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What age did you start paying into a pension?
| Profile | Posted by | Options | Post Date |
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Nana Anna | Report | 29 Aug 2005 15:48 |
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I started one 12 years ago, but it isn't worth anything If I'd have put the money into a building society account I would have been better off. Money down the drain. Put your money into houses and make it a self adminstered pension, much better bet. You don't pay the greedy bankers fees either! Anna I'm not authorised or regulated by the Financial Services Authority!! |
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Unknown | Report | 29 Aug 2005 15:55 |
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Pensions!!! huh. Hubby paid into two for years one of them went bust two years ago. Would personally not recommend anyone to take out a pension but to squirrel away into a good account a set amount each month. xxhugxx |
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Animal Lover | Report | 29 Aug 2005 16:07 |
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There are many comments here which seem to imply don't invest in pensions yet, but something else, such as property. All I would say that if you pay into an approved scheme no tax is due on your contributions or investment growth. when you get to retirement you can take a lump sum tax free and any pension is taxable in the usual way. If you die before the pension is payable your dependants will normally receive a lump sum (tax free) and/or a pension (which would be liable for tax). If, for example you invested in propery currently, you will being taxed on your income in the normal way before paying the mortgage. Any income from rental will be taxable and when you come to sell it is likely you'd be liable for capital gains tax. If you die, the property would be sold and your rellies would probably be liable for Inheritance tax on it! Needless to say, I have a good pension. Jan |
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Animal Lover | Report | 29 Aug 2005 22:26 |
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Things have changed now and you can have a company pension scheme and pay into another arrangement. It's all changing again from next April. Jan |
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Unknown | Report | 29 Aug 2005 22:28 |
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I'm 33 and haven't started yet but I think that's pretty stupid and I'm going for the keeping my fingers crossed method of planning for the future. |
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sandra rogers | Report | 29 Aug 2005 22:39 |
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hiya dan,(i am 58) when i left school at 15 paid full stamp till i was 43, give or take a few breaks were i was not working(lets say i lost a year), i have a forcast and when i am 60, i will ger £62. if i want to make up the missing stamps my pension would be £81, i am not bothering cos. tomorrow is promised to no one x |
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Len of the Chilterns | Report | 29 Aug 2005 22:44 |
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At 24, thank goodness. I had to contribute 5% of my salary, later rising to 6.5%. My pension is now double my salary on retirement. Have been retired 16 years. len |
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