You are probably right,I don't know how they work,only the money purchase one's.
You are probably right,I don't know how they work,only the money purchase one's.
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You are forgetting how much they grew in the preceding years, and how much the regular contributions you (should have) made in the troughs will have grown since.
My funds have grown back and are now higher than they were in 2008
If I had been going to retire in 2008, pension providers would have recommended moving out of volatile investments and into cash or similar in the several years leading up to planned retirement date, to remove the risk of starting your annuity at the bottom of a dip in the markets.
No I've no forgotten but to get back to where it was pre 2008 and now higher it's taken 4 yrs when the next crash arrives it will be lost almost overnight.Crash or grow the managers of the fund's never lose out.
I don't think you can find a ten-year period when markets have been lower at the end than they were at the beginning, and definitely not a forty-year one.
But of course there are peaks and troughs. So you're saying that 2007 was a peak, and 2008 was a trough. Neither lasts forever.
But of course there are peaks and troughs. So you're saying that 2007 was a peak, and 2008 was a trough. Neither lasts forever.
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I quite agree but the next peak is imho is a long long way off,where as the next trough/crash is not to far away.
'appen you'd best move your pension funds out of equities and into cash funds, if you believe that.
Of course, you will miss out on any growth during that period, if you happen to be wrong in thinking you can time the market.
Of course, you will miss out on any growth during that period, if you happen to be wrong in thinking you can time the market.
B
Big Tone
My biggest mistake was not investing in property, or rather I did but I’m the only person I know who lost on two homes. (First in divorce and second on buying a ridiculously over-valued piece of council crap). But I landed on my feet four years ago when I bought in the recession and others couldn’t get a mortgage. Trouble is I’m ‘asset rich cash poor’ as a result. Anyway, I’m woffling..
The point I was going to make is don’t bother with pensions and don’t count on the state to help you, you’ve got to do it for yourself. (A bit like my sex life
). My friend has the right idea; he bought a house years ago which he rents out and he says that when he’s got a second one, together that’ll be his pension. (~£1,200 per month). Unlike any other means, it’ll keep pace with inflation and you certainly won’t be without lodgers the way things are.
The best I can do, I think, is to sit on my property and when I get old, knackered and skint I’ll have to sell my house and live in a hovel. Either that or, it’s not nice to think of it but, if my sister pegs it I’d inherit a lot but I’ll probably kill myself with depression.
If I peg it before her she will inherit lots but she’ll probably kill herself with depression. It’s an awful thought that your worth more dead than alive eh? Oh, as well as getting the other person’s house we would get an extra £60K. I’ve never understood why but people working in the public sector, both me and sis, receive what’s called a Bereavement Gratuity. The Gov giving money away for nothing?
So then, if my sis dies before me, any girls on this forum looking for a tall, dark, handsome would-be rich man with a heart of gold had better contact me. Not too fussed about looks but no bloaters please and you will need to bang like a barn door on a windy day. (Well, it’s been a long time and if I have another near-stroke it may stop working).
The point I was going to make is don’t bother with pensions and don’t count on the state to help you, you’ve got to do it for yourself. (A bit like my sex life
The best I can do, I think, is to sit on my property and when I get old, knackered and skint I’ll have to sell my house and live in a hovel. Either that or, it’s not nice to think of it but, if my sister pegs it I’d inherit a lot but I’ll probably kill myself with depression.
If I peg it before her she will inherit lots but she’ll probably kill herself with depression. It’s an awful thought that your worth more dead than alive eh? Oh, as well as getting the other person’s house we would get an extra £60K. I’ve never understood why but people working in the public sector, both me and sis, receive what’s called a Bereavement Gratuity. The Gov giving money away for nothing?
So then, if my sis dies before me, any girls on this forum looking for a tall, dark, handsome would-be rich man with a heart of gold had better contact me. Not too fussed about looks but no bloaters please and you will need to bang like a barn door on a windy day. (Well, it’s been a long time and if I have another near-stroke it may stop working).
enyam said:
As its name suggests, a final salary pension gives you a pension based on your final salary and the number of years you've been paying in. A typical scheme would pay one eightieth of your final year's pay for each year worked. It's likely to be index linked too though there might be a percentage cap on this. You don't have a pension pot of your own. The pension fund has a communal pot from which it pays everybody's pension.
By now, you're probably thinking that a final salary pension (aka earnings related pension) is a jolly good deal - and it is!
The problem is that not many employers offer one and many of those that did have closed them to new starters. From what I understand most companies are now fading it out so I'm lucky to have it. Even my company now will not give a final salary for the new employee since last year. They can have a pension but won't be final salary, my guesses it's too expensive to operate.By now, you're probably thinking that a final salary pension (aka earnings related pension) is a jolly good deal - and it is!
If I couldn't have final salary today then I would be looking at investing properties if I can afford it
E
EddieM
From what I understand most companies are now fading it out so I'm lucky to have it. Even my company now will not give a final salary for the new employee since last year. They can have a pension but won't be final salary, my guesses it's too expensive to operate.By now, you're probably thinking that a final salary pension (aka earnings related pension) is a jolly good deal - and it is!
If I couldn't have final salary today then I would be looking at investing properties if I can afford it
wont't help I'm afraid. (and unless you're drawing it now, they probably wont be able to honour it)
You`ll only have to wait until you`re 60
You`ll only have to wait until you`re 60
Nope,you can't have the rest as such, you are given options on what to do such as draw down, buy an annuity etc.
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