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Pension
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By (user no longer on site) OP
over a year ago
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Has your pension got enough funds in it for you to retire when you want to?(you don't have to say amounts).
I don't think I'll ever be able to afford to retire and will have to work until the day I drop.... |
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My pension doesn't currently no, but I'm only 35. It should do by the time I get into my 60s. Retirement will probably have been banned by then anyway, we'll just die at our desks, be shovelled outside and someone new employed by lunchtime.....
I have a private employers pension and investment in a property to hopefully fall back on.... |
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"Just for info - people need 35 full years paying nic to qualify for the full state pension 
not me but what if you've been on benefits all your life? "
I don't know much about that but I thought ni contributions were taken from your benefits, but I don't know tbh |
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"Just for info - people need 35 full years paying nic to qualify for the full state pension
not me but what if you've been on benefits all your life? "
For each year you are on benefits you are credited with your NI contribution. So in theory if you never work you’ll get full state pension.
People are already being warned that state pension won’t be enough to live on in future |
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Well I do think it bad when the government advise us to save more for our pensions when it's virtually impossible to live debt free today.
I just kind of got lucky and have plenty of gold bars under the floorboards but I would sell it all to be 18 again even in these gloomy times |
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By (user no longer on site) OP
over a year ago
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"Just for info - people need 35 full years paying nic to qualify for the full state pension
"
Correct.
I should have been clearer. I was refering to my private pension. |
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By (user no longer on site) OP
over a year ago
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"I'm 66 and past retirement age but I cannot afford to do it. So I urge everyone to make an effort to get a pension plan early  "
Agreed. One of my biggest mistakes was not paying into this earlier. My private pension only has about £30k in it which wouldnt last five minutes if I'm still having to rent. |
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By (user no longer on site)
over a year ago
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"Yes - phew!
You're fortunate. Are you looking to retire early?"
I should clarify that provided I stay in my job, my age of retirement is 63 with full pension.
Just hope the goalposts don’t move between now and then (they probably will) |
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By (user no longer on site)
over a year ago
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"I don’t even have one I will just sell everything I owe and hopefully become rich on bitcoin
Nowt wrong with dreaming lol"
Exactly live for today I say never know what’s around the corner  |
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By (user no longer on site)
over a year ago
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"Just for info - people need 35 full years paying nic to qualify for the full state pension
Correct.
I should have been clearer. I was refering to my private pension. "
I assumed you were talking about private pensions. |
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I am amazed by my younger colleagues who don't take advantage of the full company match. That's just throwing away free money. There may be little state pension by the time they retire and will need their maximum private pension. |
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The reality is that very few people get to state retirement age with sufficient funds let alone retire early.
If you retire at 66 with average life expectancy you’ll need to fund 20 years in retirement. Given inflation and low interest rates you’d need in excess of £500k to generate say £20k pa.
Unless you can start funding at a very young age and maintain it for your entire working lifetime it’s unlikely you’ll get there |
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My dad imparted on me the need to save early. So I took out a pension plan while still at Uni with him matching my contributions.
Have a work one as well.
I’m going to retire at 55 live off some rentals in the Uk and live back home in the sun. It’s not going to be lavish but will be ok. |
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By (user no longer on site) OP
over a year ago
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"I am amazed by my younger colleagues who don't take advantage of the full company match. That's just throwing away free money. There may be little state pension by the time they retire and will need their maximum private pension."
Exactly. I mentioned this to an ex colleague of mine who was in her 20's and she said she wasnt going to bother investing in her pension, she'll just live off the inheritance from her parents when they die! |
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By (user no longer on site)
over a year ago
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"The reality is that very few people get to state retirement age with sufficient funds let alone retire early.
If you retire at 66 with average life expectancy you’ll need to fund 20 years in retirement. Given inflation and low interest rates you’d need in excess of £500k to generate say £20k pa.
Unless you can start funding at a very young age and maintain it for your entire working lifetime it’s unlikely you’ll get there"
This is one of the few reasons why public sector work is better than private. Most jobs I.e. teachers, local government, your job includes a salary scheme which provided you put in for enough years, will give you security in retirement |
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By (user no longer on site) OP
over a year ago
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"My dad imparted on me the need to save early. So I took out a pension plan while still at Uni with him matching my contributions.
Have a work one as well.
I’m going to retire at 55 live off some rentals in the Uk and live back home in the sun. It’s not going to be lavish but will be ok. "
That sounds perfect to me |
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"The reality is that very few people get to state retirement age with sufficient funds let alone retire early.
If you retire at 66 with average life expectancy you’ll need to fund 20 years in retirement. Given inflation and low interest rates you’d need in excess of £500k to generate say £20k pa.
Unless you can start funding at a very young age and maintain it for your entire working lifetime it’s unlikely you’ll get there
This is one of the few reasons why public sector work is better than private. Most jobs I.e. teachers, local government, your job includes a salary scheme which provided you put in for enough years, will give you security in retirement "
Very true but even public sector schemes are moving away from final salary for new members.
One things for sure, if you’ve got a final salary scheme hang on to it |
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By (user no longer on site)
over a year ago
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"The reality is that very few people get to state retirement age with sufficient funds let alone retire early.
If you retire at 66 with average life expectancy you’ll need to fund 20 years in retirement. Given inflation and low interest rates you’d need in excess of £500k to generate say £20k pa.
Unless you can start funding at a very young age and maintain it for your entire working lifetime it’s unlikely you’ll get there
This is one of the few reasons why public sector work is better than private. Most jobs I.e. teachers, local government, your job includes a salary scheme which provided you put in for enough years, will give you security in retirement
Very true but even public sector schemes are moving away from final salary for new members.
One things for sure, if you’ve got a final salary scheme hang on to it "
It’s called the triple lock and yes unfortunately likely to change soon. The first / most likely change is it will change to average salary, not final salary - but it’s still one of the best pensions going |
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No I won’t.
The interest rates we’ve had tor some years now is great for borrowers but totally shite for people trying to save.
I‘be always been self employed and started a private pension in my early 20’s, have never missed a payment or taken payment holidays. It’s with a pension firm that regularly comes out at the top of the performance ratings in the industry evaluations , and when I get to retirement age it’s going to payout nothing like what will be required. |
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By (user no longer on site) OP
over a year ago
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"No I won’t.
The interest rates we’ve had tor some years now is great for borrowers but totally shite for people trying to save.
I‘be always been self employed and started a private pension in my early 20’s, have never missed a payment or taken payment holidays. It’s with a pension firm that regularly comes out at the top of the performance ratings in the industry evaluations , and when I get to retirement age it’s going to payout nothing like what will be required. "
Does it make you wonder why you bothered, that you could have done something "better" with your money over the years? |
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I have been doing pretty well through pension, shares and ISAs. Unfortunately I'm getting divorced and at least half of everything I own is about to be taken away from me. So I won't exactly be back to square one, but I'll have a lot of catching up to do. Luke |
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By *rHotNottsMan
over a year ago
Dubai & Nottingham |
"Yes, already in receipt of 1 professional pension, now contributing to another. "
How does that work ? You get HR tax relief on contributions whilst drawing and paying basic rate tax.... is there any benefit to drawing it ? |
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"No I won’t.
The interest rates we’ve had tor some years now is great for borrowers but totally shite for people trying to save.
I‘be always been self employed and started a private pension in my early 20’s, have never missed a payment or taken payment holidays. It’s with a pension firm that regularly comes out at the top of the performance ratings in the industry evaluations , and when I get to retirement age it’s going to payout nothing like what will be required.
Does it make you wonder why you bothered, that you could have done something "better" with your money over the years?"
Yes, in a word.
Should have put every spare penny into property.
30 years ago interest rates were high, but even a very modest property then could have been traded up over the years into a valuable asset now, and would have had income from rent to help service the extra mortgage.
Those that had the foresight to do this are probably better off for it. |
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Yep... I shall be retiring in 7 yrs time aged 48.5. My pension, along with a small rental property portfolio, will fund my retirement comfortably.
Having began pension contributions aged 18 I’m now realising it was the best thing I’ve ever done!! Yes there were some sacrifices (quite minor looking back really) the ability to retire before I’m 50 and maintain my standard of life will all be worth it.
I think the failure by our education system to give youngsters the tools to make sound financial decisions is one of the biggest shames of UK education. |
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"Yep... I shall be retiring in 7 yrs time aged 48.5. My pension, along with a small rental property portfolio, will fund my retirement comfortably.
Having began pension contributions aged 18 I’m now realising it was the best thing I’ve ever done!! Yes there were some sacrifices (quite minor looking back really) the ability to retire before I’m 50 and maintain my standard of life will all be worth it.
I think the failure by our education system to give youngsters the tools to make sound financial decisions is one of the biggest shames of UK education. "
You definitely made the right decision,,I wish I had.
That’s the difference between foresight and hindsight. |
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By (user no longer on site)
over a year ago
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Already drawing one pension, working on another. If HMG makes good when I hit 67 I shall be sitting pretty. Mortgage long gone. More worked out okay than well planned, but I'm not complaining.. |
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By (user no longer on site)
over a year ago
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I have 25 years in an NHS pension and 2 other private pensions plus life insurance, savings and a big property. Plus my mum is leaving her estate to me and her house is worth alot so I think I'm going to be okay, providing I survive my cancer! If I don't then hubby will be a wealthy man! |
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By (user no longer on site)
over a year ago
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"Yes, already in receipt of 1 professional pension, now contributing to another.
How does that work ? You get HR tax relief on contributions whilst drawing and paying basic rate tax.... is there any benefit to drawing it ? "
Yes, retired early from #1 career on ill health grounds. Now in part time #2 career on much lower salary. Need pension #1 to cover the financial gap. |
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With the new(ish) pension laws that come into place 2028 it means nobody can withdraw from their pensions till they’re 57 years old.
I can guarantee you the day I reach 57 is the day I retire and draw from my pension. |
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"I have been doing pretty well through pension, shares and ISAs. Unfortunately I'm getting divorced and at least half of everything I own is about to be taken away from me. So I won't exactly be back to square one, but I'll have a lot of catching up to do. Luke"
That’s pretty shit. We agreed not to go after each other’s pensions - although he earned more than double what I did, I have a local government pension which was better than his. But saying that, we never signed a consent order to make it legally binding.
J x |
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"With the new(ish) pension laws that come into place 2028 it means nobody can withdraw from their pensions till they’re 57 years old.
I can guarantee you the day I reach 57 is the day I retire and draw from my pension. "
That’s incorrect. There are a number of pension provision schemes exempt from this and people In gross exempt schemes can access their pensions before aged 57. |
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By (user no longer on site)
over a year ago
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"Mine is final salary.. Fingers crossed it will be as expected by the time I'm ready to retire
Wow I didnt think they did those anymore. "
Shows how long I've been working 
The projections vary so much when you start to look at drawing it  |
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By (user no longer on site)
over a year ago
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Switching jobs in my early working years left me with three different pensions from that time, one which I surrendered as it wasn’t worth much.
I’ve been self-employed for 17 years but the last 13 of those have been without any pension contribution; primarily due to the GFC in 2008/9 and the lasting impact it had on my company’s revenue, but later on due to other issues funds just not being available.
So I’ve got a massive pension hole to fill. I’d hoped to retire at 55 when I first set the private pension up, but no chance now. 65 at the earliest, if at all. |
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By (user no longer on site)
over a year ago
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"
People are already being warned that state pension won’t be enough to live on in future"
As the UK state pension is around £8500 per year, it is already not enough to live on. The state pension should be around £16,000 per year, is the minimum wage.
The state pension is a joke! |
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"I have 25 years in an NHS pension and 2 other private pensions plus life insurance, savings and a big property. Plus my mum is leaving her estate to me and her house is worth alot so I think I'm going to be okay, providing I survive my cancer! If I don't then hubby will be a wealthy man! "
Wishing you good vibes to beat it. |
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Thankfully I'm with a company that has a great pension,
I've been paying NI since I was 17 so I should get a state pension unless they change it, I'm looking to retire at 67,
Then I would of worked for 50 years,
That's long enough I think. |
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By (user no longer on site)
over a year ago
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"
People are already being warned that state pension won’t be enough to live on in future
As the UK state pension is around £8500 per year, it is already not enough to live on. The state pension should be around £16,000 per year, is the minimum wage.
The state pension is a joke!"
In an ideal world yes, but whose going to pay for that? State pension wasn’t designed for people to live 20+ years after they retire. There is a big hole in the budget and that’s only increasing. |
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"With the new(ish) pension laws that come into place 2028 it means nobody can withdraw from their pensions till they’re 57 years old.
I can guarantee you the day I reach 57 is the day I retire and draw from my pension.
That’s incorrect. There are a number of pension provision schemes exempt from this and people In gross exempt schemes can access their pensions before aged 57."
Please check again. |
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"With the new(ish) pension laws that come into place 2028 it means nobody can withdraw from their pensions till they’re 57 years old.
I can guarantee you the day I reach 57 is the day I retire and draw from my pension.
That’s incorrect. There are a number of pension provision schemes exempt from this and people In gross exempt schemes can access their pensions before aged 57.
Please check again."
Err dont need to... there are certain pension schemes that are exempt....... if you think otherwise, depending on your pension provisions, I’d seek financial advice. |
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"With the new(ish) pension laws that come into place 2028 it means nobody can withdraw from their pensions till they’re 57 years old.
I can guarantee you the day I reach 57 is the day I retire and draw from my pension.
That’s incorrect. There are a number of pension provision schemes exempt from this and people In gross exempt schemes can access their pensions before aged 57.
Please check again.
Err dont need to... there are certain pension schemes that are exempt....... if you think otherwise, depending on your pension provisions, I’d seek financial advice. "
Sorry you’re wrong. There are no current schemes that are exempt. The government are looking into making ‘some’ exempt but as of yet none are. Therefore as it stands people born after 1971 will need to wait till April 2028 to unlock their pension pot.
Another free Mr M service xxx |
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"With the new(ish) pension laws that come into place 2028 it means nobody can withdraw from their pensions till they’re 57 years old.
I can guarantee you the day I reach 57 is the day I retire and draw from my pension.
That’s incorrect. There are a number of pension provision schemes exempt from this and people In gross exempt schemes can access their pensions before aged 57.
Please check again.
Err dont need to... there are certain pension schemes that are exempt....... if you think otherwise, depending on your pension provisions, I’d seek financial advice.
Sorry you’re wrong. There are no current schemes that are exempt. The government are looking into making ‘some’ exempt but as of yet none are. Therefore as it stands people born after 1971 will need to wait till April 2028 to unlock their pension pot.
Another free Mr M service xxx "
You get what you pay for.... .
I’m quite satisfied that my position is accurate |
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"With the new(ish) pension laws that come into place 2028 it means nobody can withdraw from their pensions till they’re 57 years old.
I can guarantee you the day I reach 57 is the day I retire and draw from my pension.
That’s incorrect. There are a number of pension provision schemes exempt from this and people In gross exempt schemes can access their pensions before aged 57.
Please check again.
Err dont need to... there are certain pension schemes that are exempt....... if you think otherwise, depending on your pension provisions, I’d seek financial advice.
Sorry you’re wrong. There are no current schemes that are exempt. The government are looking into making ‘some’ exempt but as of yet none are. Therefore as it stands people born after 1971 will need to wait till April 2028 to unlock their pension pot.
Another free Mr M service xxx
You get what you pay for.... .
I’m quite satisfied that my position is accurate "
If you’ve paid for your advice please remember this convo  |
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"Not yet, but I think I've got a while 
And you're likely to be into your 70's before you are eligible for your state pension, sadly x"
I fully expect the state pension to be scrapped or means tested by the time I'm anywhere near old enough... |
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By *arkus1812Man
over a year ago
Lifes departure lounge NN9 Northamptonshire East not West MidlandsMidlands |
I initally retired at 62 but before I started drawing on my private pensions a lucrative job offer came in so I jumped at it.
Still happily working at 65 I started to roll up my state pension, I eventually decided in my 70th year to finally retire, I was offered an enhanced state pension or a lump sum of £42.000 less tax leaving me with £33.500 which I invested in I,S,A,s and bonds. Sadly this system is no longer available from DWP.
My total income from State Pension plus investments plus private pensions is in region of £20k. Income tax is payable on earnings over £12.500.
My biggest gripe is that all my private pensions were payed for out of taxed income and I am now being taxed on them again.
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Nope as I only started paying in to one around 7 years ago. I also just found out that as a civil servant we didn't start paying our full stamp until 2015. Luckily for me it's just a couple of years worth but for others it will mean they won't be able to claim their full state pension. |
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"With the new(ish) pension laws that come into place 2028 it means nobody can withdraw from their pensions till they’re 57 years old.
I can guarantee you the day I reach 57 is the day I retire and draw from my pension.
That’s incorrect. There are a number of pension provision schemes exempt from this and people In gross exempt schemes can access their pensions before aged 57.
Please check again.
Err dont need to... there are certain pension schemes that are exempt....... if you think otherwise, depending on your pension provisions, I’d seek financial advice.
Sorry you’re wrong. There are no current schemes that are exempt. The government are looking into making ‘some’ exempt but as of yet none are. Therefore as it stands people born after 1971 will need to wait till April 2028 to unlock their pension pot.
Another free Mr M service xxx "
My company one kicked in this year so whatever rules they are haven’t affected that. |
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At 31 and 39 respectively we both have serious doubts there will be a state pension by the time we get to retirement age.
That said I was lucky enough to move to the UK in my mid 20s to a job that was immediately paying in a decent whack of pension. Plus we have a number of other various investments so we should be in good fettle |
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By *htcMan
over a year ago
MK |
hopefully my house value will be a large part, also have that work based pension paying, plus the standard state pension, with amount of savings that i save each month. then the business me and misses have which all profit goes into savings.
not sure when we will retire but dont plan working at retirement age range.
my plan is live cheap young retire very nice, wife is opposite spend spend now and worry about retirement but slowly coming around.... |
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What I find annoying ( some might disagree) I've paid national insurance since I was 17,
Thankfully I've never been unemployed,
Lazy arsehols out their that have no intention of working will get the same pension as myself and yet they have not contributed anything towards it, |
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"I initally retired at 62 but before I started drawing on my private pensions a lucrative job offer came in so I jumped at it.
Still happily working at 65 I started to roll up my state pension, I eventually decided in my 70th year to finally retire, I was offered an enhanced state pension or a lump sum of £42.000 less tax leaving me with £33.500 which I invested in I,S,A,s and bonds. Sadly this system is no longer available from DWP.
My total income from State Pension plus investments plus private pensions is in region of £20k. Income tax is payable on earnings over £12.500.
My biggest gripe is that all my private pensions were payed for out of taxed income and I am now being taxed on them again.
"
Did you get tax relief on your contributions? |
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"What I find annoying ( some might disagree) I've paid national insurance since I was 17,
Thankfully I've never been unemployed,
Lazy arsehols out their that have no intention of working will get the same pension as myself and yet they have not contributed anything towards it, "
Yep.. the sick and the lame should be rewarded..
The lazy should fuck off |
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By *jonesMan
over a year ago
Plymouth |
I am lucky to have worked in the energy sector which retained final salary pension schemes for a relatively long time, as well as some private schemes I contributed to...I'm winding down..not loaded but luckier than most I guess |
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By *omino51Man
over a year ago
loughborough |
"1st priorty is to live till im 67. Then plan stage two ??
Yes, that helps lol.
So then what?"
Either sell my body for sex or pull a 20 year old blond, ride her like a cowboy, drinking a can of john smiths shouting yeehaa and die of a heart attack. ?? |
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By (user no longer on site)
over a year ago
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"Yep... I shall be retiring in 7 yrs time aged 48.5. My pension, along with a small rental property portfolio, will fund my retirement comfortably.
Having began pension contributions aged 18 I’m now realising it was the best thing I’ve ever done!! Yes there were some sacrifices (quite minor looking back really) the ability to retire before I’m 50 and maintain my standard of life will all be worth it.
I think the failure by our education system to give youngsters the tools to make sound financial decisions is one of the biggest shames of UK education. "
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By *rHotNottsMan
over a year ago
Dubai & Nottingham |
"No havnt bothered with a pension, ive been buying rentals for the past 10 years, in 13 years ill sell up  "
Instead of putting your rental profits into property capital , wouldn’t it be better to put them into a pension that’s more liquid and tax efficient ? |
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One thing is for sure. What you get out of your pension provision is directly linked to what you put into it.
Too many people leave it too late or just hope for the best.
There will be far more poor pensioners in the future than there are today |
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By (user no longer on site)
over a year ago
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"No havnt bothered with a pension, ive been buying rentals for the past 10 years, in 13 years ill sell up
Instead of putting your rental profits into property capital , wouldn’t it be better to put them into a pension that’s more liquid and tax efficient ? "
Not at all, i buy very cheap at auction referb & stick them on rent & let them grow, zero risk really. Im in control that way. |
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By (user no longer on site)
over a year ago
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My young mate said sod pensions. He's living now and loving it. You might keel over at 60 and wasted all those years scrimping and saving.
Enjoy it while you're young. If you have any savings when you're older they'll just take it all to pay for the care home. |
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By *lex46TV/TS
over a year ago
Near Wells |
As far as pensions go I'm up the creek, I can't see me retiring ever. They're might be money in my business should I sell it one day.
Too many years spent motorbike racing and riding around South East Asia. The other issue is Alex also likes to enjoy herself which seems to cost money. |
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"No havnt bothered with a pension, ive been buying rentals for the past 10 years, in 13 years ill sell up
Instead of putting your rental profits into property capital , wouldn’t it be better to put them into a pension that’s more liquid and tax efficient ?
Not at all, i buy very cheap at auction referb & stick them on rent & let them grow, zero risk really. Im in control that way. "
I've seen too many programmes where tenants wreck the property and the landlords are out of pocket,
I want to buy to rent but don't want dodgy tenants |
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I guess we all have different opinions and of course circumstances. Thankfully our plans worked out for us. We retired early, moved to Cyprus and have never missed work.
Whatever you decide to do I hope it works for you.
Mark |
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By (user no longer on site)
over a year ago
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What is the nett amount you need to by way of an income to lead a comfortable life in retirement?
According to a pensions “expert” on the radio 4 programme money box life to have a comfortable retirement at the age of 62 you need to
Be mortgage free
Hold cash deposits of circa £150k - £200k
Have a pension pot of £500k
This was for a person who had been in a contributory money purchase scheme (not final salary) and qualified for the maximum state pension via a full NI contribution.
The view was that £30k per annum nett was the target figure to live comfortably. |
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"Has your pension got enough funds in it for you to retire when you want to?(you don't have to say amounts).
I don't think I'll ever be able to afford to retire and will have to work until the day I drop...."
I retired in 2012 (35), was a sportsman, ex took everything and now my pension pot is looking dry!
I had to go back to work. |
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"What is the nett amount you need to by way of an income to lead a comfortable life in retirement?
According to a pensions “expert” on the radio 4 programme money box life to have a comfortable retirement at the age of 62 you need to
Be mortgage free
Hold cash deposits of circa £150k - £200k
Have a pension pot of £500k
This was for a person who had been in a contributory money purchase scheme (not final salary) and qualified for the maximum state pension via a full NI contribution.
The view was that £30k per annum nett was the target figure to live comfortably."
I’d say that’s a pretty good assessment for a comfortable retirement. Obviously if you have an expensive tastes you’d need more |
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"With the new(ish) pension laws that come into place 2028 it means nobody can withdraw from their pensions till they’re 57 years old.
I can guarantee you the day I reach 57 is the day I retire and draw from my pension.
That’s incorrect. There are a number of pension provision schemes exempt from this and people In gross exempt schemes can access their pensions before aged 57."
What the hell is a gross exempt pension scheme?
There are some schemes that do allow early retirement before the current MPRA of age 55 which will soon rise to 57 as per legislation introduced several years ago, occupations such as sportspeople, firemen, armed forces do allow, there are also some extant defined benefit schemes that allow for early retirement in some circumstances such as compulsory redundancy and in exchange for giving up some redundancy money the pension scheme allows for benefits to be taken without actuarial reduction, Several DB bank schemes allow for this. You can take benefits below 55 in the event of serious Ill health. Old executive pensions allow subject to the trust established at outset stating so, otherwise these have been moved to min ret age of 55. There are some weird and wonderful myths and mates down the boozer rules knocking around though which continue to make me shake my head in disbelief that people trust their future to rather than seek professional advice sooner rather than later when it becomes just too costly to make up for lost time. |
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By (user no longer on site)
over a year ago
|
"What is the nett amount you need to by way of an income to lead a comfortable life in retirement?
According to a pensions “expert” on the radio 4 programme money box life to have a comfortable retirement at the age of 62 you need to
Be mortgage free
Hold cash deposits of circa £150k - £200k
Have a pension pot of £500k
This was for a person who had been in a contributory money purchase scheme (not final salary) and qualified for the maximum state pension via a full NI contribution.
The view was that £30k per annum nett was the target figure to live comfortably.
I’d say that’s a pretty good assessment for a comfortable retirement. Obviously if you have an expensive tastes you’d need more"
Yes I would agree but I don’t know many who have managed to save that amount of money?
I have recently been on the DWP site and checked my NI contributions and the site shows how much you have paid each year from the day you started working. It also gives you an Today value estimate of what your state pension will be at the statutory retirement age. |
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By (user no longer on site)
over a year ago
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"No havnt bothered with a pension, ive been buying rentals for the past 10 years, in 13 years ill sell up
Instead of putting your rental profits into property capital , wouldn’t it be better to put them into a pension that’s more liquid and tax efficient ?
Not at all, i buy very cheap at auction referb & stick them on rent & let them grow, zero risk really. Im in control that way.
I've seen too many programmes where tenants wreck the property and the landlords are out of pocket,
I want to buy to rent but don't want dodgy tenants "
It does happen unfortunately, i had issues when i used various well known property management companies, i ended up finding a w e e d factory in one. However since ive managed my own i do a monthly visit myself and have had zero issues |
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"I'm paying into one but doubt I'll live long enough to draw from it, my dad and his dad never reached retirement age..."
This is why I cashed mine in it was only gonna pay out £100 a month it was originally one of those final salary ones that got frozen when I changed jobs my parents didnt get old old so guess I b the same so cashed it in and got £19000 with 6 kids and 3 grandkids treated them all ! And didnt regret it! X |
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By (user no longer on site)
over a year ago
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"No havnt bothered with a pension, ive been buying rentals for the past 10 years, in 13 years ill sell up
Instead of putting your rental profits into property capital , wouldn’t it be better to put them into a pension that’s more liquid and tax efficient ?
Not at all, i buy very cheap at auction referb & stick them on rent & let them grow, zero risk really. Im in control that way.
I've seen too many programmes where tenants wreck the property and the landlords are out of pocket,
I want to buy to rent but don't want dodgy tenants
It does happen unfortunately, i had issues when i used various well known property management companies, i ended up finding a w e e d factory in one. However since ive managed my own i do a monthly visit myself and have had zero issues "
A factory in one (in the loft) and a single lady who was using the gaff to turn tricks! Both passed the vetting procedures and paid a deposit. The lady who was using it as the House of the rising son ransacked it before she left. The costs to remove all the kit to grow the dope and repair the place was down to me!
Sold all 4 rentals shortly thereafter. Never again! |
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"With the new(ish) pension laws that come into place 2028 it means nobody can withdraw from their pensions till they’re 57 years old.
I can guarantee you the day I reach 57 is the day I retire and draw from my pension.
That’s incorrect. There are a number of pension provision schemes exempt from this and people In gross exempt schemes can access their pensions before aged 57.
What the hell is a gross exempt pension scheme?
There are some schemes that do allow early retirement before the current MPRA of age 55 which will soon rise to 57 as per legislation introduced several years ago, occupations such as sportspeople, firemen, armed forces do allow, there are also some extant defined benefit schemes that allow for early retirement in some circumstances such as compulsory redundancy and in exchange for giving up some redundancy money the pension scheme allows for benefits to be taken without actuarial reduction, Several DB bank schemes allow for this. You can take benefits below 55 in the event of serious Ill health. Old executive pensions allow subject to the trust established at outset stating so, otherwise these have been moved to min ret age of 55. There are some weird and wonderful myths and mates down the boozer rules knocking around though which continue to make me shake my head in disbelief that people trust their future to rather than seek professional advice sooner rather than later when it becomes just too costly to make up for lost time. "
Which is exactly the point I was making to Mr Mystique.... who seemed to believe he knew better
|
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"No havnt bothered with a pension, ive been buying rentals for the past 10 years, in 13 years ill sell up
Instead of putting your rental profits into property capital , wouldn’t it be better to put them into a pension that’s more liquid and tax efficient ?
Not at all, i buy very cheap at auction referb & stick them on rent & let them grow, zero risk really. Im in control that way.
I've seen too many programmes where tenants wreck the property and the landlords are out of pocket,
I want to buy to rent but don't want dodgy tenants
It does happen unfortunately, i had issues when i used various well known property management companies, i ended up finding a w e e d factory in one. However since ive managed my own i do a monthly visit myself and have had zero issues "
We have one rental property (a flat we originally lived in). It's been let out since 2008 with hardly any problems but we do it all ourselves. Only one dodgy batch of tenants and they just left a tip and a lot of pizza boxes. My son, his girlfriend and mate are our current tenants so very happy with it ticking along with little risk! |
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