Pensions

Thread: Pensions

  1. BigBrand's Avatar

    BigBrand said:

    Default Pensions

    For various reasons, I didn't pay into any pension when I started work, and it's taken me 10 years to get my shit in gear and get my pension sorted.

    I currently pay in 9% and employer pays in 14%. Make me feel physically sick when I think about what I could have gained from those 10 years.

    I want to retire shortly after 65, and certainly not into my 70's.

    As such, I'd need to make up a gap in where my pension could have been.

    What are peoples recommendations?

    Options I have (that I know of)

    * Increase pension contributions to 25% (anything over 9% I pay, my employer pays 0.5%, so for 6% more, my employer pays 3% more.
    * Overpayment on Mortgage to reduce the life/interest on that.
    * Invest in some other SIPP/ISA of some kind.


    Anyone been in similar situation?
    Last edited by BigBrand; 8th October 2018 at 03:01 PM.
     
  2. grrrd's Avatar

    grrrd said:

    Default Re: Pensions

    9/14 is an amazing rate!

    I get 7/11
     
  3. BigBrand's Avatar

    BigBrand said:

    Default Re: Pensions

    Quote Originally Posted by grrrd View Post
    9/14 is an amazing rate!

    I get 7/11
    Yes it is good from what I've seen others getting, makes it even worse I did not take advantage of it until later. I was young and naiveI guess.
     
  4. grrrd's Avatar

    grrrd said:

    Default Re: Pensions

    so my employer contributions are stuck to 11%, but i have actually gone to 13% myself.

    My financial adviser put it this way. It doesn't matter how well your portfolio does, but by sacrificing X amount to put in your pension grows by 40% instantly for you are not pay income tax on it.
     
  5. piggzy's Avatar

    piggzy said:

    Default Re: Pensions

    I just moved my various pensions into that Pension Bee. You can use the app and setup regular extra payments and make one of payments.
    The app shows your pension balance daily so you can see it going up (and down sometimes).

    You can adjust thr risk/reward ratio and do all sorts within the App. I like it.
    The main reason I moved to them was I had a couple of pensions with companies that no longer exist and couldn't remember any details at all and they still tracked it all down in a couple of weeks and transferred it over.
     
  6. Rick Sanchez's Avatar

    Rick Sanchez said:

    Default Re: Pensions

    I haven't got a pension and I'll probably not bother as I'll be dead before I reach pension age.
     
  7. Nathz29's Avatar

    Nathz29 said:

    Default Re: Pensions

    Didn't do the pension thing as saw both my parents ripped off after paying huge sums in getting bugger all out, and dying relatively youn (65 and 54), I've bought a couple of properties instead and put money away on a monthly basis into ISAs

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  8. Lestronics's Avatar

    Lestronics said:

    Default Re: Pensions

    I had two pension pots I'd paid into, not worked for 10 Years (personal reasons) but when I reached 55 I was able to cash them in, around 26k, had I have left them and not added anymore to them then it amounted to about 20'ish a week when officially retiring at 67 ! not going to get me all excited and enjoy the life of luxury on that, so I decided I'll cash in the pot. I paid off all existing debt with the proceeds, thankfully the mortgage was already cleared, did some home improvements etc and had a little spare for the odd bit of luxury and pleasure, 4k tv, new amp etc and plenty of beer ! 57 now and sadly it's all gone but fuck it !!, I made use of it now, could be dead tomorrow ........
     
  9. rusty's Avatar

    rusty said:

    Default Re: Pensions

    you need to put in a lot of money to get any good returns
    I was lucky worked for a state industry so had a good pension + paid in AVC ( add voluntry contributions) was putting in just AVC 75 pw since 1989
    so when i retired my pension was only 10 less than my normal pay, But I'm a from the baby boomer generation and we have had the best of this country.
    tell my kids to invert in houses, job's aren't for life now, and the way the change the rules with company pensions & AVC's I can't see there will be any good payouts like I had