Industry Cutbacks

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Deeps
Posts: 5797
Joined: Sun Nov 09, 2014 8:36 pm

Re: Industry Cutbacks

Post by Deeps »

jansman wrote:Pensions are fiendishly complicated, as there are many different types and they all interact in different ways. Pensions are just one method of saving for retirement. Retirement is something we should all prep for!

That is the problem though! Pensions should NOT be fiendishly complicated. In my heart of hearts I feel that they are that way so that the banksters can shaft us-legally. I am biased as I have been mis sold both mortgage and pension in the past ; with no recourse either.

I recently saw a picture of graffiti on a bridge piling. It stated: " give me a gun and I can rob a bank. Give me a bank and I can rob the world "

Nuff said.
I think there's something in this, the only pension that isn't there to make money is one from the government/council/establishment bodies and some of these are borderline. Pretty much all the rest are hoping that you put more in than you take out because they're looking to make a profit out of you. I'm sure the government ones would be quite happy if it panned out that way too mind. Its a wonder they're trying to stop us all smoking, drinking and eating pies really. I think there's a shift away from the great pensions my folks have, I understand that as a nation we're struggling to afford the current levels and if that's the case we need to maybe have some legislation to ensure fairness. I'm generally not a fan of legislating EVERYTHING but I think this is something so vital that its an area that deserves scrutiny from the government.

I'm kind of out the loop with pensions, I still need to figure out how much I need to contribute to get my full OAP one as I've been in a bit of a hiatus. Definitely something I need to look at although I've a few years to make up any shortfalls. Having been seriously skint in my 20's (and fortunately having a family to fall back on) I've tried to ensure that I'll never be in that position again and touch wood I should be good.
jansman
Posts: 13622
Joined: Thu Dec 30, 2010 7:16 pm

Re: Industry Cutbacks

Post by jansman »

Well...I am fully paid up on my National Insurance contributions that go towards my State Pension. However, I still will not to be able to retire until 67. Mind you, the private pension I have is awful ,return- wise, so retirement will be an academic point! The Workplace Pension will be a joke.

As Deeps pointed out, the only viable scheme is local government/ authority final salary scheme.Fortunately, my Wife is in such a scheme.Again though, who knows what industry cutbacks may affect her job in that sector?

Truly though, I can't see our economy in boom time ever again.I am looking for work at the moment, and in my own trade the wages are only £8 per hour max.3 years ago you could get £12 easily.When that is the case, how can anyone save anything?

If there is no decent money to be earned, then it will be a downward spiral.
In three words I can sum up everything I have learned about life: It goes on.

Robert Frost.

Covid 19: After that level of weirdness ,any situation is certainly possible.

Me.