Wots yer age and how much you got in your pension pot

69 and nowt

56 AND 150 grand ,but unfortunately just lost my job ,so looks like i,ll be starting to access it when i,m 60 if things dont improve round here, its in a sipp. might have to take about 10 grand a year out of it to get by till i,m 66 and use anything left to top up my state pension which currently is fcast to be £141

Probably unlikely for pension peeps to give that sort of info out on here.

average 65 year old in uk has £35k and it gets him £1850 p.a. - assuming he lives to the average age of 85- plus state pension

1st time poster: its something- but nowhere near enough

i saved like billio for my pension and took it at age 50 - following retirement at 48

believe me you whippersnappers - you need to get stuck in to some serious saving if you want to be comfortable

also: keep it in yer troosers - a divorce will crucify all your plans

£0

saving a nest egg/state pension

no mortgage

"a divorce will crucify all your plans"
A guy at work who must be .. mid/late 40s I suppose, has managed to get into a comfortable financial position twice in life so far, but been married twice, been screwed twice.
He'll probably end up in a damp bedsit if he goes for number 3.

xmoneyx

savings good

but you miss out on tax breaks on pension contributions.....

Final Salary Pension Scheme.



What a great wheeze that was.

Glad I've got one!

No where near enough in pension pot but have bought bricks and mortar as a safeguard.

parispike 05 Dec 15 09:21 
Final Salary Pension Scheme.

Cool

What a great wheeze that was.

Glad I've got one!

Me too, 25+ years in too.

^ They're going to flip those to average lifetime salary.

the wifes got 38 yrs in the bt pension scheme and a bucket full of bt shares so forcing divorce situation might the best way forward for me, LOL,

The Leopard 05 Dec 15 11:40 
^ They're going to flip those to average lifetime salary.

Hope not! :(

Pension funds are putting bigger and bigger percentages into equities. They will crash and you will lose your money.

36 y/o.
Fook all.

only 2 amounts to have in a pension absolutely  nothing or 350 grand plus,anything in between like mugs like me,just stops you getting means tested benefits ,pension,obviously minus the money you could have spent but squirreled away

1st time poster 05 Dec 15 13:16 
only 2 amounts to have in a pension absolutely  nothing or 350 grand plus,anything in between like mugs like me,just stops you getting means tested benefits ,pension,obviously minus the money you could have spent but squirreled away.

100% correct..thats all you need to know.

58 and £215 K all in a SIPP

No where near enough in pension pot but have bought bricks and mortar as a safeguard.

Are you a "bricky"?

All mine is in a SIPP and I buy shares not funds. If you like property then just buy shares in a property company. Easy to collect dividends rather than fixing toilets and chasing tenants for rent when you are 90.

You wouldn't use your annuity pot to go into BTL anyway because of the tax implications.

32/60ths of a Final salary scheme. No mortgage and a flat I rent out for ££750 pm. Currently 50 yr old. Begging for redundancy and that'll be the end of my 'proper' working days. Maybe get a paper round, walk some dogs, pet sit etc.

I don't really buy into the sort of "younger generation have been shafted by the baby boomers" thing, but there is a valid point that final salaries were wonderful for those who can get them, and property is too expensive now. But that's not because any older generation deliberately did anything to screw over those below, just the UK property market and attitude to it is dysfunctional, and that final salaries just weren't a sustainable idea. I've no final salary scheme but some in a pension pot. But I don't think that's a bad idea despite what's said above, AFAIK it's been realised that means testing "disinsentivises" (sp, ffs what a word) saving which is why they are moving towards preventing that.

But who says we want to retire in the UK anyway? If you've savings, you have the ability to f*** off. If you don't, you have no options. Options are good.

I'd ;like to thank hills,corals,victor,lads and all well known bookmakers for their contribution to have been able to retire in my 40's without relying on any sort of pension!

I pay 3% of salary into pension.  Company pays 5%.  Take into account the tax relief I am getting over three quid invested for every one quid of take home I effectively invest.  Is there really any circumstance where I should be opting out of this deal.  Been paying in for 4 years now, dont know how mch is in the pot.  Wish I could be more involved in where it is invested mind.

^^^ You pay about a months salary a year into your pot then? If I started one tomorrow and paid into it for the next 30 years, it wouldn't be worth having imo.

No I pay 3pc, about 10pc goes into the pot.

At last check, 26% was going in per month.

although a good idea on paper conditions such as caps on charges the ability for customers to move and access their pots as they wish doesnt give pension companies any great incentives to get off their backsides and pull their puddings to get the best investment decesions for their customers ,especisly people with small,average size pots ,ie the majority

final salary schemes are great for those who will work long years and retire at 60+

but may be inappropriate for a retirement at say  55


I believe that to be comfortable you/ a couple  need you own home + a minimum of £24k p.a. net

if you cash in part of you pension to fund (say) £6k net p.a. from savings as a bridge until state pension kicks in - and then have £24k net - you shouldn't be doing too badly- imo

of course - anything on top is bunce and puts the icing on the cake

oh

once you retire its time to stop saving - and for those in the position to do so - tell the childen that you are a pensioner now  and that the bank of mum and dad has closed dont wory about them- they can find their own way

lmfao good point about saving,its not easy for people who,ve been savers all their lifes to suddenly change and live a life where spending every penny every week if needed , isnt a problem
my inlaws change their shopping habits,days out,social life etc and bragg about saving out of their pensions and worry about leaving enough behind for their kids and grandkids

42 £0

what's a pension?

I think it's one of those little treats they use to keep employees doing what they're told.

No thanks....Id rather be put into a home, mental asylum or sent to jail.. than contribute to a pension.

52 - £310k & looking forward to my 55th birthday

Blimey  don't throw away the next three years

25% of that, tax free when I'm 55. But the way my luck is..... the rules will change again or a major crash in the next 3 years

if you're worried about a crash,why not take it now?

Can't touch it till I'm 55.... or can I?

55 in March though I wish I was three years younger, every cloud

I doubt you can touch it till then.

you can access a private pension anytime after 50 .

Are you sure?

I can wait another three months

ive got something you can all touch before you're 55

Bito, they really won't appreciate your attempts to make then  focus on Their later/incontinent/reliant/days, But, hey How, you did your best.

Dec 6, 2015 -- 6:53PM, BARROWBOY wrote:

you can access a private pension anytime after 50 .

Sorry Barrowboy but that is incorrect; it is 55 and can only be touched prior to that (in the UK) through ill health.

I'm now 53 and have 2 years left before I can draw on my own. A few years ago I transferred my final salary scheme, which suited me in my situation; it also allows me to take full advantage of the new pension rules, which final salary schemes do not.

Be warned though; anyone thinking of doing the same should take good independent advice first, as this doesn't suit everyone.

i did what you did Aspo- taking my pension at 50 suited me - but i boosted it with lots of additional contributions for 10 years

currently- age 55 is the earliest you can get your mits on it - unless ill health

mecca


if you cant take it for 3 years and you worried about a crash - crystallise it into a cash fund for the duration

Sorry,mecca,was going by my brother,he took his pension last year age 50,but just spoke to him he's got a friendly doctor who signed his forms so he was able to claim ill health.

if interest rates are due to rise next year [usa next week ] and once they start the trend will be upwards for a while,and as pensions are only trying to make you 4% on your money, isnt it advisable if your not working for whatever reason to take any 25% tax free available and empty your pension upto your tax free allowance every year and put it into long term isa,s whose rates should be rising from next year,
i could be this situation no work ,but a bit of savings and pension,would you be better emptying your pension or spending your savings and leaving your pension till savings run out,if your not working how do you inform your pension companies not to pay tax on any drawdowns,is their a yearly time lag on this,
another thought if your savings are 40 grand would it be better to putr this into your pension to get the tax relief before starting to drawdown on it,
questions,questions,usual rule of thumb on money matters do the opposite to me, ,

I think on drawdowns they take the tax off to give to the inland revenue, its your responsibility to claim the tax back if your under the  tax threshold.

I think on drawdowns they take the tax off to give to the inland revenue, its your responsibility to claim the tax back if your under the  tax threshold.

Economy experts have been predicting interest rate rises for about 5 years now.

yanks next week we wont be far behind, early next year,
yep pumphol theres some no tax form from the tax office to fill in,just wondered if you could get the form and sort of pr empt any loss of tax,say people of pension age with maybe 8 grand state pension and a private pension dont have to claim their tax back every year, or do they

I'm no expert Poster but but I think regulations stipulate they have to tax you before you receive funds

cheers

[b],say people of pension age with maybe 8 grand state pension and a private pension dont have to claim their tax back every year, or do they[/b]

No they get a coding the same as people on PAYE.
The code is then sent to the company who issue the private pension, and they stop the tax out of your pension before they send it to you.

^^^ correct! - Don't worry about tax; if you owe them they will charge you interest and if they owe you, they will pay you interest.

With regards to the interest rate rises it is quite clear that USA are looking to increase their base rate this month and although we always appear to follow suit, this may not happen as quickly as some might expect.

From my understanding rate will rise from anywhere from the second quarter of 2016 to anywhere in 2017 but like most experts, we are all in the dark. With regards to pension funds, after charges, my fund has paid at least 5% for the past 5 years and this year is look pretty similar. Be aware that pension funds grow free from tax.

For the record I have my pension invested in a 'Cautious Fund' - I am too near to take risks now!

Whilst I liked 1st time poster's remarks I doubt you'll get 5% tax free in an ISA but it is a good suggestion nonetheless. Don't forget that these investments are limited.

Pension?  I've taken my retirement early. First retired at 27 had at least 20 years of it.. Just haven't got the mentality of working for retirement.  Retire at 66 and you've got get to at least 86 till you catch me up.

Some of us have had a struggle Baron

it was more of a suggestion for someone on here who was worried about having his investment at risk

as ive said above my worst case scenario decesions in about 2 years time are.

spend savings which will last approx 3 years before drawing down on pension pot

invest sed savings now into pension to take advantage of tax break and 2 years growth

or keep savings which are in isa wrappers and access pension pot in 2 yrs

my recent redundancy payments are seperate from savings and will last about 2 years,

? ? ?

best case senario another job in my area cropping up, another 18 months ,work would make all the difference

To me retiring means stopping doing something you don't want to do.  I've never understood how people can spend so many years looking forward to the day they can stop doing what they do for a living.  If I don't like what I'm doing I stop, regardless of the financial cost.

Thats a great way to live life,Baron,but its a single mans philosophy.Unfortunately most people get caught up with kids & mortgages.

Agree with the baron and I have had kids and mortgages

For the record, private pensions cannot be touched until 55 unless you have an occupation where the HMRC allows earlier retirement.

There are not many but National Hunt jockey used to be one and also deep sea diver. One of them used to allow retirement at 35, if memory serves but, naturally, you would have had to be totally coining it in to have built up a pot big enough to do anything with at such a young age.

I'm 55 and have a final salary pension for £12k a year to come at 60 (from when I was 18 to 33) and also have £160k in a private scheme with earliest access also at 60. Also have 1/2 million savings and own house outright.

Not too shabby but should be a lot better because it is a SCANDAL that interest rates have been kept so low for so long so as to suit the feckless, irresponsible idiots who have borrowed way too much...

Just logged into my pension scheme, there 60 quid in there. Not been in my new job that long. It forecasts me a 60/40 chance to have between 55 and 68 quid a month in 27 years time,so basically its worthless to me. And whats this 60/40 chance business ?! Is any kind of payment not even guaranteed ?! Also, if I opt out now do I get anything back?!

Thanks.

I'm not sure if the rule still applies but if you've been in a company pension for 2 years or less you 'could' usually get a refund