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  #1  
Old 15th November 2009, 11:01 PM
mlewis09 mlewis09 is offline
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Default Pensions

Today I turned 34 ... half way to my current expected retirement age.

Birthdays often turn to reflecting on acheivements and plans being made ... its a normal part of getting older ... I refuse to use the word old from now on.

Discussions across the dinner table turned to pensions ...

I stated that I had a local authority pension that I had paid into between the age of 18 and 26, that was currently worth about 1,800 per year with a 4,800 lump sum - not a lot but when it pays out at the age of 60 it will be a useful little bit extra each month.

I also have another local authority pension that is worth about 900 per year, that I paid into for almost five years, this one won't payout until I'm 65, again, it will be a useful small amount of money each month.

In addition I have my active pension that is currently with Virgin Money, there is not a lot paid in yet, this one will not pay out until my 70th birthday ... and I intend to pay into this one right up until I'm 70.

My cousin who is in his late 20's ... said he didn't beleive in paying for a pension, the government will pay his pension ... I said there's a difference between you and me that won't be obvious for some time ... I'll have money in my pensionable years!!!

He told me the reason he pays tax and national insurance is so the state can look after him in his older days ... his wife who is on disability benefit and has never worked added that the government will not let them go without money, because they are not allowed.

Do they not realise that there are now more people aged over 65 than under 21 in the UK ... who is going to pay for the state pensions?

In my view it really is time to start saving money in bonds, shares, instant access savings accounts, ISA's and pensions ... I'm trying to save something into various accounts each month, so that I am comfortable in my retirement ... if that is 34 or 36 years I want to be sure I can afford to live, as my life expectancy is over 100 ... I don't want to scrimp and scrap to find money to pay for things, I want to be able to afford my older age.
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Old 15th November 2009, 11:46 PM
Rachelle Rachelle is offline
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Default Re: Pensions

You are absolutely right to plan for the future. I worked for six or so years for a good company with a brilliant pension plan followed by another company for four years with a brilliant pension plan. My problem is I have not worked for the last four years due to family. I am now terrified that my pension will be a tiny sum but that somehow doesn't seem to equate to what, at the time, looked like enormous chunks of money being taken out of my salary! Other than a lottery win I'm not sure what I'm going to do. I am certainly in no position to put even a tiny bit aside for the future. Any advice very welcome!
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Old 16th November 2009, 12:15 AM
mlewis09 mlewis09 is offline
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Default Re: Pensions

Maybe I should update my advice blog on bank charges tomorrow, so you can make your claim ... that might help towards your pension/savings.
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Old 18th November 2009, 12:10 AM
Rachelle Rachelle is offline
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Default Re: Pensions

Yes please Michael - so I'm relying on you telling me how I can survive in a state of a possible no overdraft allowance from having survived purely on credit. Yes, it's people like me (and bankers) who are responsible for the trouble we're in. Sorry. I would love to make a claim but really am too scared. Let me know when you can help me
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Old 18th November 2009, 11:53 AM
mlewis09 mlewis09 is offline
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Default Re: Pensions

I'll update my blog (on here and the address below) this week with the next steps ... I'm at the step where The Co-operative Bank are ignoring my letters now, so I will issue court proceedings against them this week.

They are ignoring my letters, because there standard response is to wait until the ruling is made ... however they have recently been shamed as not helping people in financial hardship, which the FSA says they must consider.
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Old 18th November 2009, 12:12 PM
Rachelle Rachelle is offline
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Default Re: Pensions

ok thanks Michael. I don't want to get too excited but my god, if I thought I could get back the charges I have paid over the last six years that would be amazing. Ok, maybe I will take the first step and send them a letter asking them to let me know how much I have paid. Gulp. ... I'll let you know when I've done it but I am running scared!
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Old 18th November 2009, 12:33 PM
mlewis09 mlewis09 is offline
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Default Re: Pensions

I found that my bank were rubbish at communicating throughout the procress, but stick with it, they eventually stumpped up the information ... just waiting for the cash.
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Old 18th November 2009, 10:01 PM
Rachelle Rachelle is offline
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Default Re: Pensions

It's on my to-do list for tomorrow. I promise!
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Old 22nd May 2015, 04:33 PM
DavidBlack DavidBlack is offline
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Default Re: Pensions

Thanks for these mate, just saved myself a few quid

if you have any more please keep them coming, i'm sure there will be a few grateful people out there.
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