On 19 May 2016 at 9:26pm Historian wrote:
What is the forums experience with Workplace pensions, either as an employee or employer ? Trouble with auto enrolment providers ? Opting out experiences and getting refunds ? Difficulties with auto enrolment providers ?
Especially Now Pensions.
And what opinion do you have of the scheme ?
On 19 May 2016 at 9:56pm Jonjo wrote:
I had a workplace pension auto enrolled .I left the job after 16 months .I contacted now pensions and it took 8 months to get the refund .I had a series of excuses why they couldn't refund me , in the end I put it into complaint procedure and they paid me on Xmas eve after leaving in.may .
In fairness I received a letter in march offering £100 compensation which was nice .all in all I would say don't enrol in workplace pension pay into a private one you get a much better return hope that hel9s
On 19 May 2016 at 11:29pm wrote:
You could pay into a work scheme, but all you're really likely doing is putting that money in the hands of the Bob Maxwells and Phiilip Greens of this world who will steal it, hide it in a secret offshore account, and allow people who actually pay taxes to make it up to you. This is how the world works, and it's how Dave 'we're all in this together' Cameron likes it.
On 20 May 2016 at 7:32am Earl of Lewes wrote:
The whole opting out thing in the early 90s was the beginning of a massive Ponzi scheme. Look at how Equitable Life collapsed, wiping out many people's pensions. I wouldn't trust my old age to any company that's accountable to shareholders.
On 20 May 2016 at 1:13pm Just Retired wrote:
Well I am doing very nicely thank you.
On 20 May 2016 at 3:56pm Retired at 50 wrote:
Gotta say awful lot of rubbish in this thread! Everyone's circumstances are different. Get the personalised advice don't rely on keyboard warriors who know jack ::it! I did do pensions and left the world of work at an early age, it's still possible you know
On 20 May 2016 at 6:02pm Historian wrote:
@jonjo. Now Pensions have a terrible reputation if Twitter is to be believed, your case isn't unusual. Did you know that even if you opt out, you are automatically re-enrolled every three years ! Nightmare if your youngish. It's obviously a quick money grabber for the government and as has been pointed out pension pots seem to empty or disappear frequently.
On 20 May 2016 at 7:05pm Earl of Lewes wrote:
@Retired at 50 - I don't doubt the power of a good private pension at the moment - my parents were richer in retirement than they ever were when they worked - but that particular gravy train will probably derail soon, once there are no longer any assets to sell off. Also, as the retired population continues to grow, the money will be spread more thinly.
On 20 May 2016 at 7:17pm Just Retired wrote:
My advice - just pump as much as you can into a pension from as early an age as possible.
On 20 May 2016 at 7:58pm Mavis wrote:
Yes, and by the time you retire, you'll find the rules have completely changed !! Buy property, start with a lock up garage if you have to, rent it out and in a few years, with inflation that'll be enough for a deposit on a decent house when you sell it. However, the rules are still likely to change.
On 20 May 2016 at 9:47pm Fairmeadow wrote:
The old workplace pensions used to work well mainly because a lot of recipients died before they received much back, because people who left the scheme early recovered only their own contributions, because savings paid interest while investments grew in value and because many of those who ran pension schemes were honest and prepared to work for ordinary salaries.
Now banks and insurance companies are run mainly for the benefit of their senior employees, who pay themselves enormous salaries, while interest rates on savings are approximately zero and actual investors are treated by banks and insurance companies as mugs to be ripped off. And the tiny amounts paid in to workplace pensions by both employees and employers would never amount to anything significant. If you want a pension of, say, £10K pa and expect to retire at 67 and live to 87, you need to save at least £200K. That means saving £10K pa for 20 years. In the old days you started saving much younger, but you didn't have student loans to pay off, and your modest mortgage disappeared nicely thanks to inflation. Also think in advance what £10K pa is likely to buy by the time you are 87.