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

The pensions I have, I had to cash in early because of a combination of debt and redundancy and having to take a job on shit money. It turned out to be the best job I ever had. A job i still have, to finish my debts off, pay for holidays and visits to see Loft.

We're okay now, but would have been much better off if I hadn't had to cash in early.

Ultimately it all started with me getting in debt.

I've moved jobs a few times these past years but had 26 years in the local government pension scheme, the gold plated one according to some, and naively assumed that would see me right.

In theory I can retire this August. If I can manage to live on £7k pa that is. I suspect like many others on here I'll be working till I drop.

7 minutes ago, Duck Egg said:

I've moved jobs a few times these past years but had 26 years in the local government pension scheme, the gold plated one according to some, and naively assumed that would see me right.

In theory I can retire this August. If I can manage to live on £7k pa that is. I suspect like many others on here I'll be working till I drop.

Whether a final salary scheme, or career average, if you're not earning a particularly big salary in your career, you're not getting a particularly big pension.

2 hours ago, little whitt said:

YES

And hotel Awaits too SIR 

anything else you want just ask 

I no speak English 

can you spend several millions of pounds on interpreters for me 

And print every single government and local council paperwork in the maximum number of languages anyone could ever imagine

 

 

 

How has this thread turned into a National Front rally?

2 minutes ago, Cheese said:

How has this thread turned into a National Front rally?

He's a strange one is that kid.

8 minutes ago, crawshawbooth said:

I no speak English 

can you spend several millions of pounds on interpreters for me 

And print every single government and local council paperwork in the maximum number of languages anyone could ever imagine

 

 

 

Has an immigrant stolen your pension? We can ring the police if so.

16 minutes ago, Cheese said:

How has this thread turned into a National Front rally?

NF rally? Is that you exaggerating again? 

1 hour ago, Spider said:

Has an immigrant stolen your pension? We can ring the police if so.

no immigrant has stolen my pension

And i am sure that you will ensure your children invest in a decent private pension scheme 

I believe that once a sufficient  amount of years have passed where everyone in the UK in employment is enrolled in a pension scheme since it became mandatory in the last century. Government will cease to pay a state pension to anyone that has worked and paid into a private pension scheme,

But our feckless benefits residents and our many thousands of immigrants (doctors,lawyers ,dentists and vetinarians)will still be able to claim a state pension funded by you

 

 

 

 

He's off his trolly his lad.

19 minutes ago, Not in Crawley said:

He's off his trolly his lad.

Who’s his lad? 

10 hours ago, Duck Egg said:

I've moved jobs a few times these past years but had 26 years in the local government pension scheme, the gold plated one according to some, and naively assumed that would see me right.

In theory I can retire this August. If I can manage to live on £7k pa that is. I suspect like many others on here I'll be working till I drop.

This is always my worry mate. I’ve put in From an early ish age but when they show projected yearly incomes it never seems enough. 

8 hours ago, crawshawbooth said:

no immigrant has stolen my pension

And i am sure that you will ensure your children invest in a decent private pension scheme 

I believe that once a sufficient  amount of years have passed where everyone in the UK in employment is enrolled in a pension scheme since it became mandatory in the last century. Government will cease to pay a state pension to anyone that has worked and paid into a private pension scheme,

But our feckless benefits residents and our many thousands of immigrants (doctors,lawyers ,dentists and vetinarians)will still be able to claim a state pension funded by you

 

 

 

 

What about the hundreds of thousands of home grown scroungers my tax props up every day?

 

39 minutes ago, tomski said:

This is always my worry mate. I’ve put in From an early ish age but when they show projected yearly incomes it never seems enough. 

My concern is working out when I'm going to die. You know when you're young and some mate gets his first job selling stuff whether it's double glazing or pension plans and the first people he hits on are his mates? That happened to me in my 20s so I started putting a pittance into a mate's private pension plan and along with other work pensions from various jobs I ended up with a bag of small pensions, stuck it all into a Unit Trust which buys ISAs every year. Fine whilst the markets were buoyant, but risky when they're shit - still I'm gambling on the world economy not going to shit or living until I'm a hundred. Theory is that the world economy will always stay ahead of financial crises - but it doesn't and when the pot takes a big hit I end up imposing austerity on myself so I can leave as much as possible in to try to earn the losses back. F*** knows whether or not it will be enough. Still I might die tomorrow so f*** it.

18 minutes ago, Wanderlust said:

My concern is working out when I'm going to die. You know when you're young and some mate gets his first job selling stuff whether it's double glazing or pension plans and the first people he hits on are his mates? That happened to me in my 20s so I started putting a pittance into a mate's private pension plan and along with other work pensions from various jobs I ended up with a bag of small pensions, stuck it all into a Unit Trust which buys ISAs every year. Fine whilst the markets were buoyant, but risky when they're shit - still I'm gambling on the world economy not going to shit or living until I'm a hundred. Theory is that the world economy will always stay ahead of financial crises - but it doesn't and when the pot takes a big hit I end up imposing austerity on myself so I can leave as much as possible in to try to earn the losses back. F*** knows whether or not it will be enough. Still I might die tomorrow so f*** it.

Yes that crosses my mind a bit too. Oddly family would be a lot better off as I have every insurance going for work and illness but as much as I love them, I don’t fancy dying early for their financial security ha.

Timing is everything. I'm planning on retiring at 58 and being dead by 83. Doubt I'll live that long so should be fine to go at 58

 

 

2 hours ago, Spider said:

What about the hundreds of thousands of home grown scroungers my tax props up every day?

 

You've not been listening. They'll soon be in the work place, taking up the slack. It'll all be good. 

Spidy boy

 you miss my point . our own feckless are always with us

we house them , the ones that "deserve" a roof over their heads

Happen not if you are white English male

All of them , our dross , and the dingy boys turn 67 and expect the same as we get

 A State Pension !!!!!

 

 

 

 

Just now, crawshawbooth said:

Spidy boy

 you miss my point . our own feckless are always with us

we house them , the ones that "deserve" a roof over their heads

Happen not if you are white English male

All of them , our dross , and the dingy boys turn 67 and expect the same as we get

 A State Pension !!!!!

 

 

 

 

In the end they will turn off the tap and the first ones they will end it to is all of us with private pensions

Boom Fact as a previous much missed poster might have written

10 minutes ago, crawshawbooth said:

Spidy boy

 you miss my point . our own feckless are always with us

we house them , the ones that "deserve" a roof over their heads

Happen not if you are white English male

All of them , our dross , and the dingy boys turn 67 and expect the same as we get

 A State Pension !!!!!

 

 

 

 

To be clear

You’re saying everyone gets a handout except white English males?

11 hours ago, tomski said:

This is always my worry mate. I’ve put in From an early ish age but when they show projected yearly incomes it never seems enough. 

Most folk in same situation, most of us gonna have to draw down rather than take annuity. 

19 minutes ago, Spider said:

To be clear

You’re saying everyone gets a handout except white English males?

I thought he was saying some folk will get undeserved pensions, including waster-type white blokes who have paid nothing in and freshly arrived others who have also paid nothing in.

23 minutes ago, Mounts Kipper said:

Most folk in same situation, most of us gonna have to draw down rather than take annuity. 

Hear you. 

7 minutes ago, MickyD said:

I thought he was saying some folk will get undeserved pensions, including waster-type white blokes who have paid nothing in and freshly arrived others who have also paid nothing in.

“Happen not if you are a white English male”

 

My state pension for 2023-24 exceeds my personal allowance for the first time.

It is paid gross but is liable to tax.

In previous years the remainder of the personal allowance has been applied to my main defined benefit scheme pension with my long-term employer. Now this pension exceeds the full scope for the basic rate band of income tax, so the excess of my state pension over the personal allowance will be taxed alongside the DB pension (increasing the effective rate above 20%), with all the other bits and pieces taxed at 40%.

Oh, and my main scheme increase for the year was capped at 3.6% below the relevant inflation figure because that exceeded the scheme's maximum increase limit (similar will apply to almost all company scheme members, with only public sector pensions being paid at full rate as they are underwritten by taxpayers).