GI James Posted October 12, 2004 Share Posted October 12, 2004 Pensions black hole to be announced later. I tried this quiz and was shocked at how much one put in for so little to come out too many decades later! People are going to die in work, which should cut the pension problem down considerably. The numbers may not exactly be IOM figures but it still gives a big shock! There has to be another way. So, how old are you going to be when you can retire? Link to comment Share on other sites More sharing options...
ans Posted October 12, 2004 Share Posted October 12, 2004 You got 7 right! A paragon of virtue: can we borrow your retirement home on the Costa del Sol? I'm quite fortunate in that I got one of the last Final Salary packages to be given out where I work now and although my knowledge of financial affairs is pretty weak (I couldn't tell you to the nearest £100 how much I have in the bank nor have I any real clue how much my mortgage is) even I know this is pretty good and it's actually a really strong reason to keep me where I am. I'm aiming for 60 if I make it that far without being killed by evil alien overlords attempting to take over the planet (2021 if you're interested) Link to comment Share on other sites More sharing options...
slinkydevil Posted October 12, 2004 Share Posted October 12, 2004 evil alien overlords attempting to take over the planet (2021 if you're interested) wot the US government? Link to comment Share on other sites More sharing options...
The Old Git Posted October 12, 2004 Share Posted October 12, 2004 I do the payroll and pension payments at work and it amazes me that some people think that putting in £10 a week is going to get them enough of a pension when they retire Link to comment Share on other sites More sharing options...
RC-Drift.com Posted October 12, 2004 Share Posted October 12, 2004 Without fear of recrimination here I am going to say there will be an increase in the number of people either: 1. Getting a second (or third) job 2. Taking control of their life and running a Home Business For me 1. wasn't an option I wanted till the day I died Link to comment Share on other sites More sharing options...
Stavros Posted October 12, 2004 Share Posted October 12, 2004 You got 9 right!A paragon of virtue: can we borrow your retirement home on the Costa del Sol? Sad to admit this but I sorted out my pension plans and contributions when I was 18 yrs old. That's like hundreds of years ago! Stav. Link to comment Share on other sites More sharing options...
GI James Posted October 12, 2004 Author Share Posted October 12, 2004 You work for the government then Stav? Link to comment Share on other sites More sharing options...
Stavros Posted October 12, 2004 Share Posted October 12, 2004 No, I had a friend that was an IFA and he flogged me the pension plan! Too sensible for my own good sometimes! Stav. Link to comment Share on other sites More sharing options...
Mission Posted October 12, 2004 Share Posted October 12, 2004 I opted out in the U.K. at 16 (not fully understanding the scheme at all well to be honest). At 18, I moved to Guernsey and paid into a shceme there for 8 years which again, because I didn't understand the scheme properly, I couldn't transfer to a scheme over here. I was then informed by the IOM authorities that just to get my basic state pension on the island, I would have to back pay for the years I'd opted out in the U.K. and the years I was in Guernsey! It's a fair old sum too which I simply don't have at the moment. With all the scandal over the last few years and with my previous bad experiences, I'm reluctant to sign up to another scheme. I think I'll just save as much as I can and invest it wisely (is there such a thing as a wise investment?) and get the state pension backpayments made so that I have at least got something to fall back on when I retire. Working until 70 does kinda suck tbh, I'll just have to try and make my millions and retire somewhere hot! Oh yeah, I got 8 right in teh test. Link to comment Share on other sites More sharing options...
=^..^= Posted October 12, 2004 Share Posted October 12, 2004 10 for 10 here. All you have to do is apply these rules 1. The government will pay you as little as possible. It has to as the biggest annual expense for the IoM govt is paying pensions. 2. The govt will do anything it can to 'weedle' its way out of paying you any money. 3. If you want a good pension you have to pay for it. No, more than that. 4. And you better start paying as early in life as you can. Link to comment Share on other sites More sharing options...
GI James Posted October 12, 2004 Author Share Posted October 12, 2004 The thing that concerns me is, what guarantee does anyone have that the companies they've been paying into will still be there, with their money, in 45 years time? If there is such a big private pension shortfall, why is Gordon Brown continuing to dip his fingers into everyone's private pension pocket? Why should I encourage my children to 'invest' ever increasing amounts of money into pension funds run by people whose financial performance is poor in the extreme? My state pension will perhaps keep me in wine, certainly no more. After I was married, and without my knowledge (green as grass), I was signed onto a 'married woman's' stamp. Later, I continued to work hard and earned quite a lot over some years, so caught up a lot. But, a full pension for me and other women like me? Don't make me laugh. I am in a financial position to pay all back-shortages but this is not allowed. So our own efforts at creating a private pension scheme for ourselves, will suffice, but I do totally resent paying politicians pensions for them when they are all set to deny me more than 40 pounds per week when I'm 60! Link to comment Share on other sites More sharing options...
Educa Posted October 13, 2004 Share Posted October 13, 2004 You got 8 right! A paragon of virtue: can we borrow your retirement home on the Costa del Sol? ******************************* Think it was mostly luck that scored me 8!! I am in a company pension which also I pay AVCs into. Optioned out of SERPS back in 1988 - have no idea whether I am doing right or not, but figured whats the point of changing it around, as they feed you different line every 10 years, so what's good this decade might not be good next - so thought "leave as is". Have no idea whether I pay enought AVC in or not, I think the most helpful information (if gov are really wanting to advise) is to give people black and white figures, as in pay X amount in from year Y, and expect to receive Z in 2025 (being the year I should retire, though probably end up being 2040, if all the gloom and doom is to believed!!!). Obviously based on a low average return, but at least it would give you a black n white figure, from where you could then decide whats best for you. I just find it all so confusing, and yet it should really not be Link to comment Share on other sites More sharing options...
inspector Posted October 14, 2004 Share Posted October 14, 2004 10 for me dudes S`pose I know what I`m talking about though. Link to comment Share on other sites More sharing options...
puddy Posted October 14, 2004 Share Posted October 14, 2004 By the time I retire there will probably be no state pension anyway, we'll have to work til we drop. Only a few years ago when I was 23 or so I got all sensible and decided to take out life assurance (so my parents aren't lumbered with the bill for the solid gold headstone I'm planning to have) and I also started a savings plan. "Do you want a pension too?" they asked, "Maybe in a few years", I replied, not thinking about it again until recently. I guess I should start saving for my pension now, although I'd like some kind of checkup from a doctor first so I can figure out how long I'm going to live. I want it to be worth my while after all. I don't want to spend little money thinking that it has to last til I'm 90 if I've got a meeting with the big man upstairs when I'm 65. EDIT - I got 7. Link to comment Share on other sites More sharing options...
Bill Posters Posted October 14, 2004 Share Posted October 14, 2004 so my parents aren't lumbered with the bill for the solid gold headstone I'm planning to have) and I also started a savings plan. You obviously intend to 'live hard, die young' then Link to comment Share on other sites More sharing options...
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