Pension and Pension Funds

[jayuk]

Well; seeing as though there is some serious debate and concerns around Pensions; I wanted to put this post up and see if this bothers others as it does me!.

We pay all these takes for 50+ years; and are now being told that we will need to work, possibly another 5 years!...and have a retirement age of 69!

I personally have not got a Private or Company Pension.....YET....but in all honesty Property seems to be the better bet in terms of longer term investment!

J

[Andrew MacLean]

I don't retire until I am 70, as it is.

We have a pension fund, in addition to the State Pensions, but our provider went bust, so we don't know if there is going to be any money in the fund when retirement does come round.

The "problem" seems to be that we are all living longer. I refuse to see this as a problem. There are loads of things I want to do in my 70s and 80s, so any time I have left in my 90s will be well used!

I think I'll take up hang gluiding as a way of filling idle moments between more adventurous pursuits.

Andrew

[John Smith]

I'm a bit annoyed as my pension has depelted twice in 6 years.

I started out with a wonderful final salary scheme from the supermarket that employed me.

When we were TUPE transferred to the consultancy, they didn't provide a final salary scheme (even though they had one) because at that time, TUPE didn't cover pensions. As "money-purchase" pensions go it was quite good. For me, if I put in 6% of my earnings, the firm would put in 11%. Still rubbish compared to a guaranteed pension of 40/60 of my final salary, but there you go.

Now the supermarket wants us back. Back in 2000, they promised that if they took us back, we'd be welcomed back into the final salary scheme (now closed to newcomers). But that policy was changed 3 weeks before the insourcing announcement and TUPE does now cover pensions.... but only to a limit. For my 6% contributions, the firm now put in only 6%, which is the limit now covered by TUPE

Grrrr.

[ For the lucky ones who don't know about TUPE, it is the Transfer of Undertakings for the Protection of Employees law in the UK. Basically, it ensures that your terms and conditions of employment must be kept or bettered by the new employer... within the limits of TUPE, anyway ]

[Andrew MacLean]

John, sounds like we both got a bad deal from different sources.

I agree with Jay. Property is looking like a far better investment than pension funds. I'd actually have been better cramming the money into a biscuit tin and hiding it under the floorboards. At least that way it would still exist!

Andrew

[Paul Osborne]

I am hoping and praying that my works pension remains a good deal.

At present I bung in 6% the employer 14% and at the end theres a biggish handout and a 60% final salary pension.

Of course that assumes that I will remain in academia for the next 30 years.

In the meantime I do get hacked off with Brown wanting to make the state pension means tested - no way should that happen - I have paid my taxes and NI and should be entitled when the time comes (probably 69) to get the full state pension irrelevant as to whether I have a private pension.

Just my two pennies worth.

Paul

[John Smith]

Ahem!

No politics please!

Moderator

[Sweet]

John life is all about politics unfortunately!

I guess i am lucky to be working in the NHS and so have a pension with them. Hopefully i should get a good return from that although i can see me working well into old age!!

Sweet X x X

[Andrew MacLean]

I was at University with Gordon Brown, John Reid etc., and I knew GB's dad. I think they can withstand a little gentle ribbing , warm roasting or even hot contrvoersy.

Andrew

ps Temporarily flying the Isle of Man flag in support of Lisa. (My American grandfather died on the Isle of Man, so I count it an extension of home!)