What's everyone doing about their pension?

[laetitia85]

I don't know anything about pensions but all I know is that I want to have a great quality of life when I'm retired.
Watching programmes like this one

http://www.channel4.com/catchup-player/ ... pisodeId=4

has made me want to think about what sorts of pensions are available

What are state pensions? is it pension money that everyone gets at 65?

 

[Minxy]

*Sticks fingers in ears and goes lalalalalalala*

State pension will be crapper/non existent IF we ever get it. I know I need to put something in place but I'm using the recession as a excuse not to start it now as it's a terrible time to be saving......................................so spend, spend, spend

 

[debecca]

What are state pensions? is it pension money that everyone gets at 65?

Yes. Except by the time we get to 65 there almost certainly won't be enough money left for us all to have one, or certainly not enough for us to live on, as there aren't enough people paying NI contributions to fund the population increase.

As a teacher, I'm very lucky. For every pound I earn something like 20p is put into my Teacher's Pension. I'm also lucky because I was the last year to qualify where I get to retire at 60 instead of 65.

My other half has a pension with his work and he knows it won't be enough... so he makes Additional Voluntary Contributions every month (they come out of gross pay rather than nett so you get 'extra cash'). My OH is well into his money info (he should be a Financial Advisor really) so I trust he's doing the right thing, but like you, I don't really have a clue.

 

[mummykay]

god knows, need to talk to my dad and grandad about this kinda shizz - Im from the old skool of 'spend spend spend'

 

[laetitia85]

My husband is a teacher too. And his bosses are considering making him a the head of the languages department.
It's reassures me to know that he is a key worker. AS FOR ME...
I mean I have a degree but I've been in and out of employment for different reasons. I really need to fix up and start putting money aside

 

[widowwadman]

I've never enrolled in my company's pension scheme because I simply couldn't afford the contribution, even if it meant that I basically lose out on one of my company's benefits.

It makes me worry sometimes, but currently I'm more worried about the immediate future than about later.