With our population getting older we will all need something extra to keep us fed and watered when we get older.

Do you have a pension? What kind is it? Do you trust pension companies to be able to pay out? Have you got your own investments like property instead?

I pay into my company pension, it's a pretty good one, 40/60ths final salary. I've been paying in since I joined at the age of 22.

My other half has a private pension since the company she works for is small and doesn't offer one. Not sure exactly how hers works, but it's not final salary (obviously).

By the time we reach retiring age we plan to be multi-millionaires anyway, but failing that, we'll have other investments as well.

2 pensions from 2 firms - final salary types

and a few other investments to help me retire a bit earlier.

:thumbsup:

company final salary pension. been here for 13 years so far so sohuld be a good deal if I stay here long enough.

rpoblem is, you never know how long you will be working at one company and what the future may hold. guess its all part of the gamble.

Originally posted by Cyclone
I pay into my company pension, it's a pretty good one, 40/60ths final salary. That sounds remarkably like 2/3rds :D

I have money that is in the ether with Mercury and kingfisher that I doubt I will see again :mad: I am now in a final salary scheme which I am sure will mean nothing when and if I live to retirement, so pay in the smallest amount possible!

I have a private pension and a company pension plus one that's frozen from another firm.

I also have a house where the mortgage is paid off so that should serve me well in old age....if I make it there!

Originally posted by Tony
That sounds remarkably like 2/3rds :D

indeed, but that's the type of pension. The theory being that for every year you work you get one of those 60ths, up to a max of 40. So the best you can get is 2/3rd final salary.

Is it strictly legal to pay into a company pension and a private pension?

I had a 'proper' final salary pension when employed by the council, and jolly nice it was too. now i have an abysmal stakeholder one, which is really quite a waste of money, £1100 paid in, value, £850. Should have just stuck it in the building society, but as the comp[any wouldn't do that, it's better than a kick in the teeth i suppose.

Originally posted by commie pig
I had a 'proper' final salary pension when employed by the council, and jolly nice it was too. now i have an abysmal stakeholder one, which is really quite a waste of money, £1100 paid in, value, £850. Should have just stuck it in the building society, but as the comp[any wouldn't do that, it's better than a kick in the teeth i suppose.

you don't have to join a company pension scheme, you can always join a private one.

I don't have a pension or any investments and I'm 24.

I'm a bit worried about but I'm going to be a student soon so I wont be able to afford to invest in anything.

Also I have no idea about pensions or anything to do with finance.

Originally posted by Cyclone
you don't have to join a company pension scheme, you can always join a private one.
yeah but then the company wouldn't pay into it, so its stakeholder (crap name for a crap product) for me!

In a non contributary final salary 1/45th sounds good, but as many people are finding out, only any use if the company has the funds. Anyone starting now have to make contributions. Also have several part paid ones as i've flitted from job to job.
I personally wouldn't trust a pension as far as i could throw it, so would advise people to try and look after their own financial affairs as best they can.

I got my final pension from three Post Offices....From midnight on a Sunday, with a JCB. ;) :D

I've had, oooh, about 30odd jobs now..some have had pensions and in my 'youth' (now i'm a grand old 26...) I took out a company pension but left the company...got in touch to arrange forwarding my payments and heard NOTHING back, I've had no response from them (regardless of their 'obligations') so have written it off...particularly as every other company pension i've ever been offered tends to invests in most companies I try to boycott!!! I dont wanna build my retirement plans on the blood and sweat of the poor, the filthy pharmeceuticals and/or OIL... :(

Cant afford a private pension....but I'm hoping for a complete collapse of modern monetary systems before my retirement...roll on the apocalpse ! :)

bricks and mortar investment for me I think.... I dont like the idea of the institutions dealing with my retirement. If it goes tits up i know its MY fault, I can live with that, but to have some firm rip you off, how can you sleep at night?

I think my private pensions are just paying for som w..... to drive around in a company car. Fortunately more by luck than design I own a couple of investment properties.
Stick to that plan 1 man BMW (you dont really drive one do you?)
Audis have more class if you are into status!

I have a typical 'Government Pension' which I automatically pay into every month. Aah well, only 40 years till I reach the state retirement age :?

Pay in to both Personal and work realted.
Looking at finishing working around 45-50
House will be paid for before I am 30 so not bad going.

I've got a Money Purchase Plan, which I pay 4% of my salary into, and my company pays 12%. Given that I'm on a low wage, can anyone tell me how screwed I am?

Whats a money purchase plan Dave? I've not heard of those.

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