UK STRIKE DAY 30TH NOVEMBER

[Tiberius]

Savings. Instead of putting money away into a pension which you cannot touch until you reach retirement age (whenever that will be, it changes as the government realises they can't afford to pay us our pensions), you put money into a savings account. The big difference is, you have complete control over your savings; if you suddenly need to dip into them for an emergency, you can.

[bozo]

Savings. Instead of putting money away into a pension which you cannot touch until you reach retirement age (whenever that will be, it changes as the government realises they can't afford to pay us our pensions), you put money into a savings account. The big difference is, you have complete control over your savings; if you suddenly need to dip into them for an emergency, you can.

So instead of the employer adding more contribution to what the employee puts in to a pension plan, you prefer to go it alone with savings?
How are you going to live reasonably and put away the vast amount you will need to accumulate a sum that will give you a reasonable standard of living in retirement?

[edk]

So instead of the employer adding more contribution to what the employee puts in to a pension plan, you prefer to go it alone with savings?
How are you going to live reasonably and put away the vast amount you will need to accumulate a sum that will give you a reasonable standard of living in retirement?

To be fair if everyone did this the company would not have to put money into pension schemes so would have more to pay you anyway.

[Tiberius]

The employer contribution is minimal in the long run. You can easily make that up (and more) with well planned investments.

Of course, I also plan to be a millionaire, but it's good to have a plan to fall back on ;-)

[Jaysyn]

To be fair if everyone did this the company would not have to put money into pension schemes so would have more to pay you anyway.

To be fair if everyone did this the company would not have to put money into pension schemes so would have more to pay management bonuses & CEO golden parachutes.

There, I fixed that for you.

[edk]

To be fair if everyone did this the company would not have to put money into pension schemes so would have more to pay you anyway.

To be fair if everyone did this the company would not have to put money into pension schemes so would have more to pay management bonuses & CEO golden parachutes.

There, I fixed that for you.

What I mean is, it could pay more money just as easily as it could offer that money in pension schemes. If it's not inclined to pay its workers fairly they won't get paid fairly anyway, I don't think that really comes into it, this is just how it gives them the money it is paying them.

[fr0d0]

Pensions have fallen out of fashion and pensions rely on everyone joining ...so it's a failing model that's making those that paid for the ageing dependants of their day (because that's how it works folks) see a time where the current bread winners are opting out of the game. Oops - no money to pay us back now it's our turn.

That and the growing ageing population. Pension models fail where the number of pensioners increases... of course there is going to be less to go around. Look at this graph and you'll see that pensions contributions from the UK Gov't have increased since the 90's from 5% of GDP to 8% of GDP now... but we're getting less money per person _because there are more pensioners to pay_.

Lots of people I know with cash are investing in property to create their own pensions. They can get a definite pay back with that. The same money in a pension now is a waste of time.

[downbeatplumb]

Not everyone has the spare cash to 'save for retirement' with me and many others,cash comes in cash goes out. I have a family to support and not that long till retirement in the scheme of things.
Oh and property markets crash too frodo, my wife and I picked up our first house at the trough of the last housing crash and paid a pittance for it, the chap that had it before lost a bundle so that is not a sure fire winner.

Sounds like adrians plan is to win the lotto.

[bozo]

Anybody who thinks they will be better off dabbling in private investments than being in a good pension scheme is barking mad.
In the public sector, we have such a scheme and that's why we will fight to protect it.

[Tiberius]

Not everyone has the spare cash to 'save for retirement' with me and many others,cash comes in cash goes out.

...yet you have spare cash to put in a pension? You missed the point; instead of putting that money into a pension, you put it into savings.

I have a family to support and not that long till retirement in the scheme of things.

You are one of the lucky ones; you'll get most of your pension. I simply can't see how the government will be able to afford to pay mine, when it is predicted that when I retire, there will be 2 workers to every 1 pensioner. I'm not saying pensions are a bad thing, they just look that way for the current generation.

Sounds like adrians plan is to win the lotto.

No, my plan is to save and invest, at least for now. I have a relatively low salary so I can't afford to put anything away in a pension just yet. In a few years, when I'm earning more, I'll probably start a small one, but I'll mainly focus on savings.

Anybody who thinks they will be better off dabbling in private investments than being in a good pension scheme is barking mad.
In the public sector, we have such a scheme and that's why we will fight to protect it.

You are nearing retirement age; you'll get your full pension. I don't trust the government enough to believe the same will happen to me in 50 or so years.