Re: Pensioner Poverty

I had a private pension with that wonderful thing called hindsight i would not have had one as in the good bad old days if you changed job you could not take it with you

Now it is a lot easier to transfer your pension Pot

What I tell all the younger generation of our family is buy property it is a far better way to accumulate money

Re: Pensioner Poverty

What worries me with private pensions is how many people will be left behind in the future, it's bad enough now but anyone unable to work in jobs that pay a lot more than NMW will be dooming themselves to a miserable retirement. Looking at family down the road from us, couple with 4 children, adopted disabled children, they are wonderful people don't care about money it's all about loving those kids that were thrown away by society. They won't ever earn enough to save neither will the children. They aren't lone a lot of people never earn enough to live let alone save.

Re: Pensioner Poverty

There was always an option to take a personal pension, rather than a works pension and banks offered advice to anyone who didn't have a works pension fund...... customers just needed to ask & the advice was free.

I am well aware that Maxwell did that, but pension funds should have been legally tied up to prevent that happening....most were!

Re: Pensioner Poverty

But that still assumes people were earning enough to do that. If we had gone to the bank manager I think he might have asked us to clear our over draft before taking out a pension plan. Luckily we don't have one now but that's more luck than judgement as we have had a bit of a rocky year.

Re: Pensioner Poverty

No they weren't!!! - not until the Maxwell scandal, which then forced the Government to pursue legislation to regulate pension funds.

Re: Pensioner Poverty

What has always puzzled me about pensions is how they sell them on to other companies, each time a bit less left in the pot for the saver. Completely doesn't make any sense at all. I think my husbands pot has been sold 14 times now, I lose track who has it now, but each time they send a pension forecast just that bit less than the last one.

Re: Pensioner Poverty

I am aware of that, but most companies were not as evil and greedy as Maxwell!

Re: Pensioner Poverty

Although most pensions are put into fairly secure investments, if the investments don't bring the expected return, their value can reduce a little.
If we were all clever enough and had the time to deal with our own investments, we could possible make a little more money.....but then we wouldn't have the time to go to work!

Re: Pensioner Poverty

Hi

I was brought up with the ethos no bugga will look after you, you have to do it yourself.

Grandad that was, very true words.

Re: Pensioner Poverty

Reduce a little ? we were given to understand it could grow to replace the state pension but £600 a year is all it's worth now. Actually that's an optimistic projection by time he retires it'll be a lot less than that assuming he lives to collect it of course.