Anyone else not have a pension?

[SueEllen]

I've only just started paying into a pension in my mid 30s. It does make complete sense in terms of tax benefits but difficult to let go of that cash for years.. But we all know time flies and you'll be an old fart before you know it

One hopes the private pension age doesn't get increased nor the 25% lump sum scrapped.

Get it in!

Be warned it was suppose to be increased to 57 in line with the increased state pension age (in other words you can start taking money from your pot 10 years before your state pension) however it was missed out in the Taxation of Pensions Act. As this isn't the only thing they have missed out in pensions legislation don't be surprised if at some point there is an amendment or act to do it.

[lukemg]

What Pjclarke said....

IF you aren't making some provision for future years while the sun is shining then in my opinion you are stupid.
Yes - you might find you want to work 'forever' as you click over 60 but it is more likely you will have had enough of the b**locks and bellends and having the option to walk/pick and choose work is a real luxury.
Use ISA's if you like/cant face the lock-in (this can actually help by stopping you making stupid decisions) but also consider a low-cost SIPP. They are brilliant for getting money out of the company and flexible options to withdraw from 55 mean it is a good choice.
You don't need an IFA, you don't need managed funds.
Go to HL.co.uk, setup SIPP, setup payment from company, buy Vanguard Lifestrategy 80 fund every month, get on with your life.
How much do you need to put in ? - as much as you can definitely live without (40k max into SIPP, 20k into ISA from April)
GLA

[AtW]

Or the pension funds don't get a hair cut.

Only those with unfairly large pots will get a haircut...

[alreadypacked]

Only those with unfairly large pots will get a haircut...

I thought is would be dependant on how much money the government needed at the time.

HTH

[AtW]

I thought is would be dependant on how much money the government needed at the time.

One thing is for sure - Govt will be totally desperate for the money

[NigelJK]

One thing is for sure - Govt will be totally desperate for the money

No change there then.

[NotAllThere]

Been paying into various pensions over the years - not a huge amount, but enough to keep me going. Also have shares and considerable property equity. Worst case scenario - move back to the UK where it will all go so much further.

[SueEllen]

Been paying into various pensions over the years - not a huge amount, but enough to keep me going. Also have shares and considerable property equity. Worst case scenario - move back to the UK where it will all go so much further.

Not a good idea as we won't have a health service to keep you alive.

[AtW]

No change there then.

The change will be in that there will be nothing else to rob blind, but plenty of "fat cat" pensions, it will only be fair to tax it very heavily, afterall Govt did not tax the money in the first place, which is totally unfair, innit!

[NotAllThere]

Not a good idea as we won't have a health service to keep you alive.

Well, it is worst case!