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  1. #1
    Trusted Member stevewool's Avatar
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    Workplace Pension

    I am considering pulling out of this new pension.

    If my plans for the future happen, I will only be putting a set amount away for 14 months so what's the point? Yes the government will put into this, so I don't think its going to make me millions.


  2. #2
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    Quote Originally Posted by stevewool View Post
    I am considering pulling out of this new pension.

    If my plans for the future happen, I will only be putting a set amount away for 14 months so what's the point? Yes the government will put into this, so I don't think its going to make me millions,
    You've probably got this information already Steve, but just in case take a look here:-

    If you want to leave your workplace pension scheme


  3. #3
    Respected Member Slip's Avatar
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    Every little helps though?

    I have two frozen pensions worth next to nothing really. Just started the work place one. I pay 4% of my monthly earnings, work match it. Although I am 40 years of age, so still a few years left in me until I retire.


  4. #4
    Respected Member andy222's Avatar
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    I was listening to the radio the other day and there was a pension advisor on there. He said a 25yr old would have to put £1000 per month in to get a decent retirement payout.


  5. #5
    Moderator fred's Avatar
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    Quote Originally Posted by andy222 View Post
    I was listening to the radio the other day and there was a pension advisor on there. He said a 25yr old would have to put £1000 per month in to get a decent retirement payout.
    It's probably true!

    I could see this trend 15/20 years ago and that's why we took a huge risk and designed our own personal pension investment scheme... Pension plans in my era always looked like a bad idea to me with almost no guarantees of a final figure as a self employed person.

    To this day, I have absolutely no idea how much to expect one day from the money I did pay into private and gov pensions..My guesstimate is peanuts probably.


  6. #6
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    Quote Originally Posted by andy222 View Post
    I was listening to the radio the other day and there was a pension advisor on there. He said a 25yr old would have to put £1000 per month in to get a decent retirement payout.
    If you're in an NHS pension scheme Andy you'll be fine


  7. #7
    Trusted Member stevewool's Avatar
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    Quote Originally Posted by Terpe View Post
    You've probably got this information already Steve, but just in case take a look here:-

    If you want to leave your workplace pension scheme
    Thanks Peter


  8. #8
    Trusted Member stevewool's Avatar
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    I have two pensions plus the state pension at this moment. Not a fantastic amount but it will do fine over in the Phils, plus I also have the rental from my property too.

    So I dont think I want to start another one, plus the company may only put up to 1% in. To me it's a no brainer.

    At this moment in time, I feel the best way is to fill both our ISA deals up to the max.


  9. #9
    Respected Member Michael Parnham's Avatar
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    Quote Originally Posted by andy222 View Post
    I was listening to the radio the other day and there was a pension advisor on there. He said a 25yr old would have to put £1000 per month in to get a decent retirement payout.
    Most people don't earn that amount!


  10. #10
    Respected Member Slip's Avatar
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    Quote Originally Posted by Michael Parnham View Post
    Most people don't earn that amount!
    Once I pay my mortgage, buy food and pay bills, I am lucky to have half that amount for myself!

    As the saying goes, rich getting richer, poor getting poorer.


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