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Is having a pension plan important?

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As pension contributions are automatically taken out of your salary, should you have a seperate pension plan aswell? I do not know if it's worth doing so, or is there no point as you receive your stat…
punji Avatar
7y, 2m agoPosted 7 years, 2 months ago
As pension contributions are automatically taken out of your salary, should you have a seperate pension plan aswell? I do not know if it's worth doing so, or is there no point as you receive your state pension anyway once you hit 65?
punji Avatar
7y, 2m agoPosted 7 years, 2 months ago
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#1
But isnt the state pension rubbish? and by the time i'm 65 (currently 25) that age will probably have gone up a lot anyway.
#2
You can never put enough money away in my opinion, might be better putting some money in shorter term investments so its more accessible you can always add to a pension scheme i believe though. :thinking:
#3
Best to have a your own as well if you can afford it, because you never know what is gonna happen in the future.
#4
davidn84
But isnt the state pension rubbish? and by the time i'm 65 (currently 25) that age will probably have gone up a lot anyway.


145 a week is it not?

i know it can be rubbish, but how do you know who the people are to go with? you hear so many stories of companies going bust and oaps losing their pension that theyve put away for life
#5
punji
145 a week is it not?

i know it can be rubbish, but how do you know who the people are to go with? you hear so many stories of companies going bust and oaps losing their pension that theyve put away for life


Thats the risk i suppose. My works pension is with Scottish Widows (i think).
#6
punji
145 a week is it not?

i know it can be rubbish, but how do you know who the people are to go with? you hear so many stories of companies going bust and oaps losing their pension that theyve put away for life


i think thats the risk you take with any type of financial commitment, I started one when i was 18 it was all the rage then, the government banging on about getting one & looking after your future blah blah, ok i'll start one, the projected payout at the time was superb, but now, its worth sod all when i'm due to retire :x they do say the value of your pension could go up as well as down, well its down hill all the way !
#7
punji
145 a week is it not?

i know it can be rubbish, but how do you know who the people are to go with? you hear so many stories of companies going bust and oaps losing their pension that theyve put away for life


One of my pensions is with Aviva if it helps I think you will find they are as good as anybody. :thumbsup:
#8
if your 25 now by the time you will be getting state pension the age will have went up from 65 and with inflation taken into account the state pension will barely be enough to live on.
You need to plan something for the future although im 27 and an accountant but im not putting alot into my pension just yet, will leave it till a bit later when i can afford it more easily
#9
Is there not such a thing as a safe option, put your money into less risky ventures, payout wont be as high but should have a steady increase/gain year after year and if you invest early enough would be all the better or is there no such thing as a safe option, no matter what your pensions advisor at work tells you.
#10
im 21 but got money goin into pension fund at work (local council) think it works on your final year salary being divided by number of years service etc, not quite sure how others work though
#11
[FONT=Verdana]Well I'm in my 30s and to be honest I've got no idea what to do anymore - I've got a couple of pensions of mine (from previous staff employments) but I'm going to see an IFA soon to get some advice...to be honest though I'm considering just opening up a number of savings accounts & splitting payments across them along with setting up a stakeholder pension as well.

Cheers, Scotty Boy! :thumbsup:
[/FONT]
banned#12
two options

save nothing and live off pension credit (no council tax etc etc)

save absolutely loads as you'll need a huge pot to live comfortably (£250,000+)

My Dad chose the route in between and now is just above the level of pension credit so hes far worse off than all his pals who saved ****** all and get pension credit!
#13
OP do you mean that contributions to the company pension scheme are automatically taken out of your salary? Cos' if you do, you should be able to opt out of that and put money into your own pension plan if you wish.

But I'd agree, you do need to put money aside, the state pension will be crap by the time you retire!!
#14
If you're under 25, I'd say no and there won't be a retirement age when you are 'old'.

A friend paid into a pension all her life...when it came to it, she could only have 3k lump sum and drips and drabs per wk/month

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