28th March 2006, 10:28 PM
DPW said
Yes, and if this government gets their way public and civil servants won't have a final salary scheme either ! Even with civil service pensions you only get the maximum benefits (ie. 50% of final salary) if you get in the full 40 years service.
Given the many recent cases of people getting ripped off and losing some or all of their pensions, both company and private (such as those with Equitable Life in the 1990s) it is hardly surprising that Merc hold the personal point of view he stated above.
Tax relief or not, I would have to be persuaded that a particulary private pension or company pension scheme would be the best thing for me personally, but before I make any decisions I would, of course, take advice, as I said earlier.
Quote:quote:It is a common myth that a private pension will pay out say 50% of the salary - a final salary scheme- only 16% of none government workers have one of these.
Yes, and if this government gets their way public and civil servants won't have a final salary scheme either ! Even with civil service pensions you only get the maximum benefits (ie. 50% of final salary) if you get in the full 40 years service.
Given the many recent cases of people getting ripped off and losing some or all of their pensions, both company and private (such as those with Equitable Life in the 1990s) it is hardly surprising that Merc hold the personal point of view he stated above.
Tax relief or not, I would have to be persuaded that a particulary private pension or company pension scheme would be the best thing for me personally, but before I make any decisions I would, of course, take advice, as I said earlier.