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Slab you are right as is the consideration that pensions accrued are not counted in benifits assessment prior to retirement.
It's swings and round abouts based on your personal risk and pension t+c but blindly saying you'd be stupid not to for the tax benifits is foolish.
I get 5% me 5% them which I was told was good by the guy who came in to explain, clearly it's absolutely shocking. Might as well not bother really it's obvious at best I'll be using food banks at worst doesn't bare thinking about.
Still take what you can whilst you can as you never know what's around the corner.
Why/how could saving more than you are currently be a waste? Surely more money in retirement is a good thing, right?
Private pension and it's in funds that carry risk. It's one where you state your attitude to risk. More risk the better return potentially but the could lose it. Less risk, rubbish return and the money is locked up anyway.
More than that though is money alone in a pot isn't necessarily going to give you a decent regular income depending how long you live, so the money goes to buying annuities but estimates I've looked at show terrible annual income. Adding a lot more money wasn't giving me much more income from the estimates.
8% personal / 14% employer contributions
so the money goes to buying annuities but estimates I’ve looked at show terrible annual income.
You don't have to buy an annuity, it's just one of the options.
I get 5% me 5% them which I was told was good by the guy who came in to explain, clearly it’s absolutely shocking.
It's really not. Shocking is 1% ( or have they moved the minimum up to 2%yet)
5% isn't amazing but its by no means bad. Some of the numbers in the thread above are very, very good so keep it in context.
Personal-3% Company-27%