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Pensions

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By (user no longer on site) OP   
over a year ago

Last night I listen to a chat on R5 all about pensions and when people should think about setting up a private one and how much they would need ( % of there wage minus works contribution ) and was astonished at the results .

Now it seems to be the younger you start it the less % you have to put by for later in life ,

so now knowing that would you be trying to encourage your children to take one plus if you had known when you first started a job would you have done or just waited until later in life .

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By (user no longer on site)
over a year ago

Get in as early as possible. Compounding makes for better pensions. Time is your biggest friend in pensions.

10 years left for me but glad i got in early doors.

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By (user no longer on site)
over a year ago

You need to be careful though. I have friends who lost all their private pensions because the companies went tits up.

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By *tew008Man
over a year ago

edinburgh

They are pretty garbage now. All the old dearies got final salary pensions and the likes.

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By (user no longer on site)
over a year ago

" now it seems " saving early for you pension has always bee n the case.

Luckily I will be able to retire before my state pension starts at the age of 67. Save early as you can !!!!

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By (user no longer on site)
over a year ago


"They are pretty garbage now. All the old dearies got final salary pensions and the likes."

I must be an old rich deary as I have a final salary pension.

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By *woplustwocoupleCouple
over a year ago

Hawick

Get a job in the public sector then everyone else contributes to your pension even though they cant afford one themselves. No brainer

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By (user no longer on site)
over a year ago


"Get a job in the public sector then everyone else contributes to your pension even though they cant afford one themselves. No brainer

"

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By (user no longer on site) OP   
over a year ago


"They are pretty garbage now. All the old dearies got final salary pensions and the likes.

I must be an old rich deary as I have a final salary pension."

You don't happen to work for Glasgow Council cause I hear they do a good final salary pension still .

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By *erriAnneTV/TS
over a year ago

The shire


"They are pretty garbage now. All the old dearies got final salary pensions and the likes."
I'll get one in about 15 years whoop whoop

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By *bi_scotlandTV/TS
over a year ago

Glasgow


"Get a job in the public sector then everyone else contributes to your pension even though they cant afford one themselves. No brainer

"

Isn't that just the same as saying get a job in the public sector then everyone else contributes to your wages? It's kinda meaningless.

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By (user no longer on site)
over a year ago

Next thing we'll have June popping round on some pretext to discuss Sun Life over 50's plans.

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By (user no longer on site)
over a year ago


"They are pretty garbage now. All the old dearies got final salary pensions and the likes."

I also must be an old dearie as I’ve got a final salary that I’ve been in for 17 years I’ve survived it being closed to new members and my employer trying to buy it off me but as you’ve pointed out they’re as good as they used to be so why wouldn’t change for anything. I feel for kids leaving school and getting jobs they’ll never be able to retire.

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By *exicolaMan
over a year ago

West Lothian

I've been paying into mine since I was 20.

I have no idea how they work and when I get correspondence regarding it I have no idea what I'm reading.

All I know is that I'm paying in lol

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By (user no longer on site)
over a year ago

I’m one of those who’s job and pension went tits up when we were bought out and the new ow era culled 500 support staff

Now at 57 I have no pension to look forward to except my meagre State pension

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By (user no longer on site)
over a year ago

New owners

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By (user no longer on site) OP   
over a year ago


"I’m one of those who’s job and pension went tits up when we were bought out and the new ow era culled 500 support staff

Now at 57 I have no pension to look forward to except my meagre State pension

"

Very sorry to hear that

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By (user no longer on site)
over a year ago

Does no one think that the government will stop the state pension eventually?

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By *tew008Man
over a year ago

edinburgh


"Does no one think that the government will stop the state pension eventually? "

Not with older demographic rising and them being the main voters, nope.

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By *luebell888Woman
over a year ago

Glasgowish

I have been paying into a works pension for many years. Just hope i live long enough to enjoy spending it.

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By (user no longer on site)
over a year ago

I would rather have my own private savings. In families bank accounts , safes etc. The government will do you over if you do well in life so if you can trust family , put your money in a seperate bank account or in a safe.... I know it’s old school but the government punish u with your state pension etc if you have savings etc

It’s wrong so as I say , do what the crooks do.... hide it .... and that’s what the biggest crooks do , the elite

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By *erriAnneTV/TS
over a year ago

The shire


"They are pretty garbage now. All the old dearies got final salary pensions and the likes.

I also must be an old dearie as I’ve got a final salary that I’ve been in for 17 years I’ve survived it being closed to new members and my employer trying to buy it off me but as you’ve pointed out they’re as good as they used to be so why wouldn’t change for anything. I feel for kids leaving school and getting jobs they’ll never be able to retire. "

I luckily got in one before they closed it off to New starts at work.

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By *erriAnneTV/TS
over a year ago

The shire


"I've been paying into mine since I was 20.

I have no idea how they work and when I get correspondence regarding it I have no idea what I'm reading.

All I know is that I'm paying in lol"

You're worth more dead than alive should be the only thing on the yearly statement lol

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By (user no longer on site)
over a year ago


"I would rather have my own private savings. In families bank accounts , safes etc. The government will do you over if you do well in life so if you can trust family , put your money in a seperate bank account or in a safe.... I know it’s old school but the government punish u with your state pension etc if you have savings etc

It’s wrong so as I say , do what the crooks do.... hide it .... and that’s what the biggest crooks do , the elite "

Just after I was made redundant and lost my pension, company shares, home etc I was offered a job selling off shore accounts to ex-pats living in Dubai.

I had to pay for my own flights to the training period which was held in Malta and then when I officially started I had to pay for my own flights to Dubai, find accommodation and then all my leads were found for me by my own PA who was paid out of pocket in the commission that I was going to earn from those fat cats

Needless to say I now own my own 29metre private yacht, have a condo near St Tropez

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By (user no longer on site)
over a year ago


"I have been paying into a works pension for many years. Just hope i live long enough to enjoy spending it."

You can take a good chunk out in a couple of years... and party like it's the 80s

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By (user no longer on site)
over a year ago


"I would rather have my own private savings. In families bank accounts , safes etc. The government will do you over if you do well in life so if you can trust family , put your money in a seperate bank account or in a safe.... I know it’s old school but the government punish u with your state pension etc if you have savings etc

It’s wrong so as I say , do what the crooks do.... hide it .... and that’s what the biggest crooks do , the elite

Just after I was made redundant and lost my pension, company shares, home etc I was offered a job selling off shore accounts to ex-pats living in Dubai.

I had to pay for my own flights to the training period which was held in Malta and then when I officially started I had to pay for my own flights to Dubai, find accommodation and then all my leads were found for me by my own PA who was paid out of pocket in the commission that I was going to earn from those fat cats

Needless to say I now own my own 29metre private yacht, have a condo near St Tropez "

Of course you have..

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By *ighland gentlemanMan
over a year ago

Ardgay

Counting down the years.

Will see what the pension is worth when I hit 55 against what is left on the mortgage.

But probably be working to 60.

At that point will have 37 years paid in.

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By (user no longer on site) OP   
over a year ago

A tip for anyone who is looking at a good private pension invest in the new government one as you get 25% off the money you put in back minus the building society's cut , but you can make that up with the money gained in your pension fund if it makes good money so for £48,000 over 4yrs is turns into £60,000,

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By (user no longer on site)
over a year ago


"They are pretty garbage now. All the old dearies got final salary pensions and the likes.

I must be an old rich deary as I have a final salary pension.

You don't happen to work for Glasgow Council cause I hear they do a good final salary pension still . "

No I have worked in the defense industry for 39 years.

Pensions are not free I contributed for those 39 years.

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By (user no longer on site)
over a year ago


"They are pretty garbage now. All the old dearies got final salary pensions and the likes.

I must be an old rich deary as I have a final salary pension.

You don't happen to work for Glasgow Council cause I hear they do a good final salary pension still .

No I have worked in the defense industry for 39 years.

Pensions are not free I contributed for those 39 years."

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By (user no longer on site)
over a year ago

Remember that if your paying into a company pension yours & your employer's contribution will increase 6th Apr next year. Mosf people should end up with 8/9% going in. Pay more in personally ( if you can afford to) as you get a small amount of tax relief.

Id advise a private pension also if you have any desires not to work till you drop....

There are many shrewd investments to be made out with pensions & if you borrow with any sort of regularity support your local credit union

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By *othardandfreeMan
over a year ago

dd

My mate has been contributing he puts in say 50 quid a month the company matches with 50 quid...his pot is now 50,000 which gives him a final yearly pension of a grand and a half a year if he was to retire tomorrow having paid the full lifetime term.

Total rip these days and now the majoity of people have cottoned on and the government knows it. So now by law they make people and companies invest in them.

Guaranteed we are a few years away from no state pension if you have a private one....rant over

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By (user no longer on site)
over a year ago

I feel for the young starting out now... pensions look different nowadays from when I started out. Was always told, the more you can afford to put in the more you get out. Even back in 1979 when I started my first job, there were loads of people who never put in to a pension. My first pension money went to my pention when I was 21 I was upset by the lost of a few pounds, now thank goodness I did.

So again the young starting out... rubbish pensions and can't buy a house... gawd help them.

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By (user no longer on site)
over a year ago


"My mate has been contributing he puts in say 50 quid a month the company matches with 50 quid...his pot is now 50,000 which gives him a final yearly pension of a grand and a half a year if he was to retire tomorrow having paid the full lifetime term.

Total rip these days and now the majoity of people have cottoned on and the government knows it. So now by law they make people and companies invest in them.

Guaranteed we are a few years away from no state pension if you have a private one....rant over "

What age is he ?

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By (user no longer on site)
over a year ago


"I feel for the young starting out now... pensions look different nowadays from when I started out. Was always told, the more you can afford to put in the more you get out. Even back in 1979 when I started my first job, there were loads of people who never put in to a pension. My first pension money went to my pention when I was 21 I was upset by the lost of a few pounds, now thank goodness I did.

So again the young starting out... rubbish pensions and can't buy a house... gawd help them."

Was that 3 shillings and sixpence beardy?

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By (user no longer on site)
over a year ago


"I feel for the young starting out now... pensions look different nowadays from when I started out. Was always told, the more you can afford to put in the more you get out. Even back in 1979 when I started my first job, there were loads of people who never put in to a pension. My first pension money went to my pention when I was 21 I was upset by the lost of a few pounds, now thank goodness I did.

So again the young starting out... rubbish pensions and can't buy a house... gawd help them.

Was that 3 shillings and sixpence beardy? "

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By (user no longer on site)
over a year ago


"I feel for the young starting out now... pensions look different nowadays from when I started out. Was always told, the more you can afford to put in the more you get out. Even back in 1979 when I started my first job, there were loads of people who never put in to a pension. My first pension money went to my pention when I was 21 I was upset by the lost of a few pounds, now thank goodness I did.

So again the young starting out... rubbish pensions and can't buy a house... gawd help them.

Was that 3 shillings and sixpence beardy? "

Half Pennies and farthings to be fair...

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By (user no longer on site)
over a year ago


"I feel for the young starting out now... pensions look different nowadays from when I started out. Was always told, the more you can afford to put in the more you get out. Even back in 1979 when I started my first job, there were loads of people who never put in to a pension. My first pension money went to my pention when I was 21 I was upset by the lost of a few pounds, now thank goodness I did.

So again the young starting out... rubbish pensions and can't buy a house... gawd help them.

Was that 3 shillings and sixpence beardy?

Half Pennies and farthings to be fair... "

What's a farthing?

An object that's not nearby?

(I'll get my coat)

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By (user no longer on site)
over a year ago

PMSL. Only the Scottish would talk pensions on a swinging site.

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By (user no longer on site)
over a year ago


"PMSL. Only the Scottish would talk pensions on a swinging site."

The festivals finished coco

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By *ighland gentlemanMan
over a year ago

Ardgay


"A tip for anyone who is looking at a good private pension invest in the new government one as you get 25% off the money you put in back minus the building society's cut , but you can make that up with the money gained in your pension fund if it makes good money so for £48,000 over 4yrs is turns into £60,000, "

Not sure if there's many of us with a spare 48K or a grand a month!

Just proves the old adage it takes money to make money!

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By (user no longer on site)
over a year ago

I used to sell High net worth pensions to advisers for their clients.

Some of the fund values were obscene. How anyone can have so much in their 40\50s was beyond me.

I will likely have to work til I'm 80

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By (user no longer on site)
over a year ago

I was in the oil industry.Ended up getting my pension at 41 due to a back injury.we didn't contribute to the pension and it was a final salary pension as well.I had no idea how much was in my pension pot as I had worked with them since I was 16.There was over a £1,000,000 in my pot. a million sounds a lot but it only gives you just over £2,000 a month in your hand.I know loads of people who have £50k + pension pots and I was surprised how little it actually gives you.surely it would have been better to invest in another property and make money from renting out for the rest of your life.

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By (user no longer on site)
over a year ago

When I leave the navy in five years I'll get my pension straight away. I'll be 45 and I'll have a pension lol

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By *ightimefun2Couple
over a year ago

stirling

Get a job in the public sector then everyone else contributes to your pension even though they cant afford one themselves. No brainer

This!

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By (user no longer on site)
over a year ago


"I was in the oil industry.Ended up getting my pension at 41 due to a back injury.we didn't contribute to the pension and it was a final salary pension as well.I had no idea how much was in my pension pot as I had worked with them since I was 16.There was over a £1,000,000 in my pot. a million sounds a lot but it only gives you just over £2,000 a month in your hand.I know loads of people who have £50k + pension pots and I was surprised how little it actually gives you.surely it would have been better to invest in another property and make money from renting out for the rest of your life. "

If property is such a great investment, how come there is approx 6000 properties for sale in Aberdeen area. The key is diversification for your retirement. Pension pot; investments; property and cash. If you start young enough you should hopefully achieve at least 3 out of 4.

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By (user no longer on site) OP   
over a year ago


"PMSL. Only the Scottish would talk pensions on a swinging site."

So you haven't read the one ( same as ) in the Lounge

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