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      11-29-2007, 05:47 AM   #1
ECBMW
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Pension

Thinking about starting up a pension scheme. Anyone know what the basics are or what should be acceptable for a pension? i.e. some companies pay in for you and others dont is there any advantage of this or is this taken out of your tax etc?

Thanks
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      11-29-2007, 06:39 AM   #2
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I'm not sure I'm answering the right question, but here we go...

I would say that a company contribution of 5%, matched by the employee is a minimum these days. At my company the contribution is higher for higher placed staff, but it is being looked at with a view to changing to 10% company 5% employee, effectively giving them 15% overall.
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      11-29-2007, 07:52 AM   #3
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I not sure what i get, i think my employer matches what i put in. Not sure what %tay it is tho. Had one since i was 19?!


All that cash i could have had now
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      11-29-2007, 07:56 AM   #4
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Originally Posted by dxb335d View Post
I not sure what i get, i think my employer matches what i put in. Not sure what %tay it is tho. Had one since i was 19?!


All that cash i could have had now
Stunning financial advice Carlos

Now .. what do you think I should do about my ISA?
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      11-29-2007, 09:10 AM   #5
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ECBMW, Hi. The following links might be useful for you

www.adviceonline.co.uk/pendecisiontree.html

www.thepensionservice.gov.uk/

www.pensionsadvisoryservice.org.uk/
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      11-29-2007, 12:10 PM   #6
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Originally Posted by needforspeed View Post
Stunning financial advice Carlos

Now .. what do you think I should do about my ISA?
Im not sure, i have one too. What shall i do with mine?
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      11-29-2007, 01:47 PM   #7
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Im not sure, i have one too. What shall i do with mine?
I'd keep it behind the sofa. I don't trust these so called 'banks'.

I mean what with all this 'identity theft' and all it's frightening.

I mean .. what if someone actually stole your identity (like in the film trading places) moved into the fandango house, started doing you job sweeping the leaves of the railway lines and calling everyone something .. wah?
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      11-29-2007, 02:38 PM   #8
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Quote:
Originally Posted by ECBMW View Post
Thinking about starting up a pension scheme. Anyone know what the basics are or what should be acceptable for a pension? i.e. some companies pay in for you and others dont is there any advantage of this or is this taken out of your tax etc?

Thanks
I think I'm currently contributing 6.35% and employer is contributing 14% and I have the option to pay AVC's (which I am not doing at the moment, but might do in future).
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      11-29-2007, 03:02 PM   #9
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I'm not going to dare and comment on mine....but civil service non contributory......option of buying added years to bugger off early, index linked, final salary and lump sum payment....I'll go away now.
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      11-29-2007, 03:03 PM   #10
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Originally Posted by beemerbird View Post
I'm not going to dare and comment on mine....but civil service non contributory......option of buying added years to bugger off early, index linked, final salary and lump sum payment....I'll go away now.
Yes, mine final salary linked as well with lump sum.
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      11-29-2007, 03:04 PM   #11
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Nice feeling isn't it Gordon
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      11-29-2007, 03:07 PM   #12
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My plan is to try and retire around early-mid 50's and buy a property abroad. I'll spend half the year in the UK and the other half in the sun!
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      11-29-2007, 03:15 PM   #13
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My plan is to try and retire around early-mid 50's and buy a property abroad. I'll spend half the year in the UK and the other half in the sun!
I want to retire ASAP. I dont know how tho..
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      11-29-2007, 03:57 PM   #14
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I want to retire ASAP. I dont know how tho..
Simple

Work hard
Spend nothing.
Fuck off to France.
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      11-29-2007, 04:00 PM   #15
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Simple

Work hard
Spend nothing.
Fuck off to France.
I agree with the others, but not with the francwah thing.
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      11-29-2007, 04:39 PM   #16
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Originally Posted by beemerbird View Post
I'm not going to dare and comment on mine....but civil service non contributory......option of buying added years to bugger off early, index linked, final salary and lump sum payment....I'll go away now.
Funny how you can go off people after just one post

Not fair, not fair, not fair !
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      11-29-2007, 04:46 PM   #17
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Terrible isn't it, the cross I have to bear Don't worry scotw this doesn't take into account the mundane day to day part of the job, potential boredom and enough political correctness to last a life time to which I have received a few bollockings about not being PC. Bet they wouldn't bollock me if I was non-white, gay & disabled
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      11-29-2007, 05:21 PM   #18
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I'm not going to dare and comment on mine....but civil service non contributory......option of buying added years to bugger off early, index linked, final salary and lump sum payment....I'll go away now.
I think us public sector workers should keep quiet! I have three pensions, one generous final salary, and two personal pensions. I figure I need as much income as possible in retirement to keep me in new cars

I have learnt a lot about pensions over the last 12 months and am now investing differently as a result of the research. The thing to remember is a pension is just simply a tax wrapper just like an ISA. You can invest in just about anything, and get tax relief on yr contributions, good for HRT payers. The only drawback is that you can't access your money until you are 55, which I consider an advantage.
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      11-29-2007, 05:29 PM   #19
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Quote:
Originally Posted by beemerbird View Post
Terrible isn't it, the cross I have to bear Don't worry scotw this doesn't take into account the mundane day to day part of the job, potential boredom and enough political correctness to last a life time to which I have received a few bollockings about not being PC. Bet they wouldn't bollock me if I was non-white, gay & disabled
Hmmmm, day to day mundane, politics, sounds like a private sector job too! To be fair, I bet you do get more PC rubbish than we do. By the way, its just Scott

Enjoy them guys, I think sooner or later it will have to end, we can't afford them any more and at some point a government will tackle this, but not for you

55 oh for I'm told it will be 68! I put a fair bit away so I doubt that it will be for me, more like 60, but no way will I get as much as public sector do. It'll be interesting when we all retire, the public people will have a good bit more money that those that worked in the private
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      11-29-2007, 05:30 PM   #20
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Think you're right Pete, public workers should keep quiet! How come I am not allowed to have any private pensions in addition to the gov. one - that's not fair.
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      11-29-2007, 05:35 PM   #21
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Originally Posted by scotw View Post
Hmmmm, day to day mundane, politics, sounds like a private sector job too! To be fair, I bet you do get more PC rubbish than we do. By the way, its just Scott

Enjoy them guys, I think sooner or later it will have to end, we can't afford them any more and at some point a government will tackle this, but not for you

55 oh for I'm told it will be 68! I put a fair bit away so I doubt that it will be for me, more like 60, but no way will I get as much as public sector do. It'll be interesting when we all retire, the public people will have a good bit more money that those that worked in the private
Scott, good point you made about non-contributory pensions not lasting for too much longer. That has reminded me that anyone joining our department from the 'outside', now has to contribute to a pension scheme. I can't remember how much it is as a percentage of salary, but it is not exorbitant.
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      11-29-2007, 05:42 PM   #22
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Think you're right Pete, public workers should keep quiet! How come I am not allowed to have any private pensions in addition to the gov. one - that's not fair.
Yes you are BB. There is a max contribution limit which is the same as your salary. Pension 'A day' last year changed the rules.
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