Adam Posted May 17, 2016 Share Posted May 17, 2016 The thread about your lifestyle got me thinking and digging out old wage slips. I earn what I think is a decent enough wage for my age, but as I put 9% of my salary into my workplace pension, my take home wage isn't as high as others I work with. My parents basically spent both of their working lives in the same place, paying a fair whack of their wage into their pension for retirement, and are now reaping the benefits. It's only really been in the last couple of years that I've seriously thought about retirement (I'm 27), and realised that I probably should have been paying more attention to it, as I realise that when I get to retirement age, the state pension will probably be paltry in terms of today's money, especially if I have a private pension. Do you have a pension? Does your employer pay into it? As I said, I currently pay 9% into it, which my employer matches. I'm a while away, but I would quite like to retire at 60 and even now I am putting the plans into place to (hopefully) be in a position to do this. 0 Quote Link to comment Share on other sites More sharing options...
Shades75 Posted May 17, 2016 Share Posted May 17, 2016 (edited) Is this going to be another pissing contest of a thread? It's a decent op if so and certainly sets a target. Edited May 17, 2016 by Shades75 0 Quote Link to comment Share on other sites More sharing options...
Adam Posted May 17, 2016 Author Share Posted May 17, 2016 Is this going to be another pissing contest of a thread? It's a decent op if so and certainly sets a target. It's certainly not intended to be. I have workmates who have opted out of the pension scheme in my work, which I think is absolute madness. Basically trying to gauge whether others have the same thinking of me when it comes to retirement/future planning. 0 Quote Link to comment Share on other sites More sharing options...
Romeo Posted May 17, 2016 Share Posted May 17, 2016 As an NHS employee my pension has been fucked about with numerous times by the government. As this rate I'll be done to one round the world cruise per year 0 Quote Link to comment Share on other sites More sharing options...
Dosser-fae-the-shire Posted May 17, 2016 Share Posted May 17, 2016 Basically anyone who doesn't have a final salary scheme (probably the majority of folk on here) are highly likely to be paying nowhere near enough into their pension. The amount of my mates who don't even know what type of pension they have is scary. 0 Quote Link to comment Share on other sites More sharing options...
Honest Saints Fan Posted May 17, 2016 Share Posted May 17, 2016 I'm 25 and have been paying into a pension scheme for a few years now. Most of my mates don't bother their arse. I pay in 5% of my wage and my employer 7.5%. 0 Quote Link to comment Share on other sites More sharing options...
invergowrie arab Posted May 17, 2016 Share Posted May 17, 2016 im in lgps but got in too late for final salary. I pay in close to 7% at the moment and employer puts in 3 x ( i think) I have a good 35 years to retirement so f**k knows what it will actually be worth by then. If i had my time again i would probably stuffit under a mattress. 0 Quote Link to comment Share on other sites More sharing options...
Mr Rational Posted May 17, 2016 Share Posted May 17, 2016 I pay into my workplace pension but it's a piddling amount, however now that I'm in my 40's, it struck me the other day I probably don't have anywhere near enough provision for the future. I do have a plan however to house sit throughout the world like my folks are currently doing, you just pay for your food and transport and that's it, so hopefully if, and that's a very big if, we have the state pension, I should be okay. I'm going to do this until I can't walk or I'm senile. 0 Quote Link to comment Share on other sites More sharing options...
Bobby Skidmarks Posted May 17, 2016 Share Posted May 17, 2016 I pay into my workplace pension but it's a piddling amount, however now that I'm in my 40's, it struck me the other day I probably don't have anywhere near enough provision for the future. I do have a plan however to house sit throughout the world like my folks are currently doing, you just pay for your food and transport and that's it, so hopefully if, and that's a very big if, we have the state pension, I should be okay. I'm going to do this until I can't walk or I'm senile. Seems watertight to me. 0 Quote Link to comment Share on other sites More sharing options...
calum_gers Posted May 17, 2016 Share Posted May 17, 2016 My lifestyle is my pension. 0 Quote Link to comment Share on other sites More sharing options...
Hedgecutter Posted May 17, 2016 Share Posted May 17, 2016 I have some Legal & General letters floating about, that's what I know about my pension. I like to think that putting my money into house deposit / overpayments has been just as good in the long run. It's probably not, but the thought makes me feel better about it all. 0 Quote Link to comment Share on other sites More sharing options...
Ad Lib Posted May 17, 2016 Share Posted May 17, 2016 The thing about the state pension is going to be the age at which you can start claiming it rather than the amount it pays. It's actually busting inflation at the moment because of the triple-lock though whether that lasts long-term is anyone's guess. I've not got any pension provision yet, because I don't earn enough between my stipend and teaching and I don't do enough hours to be able to be enrolled on the University scheme. The main advantage as and when the time comes though is probably tax relief I guess. 0 Quote Link to comment Share on other sites More sharing options...
sureiknow Posted May 17, 2016 Share Posted May 17, 2016 I have a pension from Royal Mail. Getting it now as I left through illness. Helps a good bit. 0 Quote Link to comment Share on other sites More sharing options...
Mr Rational Posted May 17, 2016 Share Posted May 17, 2016 Seems watertight to me. It's working for my folks, I don't see no reason why it wouldn't for me. 0 Quote Link to comment Share on other sites More sharing options...
Deeboy Posted May 17, 2016 Share Posted May 17, 2016 I started a pension at 25 (I'm now 28). 8% of my wage, my company pays about 5% I think. I'm not really fussed about it as I'll more than likely be dead by the time I'm 45, somebody will get a wee drop though. I'm a good cùnt like that. 0 Quote Link to comment Share on other sites More sharing options...
invergowrie arab Posted May 17, 2016 Share Posted May 17, 2016 Also the national insurance relief on my pension payments has just been ended. tory c***s 0 Quote Link to comment Share on other sites More sharing options...
Granny Danger Posted May 17, 2016 Share Posted May 17, 2016 I pay into my workplace pension but it's a piddling amount, however now that I'm in my 40's, it struck me the other day I probably don't have anywhere near enough provision for the future. I do have a plan however to house sit throughout the world like my folks are currently doing, you just pay for your food and transport and that's it, so hopefully if, and that's a very big if, we have the state pension, I should be okay. I'm going to do this until I can't walk or I'm senile. Retirement party next week then? My wife and I have a SIPS which I manage myself. I know nothing about the stock market but it's fun. I plan to retire in just under six years and barring a disaster we should have a significant amount put aside. 0 Quote Link to comment Share on other sites More sharing options...
Zen Archer (Raconteur) Posted May 17, 2016 Share Posted May 17, 2016 The thing about the state pension is going to be the age at which you can start claiming it rather than the amount it pays. It's actually busting inflation at the moment because of the triple-lock though whether that lasts long-term is anyone's guess. I've not got any pension provision yet, because I don't earn enough between my stipend and teaching and I don't do enough hours to be able to be enrolled on the University scheme. The main advantage as and when the time comes though is probably tax relief I guess. I am disappointed that you didn't cram in that you are a domine given your old world style. 0 Quote Link to comment Share on other sites More sharing options...
die hard doonhamer Posted May 17, 2016 Share Posted May 17, 2016 I currently put in 2%, my employer puts in 8%. They match your contribution +6% up to a maximum of 14%. I have been paying the 2% since I joined the company 3 years ago at the age of 21, next time I get a sizable pay rise (hopefully by the end of the year) I plan on putting it up to 8% so that I get the maximum company contribution. 0 Quote Link to comment Share on other sites More sharing options...
Tam M Posted May 17, 2016 Share Posted May 17, 2016 I've been with my current place for about 4 years and I'm 26. I pay 3% into my scheme and they contribute 17% of my salary into a credit account. They also top it up a few percent every year for inflation etc. They'll also match up to another 3% into an investment account and I'll probably do this when I reach 30. I think anything else I will do will be investing over the long term, so that there is some element of access in the short term, but ensures it's not tied away when I reach retirement. 0 Quote Link to comment Share on other sites More sharing options...
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