Pensions

[deckingman]

First I was with Equitable life - we'll just say no more about that except to say that what I managed to salvage, I put into a stakeholders pension with HBOS.

Just had my annual statement. Oh goody, the fund has gone down by another £7k. The overpayed, bonus grabbing fund managers managed to loose another £7,000 last year.

I bought £1k worth of premium bonds last year - didn't win anything but at least I still have £1k. If I'd put this into my pension, I'd now have £970.

I'm 8 years away from 65 and after paying all I could afford into various pension funds (both as an employee and privately) for over 30 years, I'm being told that I'll be able to draw the princely sum of £102 a month at age 65. I would be seriously better off if I had just put thatoney under the mattress.

So, it looks like I'll be working until they put me in the box. Not that I'm bitter you understand. I look forward to working well beyond retirement age so that the tax I continue to pay will keep the fat, grasping, expense claiming, politicians in their comfortable retirement.

Sorry to winge but I do feel better having got that off my chest. Anyone else looking at a retirement disaster?

[Alan CD]

Hi

Yup - in the same boat; but I would'nt call it a disaster.

Investments have lost value and my income has dropped hugely. I have'nt sold or moved investments around - just batten down the hatches and am sitting tight. The investments are now improving and income increasing.

I hope the situation continues to improve.

Politicians are by their very nature not to be trusted - never have been and never will be.

But I think balance is needed - imagine being in an African country with no pension, money worthless and no means to pay for food. You are lucky to be in the UK where the government (in general) does look after it's people (sort of).

Alan

[lurcher]

I am same age 57 , worked for 42 yrs and spent most of my working life in the emergency services so have an occupational pension .
Recently retired and glad I chose to pay into the pension scheme all those yrs ago , fortunatley it didn"t go the way as yours as done.
Cut back on a few things ( sold our 2nd car last week/cancelled sky ) which has brought down the outgoings so I can manage not to have to go out to work any more.

Julian

[deckingman]

True enough. Doesn't help though, when one seems to be surrounded by friends and neighbours who are the same age and already retired or shortly about to do so with nice big pensions and / or early retirement packages. As you say, could be worse.

[RMCF]

Got my pension statement recently.

The fund had £34k in it 2 years ago, now worth £9k.

Good work lads.

[Alan CD]

Originally Posted by RMCF

Got my pension statement recently.

The fund had £34k in it 2 years ago, now worth £9k.

Good work lads.

Hell's Bells - that is a huge drop in value (about 72%).

My total investment portfolio at their lowest dropped about 20% in value from the high point 2 years ago. But the drop in income from the investments was about 60%.

I assume your pension fund was invested by a bank though a fund manager?

[clockworks]

I'm 52, and I'm planning to retire at 55. Odds are that I'll be made redundant before then, as my employer (Japanese IT company) have just announced major job cuts.

I'm fortunate that 2 of the 4 employers I've been with had final salary schemes. I've got 19/60ths and 8/45ths so far. Should be good for about £9K. Add in the state pension, and I hope to have around £1200 a month.

I've been doing all the overtime that's available for the past 8 years, saving the money rather than spending it. The mortgage is paid, and I've got enough cash to live frugally until I can draw my pension.

I guess that I'm one of the lucky ones?

[Decadence]

All of the above are reasons why I am not even bothering with a pension...it's a total waste of money and the insurance company ends up keeping most of your fund anyway!

[Alan CD]

Originally Posted by Decadence

All of the above are reasons why I am not even bothering with a pension...it's a total waste of money and the insurance company ends up keeping most of your fund anyway!

That's right - why bother with a pension?

Oh wait, hold on - like clockworks I put in the extra hours over the years; saved the money and not spent it and retired at the age of 51.

It's like everything else in life, what you put in you can take out.

Still, if it does'nt float your boat why bother? That means a better chance for those who do bother!

Alan

[deckingman]

Originally Posted by Decadence

All of the above are reasons why I am not even bothering with a pension...it's a total waste of money and the insurance company ends up keeping most of your fund anyway!

I wouldn't say the company ends up keeping most of the funds - they just invest it badly and lose your money. From my own experience, I'd have been much better off just putting the money under the matress earning zero interest. My "fund" isn't even worth what it was 15 years ago.

So despite working my nuts off for 42 years and paying in tens of thousands of pounds over 30 years, I'll be looking at retiring with the state pension plus about £100 a month and that's it. I have no other investments (apart from some pretty cool AV gear which I'll no doubt have to flog).

Sorry - I'm wingeing again - bad day.

[deckingman]

What you put in, you can take out - I wish!