Started paying into a pension this month aged 22, I was automatically put into it now for some reason or other. My question to you all though - is there any point? By the time I'm older the retiring age will probably be at least 68. Will I make it to 68? Doubtful. The thought of spunking some of my wages every month to potentially never see it makes me sick a little. Ideally I'd like to retire at about 55 years old so I'd need a pension then, that's the dilemma. At that point I'd leave my wife to travel the world, first stop Thailand. On a side note - ER, ST, Dev, RL - what's your erection like in your 50's? Still like a babies arm? Would be good to know. <muir>
Don't know about ER/ST or RL's erection, but I do know that Russ hasn't had wood since Medro's dad battered him in Belfast in '84, hence Ms Advocate has been on 'Plenty of Fish' for the past 18 months.
Pension contributions are tax free and hopefully your fund will be managed well enough to outperform the market over the next 40 years. The thought of spunking 20% of these contributions to a government every month just because I need, or would rather spend, the remaining 80% right now is enough to spur me on.
Auto-enrolment .. you can opt out within the first month. However, your company wil be paying matched contributions ... so why not!
Aye Pud, it was that auto-enrollment thing. I think Mick's comment sways me to stay in it. **** giving these ****bags more money to tax.
I'm not sure how it works in the UK, but with my Guernsey based pension I can opt to start receiving tax free annuities from when I hit 50. So another 22 years to go and I can cash out, when the mortgage is paid off and the kids are hopefully out the door... Seriously, even if the pension fund doesn't perform that well there are few other investments with your wage that will give you the immediate 20%+ return that saving on tax does.
I used to pay into a pension. Was firing lots of cash into it thinkin I was doing a good thing. Until they sent me the projection and I saw that my pension was worth about 7 grand less than I'd paid in and they wanted me to double my contibutions. Binned it.
My works pension scheme is a very generous Final Salary scheme... So was my last two places of work. I also pay in AVCs to my current one along with some personal pensions! I want to retire no later than 60 ...
Retiring is horrendously bad for your health http://www.bbc.co.uk/news/business-22550536 I'm going to wind down my days being a low level bookmaker in some Filipino island, taking bets on chicken fights and people who beat each other with skinny sticks.
It all depends, if it's a Final Salary Scheme get in, if it's With Profits or similar it's probably ****e. Pud, never pay AVCs, they are a waste of money I start getting my first pension in 5 years time by the way <hooray>
The AVCs wil be worth it Dev... as they are going into my FS scheme and they're about to change the rules slightly so they will boost the slight shorfall ... They are free standing AVCs - so I can pay in to boost my FS scheme even if I move company (which will mean moving to a DC scheme!!)
You won't live long enough to pick up your pension sonny. And I'm only 48 and my shaft is still a magnificent sight as it points straight up to the sky.
