[Closed] Pensions - how screwed are you?

What's certain is if you fail to plan for your old age then your the one that's going to take the hit. You may come to regret a cynical approach. The world in the 60s 70s 80s was no more predictable than today. You just have to play the cards your dealt.

I saved into pension scheme and bloody glad I did.

agent007 - Member

Something just doesn't add up with all of this. Is the only way to make money in this country any more just to keep selling/renting over inflated property to one another?

Something has to give, suspect it's not going to be pretty!

I personally wouldn't bet the farm on buying your way to wealth with property - as you say, something's got to give.

Homeowners and BTL magnates have been protected at all costs since the credit crunch for the sake of the Banks balance sheets. 0.5% interest rates and restrictive planning laws to ensure demand outstrips supply - the later is changing, large scale building projects are being green lit, the tax changes to make BTL less attractive should start to increase supply soon. Interest rate rises might still be a while off thanks to troubles in Europe and China - but it won't last forever. I don't suspect they'll crash, it's being too carefully managed for that, but I wouldn't bet on buying a house today for £250k to be worth £1m when you retire so you can equity release a huge pot for retirement.

thekingisdead - Member

Do feel for the next generation. Inter-generational inequality could become a rising issue as wages / assets / houses stagnate.

Maybe it will, maybe it won't one thing I try to remember is that the powers that be, do at least try to bend to the will of voters, as generation Y and the Millennials get older more of them will vote, and because of a growing population there are more of them than baby boomers - plus, the first of their generation is reaching 70 now.

If you accept that the housing market is a very carefully controlled market (which I believe it is) then it's inevitable that when more people who bother to vote want it to move, it will. You can see it already, both main parties are talking about young people and home ownership - at first that meant another artificial tool to make the unavoidable, affordable (help to buy etc), now it's another less artificial tool, affordable homes sold at 80% of their 'value' - but the tide it turning.

binners - Member

Not being funny, but will you need an income of £25k? (assuming mortgage planning has that paid off)

I love the cosy, comfortably-off, middleclasstrackworld assumption that everybody owns at least one property.

Anyway, since when was having a mortgage middle class? I thought the middle classes mostly inherited.

The middle class might get inheritances but I suspect I'll be in my 60s before my parents go.

Thats my point scotroutes. The housing market has been rigged, and corrupted to such a degree recently that to qualify for a mortgage and get onto the property ladder is the epitome of middle class. Because a mortgage is becoming less and less of a realistic proposition to people on 'normal' incomes, and a generation brought up paying inflated rents to (older, luckier) BTL Landlords which mean saving for a deposit is all but impossible

The inherited wealth you talk about which may have defined being middle class in the past, is now what pays the deposits on ludicrously overpriced housing for the children of the middle class.

Do the maths. average income in this country is about 25 grand PA. Take a look at property princes. It just doesn't stack up. Its completely unsustainable.

Inheritance is probably a bit of a thing of the past for a lot of people now with longer lives, fixed pot pensions the house and assets are going to be getting flogged to fund the rest of retirement

Inheritance is probably a bit of a thing of the past for a lot of people now with longer lives, fixed pot pensions the house and assets are going to be getting flogged to fund the rest of retirement

Yeah - best thing for my daughter would be if I drop dead right now. That way she will be on the housing ladder. Otherwise she hasn't a hope.

It's going to be very interesting to watch how my generation (in my 40s) and below take to being pensioners. My guess is not very well. I think in general we are (and have been encouraged to be) a consumerist lot putting short term ownership of 'stuff' ahead of long term security. Shopping has become the number one leisure activity FFS. However you cut it very few pensioners get to have much toy money, and I can't see that being anything but worse in the future. As a generation I think we are going to struggle with the concept.

Thinking about the inheritance thing, maybe this will change for our children's generation (I have 2 at 6 and 4 and I'm 39). People are having kids later and later so the kids should be younger when the parents die.....maybe

Hmm, this is not a subject I like to get into. The die before I'm old approach is my main aim.

I have an old pension that is about £20k now and I'm about to start work contributions again.

38 now and very little pension, plus my wife doesn't have one as is part time/temping at the moment on low salary.

The one plus is that over the last 3 years I reduced my mortgage by 2 years by making overpayments.

I need to budget more if I can do that to some degree still and pay into a pension.

Having said that, I've lived a good life over the past 10 years. I have no regrets.

Meanwhile ... back in the real world.....

People prefer to ignore the reality of the situation?

Either spend and/or fight Canute-like against the inevitable (see most pension disputes, "it's not fair, we didn't sign up for this." )

Problem with inheritance is that governments don't like you to be prudent and plan for future generations. It's immoral don't you know, How very dare you pass on post-tax income or take responsibility for your family. We want a slug of it first.....

As with others here the only thing I can see working for me is that we have a nice house in the South east and when we retire we can downsize and move to a cheaper part of the country.

Works quite nicely as a theoretical idea, or if you do it before everyone else does. However, there's more than few people who, having seen their pension provision and the recent increase in divide in prices North to South will be thinking about doing this (look at how the bubble has expanded out of London into broader SE, all the way to Norwich, Bristol etc) will now be thinking about doing this as their 'pension plan'

So suddenly, in about 10-15 years time, you'll get a whole load of people trying to sell up in the SE and buy in the North, which will change the supply/demand equation somewhat in both areas. And unless there's been a significant drop in SE prices in the meantime (20-30+%) then it'll be interesting to see how many buyers there are for your super-expensive SE property.

Not having a pop at you personally but the assumptions people are making about property prices never crashing/falling/progressing ever upwards are heroic.

Essentially a lot of people are expecting the long-term future to be exactly the same as the recent past... which is generally not an effective investment strategy...

Shopping has become the number one leisure activity FFS

I was helping a friends girlfriend with her CV once for getting a job in a similar field to me.... I couldnt get over that her interests outside of work amounted to shopping and socializing(ie the pub)..... i suggested she deleted the entire section rather than write that.

Don't overlook managing your own money in ISAs. Even with a falling stock market there's money to be made. Despite some dead ducks and a few premature sales I managed to gain just over 31% at yesterday's prices since April 15. My sources of information are only the same as every other amateur's i.e. what's on the net and in the press. You need to spend time reading and calculating trends and risk etc but I can't see any other way of managing money coming close.

Incidentally, isn't it time we started talking about defending and improving the welfare state? It saddens me to see so many people accepting their lot of increasing poverty with age.
It doesn't have to be like this!

Interesting thread that confirms my thoughts that most people have not got adequate retirement plans.
I haven't paid into a pension since being made redundant 3 years ago. I'm now self employed and I daren't put anything in to the pension in case the work dries up and I need the cash. Now I need to be putting about £8k a year into a SIPP to get a £500,000 fund to give me £20k a year income.
Employer pension contributions are a under appreciated benefit, something I come to realised more now I'm self employed. I

Started my apprenticeship with MoD in 1992, and we had no option but to join the pension scheme, which looking back on it was great. I only stayed there for 2 years after my 4 year apprenticeship, but it gives you a mindset that you need to put the money away.

I have 16 years worth of contributions in a final salary pension scheme from my last company, and moved 16 months ago to my current employer, who no longer have FS, only a defined benefit scheme.

My mortgage will be gone by the age of 46, which will free up a big chunk to invest for retirement/nobeerette's future.

It's not something I'm overly worried about, my and my families health is the most important thing.

Wellll. I am not really sure if I'm in a good position or not. I suspect not.

I've been paying in what I considered to be a reasonable amount since my first job after graduating from uni; so paying in since about 24yrs old. Now 38 and have about the same as the OP in my pension pots, I think. I've got several spread over various providers but only because of the pensions offered by the companies I have worked for, rather than a conscious effort to spread the risk.

My current company offers what I think is a very good payment option; if I put in 5%, they put in 10% so it is actually quite a good incentive to stay there & keep paying in.

You look at the projections of what I'll get out of it and I'm not exactly going to be living like a king!! Hopefully I'll have paid the mortgage off by then.....

Incidentally, isn't it time we started talking about defending and improving the welfare state? It saddens me to see so many people accepting their lot of increasing poverty with age.
It doesn't have to be like this!

Pensioners are doing pretty well at the moment, the triple-lock guarantee is very generous (by social welfare standards).

Not having a pop at you personally but the assumptions people are making about property prices never crashing/falling/progressing ever upwards are heroic.

No I agree with you - as I said I'm pretty screwed!

However, whatever happens to the housing market one thing will remain true and that's that a large 4-bed house will always cost more that a small 2-bed one, so releasing cash to fund retirement that way will always be an option.
The question will just be how much that ends up being.

I'm sorted as I've got one of those gold plated NHS pensions. It's worth loads apparently

NHS pension is guaranteed by the state (you cannot buy one like that) and its inflation linked to boot. As its related to final salary/career average its the sort of pension those of us who have to save cannot replicate, if we trid we'd have to be saving 40% (?) of our income

"Not having a pop at you personally but the assumptions people are making about property prices never crashing/falling/progressing ever upwards are heroic."

My only assumption about housing is that ill probably need one for most of my natural. Its nice to watch the cost of living in it go down rather than up as my rent used to every other year.

it might go up . it might go down .... how ever thats immaterial if its primary job is to keep the rain off my head and the cold out.

So... does this mean that those who work in the public sector will all be riding around on gold plated unicorns and lighting huge cigars with burning 50 quid notes, while the rest of us work three jobs each until we drop? Most jobs involving the supply of coke and hookers to the publicly funded wrinklies as they lord it over us?

For those of us with final salary schemes, accrued benefits are dependent upon your employer remaining solvent. This is not much of a problem in the short term, but long term (20+yrs) who knows? At which point this lot become relevant:

[url= http://www.pensionprotectionfund.org.uk/DocumentLibrary/Documents/what_is_the_ppf.pdf ]Pension Protection Fund[/url]

What's going to happen over the longer term is that businesses that have been raped by private equity (Boots, AA, Saga, etc) and that are now leveraged up to the hilt with cheap debt will go pop when interest rates finally rise. The assets will be sold off, leaving just the pension funds which will in all likelihood be underfunded. The PPF won't be able to cope and those in the pensions business know this. It's the next financial services scandal.

When I was 18 I was TOLD I HAD to join the pension scheme (it turns out that wasn't true) but it's some of the best advice I was ever given.
Next year when I turn 60 I'll get a pension just short of £30k plus a lump sum of just under £200k.
It's never too early to start a pension.

7% growth - where the hell did you get a fund that gives you that?

"Not having a pop at you personally but the assumptions people are making about property prices never crashing/falling/progressing ever upwards are heroic."

Those extolling the value of not owning a house should really be on the Bivi and bikepacking thread! I work in the SE, I live in the SE, I wanted a nice-ish house with a garage and outside tap, what exactly was the alternative to buying a house? If it goes up, winner. If it stagnates, mehhh, it'll probably still buy a nice house up north when we retire (or in ~10-15 years when we're bored of the rat race). No financial plans based around it, and inflation seems a certainty, so at leas the cost will go down.

As for pension, 29, been paying in 15% on top of my employers 8% since 25, and before that it was whatever the minimum was (5% +5% I think). Original plan was to 'cap' my wage at something sensible and pay in the rest, on the upside with being made redundant this means I can find a new job that pays 20% less and still have the same net pay, and not be behind on my contributions for ~5 years in the worst case.

I'm not screwed, but feeling let down as a pathological saver.

The NHS Pension Scheme pays for its current pensioners through contributions of people who are in employment and paying-in during their working lives.

I joined it in 2003, when it was still a final salary scheme and cost 6% of my salary. I would have retired at 60, with a pension of maximum 50% of final salary.

Following post-2008, 2010 and 2015 changes: I am now paying contributions of 13.5% at around [u]£900 per month[/u]... for something I'm worried I'll never get! The Scheme is now "career average" rather than final salary and - crucially - is linked to State Pension Age. The 2008 review made the Scheme sustainable: all the changes since have been to generate larger surpluses to support other government expenditure.

I am very worried that there will be another substantial increase in State Pension Age; further increases in contribution; and further dilution of benefits.

I am especially concerned that high contributors will opt-out of the NHS Pension Scheme due to a) the £1m cap on untaxed contributions and b) new / private / non-NHS providers reducing the numbers of people who pay in to the scheme. GPs, Consultants and small number of senior nurses and managers are subsidising a much larger number of current pensioners.

I have also been saving £600 per month into ISAs since 2007. This is my plan B, but as my pension contributions have more than doubled, this has become harder to sustain. I'm also worried about a raid on ISAs! 🙁

you'll get a whole load of people trying to sell up in the SE and buy in the North, which will change the supply/demand equation somewhat in both areas.

France is cheaper and warmer. But there are a lot of French people there.

Those extolling the value of not owning a house should really be on the Bivi and bikepacking thread! I work in the SE, I live in the SE, I wanted a nice-ish house with a garage and outside tap, what exactly was the alternative to buying a house?

I'm also worried about a raid on ISAs!

It's right to be concerned about these things, but this sounds ever-so-slightly like a case of worrying too much... are you envisaging a Cyprus bail-out scenario?

It's never too early to start a pension.

In principle, yes, totally agree. But:

I did this, and prioritised it over getting a mortgage and will now have to pay at least 100k more + interest to buy a house as a result (+ add in tens of thousands spent in rent)... so starting a pension young has turned out to be a less than optimum strategy... I'm worse off as a result.

More importantly, look at how low the salaries are for the younger workers now, the job insecurity and the rents they have to pay in order to be where those jobs are, and you'll realise saving for a pension isn't an option - there's no money left at the end of the month... living costs have eaten it all up

So can final salary pensions go tits up then? What happens if the company goes insolvent?

Im Ok . Started work at 17 in 1986 and the only good thing my Dad did for me was to make me start a pension.
Went with Scottish Mutual and have around £90k with them
Took out a second Equitable pension in 1995 and have around £90k with them as well
Also conracted out of SERPS and stayed out for years and there is £40k there as well.
No mtg so should put more aside as the tax repayment make it a sensible choice.
Would like to think I can get away with £250 - £300 a week income as I have no dependants or illusions of grandeur

I only started a pension last year - I'm [s]41[/s] 42 whoops lost a year there. To be totally fair we are in a good position with a significant cash pot in funds, ISAs and two properties mortgage free. I used my SIPP to reduce my tax liability but having now woken up to them I'm quite shocked by some of the schemes and some of the liabilities that big companies are sitting on. Our plan is for me to work until I am 45 and then either stop completely and do some contract work while my wife goes back to work or get down to 3 days a week. I acknowledge we are very 'lucky' but once upon a time I took a massive risk which paid off, otherwise I'd be utterly utterly skint. Even so the returns on it all aren't flash. I really worry for my daughter, so much so we've started chipping cash into funds for her as there is no way the next generation could afford to live based on what I observe.

So can final salary pensions go tits up then? What happens if the company goes insolvent?

The pension lifeboat fund thing kicks in and bails it out. If you're deferred you get 90% of your pension paid out up to something like £40k a year.

https://en.wikipedia.org/wiki/Pension_Protection_Fund

I will most likely work till I drop.

35 and nowhere near buying my own place, not much spare cash at the end of the month so no real savings. Will inherit a good lump sum when my parents pop it but it looks like that'll be swallowed up caring for one or both before I get to see any of it. Have three small pensions but they total £12k between them and the largest one has gone down in value for the last 3 years!

I could, in theory, do no fun stuff (biking or socialising) and put a few quid away to save for a retirement I might see but that's worse than hell so I'll take the option of a skydive without a parachute (or some other fun way to check out 😈 ) but TBH I doubt I'll get to my retirement age of 70 anyway. Even now people who reach retirement age at my work are staying on for 5+ years and stopping new blood from entering the workforce. I really don't want to be in that situation but I cannot see any other option. Unlike a lot of my school friends I did not follow a specific career straight after school so my pay has been low. A lot are in the public sector (teachers, medical, civil servants) and they're all seemingly sitting pretty with houses, savings and a good standard of living. It is actually starting to become an issue affecting some friendships already and I can see it getting worse as the gap between the have and have-nots gets worse, sort of like a micro version of the country as a whole.

That was depressing writing all that 🙁

I'll ask this - anyone else really started to look at lifespan with all these celebs dying, I'd never really thought about it but recently I've been a lot more "jesus, I could have 15 years so bugger this I'm going to do what I want"

Well, I'm 58 very soon. The house is paid for and the pensions are worth about 250K. Mrs Z's not likely to get much as she didn't work for 20 years while the sprogs were growing up. She only works a few hours each week now.

My family history would indicate that I'm unlikely to draw my pension, but Mrs Z should be OK.

God help my daughter or the grandchildren. I do worry about their futures.....

So can final salary pensions go tits up then? What happens if the company goes insolvent?

The current pensioners get preference over all the deferred members too so the people who got made redundant are doubly shafted.

The current pensioners get preference over all the deferred members too so the people who got made redundant are doubly shafted.

Nope, the fund will get bailed out by the PPF and deferred members get 90% of their pensions.

https://en.wikipedia.org/wiki/Pension_Protection_Fund

Ah right, I'd forgotten about that, but 10% could be a significant cash reduction for a long running scheme.

edit - didn't not read your first post about it, I was catching up with other threads.

You still get 90% of what you were due, which is pretty good considering that prior to the PPF being created, you could have got zilch (e.g. Robert Maxwell etc).

Ben H. Don't know the detail but when the make changes to pensions it's normal (from my experience) that what you have already accrued stays the same. Only going forward will the average salary kick in. As I said I dont know the NHS pension change details. But I'd be very surprised if the change included back dating. What's been earnt can't be taken away.

37 year's old here, only been paying into a pension for about 5 years, I had a colorful youth! I'm sure there will be no state pension to speak of if I live to the ever increasing retirement age, so my current plan is selling the family house, downsizing and resorting to petty crime to buy food.

I'm sure there will be no state pension to speak of

If they did get rid of it, people would starve to death in their 100,000s!

I can see if being means tested and reduced, but for > 50% of the population, it's pretty much all they have.

http://www.telegraph.co.uk/finance/personalfinance/pensions/10182664/Number-of-people-paying-into-a-pension-hits-60-year-low.html

Very screwed. Plan A is to make very good friends with a Vet, Plan B is lots of insulin.

Plan A is to make very good friends with a Vet,

so they can shove a thermometer up your arse and charge you £80?

Anyway. Genuine question.

Let's just say that, hypothetically, you had a payrise and wanted to put an extra 50 quid a month into your rainy day fund, and you've already got a work pension.

What are the options? Add it to the pension? Get an ISA that will probably pay about 1% interest? Something else?

It's not really a lot but maybe you'll get another payrise one day and be able to increase it...

anyone else really started to look at lifespan

The celebs thing is a red herring, theres more "celebrities" than ever before so more shuffing off at any given time.
We don't however plan well, if at all for death which is strange given its inevitability.

If I get 20 more years it will be substantially more than any male in my family history so realistically I can probably maintain interest in work for 15 years or so, then another 10 after that is probably all I need to fund.

I agree with your sentiment no time to waste.

Shares ISA?
I think 10pc is not uncommon but for calculating future value 7pc is reasonable.
[b]
£50 a month for 30 years @ 7pc gives you £61,000 leave that another 10yrs without adding any more payments and it doubles to £122,000

How many people would feel more comfortable about retiring with that as a lump sum no annuity gamble.

32 years old and currently got 35k in my pension pot. Only been paying into it for 4 yours so its cost me a fair bit already, but really need to up my contributions once the damned mortgage is paid off.

My caution to couples is not put all your bets on one of your lives. My parents did this with too much put into my father's pension (as it was better than my mother's). Only snag is he died at 66 so didn't really get much from it. Yes, she gets half of his pension as a widow's pension now but would be a hell of a lot better off if more had been invested in her name directly.

Does depend on the pension thoough convert.

Mine is diverted to my wife in its entirety in case of my death. - thats a term of my pension.probably one of the many reasons why its so shite. - im also currently forced to take a annunity with optional lump sum- draw downs not an option currently.

What you describe did happen to my grand parents though. Financial mess to sort out after my gran died unexpectedly and rapidly.

Wilburt - 122000 is only 5k a year at 4% draw down (a fairly well accepted draw down number) . Also most people educated in the matter of oensions and investing have scaled back to using 6% as their base line growth figure for pensions. 🙁

slackalice - Member

Plan B is lots of insulin.

Good idea- stockpile it now and once the NHS is abolished you can sell it for a fortune.

I'm worth significantly more dead than alive. Company death benefits, couple of life insurance policies, mortgage paid off...

Sad that I won't be around to enjoy I if something happens to me before pensionable age... 🙁

Mine is diverted to my wife in its entirety in case of my death. - thats a term of my pension.probably one of the many reasons why its so shite. - im also currently forced to take a annunity with optional lump sum- draw downs not an option currently.

From what I have read, total transfer to a surviving partner upon your death is normally only whilst you are a paying in member - i.e. not yet retired. My father would have been the same had he died whilst still working but as he died a year into his retirement she only gets 50%. I'd check your ts&cs to make sure. If it does that's a serious bonus.

@trail rat, I was suggesting a shares isa so no need for an annuity and all the problems you and others have talked about, also just an example based on £50pm.

Ok but im talking about annunities completely seperate to my comments on your post.

My comments directed at you were what a sustainable draw down rate on your 122k would be to give long term income without buying an annunity.

Let's just say that, hypothetically, you had a payrise and wanted to put an extra 50 quid a month into your rainy day fund, and you've already got a work pension.

What wilburt says (though I don't think those calcs takes inflation into account.)

You can have as many pensions as you like, it only becomes complex if you start hitting tax limits by investing too much in one year. Just open a SIPP as well as having your employer scheme and simply have a regular saver that is automatically invested into the fund(s) or share(s) of your choice - ideally in a broad portfolio. Most of the common online brokers won't charge you fees for the fund purchases and there are plenty of 'balanced', 'cautious' or 'aggressive' funds to suit your feelings on risk.

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Standard Life's Head Office...shiny shiny...wonder why your pension is worth jack? If people think that their hard saved money is going to be available to them in 25 years time is kidding themselves.

Like many on here, im screwed. The cost of renting and general living costs (food/bills) coupled with a pretty low wage for most of my life meant no chance of saving. Following an unexpected opportunity of living in my deceased grandfathers house rent free for 4 years I managed to save enough to put a deposit down on a house. This was an opportunity im pretty thankful for.

Fast forward a few years and at 38 i have 20 years left on a mortgage, a family of my own, still no spare money but slight better wages.
It definitely keeps me awake at night sometimes thinking about how to cope financially in old age. I have no rich relatives and no likelihood of any money when my folks pass away as they have done some equity release thing with their house.

To be honest I done know if its best to use any money I can potentially save to pay off the mortgage earlier or to try and stick in a pension fund somewhere.

The advice from Konagirl, above, was really helpful and something im looking into.

There are lots of people on here who are in a pretty decent financial position and use this thread as some sort of willy waving 'told you so' kind of opportunity. Its pretty disheartening for people who are trying to make the most from opportunities they make, but will likely never have a pension pot at all.

The whole pension thing is a ticking time bomb, there must be millions of people who will have nothing in their old age and no way of paying for food or bills. Let alone the people who havent been able to buy a house and will have to find rent too.

I am going to have make full possible use of a "Lifetime ISA" when they become active next year to help boost my relatively small work pension and the state one (if they are still around in ~25 years time).

Luckily, even though I'm 42, I believe the rules as set down by Mr Osbourne in the last budget stated that people of any age who had already opened a "Help To Buy ISA" can transfer that money across to a Lifetime ISA. It can still be used to get a 25% boost to buy a first house, but also has a higher annual deposit limit, ~£4200 vs £2400.

, it only becomes complex if you start hitting tax limits by investing too much in one year.

Yep, managed to do this last year by completely forgetting that the company matched my contributions. Luckily Carry Forward is my get out of jail card.

[i]The whole pension thing is a ticking time bomb, there must be millions of people who will have nothing in their old age and no way of paying for food or bills. Let alone the people who havent been able to buy a house and will have to find rent too. [/i]

Yep, and far too many people spending money on 'bling' rather than putting some aside.

Rent-wise, it'll be added to the already huge social cost we currently have.

There are lots of people on here who are in a pretty decent financial position and use this thread as some sort of willy waving 'told you so' kind of opportunity

Are you new here? Did you expect anything different? Sadly, as soon as I saw this thread title I just knew that would be the case, and thats where this thread would end up. It always does in STW ivory towers land.

A lot of people on here haven't got a bloody clue just how lucky and well off they are, and just assume that everyone breathes the same rarified air. And then also assume that if you've not in the same position yourself its because you're a pleb who's spent all their money on big telly's etc, and they can then pass moral judgement on you, you fool.

Completely absorbed in their own spectacularly-pleased-with-themselves mindset, they genuinely have absolutely no bloody idea whatsoever! And more importantly they seem determined to retain this sense of devoid-of-empathy superiority, and wear it as a badge of honour to symbolise their own obvious glowing brilliance. Its a bit pathetic really. No need to name names. I just ignore them and read what the people who inhabit the real world have to say.

Anyway... back on topic...

Standard Life's Head Office...shiny shiny...wonder why your pension is worth jack? If people think that their hard saved money is going to be available to them in 25 years time is kidding themselves.

I've said it before but I firmly believe that in years to come the whole private pensions Industry will end up dissolving into the kind of scandal that will make the whole banking PPI mis-selling business look like just a little bit of an accounting error at a corner shop.

Standard Life's Head Office...shiny shiny...wonder why your pension is worth jack?

Your pension is worth jack shit because you paid jack shit into it.

Pensions are not miracle workers, what you get out is proportional to what you put in.

If you want to retire at 60 and have a £20k a year pension for life (just example numbers), then given you could live to 100, you'll need something like 40 years x £20k = £800k fund. You're not going to get that putting £50/month in for 40 years (£24k total), even if the fund charges were zero.....

I think the big gap in the auto enrolment pension scheme is the lack of provision to make swapping jobs/pension providers simpler. Alot of people, including myself are in careers where you're likely to switch employer on average every 3 years throughout your career. Currently in my early 30's I have three pensions!

I think there should be further legislation making it law that an employer must contribute to any existing pension and the pension companies should make the necessary bureaucracy changes to make this practical.

Currently in my early 30's I have three pensions!

It's very easy to consolidate them all into a SIPP (I've done that). Only if they are final salary pensions is it worth keeping them where they are.

Probably very lucky compared to most. 52years old and have 21 years of final salary NHS pension with an additional £60k purchased (half of my redundancy).

Swings and roundabouts I suppose. Job is boring and I took a conscious decision 15years ago to stick with safe and dull for the pension/benefits. I don't ever want to retire just do less of something different. My father's 88, still works a bit and would be gutted if his contract wasn't renewed.

When I have extended periods of time off I find that I don't enjoy life so much. I need structure and to be busy to enjoy my hobbies etc more.

When I have extended periods of time off I find that I don't enjoy life so much.

Do you need a chunky pension then 😉 ?

Sorry, I've not read all the above. I'm a pensioner. Life is better because I contributed to two, work and private: ISTR being told this was illegal, but I carried on anyway. I'm glad I did.

Life is better because I contributed to two, work and private: ISTR being told this was illegal, but I carried on anyway. I'm glad I did.

Not illegal at all.

When I have extended periods of time off I find that I don't enjoy life so much.
Do you need a chunky pension then ?

Work/life balance innit. All play and no work make Jack do sodding heaps of pointless DIY and start to think along the lines of 'I won't ride this morning it's only 15C and there is a faint chance of clouds'.

Well, I'll have bugger all but the "state" pension, so about £170 a week then. I don't bother worrying about it, life's too short.

its is a fine balance - while i do appreciate i have been lucky thus far.

There is an element of self sacrifice to get here - and an element of my parents threatening to disown me....

summer 2009 - i was off to ride in the usa on a particular route off the back of touring round the southern hemisphere all winter - fit as ****.

told my parents and was told - well you best get a flat rented etc etc your not living here doing that.

I have friends who still live that life - 6 months on the road - racing , riding having fun and 6 months working to pay for the other 6 months. and yes later in life they may settle down and get a job/pension/house.... but starting on the back foot to find them selves in a position where they have to save loads to make it worth while and ultimately - not bothering....

I know which id rather be doing in my heart but equally i want to have a family and a stable home for them so im stuck here doing a job and have pretty much stopped racing(but importantly not riding) as my work doesnt allow me the continuity to train.

But that has let me get my self into a position where ive been able to plan for the future.

its all swings and roundabouts and im sure ill go to my death bed thinking what may have been.....its not all golden spoon.

Standard Life's Head Office...shiny shiny...wonder why your pension is worth jack? If people think that their hard saved money is going to be available to them in 25 years time is kidding themselves.

This is a luddite view. That building is an asset, which is probably owned by either an insurance co. or a property co. whose shares will be owned primarily by pension funds. The rent that SL pay is therefore paying for your pension. The value of the building is therefore contributing to the value of your pension pot. I don't deny that there are some factions of the life and pensions market that are spivs and shysters, but let's not be silly, eh?

It's also not that big and expensive given how large the funds are they manage (£307.4b in 2015).

For better or worse working life has changed , many go to uni now and have a debt on paying back the student loan, additionally people then get married have a big dual income mortgage. Then the kids arrive.

It's no wonder that people find saving into a pension difficult, well enough for their retirement.

I' can see this being a very big problem in the next 20 odd years or so.

A lot can happen in this time also, but the stock market is now the big gamble for pension returns, gone are the final salary pensions.....

For most people it will be a difficult decision on what to do with the ever increasing demands of just leading a normal working life.

t's also not that big and expensive given how large the funds are they manage (£307.4b in 2015).

Or that expensive a location i.e. Edinburgh instead of central London