Pensions :-(

[comethekingdom]

Watching George Lee there on about the pensions time bomb. Poor private sector workers are screwed - lost a pile of their pension pots in the last few years while the public sector are laughing with their guaranteed benefits. Eg -  a teachers pot would cost about 1.28 million to the tax payer to provide!!

[STREET FIGHTER]

Anybody got any good advice on pensions or saving for the 'rainy day'??

SF

[Under Lights]

Look at you rich boy with your spare cash floating around.

Is your employer due to Auto Enroll soon?

[STREET FIGHTER]

Far from rich lad.

Is it not a sensible idea to try and bury a few pound away?

Working to live at the minute......

What happens when I cant work?

[screenexile]

Far from rich lad.

Is it not a sensible idea to try and bury a few pound away?

Working to live at the minute......

What happens when I cant work?

Same here I work for an Irish Company so they don't have the obligation of providing a scheme for me. What are the best options? I have absolutely no idea about this kind of thing (despite working as a pensions administrator in the past).

[STREET FIGHTER]

Far from rich lad.

Is it not a sensible idea to try and bury a few pound away?

Working to live at the minute......

What happens when I cant work?

Same here I work for an Irish Company so they don't have the obligation of providing a scheme for me. What are the best options? I have absolutely no idea about this kind of thing (despite working as a pensions administrator in the past).

If you dont know a bit about them we are f@cked here

[seafoid]

Anybody got any good advice on pensions or saving for the 'rainy day'??

SF

It's a good idea to get into the discipline of saving money regularly. Easiest thing is to start off with something you can afford, send it to another bank account every month and then if you get any salary rises try to add a bit of that so you keep the discipline going.

Regarding where to put it the most important thing for the long run is how high the management charges are if you go for a fund.
With low interest rates and low growth charges of 2% a year can eat up any interest or growth you get .

You can invest in cash, government bonds, company bonds, shares or property, typically. Bonds are very expensive at the moment.

If you don't want to follow the stockmarket there are various property funds available. You would need to talk to a broker to see what options are available and what sort of risk you want to take but the main thing is to get into the habit of regular saving. There should be tax relief in the picture as well and pensions are taxed in payment so there is tax relief on contributions to balance things out. 

[trueblue1234]

Extra cash? Start paying of more of your debt. Increase payments on your mortgage. Will save you a lot more in the long run than paying into a pension plan.

(Granted a certain level of savings before starting to do this would be advisable)

[seafoid]

Extra cash? Start paying of more of your debt. Increase payments on your mortgage. Will save you a lot more in the long run than paying into a pension plan.

(Granted a certain level of savings before starting to do this would be advisable)

Depends what you do with the money you save and the difference between the interest on your debt and your savings.

[trueblue1234]

You'd be doing well to get any savings account, investment etc to come anywhere near your interest rates on your mortgage. 

[Rois]

1.3% mortgage at the minute 

Something similar for ISA. 

[The Iceman]

Read a book called "the richest man in babylon" and start making changes with how you manage your money. It's the best advice I've ever taken and implemented and much better than relying on any state funded pension. There are no easy ways to get there or shortcuts to take. Put the work in, make the sacrifices, be smart about your finances, be consistent and it will work out in the end.

[Lazer]

You'd be doing well to get any savings account, investment etc to come anywhere near your interest rates on your mortgage.

Not necessarily - you just need to move your money regularly!
My mortgage is 3.99% - and up for a new deal soon and from my research can get it to 3.2% for a few years or 3.7% for a longer fix.

Savings - Santander 1,2,3 account - 3%
Nationwide current account - 5% up to £2.5k.

So you do need to play with your options and make the time to devote a bit of time once a year or more to finding the best deals for your money.

[Milltown Row2]

You'd be doing well to get any savings account, investment etc to come anywhere near your interest rates on your mortgage.

Not necessarily - you just need to move your money regularly!
My mortgage is 3.99% - and up for a new deal soon and from my research can get it to 3.2% for a few years or 3.7% for a longer fix.

Savings - Santander 1,2,3 account - 3%
Nationwide current account - 5% up to £2.5k.

So you do need to play with your options and make the time to devote a bit of time once a year or more to finding the best deals for your money.

I've a frozen 12 year pension (shipyard) decent enough but left, started in Bombardier and have another frozen pension for nearly 3 years. Nothing else, wife has the teachers pension so she's sorted ffs. Does my frozen pensions garther more money (through interest)

Am starting to look at savings as I've nowt in the bank, kids drain every penny and it won't be long before one will be looking to go to college (5 years). Best options up north would be? Which banks give the best rates

[TabClear]

You need to consider your tax position as well. You don't get taxed on anything you pay into a pension (Below a pretty generous limit) but any money you put in a saving account you will have paid tax on already and will get taxed on the interest, unless its in an ISA.