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Pensions
#21
Many thanks for the financial pointers, aching knees!

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#22
Quote:quote:Originally posted by Paul Belford

Many thanks for the financial pointers, aching knees!

You're welcome...and one last thought...

If you go for a IAS index tracker get it from a fund supermarket. Banks and IFAs have poorer products and significant charges. See last paragraph in the link for my choice.

http://forums.moneysavingexpert.com/show...ost7928011
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#23
Quote:quote:Originally posted by achingknees

Peter/Lucy

Forgot to say...if your retirement age is after 2010 you only need 30 years of contributions for full entitlement to a state pension (if before it's 39 years). That should help a lot of people but pity somebody who retires in 2009 - they would be ?1000 pa worse off...

Thanks was thinking about going to the bank but I doubt it'd be the best deal - pension calculator scared me as to what percentage of my wages I'd have to save to get a decent amount to live on

Lucy
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#24
Lucy wrote:

Thanks was thinking about going to the bank but I doubt it'd be the best deal - pension calculator scared me as to what percentage of my wages I'd have to save to get a decent amount to live on


While the banks don't offer the very best deals any pension plan is better than no plan! You may not be in a position to pay in large amounts now, but situations change. Career advancement (more pay), windfalls and beneficial market conditions may allow you to have a better pension than you currently think.
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#25
I wonder if Uof1 is gone for good,if so can we have our ball back?[:0]
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#26
Posted by Dr Peter Wardle:
Quote:quote:There is a basic statement pension for everybody provided that you have paid the stamps (NI contibutions).

Then there are employers schemes where the employer makes a contribution.

There is also the final salary schemes that pays a portion of the final salary index linked such as those recieved by the government or local government employees.

In all case there is a fund which pays the pensions from the returns of investments such as development or the stock market. There is a huge short fall in the amounts for the government households
Pension schemes fall into two main categories - 'defined benefit' schemes (such as final salary or average salary schemes), and 'defined contribution' schemes, also known as 'money purchase' schemes, where the value of your pension is dependent on stock market performance at the time of your retirement.

Employers contribute to both types. Many commercial organisations, as well as public sector ones, used to run defined benefit schemes, although they are mostly now closed to new entrants, closed altogether, or downgraded from 'final' to 'average' salary schemes (that' what has happened to mine).

Private sector schemes of this sort have generally got into exactly the same kind of problems with deficit as the public sector ones, and the parent company has to make up the difference (passing it on to customers through prices) just as public sector organisations pass it on to taxpayers. Well-managed organisations will have taken measures to eliminate the deficit, through increased company and individual contributions, changes to the scheme itself, etc.

The trouble for public-sector organisations is that they are often hamstrung by the unions if they try to take measures of that sort to address deficits.

1man1desk

to let, fully furnished
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#27
you will all be pleased to hear that the results of the reformed local government pension will be hitting pay packets nationwide during April.
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