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any yous know fuck all bout pensions?
return on my pension. But pensions are so boring that I forgot what that thing was and can't be bothered to think about it. That was a year and a half ago.
dull as fuck
i've been in a dead end job for likeeee 3.5 years and i'm taking three months of unpaid leave to do some training that will allow me to go get an interesting, better paid job. have been warned that the period of unpaid leave will be counted as a "break in service" or something that will shit up my pension. this make sense? should be moot anyway as i intend to get out of the industry that my pension (SAUL) services anyway
been popping like £130 a month into this badboy for 3.5 years so what#s the deal with that?
BETTER CALL SAUL
you automatically become a deferred member of the scheme if you leave the employer or stop paying in (your money stays invested & will rise or fall in line with unit prices, but you can't put any new money in to it). Assuming this is the case (confirm it with your pensions provider) make sure you get all the transfer paperwork you need before leaving the employer. then, as soon as you start a new job and enrol in their plan, transfer your pension into that scheme. Loads of people don't do it as they go along and end up with loads of little pots from old employers trying to tie it all together when they retire, which is an obvious ballache
consolidating ones as you go?
where my employer contributes what i do too: assume i lose this matching?
can we talk about something else now?
but that'll depend on the scheme rules again.
no pension provider is really 'better' than any others in terms of fund performance and charging structure. The only differences are in ease of use, customer service etc. given that you'll have to deal with the new provider anyway for your new emplopyer's pension you might as well bung everything you've got over to them
if you have a significant amount of money that was paid in to your pension before 2006, and especially before 1997, this might not be good advice, cause there might be some bonza protections that apply that you don't want to lose out on
yes. I know fuck all about pensions.
I do know quite a lot about them, what u wanna know?
is it worth putting loads of money in one
it's like you're betting that you'll live a certain amount of time longer than 65 or something isnt it?
except now the flexi-access stuff's come in that's moot. but yeah, annuity rates are shit,
the best thing to do is take up smoking like 60-a-day a month before you retire, get the annuity rate of a heavy smoker then quit again.
can i not just say i smoke and then continue not smoking? i have enough asthma as it is
like if you miss one of your GCSEs or something
and i keep saying no
what sort of % of your salary to put away into a standard pension over 35 years to give you a comparable standard of living in retirement?
Obviously depends on many factors re: its investment but would be good to know what to aim for.
I started at 30 so 15%? Currently lobbing in 8% inc. employer contribution so that's not too scary.
Or just the amount that I should be lobbing in exclusive of employer contribution?
along with a load of other stuff, especially since pensions will likely be massively different by the time you (any of us) come to retire. But if you were to put in 12% of your gross annual salary p.a. as your total contributions you'd end up with a pretty healthy sized pot at retirement
Thanks for this!
I've been doing some back of fag packet maths. I should've paid off my student loan by next summer so I’m gonna up my pension contributions to whatever % of my salary the value of that is (it’s currently about 5%). So currently that value + my standard 3% contribution + 5% employer contribution = 13%.
Doesn’t sound as scary that. I never knew saving for the future could be so unworrying.
(Thanks again for your help! Appreciate it).
Retirement will be when I draw my last working breath
I know I whack 5% a month in and my work matches it. I know the pension company invests it on your behalf or some shit. Also not convinced I'll ever be able to retire so it's all a complete waste of time.
But that's about it.
as I was all "live for the moment!" and stuff. But now I regret it as my company would have stuck a load in and it would accumulate during my life.