Pension Basics

[BlasterBates]

You really want a mix of investments, bonds, shares and your house contribute, but the house would just be to live in you need a few hundred grand.

If you plan with annuity rates of 3-4% would give you an idea what you need.

[mudskipper]

You really want a mix of investments, bonds, shares and your house contribute, but the house would just be to live in you need a few hundred grand.

If you plan with annuity rates of 3-4% would give you an idea what you need.

Curious to know how much people contribute. I've just sent cheque for 10% of this year's takings to pension scheme that got started with my ex-employer. No idea whether it's the right thing to do, or how much is a sensible amount.

You end up with a final 'pot'. This buys you a pension. So what does 100K equate to in terms of annual pension?

[ratewhore]

Curious to know how much people contribute. I've just sent cheque for 10% of this year's takings to pension scheme that got started with my ex-employer. No idea whether it's the right thing to do, or how much is a sensible amount.

You end up with a final 'pot'. This buys you a pension. So what does 100K equate to in terms of annual pension?

I believe annuity rates are currently in the region of £6K/yr per £100K in the pot...

[Green Mango]

I believe annuity rates are currently in the region of £6K/yr per £100K in the pot...

Mmm I wonder what they'll be when you want to retire ?

[mudskipper]

I believe annuity rates are currently in the region of £6K/yr per £100K in the pot...

Blimey - so you've got to live at least 15 years just to get your money back!

[Green Mango]

Curious to know how much people contribute. I've just sent cheque for 10% of this year's takings to pension scheme that got started with my ex-employer. No idea whether it's the right thing to do, or how much is a sensible amount.

You end up with a final 'pot'. This buys you a pension. So what does 100K equate to in terms of annual pension?

Mmm I suspect like a lot of people I contribute nothing to my pension.

The last straw was Labour's pension stealth tax....

[mudskipper]

Pension pot calculator: How much do you need to save for retirement | This is Money agrees with the 6K / 100K figure.

[Green Mango]

Pension pot calculator: How much do you need to save for retirement | This is Money agrees with the 6K / 100K figure.

If the coalition pension legislation goes through you may not need to buy a annuity,
I believe you can just withdraw money from your pension pot assuming
Labour don't can it when they get back in.

[mudskipper]

If the coalition pension legislation goes through you may not need to buy a annuity,
I believe you can just withdraw money from your pension pot assuming
Labour don't can it when they get back in.

That sounds much better - never liked the sound of the whole annuity thing.

[Fred Bloggs]

There is no compulsion even now to buy an annuity. But I agree, it is hopefully going to get more flexible under the coalition as stated above. I already have a SIPP in draw down but at 0% draw down rate. It got put into draw down solely to extract the 25% lump sum.