Pensions

Pensions have changed so much... No idea what I will get, will probably change a lot more, certainly won't be final salary and there is no lump sum any more, and it won't be available before 68 (70? 75?). Currently paying 9%, will rise to 14%, employers contributions reducing. Teachers pensions contracted out of SERPS, so this will reduce the amount of state pension received, not everyone seems to know this... My net wage is less than it was 10 years ago due to increased stoppages... My husband, on the other hand paid 6%, his employers 12%. He has taken early retirement with 16 years of a factory pension (he worked for 36 years and has some smaller pensions to come) giving a nice monthly income plus a lump sum. The public sector vs private sector argument is spurious, there are good and bad pensions in both sectors, but all are being devalued. We should be concerned about quality of life and fairness for all citizens.

"The public sector vs private sector argument is spurious, there are good and bad pensions in both sectors, but all are being devalued. We should be concerned about quality of life and fairness for all citizens."

And those, mjh, are probably the wisest words on the whole thread. Excellent sentiments!

It is the individuals responsibility to ensure a decent standard of living post working life. To rely on the Govt of the day is lunacy, as we've seen over the years the state pension will allow an existence not a good standard of living. Top ups, extra provision invested early on in life is the only way. It matters not one jot who gets what & from whom, it's personal responsibility. Relying on the state is a thing of the past.

MJH, you can go on the .Gov site & request a projection of your state pension. You will need to prove you are the actual person requesting the info. I have used it & was surprised how easy & seamless it was to get a projection for the future. The site states it's not an offer or guarantee but is a useful tool

In a low wage economy with high housing costs it is far from easy for many people to save as they would like to... 

Thanks Rocky. Too many years to go to make it meaningful. Oh, there goes the rug... 

MJ, I'm quite a few years away from state retirement but it does allow you to either celebrate or push you into making extra provision-it's free too

The digital service is currently unable to calculate your State Pension forecast. We are looking into this matter.

I tried it, Rocky. Woe is me. 

The meter needs topping up, Frank, He's in charge of the meters is off today. Govt eh MJ?

We both have final salary pensions, I took mine 2 years early to coincide with OH's having to retire at 60. We both get our goverment pensions this year and have had our pension forecasts, very useful it was too as mine was incorrect (now corrected) we both found out that our pensions had at some point be contracted out, we were not aware of that, so our goverment pensions will be reduced. The OH has been in the Army for 45 years man and boy, I have not worked for a lot of the years as we lived abroad and jobs were not always easy to get. On our return to the UK I started work but only part time, my years of contributions are just enough to get the full pension (minus coc) OH  has 45 years contributions, yet he will get less than me due to coc. Our works pensions are good but not great as some would expect from OH's years of service. Both of our boys earn twice what we get in pensions yet our lifestyle is much better.