Question prompted by Xoggoth and his pension

[DBA_bloke]

You've never heard of Gordon Brown then?

Makes Maxwell pale into insignificance...

Elaborate.

[DBA_bloke]

Pensions are a waste of money unless you are employed and are having contributions paid in. The biggest problem I have with them is that the funds are locked away until you are 55, and more importantly once you die (add/delete wife) the money is swallowed up by the provider, leaving nothing to pass onto the family.

I'd rather invest myself in other long-term asset growth which I can then pass on through the generations.

But they are "good" in the sense that one's dosh is added to by the State. Unless the Fund is squandered a la Fatty Maxwell. Or is all that sort of naughtiness impossible now?

[ChimpMaster]

Pensions are a waste of money unless you are employed and are having contributions paid in. The biggest problem I have with them is that the funds are locked away until you are 55, and more importantly once you die (add/delete wife) the money is swallowed up by the provider, leaving nothing to pass onto the family.

I'd rather invest myself in other long-term asset growth which I can then pass on through the generations.

[MrRobin]

That would be dishonest.

Insurance companies? Dishonest? Never!!

[Churchill]

Wouldn't they think "hang on, this guy's not going to live to collect on his pension so let's pay him a pittance and keep the rest when he's finally gone" ?

That would be dishonest.

[KathyWoolfe]

The amount of money an annuity pays out is related to how quickly they think you are going to die. So if you smoke heavily, drink heavily and have some terrible disease, your pension will be large. For the healthy, it is poverty for you.

How do they know the person who smokes 60 a day, drink a bottle of whiskey every day is telling the truth?

I might be tempted to lie on the forms.

Wouldn't they think "hang on, this guy's not going to live to collect on his pension so let's pay him a pittance and keep the rest when he's finally gone" ?

[Spartacus]

if you did all of the above, what would be your chances of reaching pensionable age?

Good man. Keep it up. We'll have 'em fooled in no time.

[Troll]

if you smoke heavily, drink heavily and have some terrible disease, your pension will be large.

if you did all of the above, what would be your chances of reaching pensionable age?

[Spartacus]

How do they know the person who smokes 60 a day, drink a bottle of whiskey every day is telling the truth?

Shhhh, don't let the cat out of the bag.

Spartacus in "retirement planning" mode.

[King Cnvt]

The amount of money an annuity pays out is related to how quickly they think you are going to die. So if you smoke heavily, drink heavily and have some terrible disease, your pension will be large. For the healthy, it is poverty for you.

How do they know the person who smokes 60 a day, drink a bottle of whiskey every day is telling the truth?

I might be tempted to lie on the forms.