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Have you saved enough money for your retirement?
- Thread starter fatboy
- Start date
Beach Hut
Brighton Bhuna Boy
Final salary and in the Railway Pension Scheme (RPS). Bearing in mind I am forty unlikely I will ever have the ambition or the will to move to another job.
Sometimes this can be very demotivating as I now work for a private company however, so far, things have been OK and I started a new job this week within same company.
My employer would dearly like it that they could stop me being in the RPS - thankfully the Railway Privatisation Act of Parliament prevents them
Sometimes this can be very demotivating as I now work for a private company however, so far, things have been OK and I started a new job this week within same company.
My employer would dearly like it that they could stop me being in the RPS - thankfully the Railway Privatisation Act of Parliament prevents them
eastlondonseagull
Well-known member
I heard that if you give up smoking, and stick the cash you'd otherwise spend on ciggies in a high interest account (ie a fiver a day) by the time you're 65 you'd have saved over a million quid!
Not that I've done that. Am a self-employed 32-year-old, no pension, not even putting money aside for tax atm, can't afford to. f***ed, quite frankly, and a wee bit worried.
Not that I've done that. Am a self-employed 32-year-old, no pension, not even putting money aside for tax atm, can't afford to. f***ed, quite frankly, and a wee bit worried.
Beach Hut
Brighton Bhuna Boy
Yeah stop avoiding the issue Fatboy - you will have to work at some stage.
Curious Orange
Punxsatawney Phil
fatboy said:
It'll depend on the type of Annuity that the said OAP has bought. If she got a single life policy you won't get anything. Even if she had a joint life policy, it'll rather depend on the rules of the pension scheme as to whether you would get your grubby mits on her pension once she is dead. Prior to 1997 policies mainly had named spouses, however after 1997 "any-spouse" policies are the (legal) norm for contracted out benefits so you'd probably get something (although if they are currently retired and did make post '97 contributions it'll be bugger all).
Pensions and Annuities are extremely complicated, mainly because the Government periodically changes the rules regarding contracted out benefits ('88 and '97 being key dates) but leaves the rules prior to the cut off date the same.
dougdeep
New member
Curious Orange said:
Nothing Personal.
Curious Orange
Punxsatawney Phil
eastlondonseagull said:
Ah!! But if you smoke more than 10 cigarettes a day for the 10 years prior to retirement you'll qualify for a smoker annuity, much better than standard rates!!
Curious Orange
Punxsatawney Phil
dougdeep said:
Which is why I'm now a software tester and not an annuity administrator. Significantly better pay, and not as complicated or stressful work!!
staylor1234
New member
self employed i pay £40 a month into a pension.just got a letter estimating income when i retire in 24 years £1.100 ayear .i have been paying it for six years ,someones taking the piss i think
- Thread starter
- #92
Yorkie said:Very few female pensioners would have a final salary scheme. Ladies of that age didn't go out to work because their husbands were expected to keep them.
You'll just have to work for a living instead.
Are gay marriages legal yet?
Lord Bracknell
On fire
Have you told him this?Yorkie said:The best protection for my old age though is my toyboy husband who will be in full time work until I am 85
Has he agreed the deal?
Watch out, though. If they ever legalise same-sex marriages, there'll be dozens of old men chasing after Ned. He looks like a much better bet than fatboy.
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Curious Orange
Punxsatawney Phil
fatboy said:
No, but that is a legal grey area as far as annuities are concerned. With contracted out benefits the "spouses" annuity actually go to the "dependant", the person who is financial dependant on the annuitant. It was causing a lot of umming and ahhing in the life assurance industry when I left it.
BUTTERBALL
East Stand Brighton Boyz
I will be glad if I am still alive at pensionable age. My father died of cancer just before he was due to retire. My maxim is live for today - tomorrow is a bonus.
Lord Bracknell said:Have you told him this?
Has he agreed the deal?
Watch out, though. If they ever legalise same-sex marriages, there'll be dozens of old men chasing after Ned. He looks like a much better bet than fatboy.
He agreed the deal when he put that wedding ring on my finger.
I'll fight the rest of them off with my walking stick
I'd like to know where the Government think we are going to get all this extra cash to pay for a decent pension. All the extra stealth taxes that have been brought in, added to the rise in interest rates which means that I am paying nearly £50 a month more for my mortgage since Xmas, plus the yearly rise in council tax means that I am worse off than I have been for years. I even had to take a pay drop in the summer to protect my job because my firm was going through a tough time. Just trying to survive the present is bad enough without worrying about the future.
Gullet said:I'd like to know where the Government think we are going to get all this extra cash to pay for a decent pension. All the extra stealth taxes that have been brought in, added to the rise in interest rates which means that I am paying nearly £50 a month more for my mortgage since Xmas, plus the yearly rise in council tax means that I am worse off than I have been for years. I even had to take a pay drop in the summer to protect my job because my firm was going through a tough time. Just trying to survive the present is bad enough without worrying about the future.
That's why I think it is extremely arrogant of this government to blame people for not saving enough for their pension and putting the blame on people rather than saying they have to put up taxes to protect the old (who have been paying into the Welfare State since 1948)
Aneurin Bevan must be turning in his grave.