dAVe80 Posted November 24, 2015 Share Posted November 24, 2015 That's the spirit! Speedballs for everyone! 1 Link to comment Share on other sites More sharing options...
tonyh29 Posted November 24, 2015 Share Posted November 24, 2015 1 hour ago, Xela said: How much does your employer put as standard? Do they match contributions? My employers puts 10% in as standard and then matches what I put in extra - I put 3% in so they put 3% in. Overall I've 16% going in at present I need to increase my contribution as they will match up to 8% extra but at the moment I'm putting another £400pm into a SAYE scheme Pensions are a strange thing ... the average Pension pot contains about £40,000 or something ....I worked out (maybe incorrectly ) that £1,000,000 in a pension pot gives you about £40,000 a year to live on ... not bad of course but hardly around the world holidays and as many hookers as your tongue can cope with sort of stuff ..but on that basis ..WTF does the £40k pension pot get you !! I whacked loads into mine , even at 16 in my first job at £400 a month I was paying £100 in ,lets face it all I was going to do is waste it on beer at 16 ... far better to save it and waste it on , errrm beer when I'm 55 ... But yeah I've done the hard part , all I've got to do know is not get killed before I get a chance to retire and waste it I think this new government scheme will be a great help ... my kids will in effect be putting 6% of everything they earn away from the day they start work , until the day they retire ..of course the government will find a way to steal it somewhere along the line , but we should hopefully in the long run get away from an era where old people freeze to death because they are too scared to turn their heating on Link to comment Share on other sites More sharing options...
PongRiddims Posted November 24, 2015 Share Posted November 24, 2015 Whilst I understand the importance of pensions, if you have a mortgage right now and Base Rate is 0.5% wouldn't you be better lamping the mortgage first? It won't be at those levels forever, and if your company pension currently isn't that favourable I think you might be better off getting rid of the big bill first? 1 Link to comment Share on other sites More sharing options...
tonyh29 Posted November 24, 2015 Share Posted November 24, 2015 11 minutes ago, PongRiddims said: Whilst I understand the importance of pensions, if you have a mortgage right now and Base Rate is 0.5% wouldn't you be better lamping the mortgage first? It won't be at those levels forever, and if your company pension currently isn't that favourable I think you might be better off getting rid of the big bill first? not sure tbh ... if your pension fund is handled right the growth and return should out strip what you pay back early off your mortgage and new laws allow you to pass it down to family tax free ( outside of any will ) Link to comment Share on other sites More sharing options...
maqroll Posted November 24, 2015 Share Posted November 24, 2015 (edited) I worked with a Vietnamese kid named Thong. It was right around the time "The Thong Song" came out, too. Poor guy. But this fella has a doozy Edited November 24, 2015 by maqroll Link to comment Share on other sites More sharing options...
HanoiVillan Posted November 24, 2015 Share Posted November 24, 2015 Bich is pronounced something like 'beek', nothing at all like 'bitch'. The other two parts are fairly close though. Link to comment Share on other sites More sharing options...
maqroll Posted November 24, 2015 Share Posted November 24, 2015 I'm reminded of the time a regular customer (a Korean guy named Tong) came in to the bar on a first date, and I mistakenly called him Thong in front of his date. I had two guys named Thong and Tong who I saw 4-5 times a week, it was an honest mistake! Link to comment Share on other sites More sharing options...
troon_villan Posted November 25, 2015 Share Posted November 25, 2015 How much does your employer put as standard? Do they match contributions? My employers puts 10% in as standard and then matches what I put in extra - I put 3% in so they put 3% in. Overall I've 16% going in at present I need to increase my contribution as they will match up to 8% extra but at the moment I'm putting another £400pm into a SAYE scheme That's incredibly high. I think my employer pays 3% and I pay 3%. Link to comment Share on other sites More sharing options...
Stevo985 Posted November 25, 2015 Author VT Supporter Share Posted November 25, 2015 When I joined JLR they had a final salary pension scheme. I didn't join it. Then they stopped it. Probably an error Link to comment Share on other sites More sharing options...
lapal_fan Posted November 25, 2015 Share Posted November 25, 2015 12 minutes ago, Stevo985 said: When I joined JLR they had a final salary pension scheme. I didn't join it. Then they stopped it. Probably an error Unlucky pal. Link to comment Share on other sites More sharing options...
chrisp65 Posted November 25, 2015 Share Posted November 25, 2015 My nipper has started her first part time job - first paypacket and £1.35 was auto deducted and put into a pension - only another 53 years to go to see how that investment turns out. For my part, various policies mean I'm worth considerably more dead than alive. Financially, the ideal scenario for my family is that I die in a plane crash on my way to a meeting at some point in the next 6 months. Be like a lottery win for 'em. 2 Link to comment Share on other sites More sharing options...
Xela Posted November 25, 2015 Share Posted November 25, 2015 3 hours ago, troon_villan said: That's incredibly high. I think my employer pays 3% and I pay 3%. It is decent but I think about standard for large financial institutions. To be honest I've not looked how its performing in a few years. I think its invested in a low risk portfolio as standard so I probably need to do some more investigation work Link to comment Share on other sites More sharing options...
Genie Posted November 25, 2015 Share Posted November 25, 2015 3 hours ago, Stevo985 said: When I joined JLR they had a final salary pension scheme. I didn't join it. Then they stopped it. Probably an error WOW!!!! That mistake will possibly cost you £10-£20k a year from retirement to death... what field do you work in again? Link to comment Share on other sites More sharing options...
Rodders Posted November 25, 2015 Share Posted November 25, 2015 I don't understand pensions at all but I know at 30 I suppose I ought to be more aware of it. I've always just ticked yes to what the automatic one with work has been, although as most of my employment has been through agencies I've not had the chance to enrol in many of them until the past couple of years.( I know I could have done something private but it seems far too complicated, surely just a savings account will do? ) At the moment with the University I think its 5% from them, 5% from me. I'm not aware if you're able to alter the contributions or not, I suppose I'll probably just stick with that. Not looking forward to figuring out mortgages in a year or so when I start looking at that side of things. Adult life Link to comment Share on other sites More sharing options...
Genie Posted November 25, 2015 Share Posted November 25, 2015 I pay 4%, my employer adds 8% on top. However, the long term predictions for its value go down year on year as the forecasts get worse and worse (no sign of interest rates increasing for example). Link to comment Share on other sites More sharing options...
Wainy316 Posted November 25, 2015 Share Posted November 25, 2015 2 hours ago, chrisp65 said: My nipper has started her first part time job - first paypacket and £1.35 was auto deducted and put into a pension - only another 53 years to go to see how that investment turns out. For my part, various policies mean I'm worth considerably more dead than alive. Financially, the ideal scenario for my family is that I die in a plane crash on my way to a meeting at some point in the next 6 months. Be like a lottery win for 'em. I hope you haven't shared this info with them. Link to comment Share on other sites More sharing options...
chrisp65 Posted November 25, 2015 Share Posted November 25, 2015 I cook my own food and sleep one eye at a time. 3 Link to comment Share on other sites More sharing options...
troon_villan Posted November 25, 2015 Share Posted November 25, 2015 3 hours ago, troon_villan said: That's incredibly high. I think my employer pays 3% and I pay 3%. It is decent but I think about standard for large financial institutions. To be honest I've not looked how its performing in a few years. I think its invested in a low risk portfolio as standard so I probably need to do some more investigation work I just looked into and my company pay 2.25%!! **** me I thought 3 was bad. Now they're one of the largest insurance brokerages in the world so definitely not a standard there. Not even a grand a year! Link to comment Share on other sites More sharing options...
Xela Posted November 25, 2015 Share Posted November 25, 2015 £100,000 in a pension pot now is just over £6k per annum on a pension annuity So, you would need £400k as a minimum in your pot to live an ok retirement, noting you should be mortgage free etc Link to comment Share on other sites More sharing options...
Designer1 Posted November 25, 2015 VT Supporter Share Posted November 25, 2015 3 hours ago, chrisp65 said: For my part, various policies mean I'm worth considerably more dead than alive. Financially, the ideal scenario for my family is that I die in a plane crash on my way to a meeting at some point in the next 6 months. Be like a lottery win for 'em. Same here, i'm worth a ridiculous amount if I pop off the mortal coil. I keep expecting to see marbles left at the top of the stairs or glass in my Sunday roast. 1 Link to comment Share on other sites More sharing options...
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