Pensions Changes

[Northern Red]

Boooooooooo  :x

http://news.bbc.co.uk/1/hi/business/4484226.stm

I now have to work until I'm 67...

Boooooooooo   :x

[land_of_bo]

Unless you have a private pension and make sure you pay enough in so you can retire earlier  

[McLovin]

oh fucking bollocks. So that's 46 years to go then... :x

[Cookie]

Boooooooooo  

http://news.bbc.co.uk/1/hi/business/4484226.stm

I now have to work until I'm 67...

Boooooooooo

Don't you work for the public sector? In which case you still get your final salary pension right?

You can retire at 60 too but they have changed that for new starters. They're on about going back on the agreement though which would trigger the biggest public sector strike since the winter of discontent.

[fatbury]

Ill be dead by then  :|

[Asher]

Put in it proeprty you can from next year!

[Ralphy]

I have a Royal Mail pension which i get from 65  

[Northern Red]

Still got a private pension - and intend to retire by about 55, but still Boooooooo...
I want the basic state pension to kick my earnings up 2 years earlier....

[Batch]

I hav put all my money on dog #2. I'll be retired by tomorrow*

Actually I think I have about 4 private pensions, all of which are 'frozen' due to moving jobs/employer changing pension scheme , etc. My current employer only offers a non contributary scheme (boo).

Why doesn't the Government force all pensions to be personal pension. You could combine pensions and your employer should be forced to provide the choice of them paying into (if they contribute).

Then you can see all you money in one place and better guage how poor you will be if you reach retirement age.

Guess I need financial advice really.

[McLovin]

Put in it proeprty you can from next year!

Explain...

[Asher]

You can invest in property as a way of using it as a pension.  It kicks in on April 5th I belivee and you can get a tax break for doing it.  Id rather have a few buy to lets now and be paid off by 50 and then live off the income then.

[magicroundabout]

You can invest in property as a way of using it as a pension.  It kicks in on April 5th I belivee and you can get a tax break for doing it.  Id rather have a few buy to lets now and be paid off by 50 and then live off the income then.

how did you start out with all this Asher?

Me and the father in-law have been toying with the idea for ages now

[Amir]

You can invest in property as a way of using it as a pension.  It kicks in on April 5th I belivee and you can get a tax break for doing it.  Id rather have a few buy to lets now and be paid off by 50 and then live off the income then.

When you say tax break, do you mean the Government match you up to a certain amount, the same as they have done with pensions?  If it's just knocking it off against tax, surely doing it as a business you could that anyway.  I use all sorts of stuff to reduce my tax bill, still stings when you get it in a lump though.

[Asher]

mate 1200 was my tax bill last year.  Not bad.  Bought first house and equity, as long as you buy at a good price its easy.  I work for 15 investors and purchase for them too.  Only got 2 myself

[Leggett]

I have a Royal Mail pension which i get from 65  

me too mate.

BUT (and its a big but)

Royal Mail has a pensions deficit of something like £4bn, which is going to rise to £7bn before it starts getting better. niiiiiiiiiiiiiiiiiiiiiice.