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+--- Thread: Pensions (/showthread.php?tid=886)
Pensions - achingknees - 27th March 2008
I agree that we shouldn't begrudge those that have managed to get into positions whereby they have good pension prospects. We should aspire to improve the lot of archaeologists not snipe away with envy.
I too was a late starter with my main pension. However, when I worked at MoLAS in the early 90s I was persuaded to opt out of SERPS. This is a small pension pot that sends me paperwork every so often - until recently I just filed it all away. Advice for anybody else who did the same - see an Independant Financial Advisor (a more effective IFA!). Generally these policies are piss poor - move the funds
into another pension fund. For those prepared to do some research themselves have a look here...
http://www.fool.co.uk/news/retirement-pensions/2008/01/29/pensions-for-beginners.aspx
Paul B, it is very commendable that you are using tax efficient vehicles for savings. However, you really do need exposure to the stock market. To make your money work you need INVESTMENTS as well as savings. Do not worry about the state of the market. This is a blip. I think that it is probably a good time to be dipping into the market. If this scares you (I don't have time to do the research etc etc) try an index tracker ISA. Short term, these may fluctuate but for medium - long term investing they will very probably serve you well. For info...
http://www.fool.co.uk/isas/information/whats-an-index-tracker.aspx
The key to making these work is trickle funding - a little bit every month. When the market is on the rise, your investments rise, when the markets are falling your regular investments can buy more funds. At some point the markets will rise again.
You just have to adopt a glass-half-full philosophy.
To take away the urge to cash in investments you can wrap them up in a Self Invested Pension Plan (SIPPs).
Some tips for other late starters...
http://www.fool.co.uk/news/retirement-pensions/2007/12/14/pensions-five-top-tips-for-late-starters.aspx
btw I have no vested interests in the above links - a financial savvy brother-in-law put me onto them a few years ago. Invaluable...
Pensions - achingknees - 27th March 2008
Lucy, Peter and others behind on stamps...
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/PensionsAndRetirement/FinancialPlanningForRetirement/DG_10021384
Uo1, the thread topic is labelled 'pensions'...
Pensions - Unitof1 - 27th March 2008
Goodbye all its not worth the effort
Pensions - lucy78green - 27th March 2008
Quote:quote:Originally posted by Unitof1Nope all commercial units!
Lucy do you work or have you worked for any trusts, charities or council units?
Pensions - vulpes - 27th March 2008
Unit of 1 appears to have taken his ball home!
Pensions - BAJR Host - 27th March 2008
well.. someone had to burst his bubble... it was getting all a bit personal and I just do not have the time to monitor every one of his posts.
"No job worth doing was ever done on time or under budget.."
Khufu
Pensions - achingknees - 28th March 2008
Yes, it's a pity that you have to be heavy handed but it was grtting a bit too much. Was he just a wind up merchant or did he have genuine grievances?!
Pensions - achingknees - 28th March 2008
Quote:quote:Originally posted by Paul Belford
OK then, Unitof1, off you go...
How prophetic!
Pensions - BAJR Host - 28th March 2008
sproinnnnnnnnnngg wind up... or maybe not? the trouble was, it is hard to tell.
Pensions is a good topic... jsut not at the expense of others.
"No job worth doing was ever done on time or under budget.."
Khufu
Pensions - achingknees - 28th March 2008
Peter/Lucy
Forgot to say...if your retirement age is after 2010 you only need 30 years of contributions for full entitlement to a state pension (if before it's 39 years). That should help a lot of people but pity somebody who retires in 2009 - they would be ?1000 pa worse off...