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iceman
Junior Saver
Joined: 30 Jul 2004
Posts: 60
Cash Points ££ 275.20
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 Posted: Wed Jan 12, 2005 5:08 am Post subject: Do I really need a pension ? |
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I'm turning 30 this year, and have no pension
I do have the cash - ISA's
So should I start a stakeholder pension ? All this news about pension miss selling ?
Is it worth it or is it a waste of money, maybe I could put in abot £125 a month tops, is that enough ?
thanks |
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Deborah
Veteran Investor
Joined: 12 Jul 2004
Posts: 418
Cash Points ££ 1730.36
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| Posted: Sun Feb 13, 2005 5:07 pm Post subject: |
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The limits on the amount you can put in are as follows as a % of your gross earnings
Age % of earnings (subject to earnings cap)
Under 36 17.5%
36 to 45 20.0%
46 to 50 25.0%
51 to 55 30.0%
56 to 60 35.0%
61+ 40.0%
Realistically if you want a GOOD pension then you should aim for the limits as above. So it is not going to be cheap but thats the price of a good pension. Remember these are gross payments so a higher rate tax payer would be contributing 40% less i.e. net of tax |
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Neo
Saving Enthusiast
Joined: 24 Oct 2004
Posts: 147
Cash Points ££ 595.04
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| Posted: Sun Feb 20, 2005 8:53 pm Post subject: |
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| You may want to look at using up your cash isa allowances first and then the pensions as they have had a bed press for the last few years and are not as secure as they were once thought of as being. |
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Wade
Saving Enthusiast
Joined: 17 Feb 2005
Posts: 185
Cash Points ££ 2569.94
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| Posted: Sun Feb 27, 2005 6:34 pm Post subject: |
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That's what I am doing...
I don't want to lock all my money away for ever in pensions, might need it to buy a house or something...
So I'm putting it in cash isas for now and maybe later look at pensions |
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Googie
Stranger
Joined: 07 Feb 2006
Posts: 9
Cash Points ££ 298.96
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| Posted: Thu May 11, 2006 3:04 pm Post subject: |
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| What about the pensions deficit of countless billions, what does that mean for pensions ? Does it mean I will lose money or something? |
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Quinn
Saving Enthusiast
Joined: 06 Feb 2005
Posts: 181
Cash Points ££ 2817.02
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| Posted: Sun May 14, 2006 6:02 pm Post subject: |
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The state pension is currently
£84.25 a week for a single person
£134.75 a week for a married couple For the tax year 2006/2007
Is £84 a week enough to live on ?  I don't think so, so yes somesort of pension is necessary, as posted above a mix of savings and pensions vehicles seems the best approach. |
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newsaver
Newbie
Joined: 28 Feb 2005
Posts: 12
Cash Points ££ 202.10
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| Posted: Fri May 19, 2006 4:59 am Post subject: |
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I did the sums and I will need a pension fund of about £500,000 to pay me a pension of just £20k a year !
Which means over 20 years, I need to save about £1500 per month !
I don't see the point ! |
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Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
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| Posted: Sat May 20, 2006 2:30 am Post subject: |
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| newsaver wrote: | I did the sums and I will need a pension fund of about £500,000 to pay me a pension of just £20k a year !
Which means over 20 years, I need to save about £1500 per month !
I don't see the point ! |
Don't forget the state pension  , perhaps £6k per year. |
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sneekygirl
Newbie
Joined: 19 Feb 2006
Posts: 20
Cash Points ££ 311.74
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| Posted: Sat Jun 03, 2006 9:29 pm Post subject: |
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| I think the problems far worse with women than men, since most women work part-time and don't contribute to a private pension. |
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ladybug
Newbie
Joined: 04 Jun 2006
Posts: 12
Cash Points ££ 245.66
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| Posted: Fri Oct 20, 2006 6:42 am Post subject: |
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| sneekygirl wrote: | | I think the problems far worse with women than men, since most women work part-time and don't contribute to a private pension. |
If you get child benefit then you get NI contributions automatically towards the pension regardless of whether you work or not |
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Wade
Saving Enthusiast
Joined: 17 Feb 2005
Posts: 185
Cash Points ££ 2569.94
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| Posted: Tue Oct 24, 2006 3:01 pm Post subject: |
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if you save £7k a year in isa's i.e. cash and shares then you can probably get by without a pension that requires u to buy an annuity.
But whatever you do, u do need to save soemthing every year |
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cardjunkie
Professional Investor
Joined: 24 Jul 2004
Posts: 311
Cash Points ££ 2248.20
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| Posted: Wed Oct 25, 2006 2:29 am Post subject: |
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| Wade wrote: | if you save £7k a year in isa's i.e. cash and shares then you can probably get by without a pension that requires u to buy an annuity.
But whatever you do, u do need to save soemthing every year |
The ISa's end in 2010, does not give much time to accumulate a pensionable amount
Still there is a chance that they may continue or be replaced with some other tax free vehicle. |
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