Pensions: Your view on the future...
 

What is your view on pensions, the future of them and have you/will you be saving in a private pension scheme or do you not care?

Many do not care.

You know, this is a hard one.

I was with an excellent company years ago with one of the best Pension schemes around.

Since then, I've moved around: and I'm not altogether convinced that any of them are 'safe money' anymore.

too many (although still few in the grand scale of things) go down the tubes or don't come up to expectations.

It's a hard one to call....... you are in effect putting your money and trust in something that really is not a guarantee of return.

I know. Which is a shame. Our generation should care, as it's our future that we are shunning.

I will not pay into a private pension scheme. Mainly because I dont trust that I will get it back when needed. And then I will be giving away my money which I could have now, to line the pockets of fatcats.

Plus I plan on having businesses and that when Im that old anyways, so I wont need a pension.

I agree, this is a hard one. My dad had a great job and an excellent pension, and when he died that made a real difference to my mum because she didn't have to worry or stress over money issues, with all the anxieties losing a loved one brings. The retirement age has been raised and because of this it could mean that less people will live to retirement age or for as long after retirment age than have in the past, so the sense of paying into a private pension for many years might not be a good idea. It's good to make some provisions, and I am doing that, just not into a 'conventional' type pension fund. Investmants in other areas can be just as good

I was very lucky.
My previous company, unfortunately closed down, had final salary pension scheme, all money was paid by company.
Now I have the private pension and government pension. (I started to pay tax and NI since 1974).

My friend, much younger than me lives in a flat.
She does not trust pension system.
Instead of paying money to pension fund, she mortgaged and bought a small house in a country and let it. The rent covers the mortgage.
She says this house is her future pension.

I have a young colleague who has a rented flat and not paying to any pension scheme.
I do not know how he is going to pay his rent once he retired.

I will look into Pension Schemes. I would want a low risk one. Is that what they do.. Low, Medium and High Risk or is that just for Stocks and Shares?

Anyway apparently at my work they have a Pension System. So if I did one I rather get it though my work than at the Bank.. However I need to read more into it!

I would want something low risk. Something that guarantees all my money back which I have invested whether I make interest or not.

Jeez at the bank they were trying to brainwash me to invest in Stocks and Shares but then I can't touch a lump sum of money for at least 5 years :S In which.. within the next 5 years I hope to move out of my rents house and buy a flat/house or something!

The thing is there were good pension schemes years ago. Like my grandparents are quite comfortable after retirement because they have a good pension.

It's like our grandparents started off with nothing but ended up with something.

Our generation if we are not careful.. start off with something but end up with nothing! :S

I would create one if I don't have sufficient capital to fund my future, but I think I would prefer to just save over time and use that to grow old and wrinkly with.

Pensionsers who have even very modest pensions that they've paid in to get no help at all, with anything, either from the government or from the council. They were taxed on their salary, they were taxed on their savings and they are taxed on their pensions. Other people who never saved a penny toward their retirement get all kinds of help and assistance. Doesn't exactly encourage people to want to save for the future.

I don't really know how pension schemes work but I plan to just put a bit of money aside, in a seperate bank account or bond, each month/year for my pension.

I can't see the benefit of paying someone to sort it out for you when it seems relatively straight forward to do yourself.