Good article

https://www.bloomberg.com/opinion/articles/2023-01-19/the-uk-beats-france-for-one-of-the-best-pensions-in-the-world?utm_source=website&utm_medium=share&utm_campaign=mobile_web_share

Hidden. 

47 minutes ago, Tonge moor green jacket said:

Hidden. 

Try this alternative link:

https://archive.md/4iFFm

If it works, you might notice an important disclaimer in the subheading - "Britain has a long history of incentivizing retirement savings outside of the public sector", followed by a paragraph further down beginning with the words "However, to see the real joys of retirement income in the UK, we must turn to state-supported private pensions..."

Edited January 22, 20233 yr by Cheese

What's your point?

Common sense suggests it's better to have a private pension to top up your state one.

7 minutes ago, Tonge moor green jacket said:

What's your point?

Common sense suggests it's better to have a private pension to top up your state one.

While I agree that you should have a private pension, our state pension is crap. 

40 minutes ago, Mounts Kipper said:

While I agree that you should have a private pension, our state pension is crap. 

Indeed, sadly, not everybody has a decent private pension (Mrs Sweep doesn't at all, I think hers will pay her about £3K per year.....if she's lucky, as she didn't start paying into one until much too late......fortunately, she's going to inherit a fair whack at some point, so that should sort it 🙂)

I see there was a lot of talk last week about Macron trying to raise the retirement age in France to 64.  The French were out demonstrating against it in great numbers.

According to Andrew Neill a quarter of their population is now retired and at current birth rates there'll be 6 workers to every 5 pensioners by 2050.

I reckon 70 years before you get SRP will be coming to the UK before long

14 minutes ago, Duck Egg said:

I see there was a lot of talk last week about Macron trying to raise the retirement age in France to 64.  The French were out demonstrating against it in great numbers.

According to Andrew Neill a quarter of their population is now retired and at current birth rates there'll be 6 workers to every 5 pensioners by 2050.

I reckon 70 years before you get SRP will be coming to the UK before long

Absolutely no doubt about that 

25 minutes ago, Duck Egg said:

I see there was a lot of talk last week about Macron trying to raise the retirement age in France to 64.  The French were out demonstrating against it in great numbers.

According to Andrew Neill a quarter of their population is now retired and at current birth rates there'll be 6 workers to every 5 pensioners by 2050.

I reckon 70 years before you get SRP will be coming to the UK before long

merkel saw this coming and opened the doors to loads of young blood

2 hours ago, Sweep said:

she's going to inherit a fair whack at some point, so that should sort it 🙂

Is that when she bumps you off and gets yours?

2 minutes ago, Zico said:

Is that when she bumps you off and gets yours?

probably, I'm worth significantly more dead than I am alive 🙂

1 hour ago, Duck Egg said:

I see there was a lot of talk last week about Macron trying to raise the retirement age in France to 64.  The French were out demonstrating against it in great numbers.

According to Andrew Neill a quarter of their population is now retired and at current birth rates there'll be 6 workers to every 5 pensioners by 2050.

I reckon 70 years before you get SRP will be coming to the UK before long

It's 68 for me already at 37 years old. 

Fully expecting that to rise again before I get it if there's owt left in the pot. 

20 hours ago, Tonge moor green jacket said:

Hidden. 

use this site to paste the url:   https://12ft.io/

 

9 minutes ago, Gonk said:

use this site to paste the url:   https://12ft.io/

 

Most sites have got around that now. The best one currently is archive.md, but no doubt that will be useless too in a couple of weeks.

I've seen many well-intentioned changes in the last fifty-odd years which have had unintended consequences.

Until the seventies pension rights ceased when you left an employer (or in some cases an industry). So people over about 40 felt pension tied. Maybe allowing frozen pension was proper. Maybe protecting them from inflation was proper, but the effect was to significantly increase the liabilities of company pension funds.

In the eighties Mrs T thought the pension funds were too large and passive investors, so her government introduced 'pension freedoms' which enabled millions to opt out of company/industry schemes (subsidised by employers). Many of these were ill-advised and mis-sold, not least to those who chose to pay nothing other than diverting part of their NI contribution.

So now those with the largest state pensions tend to have large private pensions as well, and the poorest -totally without private provision - only qualify for a percentage of the full state pension.

Averages may look good but the distribution is unsatisfactory.

As life expectancy has been growing steadily the pension age has been increased and is planned to continue to do so. But rest assured, if the after effects of covid and the breakdown in adequate GP and A&E services lead to a fall in life expectancy, no government would dare to risk reducing pension age.

 

It's never getting reduced, that's for sure. I want to be retired at 60ish but need to bridge that gap until 67, possibly working part-time to cover basic bills.

 

On 23/01/2023 at 14:36, Carlos said:

It's never getting reduced, that's for sure. I want to be retired at 60ish but need to bridge that gap until 67, possibly working part-time to cover basic bills.

 

Get them chilli plants going on a slightly bigger scale and flog them to local curry joints!

Auto enrolment being extended to 18 year olds.

Generally, is auto enrolment a good idea?

6 minutes ago, globaldiver said:

Auto enrolment being extended to 18 year olds.

Generally, is auto enrolment a good idea?

Yes. Can't think of a single argument against it seeing as you're always able to Opt-Out if you have an ideological reason to do so.

20 minutes ago, globaldiver said:

Auto enrolment being extended to 18 year olds.

Generally, is auto enrolment a good idea?

Your never to young to start, it’s a no brainer.

I'm with Mounts on this. You're never to young to start.

Just got my tax new codes, and the first lines look great, until you see that the State Pension is taxable. I've got some private occupational ones as well so we're ok, but if you're relying on you SP it's not as comfortable.

Best bit of info I got off my dad was, get in the works pension. That was 1971.

What a great idea. One thing Ill bring the lads up to do is have their ducks in a row with savings and pension.

Fuck me I wish Id have done it

18 minutes ago, gonzo said:

What a great idea. One thing Ill bring the lads up to do is have their ducks in a row with savings and pension.

Fuck me I wish Id have done it

Not to late to start. 

 

 

I am retired at 57

10 years till me state pension kicks in, I was very lucky that my work Pension from 16years at one employer was 'forced on me' in the mid 80s. 
 

Anyone needs to start paying in as soon as you can afford and as much as you can. State provision will only drop and trying to catch up in your 50s is nearly impossible. If you pay in from your salary you do not pay tax on your donations and most employers will pay more in if you do.

Self employed need the same approach. I am meeting a mate next week and at 57 his Pension Pot is about £20k ! He is fucked ! As mentioned the Pension is taxable so even a big pot will go quicker than you think.

It sounds crazy but you need a pot of at least £500k at retirement and that is based on current prices, add inflation in there it will soon by nearer £1m 

29 minutes ago, donkeyshorn said:

Not to late to start. 

 

 

Great stuff.

We started some thing called moneybox a couple of years ago and the wife still has her shares with M&B but obviously lost her pension leaving them.

Our plan was always bricks and mortar but that went down the swanne.

We do need a proper one sorting...

It's all selective though. I've got loads of pension pots all over the shop, I need to sort that out, also I stopped my pension when the pandemic made me redundant. Yes, I earn a lot of money but it comes in and goes out.

I refer the gentlemen to my earlier post today.

My Dad as a headmaster retired at 59, not a fucking hope his kids will. Look how far we've come.