The Pensions Crisis

[girl with sharp teeth]

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[dr_carter]

Originally posted by girl with sharp teeth
£57 billion pension shortfall (http://news.bbc.co.uk/1/hi/business/3730426.stm)

Especially given recent predictions that see the younger generations working into their 80s, I was wondering how many here actually had a pension. When did you start saving? How much do you contribute as a percentage of your salary? How do you think that you'll be able to live when you retire?

Mother and father have TP, although the TP authority can't actually be bothered to tell my father what his pension will be at 60 if he retires now. They just keep throwing bits of paper at him, and he could easily calculate it himself but he wants them to, because if he's wrong and he'll get much less than he thought he would, it aint a lot of good when he reaches 60!

I'll start saving as soon as i'm qualified and earning. My two main priorities are house and pension, after actually managing to live.

[Renzo]

I have no penision. I'm a student. I am poor enough though, my loan hasn't come through. :yeees:

Anyway people are just going to have to work longer and save more.

[Fiend_85]

I am saving, though not as much as I should be, but I am at Uni so tis to be expected. We had a lecture on finances while I was still at school. The first thing this expert said was 'You are the generation that will inherit nothing'.

[Uncle Joe]

I've always regarded a pension arrangement as another form of insurance policy, just a way for 'them' to get their hands on our money, and believed that as the conomy crumbled, the deal would be reneged on. That's exactly what's happening, and I'm glad that I'm spending that money on me and mine, and maybe helping my kids towards careers that see them better off financially, or at least preparing them for the lean times that lie ahead. I'm going to be working into my seventies, certainly, so I'd better start looking out for a job I'll enjoy doing.

[wheresmyplacebo]

its 2 problems combined really, people havent invested enough, and the money they have, has been sqaundered by people who manage them


we wont inherit anything cause people would rather t blow the last of money before they die than pass it on

[morrocan roll]

Originally posted by Fiend_85
'You are the generation that will inherit nothing'. no trees ...little fresh water ...the sun as your mortal enemy ...the oceans giving nothing but disease ...oh yeah ...and an ice age when that stream turns off.

[lukesh]

What Blair should do is completely reform the welfare state. It is a total mess and needs immediate reform. The money saved from the abusers can go towards pensions.

[BumbleBee]

I've been paying into the NHS pension scheme since I started my job over a year ago and I don't know exactly how much I pay about 5-8% of my salary (approx, I haven't actually worked it out). I don't plan to leave NHS employment because I think I've foind something I'm good at.

I think that, if I stay in NHS employment and the pension system is handled correctly until I reach retirement age, then I'll have a pretty good level of income. I'm therefore not particulalry worried about it.

My dad has three pension schemes - one through work and two private ones as he realised some time ago that he would need to save. He's just an ordinary working class man, and what worries him is that very few of his colleagues think they need to save.

[girl with sharp teeth]

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[BumbleBee]

Originally posted by girl with sharp teeth
Is there anyone here that thinks like that?

I work with someone who started their pension when they were 16 :nervous:

Are you paying towards an NHS pension now?

[girl with sharp teeth]

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[Fiend_85]

I've been saving things since I was 8. Learning to manage money, and getting better at it the more independent I become. I am planning to avoid spending my student loan, or at least avoid spending the majority of it, so that I can go straight into saving for my retirement after graduation.

[BumbleBee]

Originally posted by girl with sharp teeth
Yes. I also have an ISA that I stick any spare cash I can into.

I have a savings account but as soon as the money lands I usually transfer it back because I run out of money by the middle of every month!

I often whine about the NHS pension because it seems to take a rather large chunk of my income as far as I'm concerned, but in reality I know it is necessary. What I don't like is that is is calculated as a % because I do a lot of overtime and all the overtime does is pay my pension contribution which makes the overtime seem pointless. Anyway, I've rambled!