The 2015 Popularity Contest (aka UK General Election )

[roydo]

I didn't say the government keeps the money we save though...I said the government saves up for us...big difference In any case, explain to me it's usefulness then, I'm genuinely interested. In the meantime I'll google it and see what comes of it.

The government doesnt save up for us either. But I am not going to write an essay on all the different types of pensions.
Why are they good? Ask someone who hasnt got one.

 

[red1]

The government doesnt save up for us either. But I am not going to write an essay on all the different types of pensions.
Why are they good? Ask someone who hasnt got one.

I don't think any of my family have a pension...although that's a wild guess. Anyway I read up on it and it just reinforces my point, workplace pensions take a percentage of a person's income and state pensions have national insurance contributions linked to it so other people are essentially saving up for you in the hope that they will pay you when (and if) the time comes. There is apparently something called "personal pensions" which is the only one that makes sense. I just don't see why the State is involved here..there's a lot of people that will never see their money and that's a fact. You aren't guaranteed to live beyond the retirement age...this scheme sounds like a massive nanny state intervention because let's face it..it is.

 

[Eggs]

I didn't say the government keeps the money we save though...I said the government saves up for us...big difference In any case, explain to me it's usefulness then, I'm genuinely interested. In the meantime I'll google it and see what comes of it.

....basically you pay a national insurance contribution from your salary, the key word being 'insurance' because this is collected to support benefits (if you become sick, unemployed etc) and pensions. NI Contributions and tax are automatically deducted from your pay. If you are self-employed you have to pay yourself.

Some folk are also in private pension schemes, which mean an additional payment to state pension. Some folk say it's better to invest in things like property rather than into a pension scheme, but regardless it's usefulness is that you will have enough money to have a decent quality of life when you no longer want to or are able to work.

 

[roydo]

I don't think any of my family have a pension...although that's a wild guess. Anyway I read up on it and it just reinforces my point, workplace pensions take a percentage of a person's income and state pensions have national insurance contributions linked to it so other people are essentially saving up for you in the hope that they will pay you when (and if) the time comes. There is apparently something called "personal pensions" which is the only one that makes sense. I just don't see why the State is involved here..there's a lot of people that will never see their money and that's a fact. You aren't guaranteed to live beyond the retirement age...this scheme sounds like a massive nanny state intervention because let's face it..it is.

NI is a massive ponzi scheme, you are right there. But it only provides a very basic pension anyrate, so if you want anything more to retire on, a personal pension or company pension scheme are a worthwhile investment.

 

[Bruce Wayne]

...you might not think the same way when you're 60 matey.

Not a chance that I'll be retiring at 60.

 

[Eggs]

Not a chance that I'll be retiring at 60.

...all down to personal circumstances, Bruce.

 

[roydo]

Not a chance that I'll be retiring at 60.

Even if I could, and I probably could thinking about it, I wouldnt.

 

[Moomin]

I will be retiring when I'm 52.

 

[roydo]

I will be retiring when I'm 52.

Doubt it.

 

[red1]

....basically you pay a national insurance contribution from your salary, the key word being 'insurance' because this is collected to support benefits (if you become sick, unemployed etc) and pensions. NI Contributions and tax are automatically deducted from your pay. If you are self-employed you have to pay yourself.

Some folk are also in private pension schemes, which mean an additional payment to state pension. Some folk say it's better to invest in things like property rather than into a pension scheme, but regardless it's usefulness is that you will have enough money to have a decent quality of life when you no longer want to or are able to work.

I think people should just save up or invest by themselves. I'm hoping to retire by 50.

 

[Moomin]

Doubt it.

I plan to win the lottery when I'm 52.

 

[roydo]

I think people should just save up or invest by themselves. I'm hoping to retire by 50.

Good luck mate. You wont be able to touch any personal pensions you have until at least age 55 though. More like 60 in your case I would think

 

[roydo]

I plan to win the lottery when I'm 52.

A man with a plan. Dont forget to upgrade though!

 

[red1]

Good luck mate. You wont be able to touch any personal pensions you have until at least age 55 though. More like 60 in your case I would think

Ah damn you're right as well. Even with the personal pension the State has its big claws wrapped around it what a joke. I'm sure there are other ways of saving though.

 

[roydo]

Ah damn you're right as well. Even with the personal pension the State has its big claws wrapped around it what a joke. I'm sure there are other ways of saving though.

Loads mate.