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Old 05-03-2006, 09:41 AM   #1
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Default Pensions etc.

I just wondered how pensions differ across the globe, in England there is a senior citizen's pension, which can be from very small to fairly good, this is paid for out by the government out of National Health contributions deducted from salary, the problem today is, because of the so-called baby-boom at the end of WW2, one in five citizens are over sixty, & the government is struggling to find the money to keep pensions in line with inflation, & are proposing to increase contributions & raise the male retirement age from
sixtyfive to seventy, most people, if they are wise, pay into a private pension at age thirty or earlier
The lowest government pension is around £70 a week, this paid mainly to females, who have remainded single, & stayed at home to look after their widowed father or mother, & have now reached retirement age, I know one who works at a supermarket at the age of sixtyeight, because cannot live on her pension.
As for myself, I am lucky, I have two pensions, one Civil Service, & the government pension, totalling just under £700 a month, which doesn't sound much, without the Civil Service one, I'd get around £360, but the £700 I am getting is enough for me, no mortgage, no debts, no independents, I eat well, drive a 2 litre car, & I'm still in the black to the tune of roughly £100 amonth.
Now let's hear of situations where you are, I realise that the majority of members are quite young, so don't feel that you have to comment, unless you'd like to comment on your older relatives, you don't have reveal specific amounts.
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Old 05-03-2006, 10:37 AM   #2
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Default Re: Pensions etc.

Over here we do have the same problem with majority of the people getting old. It's estimated that soon there will be too many old people so the government won't have any money (because of pensions too, but healthcare drains alot of money) so they are probably going to raise the retirement age over here too.

Im pretty sure that in here we get 2 pensions, one is the same amount for everyone and the second is based on ur income during the past 20 years or so. Then if u have had a really good income u might not get the 1st one since the one that is based on ur income is already big enough. But most of the time the pension is big enough to cover all of the costs for living, so u don't have to work anymore.
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Old 05-03-2006, 11:37 AM   #3
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Default Re: Pensions etc.

My dad will IDK he gets about 5k a month now or so in about 3 years he will recieve I think it is 70% of that. If he dies it transfers to my mom and goes till her death. My grandpa gets the same thing. Personnally if everything goes well for me pensions won't matter for me. And my great grandma lives off 600 euros a month. My grandma is lucky and her husband set up a large life insurance plan for her. Which is more then enough for her to live off, and she gets so much for every month until she turns 95. If she dies before that my mom inherits the lump sum.
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Old 05-03-2006, 12:50 PM   #4
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Default Re: Pensions etc.

Quote:
Originally Posted by Nik00117
My dad will IDK he gets about 5k a month now or so in about 3 years he will recieve I think it is 70% of that. If he dies it transfers to my mom and goes till her death. My grandpa gets the same thing. Personnally if everything goes well for me pensions won't matter for me. And my great grandma lives off 600 euros a month. My grandma is lucky and her husband set up a large life insurance plan for her. Which is more then enough for her to live off, and she gets so much for every month until she turns 95. If she dies before that my mom inherits the lump sum.
Your dad must have top job, that's £3500 monthy pension, didn't you say once, that he is with the US military?, as for pensions handed down to the next in line, wow, Tony Blair would shi..sorry, shoot himself it that was pushed through parliament by his back-benchers, he's in enough trouble as it is! [I'm happy to say]
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Old 05-03-2006, 12:54 PM   #5
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Default Re: Pensions etc.

I can't be sure if its 70% or not, but the military cares for its men that serve has long as he has. And yes they consider my mom just as much as a part of the military as him therfor even if he DIES she still gets paid. If he dies well on duty she gets over a million in life insurance mostly given to my dad through the gov if its on active duty, if its when he retires it goes down to 250,000 but he has other insurances on top of him. Therfor my mom is pretty cared for her entire life.
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Old 05-03-2006, 01:40 PM   #6
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Default Re: Pensions etc.

OK...
I can't talk for everyone here... but I can tell you what I have...

Firstly I have a private pension that I started last year, it was a part of an inititive where I paid an amount, and my employer matched that, and the government gave me (into my pension fund) the tax back on the amount I paid..

So Iput in £45 each month the government put back about 7 quid, and my employer put in something like £52 in...

that started when I was 23, if I retire at 60, I should have something along the lines of a £150,000 payout and then a £21,000 per year pension after that...
(It'll have matured (assuming that norwich union invest wisely) to abuot £350,000)

However...
when I left my last place of employment, my new employer doesn't support that pension scheme, and so I'e stopped paying into it (greatly reducing that maturing of it), an I'm now paying into a LGPS (Local Govermnet Pension Scheme) -that's the one that Unison members were striking about last month...

Assuming that the government does it's bit and keepsstate pensions, I should get a higher rate state pension, (because I've paid more into the pot, (taxes and some)...

However, I'm considering that when (if) I leave my current job, trying to get what I've paid into my current pension, (and it's maturity over the time I've been paying in) to be takn out of the government scheme and put back into my private pension...

It's a risky buisiness, because it seems that either my private supplier, or even the government could go belly up on the agreeent and take all my money with it... (which would suck IMO).

So, I'm glad to say that I'll hopefully have a pension,
I mean I'm only 23 and have two pension funds set up, (though admitadly one is government dependant).

what really sucks is that I know because I took the tmie to pay into a private pension, and gave up money that I cuold have used there and then, they'll probably reduce my state pension anyway, (nuless they do decide to drop the means testing, -which would make me a happy chapy)...

(hope I've been clear, and hope it helps).

edit---
Yes, military pensions arequite large, (at least american ones), My girlfriends dad served in the American airforce, (and served in vietnam), his pension is not massivly impressive, (especially considering he has a 15year old son),
but he's been getting his military pension for ages, and if he dies it will be paid to his wife, (though he's currently working in Iraq as a private contractor, so touch wood he won't die!).

Also, most pension schemes, (my private one included) allow you to name a next of kin, assuming I die before I claim my pension, (and assuming (touch woo) that my mum isn't dead too, she'll be having a very hapy retirement! -because she's named as my next of kin when I took the scheme out.)
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Old 05-03-2006, 02:11 PM   #7
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Default Re: Pensions etc.

hehe, ive got my pension... i pay 3.5% a month, my company pays 7.5% a month towards it. thats of my yearly salary, so it incerases every year my salary increases.

its one of those pensions which you take with you if you change company, i thought it was a good idea to start paying into my pension as early as i could...
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Old 05-03-2006, 03:08 PM   #8
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Default Re: Pensions etc.

Yea and a nice size life insurance. And I'm not sure of the % but its quite high for military folk. My dad has been in 22 years he'll be in 25 years meaning he gets extra % added. Also those contractors in Iraq are paid well... My dad got an offer for ap ower pro gen guy they said they'd give him a 200,000 per year paycheck and a 500,000 life insruance ploicy on the spot if he worked for them. he was going take it figuring he's been there its nothing new to him but he decided to go to germany instead. Also he will go into civil service when he is done which equals a other pension. His last 20 or so years on this earth we'll be full of golf, and cars as he puts it. Also with that Iraq job he'd be assigned 1 personal sercuity gaurd at all times and 2 when out in the field.
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Old 05-03-2006, 04:05 PM   #9
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Default Re: Pensions etc.

Quote:
Originally Posted by root
OK...
I can't talk for everyone here... but I can tell you what I have...

Firstly I have a private pension that I started last year, it was a part of an inititive where I paid an amount, and my employer matched that, and the government gave me (into my pension fund) the tax back on the amount I paid..

So Iput in £45 each month the government put back about 7 quid, and my employer put in something like £52 in...

that started when I was 23, if I retire at 60, I should have something along the lines of a £150,000 payout and then a £21,000 per year pension after that...
(It'll have matured (assuming that norwich union invest wisely) to abuot £350,000)

However...
when I left my last place of employment, my new employer doesn't support that pension scheme, and so I'e stopped paying into it (greatly reducing that maturing of it), an I'm now paying into a LGPS (Local Govermnet Pension Scheme) -that's the one that Unison members were striking about last month...

Assuming that the government does it's bit and keepsstate pensions, I should get a higher rate state pension, (because I've paid more into the pot, (taxes and some)...

However, I'm considering that when (if) I leave my current job, trying to get what I've paid into my current pension, (and it's maturity over the time I've been paying in) to be takn out of the government scheme and put back into my private pension...

It's a risky buisiness, because it seems that either my private supplier, or even the government could go belly up on the agreeent and take all my money with it... (which would suck IMO).

So, I'm glad to say that I'll hopefully have a pension,
I mean I'm only 23 and have two pension funds set up, (though admitadly one is government dependant).

what really sucks is that I know because I took the tmie to pay into a private pension, and gave up money that I cuold have used there and then, they'll probably reduce my state pension anyway, (nuless they do decide to drop the means testing, -which would make me a happy chapy)...

(hope I've been clear, and hope it helps).

edit---
Yes, military pensions arequite large, (at least american ones), My girlfriends dad served in the American airforce, (and served in vietnam), his pension is not massivly impressive, (especially considering he has a 15year old son),
but he's been getting his military pension for ages, and if he dies it will be paid to his wife, (though he's currently working in Iraq as a private contractor, so touch wood he won't die!).

Also, most pension schemes, (my private one included) allow you to name a next of kin, assuming I die before I claim my pension, (and assuming (touch woo) that my mum isn't dead too, she'll be having a very hapy retirement! -because she's named as my next of kin when I took the scheme out.)
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Old 05-03-2006, 05:17 PM   #10
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Default Re: Pensions etc.

I intend to rely on private and self invested pensions really, the government has been messing with pensions for a while and most people are looking faith in the stage pension
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