Do you have a pension plan?

domtheone

Distinguished Member
Started one about 18 years ago (when I was 18) but then put it on hold after a few years.

Recently had a IFA doing the rounds at work and he's going to contact Barclays for me to ressurect my old pension and see what the score is.

May well set up a new one as there are some useful benefits (Salary Sacrifice being one) to them although i'm still weary about pensions as a whole.
 

Sporran

Well-known Member
ive been paying in since i was 18, now 34.
 

Desmo

Distinguished Member
I've had one going for quite a few years. Not sure I put enough in to it at the moment but it's better than nothing.
 

Codehead

Distinguished Member
I'm in the military, so I automatically have one. I would never have set one up myself (was too busy drinking and spending in my youth).
Two years to go till it starts, and the numbers are looking pretty good. :thumbsup:

Interestingly (this may have changed by now), you couldn't set up a private pension if you had a military one. A guy I worked with in my early career was paying into a private pension that he'd set up before he joined up. He had a real battle to get the money back as it was an 'illegal' fund. :rolleyes:
 

Jules

Distinguished Member
I've been fortunate enough to have had a company pension since the age of 20 (now 37).

I have to admit that if my first company pension wasn't non-contributary (i.e. free), not sure I would have bothered with one at the time.
However I'm older and wiser now and look back and recognise how lucky I was.

I'm now on a partial contributary scheme and happy to pay what I do.
If the company didn't pay half into it I'd still pay that other half myself.

It's pretty scary to think how you might be living your senior years without a decent pension fund behind you.

:DOf course the opposite view is that you find rich wife and 'grease the stairs' for her. And when you think about it, it makes sense... after all having a nice ponsion might lead to your own 'greasy stairs' incident courtesy of your forward thinking wife. :D
 

Newton's Ring

Active Member
:DOf course the opposite view is that you find rich wife and 'grease the stairs' for her. And when you think about it, it makes sense... after all having a nice ponsion might lead to your own 'greasy stairs' incident courtesy of your forward thinking wife. :D

:rotfl:
 

HMHB

Distinguished Member
I don't have any pension plan or savings so will just shoot myself when I get to retirement age.
 

Shady

Active Member
Can somebody explain how these work to a numpty like me.

If I retire at 55 and my private pension states a retirement age of 55, does this start paying out and do I still get my state pension at 65 (or whatever age it is then ) ?

If I also have a company scheme will that also start paying out when I retire (early or otherwise) ?

I an sure I should be getting cash in from three sources, but never had this clarified.

Also, is there an easy calculation or website where you can put in what monthly income you want - and how much your pension pot needs to be worth now ?

Cheers
 

Abbeygoo

Distinguished Member
If I retire at 55 and my private pension states a retirement age of 55, does this start paying out and do I still get my state pension at 65 (or whatever age it is then ) ?

Yes it will start paying at 55 and you will still get the state pension at 65

If I also have a company scheme will that also start paying out when I retire (early or otherwise) ?

Yes

I an sure I should be getting cash in from three sources, but never had this clarified.

Also, is there an easy calculation or website where you can put in what monthly income you want - and how much your pension pot needs to be worth now ?

Not sure :thumbsup:

Cheers

Hope this helps
 

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