Originally Posted by Guvernator
Exactly, as has already been stated £2400 a month is plenty, that's £600 a week disposable income. For those drinking Crystal champagne on their yacht it might not seem like a lot but for normal folk, trust me it's plenty. My parents pension is less than that a month and they are FAR from destitute. Add in some private health insurance and they are sorted and IF they ever need a financial boost or need a carer then that is what I am there for as they looked after me for over 20 years.
A pension should only be part of your future financial plans, if you are pinning all your hopes on some stranger\the government sorting out your financial future then more fool you. A pension will be a small part of my income when I retire, I'll sort out my own financial future thanks.
As for the pensions limits\taxation problem, again easy. Simply move yourself or your wealth somewhere where the greedy government can't get their hands on it. I'll be damned if I am going to work my a*se of my whole life only for someone to take a massive chunk of it.
So it really isn't as bleak as some are trying to make out, IF you are smart.
I actually have a meeting with my financial advisor in the new year just on this topic anyway.. didn't realise this new 'situation' though. To plays devils advocate what are people's options with regards to saving elsewhere.. Perhaps offshore? Or what?
Thankfully I do plan to have other income sources when I retire... Although none of them are very mature yet!