outside of your estate for the purposes of inheritance tax. SO make sure you nominate beneficiaries through an expression of wishes and keep it up to date. The trustees will consider these wishes should the time arise.

Don’t be the person that looses their pension to an ex partner because they didn’t update their wishes, or they want the funds to go to a child, and then the trustees give it to the other parent, of that child, your ex, because it would not be appropriate to leave a large sim to a minor

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By *eah BabyCouple
25 weeks ago

Cheshire, Windermere ,Cumbria

Started paying into a works pension at 21, the youngest age I could join on my dads advice, I worked there for 28 years, it’s nice to know that money will be coming back to me and I didn’t miss the money being taken from my wage each month, it was quite nice to see the company paying in double what I did We are also lucky enough to be mortgage free, just hope we don’t need a care home and it all just gets taken back.

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By *ootyfruityCouple
25 weeks ago

andover

I pay as much as possible into mine

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By (user no longer on site)
25 weeks ago

Just gone into semi-retirement. Luckily I have an old final salary scheme pension plus a money purchase pension too. I worry for my kids and what they'll have pension-wise!

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By *ay_86Man
25 weeks ago

Loughborough

Your pension game is really sexy!

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By (user no longer on site)
25 weeks ago


"What's your pension plan idea? (work) "

The house!

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By *ony MannMan
25 weeks ago

New York City New York USA

Don't opt out of work pensions, the company will be paying in as well.

If you intend to die before pension age ensure your loved one benefit from your pension after you are gone.

If you need money when you retire or don't think you will live long,take a payment on retirement and a smaller regular pension.

You must consider your personal situation when making pension plans what is best for me may be the worst thing you could do.

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By (user no longer on site)
25 weeks ago

Ive got enough money to last until I retire and die….

If I finish work on Wednesday next week and pass on the Friday.

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By (user no longer on site)
25 weeks ago


"I have no option but to use my property as my pension. Never saved into any pension plan being self employed and barely earning enough to live on, let alone be able to save.

I’ll be on the job till I drop dead I suppose.

Yay, a cheery thought for a morning. "

Just been told by my bank that I have to work til I am 70 -that's fine as I like my work - however, absolutely stupid comment from them, given that the mortgage on my house is less than 15% of the value of the property.

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By *assagejMan
25 weeks ago

Bude

Work on the 20 to 25 times figures, so if you want 10k a year you will need approximately 200 to 250 thousand in the pot .

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By *ivemealadybonerWoman
25 weeks ago

somewhere


"So, I've just continued to get my pension subs deducted from my pay packet as is standard for my company. However, was recently surprised that someone my age (45) were stating they'd prefer to opt out as would rather the few extra quid in their wage?

Not for me personally, as I'll build up whatever I can, and pension pots are on my mind these days. But any others opting out? "

I opted out for many many years in various employment, at that moment in time I'd rather take the money home because we wasn't earning a great deal between us, terrible at money management and wasn't really looking to the future. Since I started my job in August, I've not opted out as we are in a better place financially wise x

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By *hatsWhatCoupleCouple
25 weeks ago

Northampton

A decent financial planner is worth their weight in gold - and get one early in life.

You can do it yourself, it’s not massively complicated but there is a minefield of good and bad advice out there, including from swingers forums

What are your financial goals, when do you want to retire, what’s your appetite for risk are good questions to ask yourself. Not a bad idea to answer them 30 years before you wish to retire. But there is no time too early or too late.

Good luck

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By *icecouple561Couple
Forum Mod
25 weeks ago

East Sussex

^^ I second the advice about a financial adviser. I am extremely grateful for the advice I was given just over twelve years ago.

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By *arkus1812Man
25 weeks ago

Lifes departure lounge NN9 Northamptonshire East not West MidlandsMidlands


"I have no option but to use my property as my pension. Never saved into any pension plan being self employed and barely earning enough to live on, let alone be able to save.

I’ll be on the job till I drop dead I suppose.

Yay, a cheery thought for a morning.

Sorry to hear that. My dad reluctantly took a private pension out in his mid fifties. He's 97 now retired at 75 and blesses the day he took the pension out every month.

If you are ever able to afford it, it's not too late for a while. "

Seeing that your dad retired at 75, 10 years after he was entitled to draw his state pension, was he given the option of taking the pension every month or allowing it to rollup until he started drawing his state pension when he eventually retired? I was in a similar situation and as I was working and drawing private pensions I rolled mine up for almost 6 years eventually picking up a lump sum of £42k when I started to draw my state pension at 71.

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By *bi HaiveMan
Forum Mod
25 weeks ago

Cheeseville, Somerset


"So sorry still ranting a bit …

I fear so much for my son and daughter ( like all

Of our kids ) the retirement age will

Likely go up !

They will have to contribute to pension now just when their disposable income is on a tight rope because the British state pension is the lowers t in the EU countries. France is double our

Ours approx £840 per month France £1580 per month

Luxembourg approx £2240

What have we been doing …over the last 14 years

Off now to get a cold shower … sorry all

"

European pensions are better because employees contribute more during their working lives.

My plan? I'm self employed so don't currently pay in to anything but I have a six figure sum sat from a previous job, am due another when the last remaining parent shuffles off, and can carry on working as long as I want part time or as and when I choose.

I plan on using pension drawdown rules rather than getting an annuity, since the rates suck and sods law I'd croak a month after buying one.

I plan on living cheaply and disgracefully in retirement.

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By *atnip make me purrWoman
25 weeks ago

Reading


"I have a company pension (final salary) and and I've actually just increased my contributions

I'm hoping to retire in 4 years "

Those are so rare these days.

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By *atnip make me purrWoman
25 weeks ago

Reading

My kids are in their 20s and I encourage them to at least get the full company matching as otherwise it's turning down free money and I think it's dangerous to expect a state pension when they retire.

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By *rHotNottsMan
25 weeks ago

Dubai & Nottingham


"I dump as much cash as I can spare into market tracking ETFs and then just leave it to compound. If I can fill a tax free vehicle then great but my pension plan is to make use of time and compounding."

Good idea, right now is good on the uk markets so a great time to put extra in.

My plan is to retire & have an adventure , I’ve worked and saved enough.

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By *ony MannMan
25 weeks ago

New York City New York USA

I thought I would retire for my pension

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By *eah BabyCouple
25 weeks ago

Cheshire, Windermere ,Cumbria

Retired now, mixture of pension and investments including property purchases and generally being money wise through the years, just hope we live long enough to enjoy it

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By (user no longer on site)
25 weeks ago

My retirement plan is to die before I retire.

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By *eah BabyCouple
25 weeks ago

Cheshire, Windermere ,Cumbria


"My retirement plan is to die before I retire. "

Awww don’t say that

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By *allandathleticMan
25 weeks ago

Asgard

Death.

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By *allandathleticMan
25 weeks ago

Asgard


"My retirement plan is to die before I retire. "

Dammit. Beat me to it.

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By *4bimMan
25 weeks ago

Farnborough Hampshire

I don't plan to retire.

I will work till I'm unable to do because when I reach that age things will be much more expensive than now.

Also the state will have eliminated a lot of help/benefits available to assist living

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By *inky_couple2020Couple
25 weeks ago

North West


"If you have option of company scheme then probably worth taking as company will also contribute as compared with losing the tax and NI on receiving the salary, and no contribution from the Company. Most pension schemes now are a savings pot, which if you never use then can form part of your estate and be left to others if worst should happen. Depending on the scheme it may also offer death in service life assurance, although not so common now.

Yes 100% agree

Oddly reading about death in service … it’s becoming extinct in companies now so the implication is to find your own assurance deal "

We have a death in service benefit. It's joyous explaining that one at the end of the spiel we do in interviews

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By (user no longer on site)
25 weeks ago


"My retirement plan is to die before I retire.

Awww don’t say that "

I'd be a horrible old(er) person, it's better for everyone this way.

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By (user no longer on site)
25 weeks ago


"If you have option of company scheme then probably worth taking as company will also contribute as compared with losing the tax and NI on receiving the salary, and no contribution from the Company. Most pension schemes now are a savings pot, which if you never use then can form part of your estate and be left to others if worst should happen. Depending on the scheme it may also offer death in service life assurance, although not so common now.

Yes 100% agree

Oddly reading about death in service … it’s becoming extinct in companies now so the implication is to find your own assurance deal

We have a death in service benefit. It's joyous explaining that one at the end of the spiel we do in interviews "

I am definitely worth more if i die in service!

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By *hrek101Man
25 weeks ago

Herts

Never thought throughout the years how much I paid into pensions. Now I am older I'm glad be because both my larger pensions are doing really well, they just kept going up.It's looking like I can retire much earlier than I thought

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By *uenevereWoman
25 weeks ago

Scunthorpe

I am fortunate to have a pretty good work pension, and it well worth continuing to pay into, especially at my age.

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By *tew008Man
25 weeks ago

edinburgh

Probably just rob a bank. Either have retirement money or free room and board

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By (user no longer on site)
25 weeks ago

I pay what I deem to be a sizeable chunk pm and when I did a lifestyle profile based on my contributions + expected state salary on top it told me I was looking (based on assumptions of being a single as it doesn’t take into account spousal circumstance) to expect a “cost of living” post retirement lifestyle.

Ie two takeaways per month, allowance for clothing, one uk holiday a year etc

To get to something deemed more “moderate lifestyle” I’d need to be paying in more which I can’t afford at this stage of my life

I’m paying like £500 pm as it is

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By (user no longer on site)
25 weeks ago

BBC (not that one) radio four money box program recently had some retirement planning experts who indicated that for a single person aged between 60 and 65 to provide for a comfortable life then the person should be mortgage or rent free have a pension pot of £500k and have a cash savings of £150k

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By *opinovMan
25 weeks ago

Point Nemo, Cumbria

I don't trust private pension funds - seen far too many of them raided to line the pockets of millionaires like Robert Maxwell and Philip Green.

Sod that.

I bought a forest instead, which should be ready to yield a very nice tax free harvest around my retirement time. In the meantime, it's a playground for me to make cabins and things.

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By *lex46TV/TS
25 weeks ago

Near Wells


"At this rate I will retire at 90 & live comfortably for 15mins lol"

This is definitely me

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By *rucking-HellMan
25 weeks ago

Northampton

[Removed by poster at 08/06/24 01:12:59]

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By *rucking-HellMan
25 weeks ago

Northampton

I'm 45, and I opted out two years ago.

The reason I opted out, and this might sound a bit thicko to some, is that I believe twenty years from now state pensions will be means tested against private pensions. If I've no private private pension, then I'll be entitled to a full state pension. I don't trust that the government introduced workplace pension enrollment as a sincere thing that benefits working people.

Come at me haterz......

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By *rozac_fairyCouple
25 weeks ago

Tamworth

I'm paying I to my own and investing into property (self employed).

My Husband is paying the least he can and then topping up his own away from work or a "pension scheme" to maximise his return.

I don't expect to retire (no woman in my family has surpassed the age of 49) so mine is more an investment into my husband and children's future for when I'm gone. His is a solid retirement plan whoch would allow for a decent inheritance to the children and potential grandchildren

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By *uctifanoWoman
25 weeks ago

Glasgow

I retire in 18 months and I’m disgusted at what I’ve seen transpire in my working life. I’ve bought my house, because one day I thought I’d leave that legacy to my kids. No, even though I’ve paid it and huge interest etc the government may take it back to pay for my old age care. Luckily I dodged what many suffered in investing in a private pension that went bust. Yes I worry for my kids as there may be no pension at all for them. I do have a public sector pension but it’s small as not been in that long. When I retire though both are considered taxable income PLUS I’m working 6 years longer than I was promised when I started working (one of the waspie women ) in reference to someone previous who’s dad died and didn’t get to enjoy his pension. My deepest sympathies as I too have family members who didn’t get to reap the benefits of their hard earned pension. On that word (benefits) wish people would stop referring to the pension as a benefit. It’s not!!! We pay for it, it’s an investment and we are entitled to it!!!

Hope everyone’s plans work out whatever they do. We deserve a happy and healthy retirement (and a FABby one too )

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By *ristol100Man
25 weeks ago

Bristol

My father paid into 2 work pension schemes. Over 36 years with of investment. He was going to retire at 60 and would have had a great pension. His company persuaded him to stay on and agreed to bump his pension contributions. Alll was good until such point of retirement. The markets had dropped so his pensions were worth less than when he was 60 despite the additional contributions. Then he passed less than 2 years into retirement. That pension just disappeared. Did not pass over to my mother. 18 years of payments for a tiny return. I purchased another property. It has potentially a better return than a pension and if rented out, also offer a good return and can be self funding.

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By *nightsoftheCoffeeTableCouple
25 weeks ago

Leeds

Don’t have one. The life I’ve lead I won’t be alive to retire.

The mr

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By *orrivonCouple
25 weeks ago

Nowhere

Best investment I ever made was starting a pension at 24 years old.. £100 a month initially but now over £500. Pension value now of over £270k in 33 years and “made” over £3k last week alone….into flexible drawdown access now and the money is there for my family should I die as well, without forming part of my estate for IHT.

It works for some. Seek proper advice, though.

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By *inky_couple2020Couple
25 weeks ago

North West


"I'm 45, and I opted out two years ago.

The reason I opted out, and this might sound a bit thicko to some, is that I believe twenty years from now state pensions will be means tested against private pensions. If I've no private private pension, then I'll be entitled to a full state pension. I don't trust that the government introduced workplace pension enrollment as a sincere thing that benefits working people.

Come at me haterz......"

I mean, the value of the private pension would likely give you a higher monthly income than a state pension, but there we are.

State pension is currently worth around £884 a month. My Dad's occupational pension pays him over £950 a month.

I know which one I'd pick, if it were a case of one or the other.

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By *icecouple561Couple
Forum Mod
25 weeks ago

East Sussex

Not everyone gets the full state pension, neither of us do You need to have contributed for a set number of years, we opted out for a while in the eighties do don't have the years in. Currently you can buy years back but it isn't always worth it.

I can't advise people strongly enough to understand their pension, private and state. Check the age at which you can start drawing your private pension and what the conditions are.

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By (user no longer on site)
25 weeks ago


"Not everyone gets the full state pension, neither of us do You need to have contributed for a set number of years, we opted out for a while in the eighties do don't have the years in. Currently you can buy years back but it isn't always worth it.

I can't advise people strongly enough to understand their pension, private and state. Check the age at which you can start drawing your private pension and what the conditions are.

"

On the state pension I paid NI from being 16 with no break in contributions. You can access your state contributions and predicted state pension on the following website is a useful start.

https://www.gov.uk/state-pension/how-much-you-get

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By (user no longer on site)
25 weeks ago


"I'm 45, and I opted out two years ago.

The reason I opted out, and this might sound a bit thicko to some, is that I believe twenty years from now state pensions will be means tested against private pensions. If I've no private private pension, then I'll be entitled to a full state pension. I don't trust that the government introduced workplace pension enrollment as a sincere thing that benefits working people.

Come at me haterz......"

Umm they already are in essence because once your income tips over the tax bracket you oay tax... But you don't get taxed on your giv pension, it comes off yours private pension (i think)... So yes, the only way to have full gov pension is to have no other income, but its only £12k per year?? Is that enough for you to live on

A private pension will allow you to top up this monthly amount, but will also allow you to withdraw draw a lump sum that is tax free (25% i think, can't quite remember now, but someone else will confirm /correct)

So my recommendation would be to definitely get a company pension if possible, as the company also makes contributions along side you

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By (user no longer on site)
25 weeks ago


"I retire in 18 months and I’m disgusted at what I’ve seen transpire in my working life. I’ve bought my house, because one day I thought I’d leave that legacy to my kids. No, even though I’ve paid it and huge interest etc the government may take it back to pay for my old age care. Luckily I dodged what many suffered in investing in a private pension that went bust. Yes I worry for my kids as there may be no pension at all for them. I do have a public sector pension but it’s small as not been in that long. When I retire though both are considered taxable income PLUS I’m working 6 years longer than I was promised when I started working (one of the waspie women ) in reference to someone previous who’s dad died and didn’t get to enjoy his pension. My deepest sympathies as I too have family members who didn’t get to reap the benefits of their hard earned pension. On that word (benefits) wish people would stop referring to the pension as a benefit. It’s not!!! We pay for it, it’s an investment and we are entitled to it!!!

Hope everyone’s plans work out whatever they do. We deserve a happy and healthy retirement (and a FABby one too ) "

Gosh what a shit show you are having to contend with

I wonder if you can put your house in trust for your kids? Or transfer it into their names. You'll need to check current guidance - i think you have to live without intervention for 7 years, yhen i think you can start to tap into state assistance - this is from 20 years ago tho when my husbands grandparents transferred their assets to their children. But worth looking into!

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By *ife NinjaMan
25 weeks ago

Dunfermline

I'm still in a final salary one. One benefit from being bloody old

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By *om and JennieCouple
25 weeks ago

Chams or Socials


"If you have option of company scheme then probably worth taking as company will also contribute as compared with losing the tax and NI on receiving the salary, and no contribution from the Company. Most pension schemes now are a savings pot, which if you never use then can form part of your estate and be left to others if worst should happen. Depending on the scheme it may also offer death in service life assurance, although not so common now.

Yes 100% agree

Oddly reading about death in service … it’s becoming extinct in companies now so the implication is to find your own assurance deal "

My work colleague sadly died last week. He was also a long time family friend. His wife died 15 years ago. He had already taken his lump sum & we were so relieved he was still paying into the local government pension scheme so his children will receive his death in service benefit. They will also not have to sell the family home where his daughter still lives. We knew he was ill but his death was very sudden & his children very un-prepared not knowing bank details etc... We’ve all had to pull together to help them. I’ve made sure my parents were organised & am now writing everything down for T & our children so they have all the info we need.

J x

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By *icecouple561Couple
Forum Mod
25 weeks ago

East Sussex


"If you have option of company scheme then probably worth taking as company will also contribute as compared with losing the tax and NI on receiving the salary, and no contribution from the Company. Most pension schemes now are a savings pot, which if you never use then can form part of your estate and be left to others if worst should happen. Depending on the scheme it may also offer death in service life assurance, although not so common now.

Yes 100% agree

Oddly reading about death in service … it’s becoming extinct in companies now so the implication is to find your own assurance deal

My work colleague sadly died last week. He was also a long time family friend. His wife died 15 years ago. He had already taken his lump sum & we were so relieved he was still paying into the local government pension scheme so his children will receive his death in service benefit. They will also not have to sell the family home where his daughter still lives. We knew he was ill but his death was very sudden & his children very un-prepared not knowing bank details etc... We’ve all had to pull together to help them. I’ve made sure my parents were organised & am now writing everything down for T & our children so they have all the info we need.

J x

"

Lasting power of attorney is a very useful thing and makes it much easier for relatives if you fall ill or need to go into residential care. I'm going to make our daughter my attorney and I'm attorney for my uncle. My dad won't hear of it though.

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By *om and JennieCouple
25 weeks ago

Chams or Socials


"If you have option of company scheme then probably worth taking as company will also contribute as compared with losing the tax and NI on receiving the salary, and no contribution from the Company. Most pension schemes now are a savings pot, which if you never use then can form part of your estate and be left to others if worst should happen. Depending on the scheme it may also offer death in service life assurance, although not so common now.

Yes 100% agree

Oddly reading about death in service … it’s becoming extinct in companies now so the implication is to find your own assurance deal

My work colleague sadly died last week. He was also a long time family friend. His wife died 15 years ago. He had already taken his lump sum & we were so relieved he was still paying into the local government pension scheme so his children will receive his death in service benefit. They will also not have to sell the family home where his daughter still lives. We knew he was ill but his death was very sudden & his children very un-prepared not knowing bank details etc... We’ve all had to pull together to help them. I’ve made sure my parents were organised & am now writing everything down for T & our children so they have all the info we need.

J x

Lasting power of attorney is a very useful thing and makes it much easier for relatives if you fall ill or need to go into residential care. I'm going to make our daughter my attorney and I'm attorney for my uncle. My dad won't hear of it though. "

All drafted, just got to wait a few months for youngest to turn 18. Have done them for my parents too. I work in social services finance so luckily am very clued up but my friends think I’m mad when I mention these things

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By (user no longer on site)
25 weeks ago

As a matter of interest what does the ensemble consider a comfortable monthly pension income from stare and private source?

Single = £/month

Partnered =£/ month

Nett of tax of course

Just as as a mater of interest.

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By *hatsWhatCoupleCouple
25 weeks ago

Northampton


"As a matter of interest what does the ensemble consider a comfortable monthly pension income from stare and private source?

Single = £/month

Partnered =£/ month

Nett of tax of course

Just as as a mater of interest."

There’s some studies for this, search for ‘retirementlivingstandards’

For a couple to live a ‘moderate’ lifestyle a gross income of £43,100 per annum is required.

The standards define in a real world way what moderate means.

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By (user no longer on site)
25 weeks ago

£3.6k / month..........seems reasonable

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By *icecouple561Couple
Forum Mod
25 weeks ago

East Sussex


"If you have option of company scheme then probably worth taking as company will also contribute as compared with losing the tax and NI on receiving the salary, and no contribution from the Company. Most pension schemes now are a savings pot, which if you never use then can form part of your estate and be left to others if worst should happen. Depending on the scheme it may also offer death in service life assurance, although not so common now.

Yes 100% agree

Oddly reading about death in service … it’s becoming extinct in companies now so the implication is to find your own assurance deal

My work colleague sadly died last week. He was also a long time family friend. His wife died 15 years ago. He had already taken his lump sum & we were so relieved he was still paying into the local government pension scheme so his children will receive his death in service benefit. They will also not have to sell the family home where his daughter still lives. We knew he was ill but his death was very sudden & his children very un-prepared not knowing bank details etc... We’ve all had to pull together to help them. I’ve made sure my parents were organised & am now writing everything down for T & our children so they have all the info we need.

J x

Lasting power of attorney is a very useful thing and makes it much easier for relatives if you fall ill or need to go into residential care. I'm going to make our daughter my attorney and I'm attorney for my uncle. My dad won't hear of it though.

All drafted, just got to wait a few months for youngest to turn 18. Have done them for my parents too. I work in social services finance so luckily am very clued up but my friends think I’m mad when I mention these things "

We don't tend to consider these things until it's almost too late. I admit I didn't but experiences with my mum and now my dad have shown me that it's the wise thing to do.

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By *icecouple561Couple
Forum Mod
25 weeks ago

East Sussex


"As a matter of interest what does the ensemble consider a comfortable monthly pension income from stare and private source?

Single = £/month

Partnered =£/ month

Nett of tax of course

Just as as a mater of interest.

There’s some studies for this, search for ‘retirementlivingstandards’

For a couple to live a ‘moderate’ lifestyle a gross income of £43,100 per annum is required.

The standards define in a real world way what moderate means.

"

We live on far less than that.

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By *inky_couple2020Couple
25 weeks ago

North West

The problem with being someone's Attorney is that the level of responsibility required when the person becomes incapable of managing their own affairs, is immense. No, it's unrealistic and frankly, stressful in the extreme.

My experience of being PoA for my Dad is putting me off asking anyone to be my Attorney and I'll take my chances with SS and doctors making the decisions.

Since 2020, I have be managing two households over 40 miles apart, including financially subsidising my Dad, managing his health and social care and honestly? I wish I'd never agreed to it. Social services just wash their hands of you and tell you that it's your responsibility as the Attorney to deal with things and tough shit.

Think carefully about the extent to which you want your children to give up their own lives when you are unable to manage your own affairs.

I honestly, honestly regret it big time and other than for Mr KC, I will never agree to be anyone else's Attorney for any reason. I will also think VERY carefully about being anyone's Executor after my experience (still ongoing) of being my Grandad's Executor. 3.5yrs of my life and the trauma continues.

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By *icecouple561Couple
Forum Mod
25 weeks ago

East Sussex


"The problem with being someone's Attorney is that the level of responsibility required when the person becomes incapable of managing their own affairs, is immense. No, it's unrealistic and frankly, stressful in the extreme.

My experience of being PoA for my Dad is putting me off asking anyone to be my Attorney and I'll take my chances with SS and doctors making the decisions.

Since 2020, I have be managing two households over 40 miles apart, including financially subsidising my Dad, managing his health and social care and honestly? I wish I'd never agreed to it. Social services just wash their hands of you and tell you that it's your responsibility as the Attorney to deal with things and tough shit.

Think carefully about the extent to which you want your children to give up their own lives when you are unable to manage your own affairs.

I honestly, honestly regret it big time and other than for Mr KC, I will never agree to be anyone else's Attorney for any reason. I will also think VERY carefully about being anyone's Executor after my experience (still ongoing) of being my Grandad's Executor. 3.5yrs of my life and the trauma continues. "

That's interesting and sobering. I have joint attorney and if I or my co attorney feel unable or unwilling to do anything the solicitors are named as replacement attorneys.

I'll definitely think this through before going through with my daughter.

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By *om and JennieCouple
25 weeks ago

Chams or Socials


"The problem with being someone's Attorney is that the level of responsibility required when the person becomes incapable of managing their own affairs, is immense. No, it's unrealistic and frankly, stressful in the extreme.

My experience of being PoA for my Dad is putting me off asking anyone to be my Attorney and I'll take my chances with SS and doctors making the decisions.

Since 2020, I have be managing two households over 40 miles apart, including financially subsidising my Dad, managing his health and social care and honestly? I wish I'd never agreed to it. Social services just wash their hands of you and tell you that it's your responsibility as the Attorney to deal with things and tough shit.

Think carefully about the extent to which you want your children to give up their own lives when you are unable to manage your own affairs.

I honestly, honestly regret it big time and other than for Mr KC, I will never agree to be anyone else's Attorney for any reason. I will also think VERY carefully about being anyone's Executor after my experience (still ongoing) of being my Grandad's Executor. 3.5yrs of my life and the trauma continues. "

You can relinquish PoA and ask SS to take over as Appointee or Deputy. But then you have very limited input. It’s a lose/lose situation

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By *inky_couple2020Couple
25 weeks ago

North West


"The problem with being someone's Attorney is that the level of responsibility required when the person becomes incapable of managing their own affairs, is immense. No, it's unrealistic and frankly, stressful in the extreme.

My experience of being PoA for my Dad is putting me off asking anyone to be my Attorney and I'll take my chances with SS and doctors making the decisions.

Since 2020, I have be managing two households over 40 miles apart, including financially subsidising my Dad, managing his health and social care and honestly? I wish I'd never agreed to it. Social services just wash their hands of you and tell you that it's your responsibility as the Attorney to deal with things and tough shit.

Think carefully about the extent to which you want your children to give up their own lives when you are unable to manage your own affairs.

I honestly, honestly regret it big time and other than for Mr KC, I will never agree to be anyone else's Attorney for any reason. I will also think VERY carefully about being anyone's Executor after my experience (still ongoing) of being my Grandad's Executor. 3.5yrs of my life and the trauma continues.

You can relinquish PoA and ask SS to take over as Appointee or Deputy. But then you have very limited input. It’s a lose/lose situation "

Essentially living another person's life from a distance, including managing all their finances etc, is impossible and exhausting. I am genuinely considering relinquishing the PoA but I need my brother to be on board. I don't feel able to leave him as sole Attorney because all that will happen is he will come and expect me to do all the stuff anyway.

We have to deal with finances mainly by physically going to the bank (which is open only during our working hours and there's no branch near me).

I cannot possibly attend all medical appointments with him but that's what the NHS expects and they refuse to do things like dial me on the phone so I can listen and hear what is being recommended/prescribed.

The only reason I haven't lost my job is I have a nice manager and I will work remotely from hospital waiting rooms etc and then keep working in the evenings after.

The impact on our young daughter is profound. I have to ignore her needs and put my father's ahead of her because she understands and he doesn't. He escaped onto a train that was heading to Newcastle the other day (opposite side of the country) - if that happened when she's home, she'd either just be left with Mr or our son or anything we're doing together dropped and shoved in the car to rescue Grandpa. Again.

It's not feasible to keep doing it. SS don't help at all and defer to us but without SS help, we can't help Dad unless we do everything ourselves.

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By *rooperRedMan
25 weeks ago

Littlehampton

Fatal stroke before 65.

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By *ellinever70Woman
25 weeks ago

Ayrshire


"The problem with being someone's Attorney is that the level of responsibility required when the person becomes incapable of managing their own affairs, is immense. No, it's unrealistic and frankly, stressful in the extreme.

My experience of being PoA for my Dad is putting me off asking anyone to be my Attorney and I'll take my chances with SS and doctors making the decisions.

Since 2020, I have be managing two households over 40 miles apart, including financially subsidising my Dad, managing his health and social care and honestly? I wish I'd never agreed to it. Social services just wash their hands of you and tell you that it's your responsibility as the Attorney to deal with things and tough shit.

Think carefully about the extent to which you want your children to give up their own lives when you are unable to manage your own affairs.

I honestly, honestly regret it big time and other than for Mr KC, I will never agree to be anyone else's Attorney for any reason. I will also think VERY carefully about being anyone's Executor after my experience (still ongoing) of being my Grandad's Executor. 3.5yrs of my life and the trauma continues.

You can relinquish PoA and ask SS to take over as Appointee or Deputy. But then you have very limited input. It’s a lose/lose situation

Essentially living another person's life from a distance, including managing all their finances etc, is impossible and exhausting. I am genuinely considering relinquishing the PoA but I need my brother to be on board. I don't feel able to leave him as sole Attorney because all that will happen is he will come and expect me to do all the stuff anyway.

We have to deal with finances mainly by physically going to the bank (which is open only during our working hours and there's no branch near me).

I cannot possibly attend all medical appointments with him but that's what the NHS expects and they refuse to do things like dial me on the phone so I can listen and hear what is being recommended/prescribed.

The only reason I haven't lost my job is I have a nice manager and I will work remotely from hospital waiting rooms etc and then keep working in the evenings after.

The impact on our young daughter is profound. I have to ignore her needs and put my father's ahead of her because she understands and he doesn't. He escaped onto a train that was heading to Newcastle the other day (opposite side of the country) - if that happened when she's home, she'd either just be left with Mr or our son or anything we're doing together dropped and shoved in the car to rescue Grandpa. Again.

It's not feasible to keep doing it. SS don't help at all and defer to us but without SS help, we can't help Dad unless we do everything ourselves. "

Is a care home not a possibility,

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By *arlot o scaraWoman
25 weeks ago

Hell

I opted out years ago, and every new job I get, I opt out. Retirement will be a thing of the past before I reach 60.

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By *inky_couple2020Couple
25 weeks ago

North West


"The problem with being someone's Attorney is that the level of responsibility required when the person becomes incapable of managing their own affairs, is immense. No, it's unrealistic and frankly, stressful in the extreme.

My experience of being PoA for my Dad is putting me off asking anyone to be my Attorney and I'll take my chances with SS and doctors making the decisions.

Since 2020, I have be managing two households over 40 miles apart, including financially subsidising my Dad, managing his health and social care and honestly? I wish I'd never agreed to it. Social services just wash their hands of you and tell you that it's your responsibility as the Attorney to deal with things and tough shit.

Think carefully about the extent to which you want your children to give up their own lives when you are unable to manage your own affairs.

I honestly, honestly regret it big time and other than for Mr KC, I will never agree to be anyone else's Attorney for any reason. I will also think VERY carefully about being anyone's Executor after my experience (still ongoing) of being my Grandad's Executor. 3.5yrs of my life and the trauma continues.

You can relinquish PoA and ask SS to take over as Appointee or Deputy. But then you have very limited input. It’s a lose/lose situation

Essentially living another person's life from a distance, including managing all their finances etc, is impossible and exhausting. I am genuinely considering relinquishing the PoA but I need my brother to be on board. I don't feel able to leave him as sole Attorney because all that will happen is he will come and expect me to do all the stuff anyway.

We have to deal with finances mainly by physically going to the bank (which is open only during our working hours and there's no branch near me).

I cannot possibly attend all medical appointments with him but that's what the NHS expects and they refuse to do things like dial me on the phone so I can listen and hear what is being recommended/prescribed.

The only reason I haven't lost my job is I have a nice manager and I will work remotely from hospital waiting rooms etc and then keep working in the evenings after.

The impact on our young daughter is profound. I have to ignore her needs and put my father's ahead of her because she understands and he doesn't. He escaped onto a train that was heading to Newcastle the other day (opposite side of the country) - if that happened when she's home, she'd either just be left with Mr or our son or anything we're doing together dropped and shoved in the car to rescue Grandpa. Again.

It's not feasible to keep doing it. SS don't help at all and defer to us but without SS help, we can't help Dad unless we do everything ourselves.

Is a care home not a possibility,"

He refuses to leave home. Despite being deemed as lacking capacity to understand and make decisions, we cannot move him under duress. I cannot physically do anything. So no, is the short answer.

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By *ellinever70Woman
25 weeks ago

Ayrshire


"

He refuses to leave home. Despite being deemed as lacking capacity to understand and make decisions, we cannot move him under duress. I cannot physically do anything. So no, is the short answer. "

I thought having poa would have allowed you to be able to make that decision in such desperate circumstances

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By *ormerWelshcouple2020Man
25 weeks ago

Stourbridge


"I don’t pay into any pension and never would as pretty poor return on investment plus watched my fad die a year into his so he may as well have pissed the money up the wall. I don’t expect to live a long life after all the ailments over the years nor do I want to

Plan is property my own house was paid off 4 years ago plan to buy a very cheap rental place outright this year plus maybe 2-4 more between now and 50 (assuming work goes ok still) and retire at 50

You're self employed though.. Ain't an option for me

So, I'm chatting more about if you're working for a company, and if you want to opt out of their pension plan?

But I love your vibe, and kudos to you "

Dont do anything without professional advice.

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By *iltsTSgirlTV/TS
25 weeks ago

chichester

rob a rich ex prime minister

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By (user no longer on site)
25 weeks ago

My plan is something along the lines of the Hatton Garden robbery.

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By *enrietteandSamCouple
25 weeks ago

Staffordshire

My plan is to die before I need one.

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By *its The Spot AlotMan
25 weeks ago

Plymouth

Must admit, the reality of a future rubbish pension hit me hard a few yrs ago,

As they say:

you work 40 hrs a week

For 40 year

To then retire and try to get by on 40% of the wages you just about get by on now.

Personally I took a big decision about 5 yrs ago to withdraw most of my pension,as when I used their online tool it predicted at 67yrs age I would be getting £5k a year!

I now invest in property part time and plan to go full time into it ASAP after 3 x my original pension money, my money under my control.

Feel much better now knowing I'm not lining a load of cheating deceiving bankers and hedge funders, finance so called experts. Ha I laugh in your face lol or jiz in your face

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By *oubleswing2019Man
25 weeks ago

Colchester

I very much doubt I'll make it to retirement age, so no plan to speak of as it seems a bit pointless and wishful thinking. Being pragmatic, voluntary euth, if not in the UK by then, is available elsewhere, and the benefit being I get to choose on my own terms.

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By *inky_couple2020Couple
25 weeks ago

North West


"

He refuses to leave home. Despite being deemed as lacking capacity to understand and make decisions, we cannot move him under duress. I cannot physically do anything. So no, is the short answer.

I thought having poa would have allowed you to be able to make that decision in such desperate circumstances "

Not if he is unwilling to live anywhere else, no. I can't legally force him to leave his home.

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By *om and JennieCouple
25 weeks ago

Chams or Socials


"

He refuses to leave home. Despite being deemed as lacking capacity to understand and make decisions, we cannot move him under duress. I cannot physically do anything. So no, is the short answer.

I thought having poa would have allowed you to be able to make that decision in such desperate circumstances "

Not if they have fluctuating mental capacity. And trying to get a mental capacity assessment is harder than finding a unicorn

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By *uctifanoWoman
25 weeks ago

Glasgow


"I retire in 18 months and I’m disgusted at what I’ve seen transpire in my working life. I’ve bought my house, because one day I thought I’d leave that legacy to my kids. No, even though I’ve paid it and huge interest etc the government may take it back to pay for my old age care. Luckily I dodged what many suffered in investing in a private pension that went bust. Yes I worry for my kids as there may be no pension at all for them. I do have a public sector pension but it’s small as not been in that long. When I retire though both are considered taxable income PLUS I’m working 6 years longer than I was promised when I started working (one of the waspie women ) in reference to someone previous who’s dad died and didn’t get to enjoy his pension. My deepest sympathies as I too have family members who didn’t get to reap the benefits of their hard earned pension. On that word (benefits) wish people would stop referring to the pension as a benefit. It’s not!!! We pay for it, it’s an investment and we are entitled to it!!!

Hope everyone’s plans work out whatever they do. We deserve a happy and healthy retirement (and a FABby one too )

Gosh what a shit show you are having to contend with

I wonder if you can put your house in trust for your kids? Or transfer it into their names. You'll need to check current guidance - i think you have to live without intervention for 7 years, yhen i think you can start to tap into state assistance - this is from 20 years ago tho when my husbands grandparents transferred their assets to their children. But worth looking into! "

I certainly will, thank you

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