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#1 07-10-07 18:39:58

FRANKS
Verified Member
From: WALES
Registered: 05-06-06
Posts: 530

PENSION

Hi all,

this question might have been asked before, but here goes;

how much a month should we be putting into a pension?

how much of our earning (presentage) should be going into a pension?


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07-10-07 18:39:58

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Re: PENSION




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#2 10-10-07 08:12:12

Target
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From: Winchmore Hill North London
Registered: 17-01-05
Posts: 5,695
Website

Re: PENSION

No Replies.

This is the sort of question your never get a financial consultant to answer through fear of tying themselves down.

I believe the maximum you are allowed is 25% of your income, but I cannot be sure of that.

I guess the PC answer would be: ' As much as you can afford ', or 'As much as needed to enjoy the same £30k p.a that you earn now '

Personally thou. After a review of my accounts and what my personal pension would give me at retirement I decided that it was worth NOTHING!, and dropped the payments to a minimum.

I have a nice tidying sum that may give me one holiday per year in retirement, but nothing more.

I tried to withdraw the money but was told I cannot have it. In hindsight I wish I'd put the same money into a savings account ready for when I reached 30. Its a nice little sum.

So personally now the money I was paying around 6-8% of my salary at the time over about 18 years is more beneficial to me now day to day than it will be when I retire, if I retire.


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#3 10-10-07 16:36:25

kaf
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From: Wiltshire
Registered: 05-08-07
Posts: 3,324
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Re: PENSION

IMHO

Paying into a pension = giving somebody else control of your money.

Paying into self select ISA gives you the same potential benefits and YOU have control of it.

Only difference is with a pension the tax relief is given on the amount you invest, with an ISA it is given on the resulting sum.

So up to the ISA limit I would plump for that, higher sums might mean a different strategy. Though you can also run an ISA for your wife/partner if they do not have one.

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#4 10-10-07 16:58:55

Karenadi
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Registered: 08-03-07
Posts: 841

Re: PENSION

I wouldn't use a pension fund: no way: like kaf says someone else has control over your money: and if you pop your clogs early: they get to keep it as well!

I remain in control of my money all of the while: an ISA or a high rate deposit account is surely just as good: put as much as you can afford in.  If you are a bit broke one month, don't bother.   You stay in control that way.

I've got a standing order to a bank account that goes out every month on a set date: I don't even think about it.  Just goes with the bills.  The account is building up nicely, and it's at a bank that's not easy to get to: stops me dipping.

That way it remains your money to do as you like with when you like.  If you stay in control of it, you can pay yourself a small pension as and when the need arises out of it - and give the rest to your kids as is expected!


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#5 18-10-07 07:41:36

Flossie
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Registered: 09-06-07
Posts: 53

Re: PENSION

I agree.  I've started putting money into an ISA.  I'm terrified of putting money into a pension fund, the company going broke and me losing my pension.  Try and put in the £3000 per year limit.  Only problem is, you have access to your money... don't touch!!

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#6 21-10-07 20:05:22

Target
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From: Winchmore Hill North London
Registered: 17-01-05
Posts: 5,695
Website

Re: PENSION

My pension is paid to my now wife.

Not sure of the full details, but its either by lump sum or monthly payments, or both. Insurance covered in the scheme. Funeral those kinds of costs are paid for.

Touch wood. neutral


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