OT: The future of EV charging?

[alan_m]

True, but very unlikely that they will do so if they have a scheme of their own.

[alan_m]

Your contribution into the scheme is taken from your salary. Their contribution is separate. It would be naive to believe that a company would pay more in salary to one individual because they don't have to pay their share of money into a scheme.

Two of those can be classed as income and you are taxed accordingly. By turning down some benefits like a company car or healthcare your could end up with more cash in your pocket because of a reduced tax bill.

In general pensions contributions are not taxed as the tax is paid at the other end when you receive any money back in the form of a pension. (Gordon Brown's pension fund tax raiding excepted).

[alan_m]

Just quote them current pension annuity rates for someone retiring at

1. Index linked for inflation (maybe capped at single percentage figures) a £100,000 pot gives an annual pension of around £3.5k. Then ask them how much they need to live on now.

Retired on half pay may be OK if you own your own house and a mortgage is paid off and/or you were on a decent rate of pay when in work but if renting all of the Government Old Age Pension may be gone with just rent and then £1k council tax and £1k energy costs, + car, +insurance etc.

[alan_m]

Surely you are going to take notice of the yearly pension statements and see what is projected as the possible pension when you retire. On a final salary scheme the figure projected just assumed that you had no more pay rises. On money purchase some industry standard fund investment return is assumed which in turbulent financial times may be a bit optimistic if you are close to retirement.

[Dave Plowman (News]

The fact remains that many here believe it is perfectly OK for dividends from a company to go to a pension provider, but not OK for some of that company 'profits' to go direct into a pension scheme.

[Dave Plowman (News]

Oddly, the contributions to my company pension scheme were about 30% of gross basic salary - made up of worker and employer contributions.

[Dave Plowman (News]

Which is where collective bargaining come in. ;-)

[Dave Plowman (News]

It's odd that one who rather obviously worked to a totally f**ked business model apparently wants everyone else to follow it.

>

[Andrew]

Which worked sooooo well for Leyland car workers

[Andrew]

Err, dividends are usually only possible if the company has made a profit. The employer pension fund contributions have to be paid whether there is a profit or not.

[Andrew]

Except there are now 560,000 people over 85 and 15,000 over 100 plus a big bulge of 99-year olds who were born just after WW1 ended (!) about to get their card from Her Maj. People retiring at 60 generally had sedentary work patterns are much more likely to live well past

1. The maths on the cost of their pensions gets even worse.

[Andrew]

But the BBC just passes all those costs onto the licence fee payer. And you are talking the usual bullshit about a 30% contribution. That would be required for a bobby retiring at 52 but is absurd and unnecessary for people working to 60 or 65.

The only way 'your' compnay made a 30% contribution is if you ran a single-person limited company, in which case you made all the contributions. I contributed effectively 100% of my income into my SIPP after IR35 came in, but that was my choice because I had a ltd co and was paid by an agency. Most employer contributions to their PAYE staff are far less than 10%.

[alan_m]

Wouldn't collective bargaining reinforce the one company scheme for everyone rather than something different for the one individual who wants to do something different?

[alan_m]

Strange how some of the people I worked with managed to retire at 55 with the help of pension contributions to those company pension funds.

Just because a company goes bust doesn't necessarily mean that the pension fund goes bust.

I'm currently getting a pension of £2.5k/year from a company that disappeared 40+ years ago and I only worked for them for less than 2 years (probably paying less than 5% of my lowly salary at the time).

[Dave Plowman (News]

He probably opted to get back his pension contributions on leaving that company, but has forgotten. Although a frozen pension from the 70s likely wouldn't be worth much these days anyway. Rules were different then.

My pension come from a company that made most of its workforce redundant in 92. Still continued trading, but got bought out by another.

I waited until 2010 before taking my pension aged 65 - some ten years after I first could have had it. Since I was still working.

[Vir Campestris]

I worked for ICL back then and they're paying me a pension (well Fujitsu now) - much to my annoyance as I haven't retired and it's being taxed like **** - and I was surprised by that.

seems to imply there was fairly recently a fund of money that belongs to the Marconi fund...

Try here:

Andy

[Vir Campestris]

It's a starting point. That's all.

suggests many people are putting in the minimum allowed. Which is 8%...

Andy

[Tim Streater]

Odd. Even with my state pension I got to decide when to take it.

[Dave Plowman (News]

Yup. And makes quite a difference to both to defer them until actually needed.

[alan_m]

But it is wise to check that you are actually winning by deferring.

Some pension sites give deferral calculations which may give some people surprising results. Taking a pension now at a lower level vs taking a pension later at a higher level may result in a break even point for total money received at mid to high 80s years of age. If you have existing medical conditions or a family history of early than average death it may be better to take your pension at normal retirement age even if you are paying tax on all of it (because of other income).

I have a couple of pension pots that I was going to convert to pensions at the beginning of the year but I was late in starting to do so. As a result the value of the pots, invested in stocks and shares, fell by 20 to 30% so I'm deferring for another 6 months in the gamble that the value will rebound by enough so my break even point for those pensions is is closer to 70 years of age. As I already have some index linked pensions I will now possibly buy annuities with no index linking to get the maximum returns early enough so that I can enjoy my retirement while I'm more fit.