UK pensions

[imtommygunn]

All of them?

[Kidder81]

All of them?

Yes

[imtommygunn]

Oh. That's a lot. Makes you wonder though ideally if you worked all your life you'd have a private pension and savings too.

[Milltown Row2]

Oh. That's a lot. Makes you wonder though ideally if you worked all your life you'd have a private pension and savings too.

Savings  not if you have kids/college/weddings/new kitchens and if you have been in lots of different companies over the years the private pension doesn't add up to that much

I walk the dogs every night and that is my conversation either in my head or with her lol!!

[imtommygunn]

Well you better make sure the kids have good jobs and you're nice to them then 

[marty34]

Is your house not your biggest pension?

[Kidder81]

Oh. That's a lot. Makes you wonder though ideally if you worked all your life you'd have a private pension and savings too.

Compulsory to offer a work place pension now I think ?

[trueblue1234]

Is your house not your biggest pension?

It's usually not a money making asset in regards to cash flow. It's value can't generally be unlocked until you don't need it anymore, by which time, you'll not be worrying about a pension....

[imtommygunn]

Oh. That's a lot. Makes you wonder though ideally if you worked all your life you'd have a private pension and savings too.

Compulsory to offer a work place pension now I think ?

Yeah - 8% minimum contribution with 3 from employers minimum. Not sure if that's cumulative - e.g. if employer contributes 6 can you do 2 etc - but any which way 8%.

[Tony Baloney]

Poor doctors have to contribute about 9% but neglect to mention the employer (tax payer) is chipping in 20-30% on top of that.

[Main Street]

Oh. That's a lot. Makes you wonder though ideally if you worked all your life you'd have a private pension and savings too.

Compulsory to offer a work place pension now I think ?

Yeah - 8% minimum contribution with 3 from employers minimum. Not sure if that's cumulative - e.g. if employer contributes 6 can you do 2 etc - but any which way 8%.

By comparison in the Nordic countries,  (current minimum wage is approx eur32,000 p/a)  contributory pension average is  4% from employee, + 10% employer, if an an optional  add-on private pension is chosen,  up to a max 4% employee  +  max 2 % employer .
That amounts  to 14% - 20% of income earned in life  stored away in a safe fund  with compound intrest. I suppose the skill is figuring out when you want to start using the fund and how long you are going to live.

Incentive for young folk to save, is that they can withdraw from the  added private pension fund tax free,  to help with a first property purchase.

State pension   goes from a minimum  eur15,000 pa  to  eur 28,000 pa (for those with no other means)

[onefineday]

I'd echo that. I did six years in London. With an investment of 1500 now I'll get about 107 sterling a week compliments of the Crown. I'm happy with that return

How so little?  It's telling me I have to pay £800 odd per year - not sure the sums add up at that rate.  What is the minimum pension, based on achieving the bare 10 years?

[armaghniac]

I'd echo that. I did six years in London. With an investment of 1500 now I'll get about 107 sterling a week compliments of the Crown. I'm happy with that return

How so little?  It's telling me I have to pay £800 odd per year - not sure the sums add up at that rate.  What is the minimum pension, based on achieving the bare 10 years?

There are two categories, one pays around £300 the the other £900. If you were working and then left the UK you get to pay the lower amount, which is a complete no brainer. If you have to pay the £900 it is a good deal, if you live long, but not quite brilliant, as many Irish people with the cash in hand will end up paying 40% tax on this.

[RedHand88]

Poor doctors have to contribute about 9% but neglect to mention the employer (tax payer) is chipping in 20-30% on top of that.

They don't get that 20-30% though. It goes into a communal pot to pay everyone who works for HSCNI.  They get 1/54(?) of each years salary every year of retirement.

[Milltown Row2]

Poor doctors have to contribute about 9% but neglect to mention the employer (tax payer) is chipping in 20-30% on top of that.

They don't get that 20-30% though. It goes into a communal pot to pay everyone who works for HSCNI.  They get 1/54(?) of each years salary every year of retirement.

Should someone with a public job pension get a state pension?