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Orcs
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« Reply #30 on: 31 October 2019, 03:49:42 PM »

Which pensions youse drawin Orcs ?

Its a few years yet till I get to draw by gilt edged pension from my employer and dozen years to the state pension (If it still exists by the time I get there).

Unless I am one of the lucky ones that gets given compulsory redundancy next year.
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My aim in life is to P*ss off one person a day.  Currently I am 3 years  1 month  and 23 days ahead of schedule.

The cynics are right nine times out of ten. -Mencken, H. L.

We are all above the line of normality. Its just we all draw the line at a different level
Techno
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« Reply #31 on: 31 October 2019, 04:30:15 PM »

Take the pension as soon as you can, Mark...and the compulsory redundancy !!!

State pension ?.....A dozen years ?.....In your dreams, Matey....sadly. Sad

Von's been done out of thirty to forty £K..(at this point)...as have umpteen hundreds of thousands of 'girlies' around her age......If 'they' change it yet again.....I will go completely ape poo. Angry Angry Angry

Cheers - Phil

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Westmarcher
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« Reply #32 on: 31 October 2019, 11:29:04 PM »

I have some sympathy for the ladies there, Phil (although not completely). Although my wife is only 4 weeks younger than me, because of the ‘phasing in’ rules, she had to wait 3 months longer than me before her State Pension started. However, it has to be said we were aware of the proposed changes to women’s retirement ages from Age 60 to Age 65 when first announced.

It was on the TV and in the news when first announced at one of the Chancellor’s budgets in the early 1990’s and once again, in the news, in the newspapers, in insurance companies’ and insurance brokers’ letters and newsletters to their customers and notified by company pension schemes to their members when the legislation was passed in the 1995 Pensions Act. If I remember correctly, this Act initially set down a timetable for gradually extending the State Retirement Age over a 10 year period for women born in 1953(?) and after, starting from 2010 and finishing in 2020.

This therefore gave women affected a minimum of 15 years to make suitable provision for this in their retirement planning. Yet for various reasons, it appears that loads of women somehow missed this at the time it was first proposed, then later when enacted and then again in the intervening 15 year to 25 year period leading up to their retirement. No doubt some were not financially able to save and so, plan for retirement but I’m also sure many others never gave retirement planning a second thought until it was too late.

Where I have the most sympathy is with the sneaky change (in my opinion) in 2011 when the then government brought forward a plan to increase the State Pension Age from Age 65 to age 66 in 2026, to 2020, for both males and females. This then resulted in them scrapping the original timetable for phasing in the Age 65 retirement age by 2020 for women and introducing a new one for Age 66 to start in 2020 for both sexes.

This affected almost as many men as women and unfairly gave people a lot less time to make adequate provision in their retirement planning to compensate for the shortfall.
 
For those who don't know, forget any notion of a big giant State Pension fund sitting there. State Pensions are paid out of current Government revenue from taxation (including N.I.).   The percentage of retired people is increasing because people are living longer and so there are less people paying taxes and N.I. to fund their pensions. The reality is that previous State Retirement Ages are therefore no longer sustainable and unfortunately may therefore have to increase yet again in the future.

Unless you have married a young bit of stuff then, Phil, hopefully this won’t affect you.  Wink

What most worries me is when my own family might actually be in a position to retire in reasonable comfort.   Worried

NB: Fellow ‘forumites,’ please be aware that I cannot guarantee that all of the above information is entirely accurate - it’s been a long time since I worked in the pensions industry so I've relied on memory for this post. However, to you ‘young uns,’ please don’t leave your retirement planning to the last minute or be afraid to seek financial advice. better to start making a small start now than none at all.  Nerd
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« Reply #33 on: 31 October 2019, 11:46:50 PM »

However, to you ‘young uns,’ please don’t leave your retirement planning to the last minute or be afraid to seek financial advice. better to start making a small start now than none at all.[/size]  Nerd

I'm not quite sure if I class as a 'young un' but pensions are something that worries me quite a lot.  We've never been in a position to save anything and being self-employed I'm reliant on the State pension currently.  My wife is an employee of the business so she's getting a small amount into a pension each month now, but it's not a huge amount.  I'm hoping that we can start to put something away in the next ten years but we need to get ourselves a house first and stop wasting money on rent.  I read a study a while back that said by age 40, you'd need to be putting £700 per month into a pension to have a roughly national average income at retirement.  I can't see that happening somehow!
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« Reply #34 on: 01 November 2019, 07:04:09 AM »

I paid into a pension for one year in the late 80's, then stopped when I went overseas. I've had a good company pension for around 15+ years now and braodly speaking both pensions are worth the same!!! We had a good presentation from an IFA recently just to update us on things and basically, the sooner you can start paying in the better. As you say Leon, when you hit 40 odd the amount you have to pay in is like having another mortgage.
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Techno
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« Reply #35 on: 01 November 2019, 07:20:18 AM »

Von got 'caught' twice.

Once when the age jumped from 60 to 65......and again when they started sliding the age over 65.

I suppose I was lucky, in the resect that I just managed to sneak under the radar and did get my State Pension at 65.
Von's going to be around a week short of her 66th birthday when she gets hers.....Less than a year now.

Davy (Westie) is absolutely right in the respect that there isn't a bottomless pit of money to fund the State Pension.....people are living longer, and there are fewer folk (in proportion) to 'chip in'.

Cheers - Phil

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Orcs
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« Reply #36 on: 09 November 2019, 12:06:23 AM »

What's OHW?

One Hot Woman !!!  Evil
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My aim in life is to P*ss off one person a day.  Currently I am 3 years  1 month  and 23 days ahead of schedule.

The cynics are right nine times out of ten. -Mencken, H. L.

We are all above the line of normality. Its just we all draw the line at a different level
Orcs
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« Reply #37 on: 09 November 2019, 12:10:11 AM »

Take the pension as soon as you can, Mark...and the compulsory redundancy !!!


I would have taken it by now If I had not got divorced and had to start with another mortgage. 

I will already get a reduction into my State pension of £1600 a year as my Benevolent money grabbing employer "opted us out" to save themselves  paying extra tax.  Angry Angry Angry
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My aim in life is to P*ss off one person a day.  Currently I am 3 years  1 month  and 23 days ahead of schedule.

The cynics are right nine times out of ten. -Mencken, H. L.

We are all above the line of normality. Its just we all draw the line at a different level
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