Off Topic Politics Thread

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Archers Road said:
I'd strongly recommend opting back in mate, as soon as you can afford to.


One day, if you're lucky, you'll walk past a shop window, check your reflection, and see an old geezer looking back at you. You'll have no ****ing idea where the years went, but you'll thank yourself if you've got a few shekels in your pension pot, to go with all the memories (of Saints winning trophies).
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I may well do at some point if it suits but then there's a good chance I'll never retire anyway so we'll see how it goes. I might not even stay with them long term either.
 
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greensaint said:
In general I agree but I'm still worried that those in thier 20s and 30s are fighting the efforts to raise their work pension contributions. The outcry when the % was put up to over 3% was silly. Many exercised their 'right' to opt out. I suspect the same peoplewill be, in 40yrs time, moaning about not getting enough from the work pension.

I know few of us thought about pensions in our younger years. I'm glad the NHS had such a good scheme but note I never contributed under 6%, for the last decade it was about 9%.

In another bit of sillyness they've changed the rules so once you reach 55yrs or 30 yrs contributions you continue to pay in but it doesn't increase your pension pot a bit, not a jot. With this in mind my wife has just given the NHS her notice pointing out she can claim her pension while also working in the private sector who are desperate for nurses. She points out the NHS want her to now pay £337 a month in pension contributions with no further benefit to her.

The rules are just potty.
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I pay 8.8% into my pension at university, employer pays 20%. I've got another couple of increases coming to my contribution until eventually it'll be 10+% but I still intend paying it because the employer contributions are so good.
It's a lot of money to find for people in the early years of a career but I'm heading towards the end of mine and managing ok.
I wish I'd been able to pay in more though, especially through my 20s and 30s
 
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I didn’t start paying into a pension scheme until I was 40.........I was lucky although I never was in a company pension until then however because of my late start I was advised to put more into the pot. In addition I was advised to take out a private pension. I did with equity life.........need I say any more? I lost about two thirds of it........sods law that is.
 
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I am in a final salary pension ......I will find out soon if I can redirect if any of my redundancy money in two years time.....not to avoid 40% tax but to boost my pot.
 
saintrichie123 said:
I am in a final salary pension ......I will find out soon if I can redirect if any of my redundancy money in two years time.....not to avoid 40% tax but to boost my pot.
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Mate that is the area my wife worked in she tells me as long as you instruct your company to do that prior to you being paid out. so yes you should be able to. Don't try to do it after you have been paid out...........
 
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Beddytare said:
Mate that is the area my wife worked in she tells me as long as you instruct your company to do that prior to you being paid out. so yes you should be able to. Don't try to do it after you have been paid out...........
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Is there a cap what I can put in there? I was thinking of putting £30-40,000 from my settlement in there......do I pay or avoid tax?
 
saintrichie123 said:
Is there a cap what I can put in there? I was thinking of putting £30-40,000 from my settlement in there......do I pay or avoid tax?
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There could be............Depends on your scheme.........She has suggested you go on to a website called "pension wise" that may help. She also says be aware she is not giving you professional advice she did not nor does she have a licence to do that. She was just trying to be helpful to my question to her on your initial post.
 
Beddytare said:
There could be............Depends on your scheme.........She has suggested you go on to a website called "pension wise" that may help. She also says be aware she is not giving you professional advice she did not nor does she have a licence to do that. She was just trying to be helpful to my question to her on your initial post.
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Cheers Beddytare any advice is welcome ....I will look at that site plus we have advisors tax and pension coming on site soon. :emoticon-0148-yes:
 
saintrichie123 said:
Cheers Beddytare any advice is welcome ....I will look at that site plus we have advisors tax and pension coming on site soon. :emoticon-0148-yes:
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You're more than welcome.....I'm not sure if things have changed but I certainly did that from a payout and it wasn't taxed........So I am thinking you shouldn't be taxed before your money enters your pension scheme............CheersBT:emoticon-0148-yes:
 
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saintrichie123 said:
Is there a cap what I can put in there? I was thinking of putting £30-40,000 from my settlement in there......do I pay or avoid tax?
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There's a limit of £40k a year you can put in and still get tax relief I think.
Although also think you can roll over any unused cap from the previous 2 years!

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I too am getting to the age where i am thinking about my pension, I have changed my previous pension company to one that deals with expats. i would recommend that anyone with a private pension to take a good look at their pension plan. thankfully my previous company put my pension in two plans that have both done really well, but they have basically not looked at the accounts for 15 years yet still charge 4% for their service,my plan could have gone done the toilet and they would not have been aware.
the new guy i now use gets his cut from the investment houses and not from me, gives me a report every 3 months to see if i wish to change anything, and of course full internet access to my account
 
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