Close

Results 1 to 9 of 9

Thread: Pensions

  1. #1
    DF Jedi BigBrand's Avatar
    Join Date
    Dec 2010
    Location
    UK.
    Posts
    4,947
    Thanks
    1,729
    Thanked:        1,985
    Karma Level
    418

    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 02:01 PM.

  2. #2
    DF PlaYa grrrd's Avatar
    Join Date
    Nov 2006
    Location
    portsmouth
    Posts
    894
    Thanks
    327
    Thanked:        265
    Karma Level
    219

    Default Re: Pensions

    9/14 is an amazing rate!

    I get 7/11

  3. #3
    DF Jedi BigBrand's Avatar
    Join Date
    Dec 2010
    Location
    UK.
    Posts
    4,947
    Thanks
    1,729
    Thanked:        1,985
    Karma Level
    418

    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. #4
    DF PlaYa grrrd's Avatar
    Join Date
    Nov 2006
    Location
    portsmouth
    Posts
    894
    Thanks
    327
    Thanked:        265
    Karma Level
    219

    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.

    Thanks to grrrd

    BigBrand (8th October 2018) 


  5. #5
    DF Super Moderator piggzy's Avatar
    Join Date
    Jul 2014
    Location
    UK
    Posts
    3,942
    Thanks
    3,485
    Thanked:        1,716
    Karma Level
    339

    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. #6
    DF VIP Member Rick Sanchez's Avatar
    Join Date
    Dec 2004
    Location
    Shoney's
    Posts
    3,870
    Thanks
    1,331
    Thanked:        381
    Karma Level
    355

    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. #7
    DF PlaYa Nathz29's Avatar
    Join Date
    Feb 2008
    Location
    Manchester
    Posts
    801
    Thanks
    144
    Thanked:        103
    Karma Level
    181

    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

    Sent from my Armor_2 using Tapatalk

    Thanks to Nathz29

    Rick Sanchez (17th October 2018) 


  8. #8
    DF PiMP Lestronics's Avatar
    Join Date
    Nov 2000
    Location
    S/East England
    Posts
    352
    Thanks
    85
    Thanked:        147
    Karma Level
    255

    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 ........

    5 Thanks given to Lestronics

    Ashley (17th October 2018), BigBird (17th October 2018), BigBrand (17th October 2018), piggzy (17th October 2018), Rick Sanchez (17th October 2018) 


  9. #9
    DF Wh0re rusty's Avatar
    Join Date
    Jan 2001
    Location
    notts
    Posts
    203
    Thanks
    162
    Thanked:        31
    Karma Level
    237

    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

    Thanks to rusty

    Ashley (17th October 2018) 


Social Networking Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •