Pensions (PLEASE READ BEFORE YOU VOTE)

[Helen F H]

DO you have a pension? please only vote if you are under 30

Apparently, younger people are far less likley to have any sort of pension. I certainly dont. I cant afford to save any money, i have more important debts to worry about (student loan for one).

[beanie]

yes
actually I have two

I also have student loans but only one year left)
first pension taken out at 22 by the way
I like it cause the goverment and work give me more money (I don't get to see it just yet - but I'm kinda hoping it will be there if I make it)

[Rebecca]

I am under 30 so i can vote, yippee

I do have a pension, but only since i have been in my current job, (2.5 years).

I may be 38 but have been pensioned since I was 24.
Stupid not to really especially when your employer pays money too.
In saying that theres a lot to be said for just getting the young whippersnappers to pay for it all when your retired, as if
Can't say that I am that sympathetic about folk moaning about student loans, I paid for my degree on my own and never moaned about it afterwards.....

[Andy the Coastie]

I haven't voted as i'm 40

Although i get a pension from working from the age of 16,but i also pay into a PPP ( Private Pension Plan ) which i choose to retire and get a lump sum at the age of 55.

But from ths statement

Originally Posted by Porg

Apparently, younger people are far less likley to have any sort of pension. I certainly dont. I cant afford to save any money, i have more important debts to worry about (student loan for one).

I will add my 2'ps worth.

It doesn't matter what debts you have or how much you earn, at the age of 23 Prog, you should have a pension plan to which you can at least put in a fiver a month, then when your wages grow , you can add to the pension.
What makes me mad seeing "" I cant afford to save any money, i have more important debts to worry about "" ,,,,,,

Give up drinking those TWO drinks in a pub a month, and put that money towards your future rather than pissing up against the wall, doing your kidneys in.

Today , in the post , i got the INLAND REVENUE EMPLOYERS BULLETIN.ISSUE 18 whch can be downloaded off the net.
Page 6 ....extract.

Student Loans..... There will be an increase to the annual threshold for the collection of student loans from April 2005. This is relevent to all employers who have received either an SL1 or P45 with a "Y" in the " continue student loan deductions " box.
Currently if an employee earns below £ 10,000 per annum, pro rota for each pay period,No student loans deductions are made. This threshold will be increased to £ 15,000 from 6 April 2005.
We will revise the student loan deduction tables ( SL3 ) nearer the time so employers can take account of the revised threshold.


Don't know if that helps you ?

andy

[Phoenix]

Well I just hit 40 so am ineligible to vote, however, as I'm diabetic with hypertension & high cholestrol with a family history of death from heart failure, then no, I'm not putting any money into a pension fund!

Not being morbid, just realistic, if by any stroke of luck I'm still around I'll have to rely on savings & my tiny Naval pension.

Ian

[JAG]

Been paying into a pension since I joined the Navy when I was a sweet 16. Half a pension now since my divorce!

[Fathoms Down]

I've had a pension since I was 20 and now have two (its a long story). However, dispite that fact that my employers have been shovelling in money they are worth nothing like what has been put in to them due to the recent problems on the stock market. Yes, I'd have got a better return putting the money under my matress!

So what are good medium investments for retirement? Well I make full use of my ISA allowance each year (£3,000 for a mini cash ISA, £7,000 for a maxi shares and cash ISA) as they are tax free, give a reasonable return and some are available on the market which you can open with as little as £1. Bonds can offer an excellent return but are more risky and Gilts are safe, offer a small return but can be hard to get hold of. In other words, I'm not depending on my pension as my only means of income when I get older.

Ok, I'm not a fancial advisor (although I am currently studying my investment exams) so my advise isn't going to be worth much but I'd recommend everyone to use their ISA every year, even if its bunging in as little as a tenner each month. I'd also recommend condolidating your debts with a single lower rate loan, moving your credit card bills to whoever will offer you an interest free period and keep moving your money around to get the best deal. You've worked hard for your money so its time to make it work for you. As for pensions.... I'd stick with a high interest account and ISAs for the moment. You can always bung the money you've saved into a pension as a lump sum when they start to offer a decent return.

[Janos]

It's one of the few times I'm glad I work for the government.

Of course, they're going to shaft us royally sooner or later. I honestly expect that the retirement age will be at least 70 by the time I retire.

So I make other provisions too.

Laters,
Janos

[Crisspy Fiver]

I dont have a pension. It scares me all the stories about people who put in and dont get as much back.

I to owe lots of money at the moment. I dont drink that much these days and am trying to concentrate all my spare cash into paying of the debts i have. I could still put £5.00 away but cant see the point. I might as well pay that of the loans.

I have some investments that will take care of me for a bit. But they would not last long. I do intend to get something more solid and am well aware the sooner I start the better.

I also got the feeling though I wont last that long. Most of the adult men family have not lived much past 60. iv stoped smoking, I try to eat all the right foods and am back at running. I suppose time will tell.

Any way back to ISA's I thought you didnt always get back what you put into them either? Perhaps Im just miss informed.

Jamie