28th March 2006, 08:36 PM
Quote:quote:My own personal view is that private pensions are an incredible rip off.
Blimey, Merc. Something we can almost agree on ! [:0]
Some private pensions are good, but it really depends on how much you can get in there and for how long, and how they perform (ie. if the pension company invests your money wisely or not). A lot of company pensions have gone bust recently or been raided by the parent company but they are still worth having a look at but being 'buyer aware'.
I accrued a civil service pension over nearly 20 years, which I opted to have 'preserved' when I left. I do at least know that I will have a [u]little</u> something to look forward too when I retire. I emphasise 'little' because I've have received a forecast from the administrator .....
As I don't really know what my employment position will be in the next couple of years I am holding off taking out a new private pension of any sort, particulary as many of them are just not worth it for the small amount I can afford to pay in. If I got a good permanent job somewhere where the employer was contributing I wouldn't be jumping in with both feet and would take advice. I'd rather have the option of being paid more and being able to invest that money in other ways.
But in the meantime I'll be putting my money (when I get a job that is) 'under the mattress'
, aiming to pay off my mortgage before I'm 45 (in 6 years time), then saving like crazy or investing in property !