Is there any point in having a pension?

Freddie59

I was 22 in 1981. Joined a DB scheme (contributions started at 25). Was practically guaranteed it couldn't go wrong. Years later almost 75% of all DB schemes are in deficit. And what do the plonkers in Finance do? LEVY the fcuking things!:rolleyes:

To throw 50 blips a week to people in order to reward them for coming off the dole. Why do they have to be rewarded in the first place. It's a fcuking disgrace. What a country. And what a shower of plonkers we've elected.

JohnathanM

The surest way to get f/u/cked by government is to work hard and support yourself. You're too poor to fight them off, and too rich to get anything from them. Been that way for years. Sh/i/tty.

starbelgrade

Freddie59 wrote: »

I was 22 in 1981.

You must be the oldest person on Boards.

Shouldn't you be in bed at this time?

Freddie59

starbelgrade wrote: »

You must be the oldest person on Boards.

Shouldn't you be in bed at this time?

Not yet, young Jedi.:D

Teyla Emmagan

"Padawan"

JuliusCaesar

starbelgrade wrote: »

You must be the oldest person on Boards.

dear, dear.

swordofislam

Because tax reliefs on pensions were excessive. The levy should be 6% not 0,6% in my opinion. We all have to share the pain and that includes you (and me) [1]. Tough ****.

[1] But I don't care because Friends First 'levied' a hell of alot more than 0,6% from my pension over the past few years.

skelliser

are you better off now just having a long term savings account then taking out a pension?

mikemac

My pension was a private arrangement between me and my employer. I got tax relief but so did everyone else. I paid in when the Ministers and I believe Mary Harney encouraged when she was over Enterprise & Employment.

Now private sector pensions funds are a piggy bank, the government wants to raid them!
Next thing, the government will dipping into current accounts and saving accounts, hey it's in the national interest. :eek:

Ansbacher 2.0 here we come.

Iwannahurl

feelingstressed wrote: »

Next thing, the government will dipping into currant accounts and saving accounts, hey it's in the national interest. :eek:

Raisin revenue? :pac:

JohnathanM

skelliser wrote: »

are you better off now just having a long term savings account then taking out a pension?

Starting to feel like it. I'm not too worried about the long-term performance of the market as I have decades to wait, but I do know now that I will be shifting my funds into something safer a few years before I retire and things are doing well. At least with a savings account you get some level of security (if not interest), although you need to spread the cash around as guarantee schemes are limited to a maximum amount.

TL;DR Don't know.

gigino

Freddie59 wrote: »

I was 22 in 1981. Joined a DB scheme (contributions started at 25). Was practically guaranteed it couldn't go wrong.

I know a Guard who joined in 1981. He was / is a decent enough fella, but was never that bright or hard working. He retired and has a pension pot worth 1,200,000.00 euro.
That what the average guard retiring after 30 years service gets. 18 months finishing salary plus an annual pension equivalent to 50% of finishing salary.

seems like you got the wrong type of pension freddie

Svetti Arss

starbelgrade wrote: »

You must be the oldest person on Boards.

Shouldn't you be in bed at this time?

Stop talking ****e you immature prick.

Gillington

gigino wrote: »

I know a Guard who joined in 1981. He was / is a decent enough fella, but was never that bright or hard working. He retired and has a pension pot worth 1,200,000.00 euro.
That what the average guard retiring after 30 years service gets. 18 months finishing salary plus an annual pension equivalent to 50% of finishing salary.

seems like you got the wrong type of pension freddie

Holy cash cow

Micky Dolenz

Svetti Arss wrote: »

Stop talking ****e you immature prick.

Banned.

gigino

gigino wrote: »

I know a Guard who joined in 1981. He was / is a decent enough fella, but was never that bright or hard working. He retired and has a pension pot worth 1,200,000.00 euro.
That what the average guard retiring after 30 years service gets. 18 months finishing salary plus an annual pension equivalent to 50% of finishing salary.

seems like you got the wrong type of pension freddie

DB schemes in general are worth a fortune, indeed. PS even more so thanks to gratuity

Freddie59

gigino wrote: »

I know a Guard who joined in 1981. He was / is a decent enough fella, but was never that bright or hard working. He retired and has a pension pot worth 1,200,000.00 euro.
That what the average guard retiring after 30 years service gets. 18 months finishing salary plus an annual pension equivalent to 50% of finishing salary.

seems like you got the wrong type of pension freddie

Looks like it Gigino. And lo and behold, I've just seen revealed on RTE News that the wealthy are going to be exempt from the pension levy, because, well, they don't have 'pensions' per se. They're called "Approved Retirement Funds".:rolleyes: So Fine Gael/Labour continue the old FF nod and wink tradition. Great country.

COYW

swordofislam wrote: »

Because tax reliefs on pensions were excessive. The levy should be 6% not 0,6% in my opinion. We all have to share the pain and that includes you (and me) [1]. Tough ****.

Encouraging people to save and plan for the future. What a ridiculous idea. :rolleyes: Once again, people who lived within their means during the boom years get shafted, whilst the "victims" who wasted everything walk free again.

Freddie59

COYW wrote: »

Encouraging people to save and plan for the future. What a ridiculous idea. :rolleyes: Once again, people who lived within their means during the boom years get shafted, whilst the "victims" who wasted everything walk free again.

Yep. +1 to that. Rabbiting on about mortgages in arrears again today. FFS this country is a complete joke. And the Government (whoever they may be) are no better.:mad:

JohnMarston

My Dad has worked in the fire brigade for over 20 years now. The public service was hit hard and he has lost all his pension.
Your question, OP, is basically 'Is there any point in planning for the long-term future?'
Problem is, the future is never certain, as my aforementioned example proves

WIZE

Pensions are a Crap Idea now

Your better off buying a Safe and taking out so much every week or month and and Put it in your Safe

Hense your DIY Pension is Safe <- no pun intended )

dvpower

JohnMarston wrote: »

My Dad has worked in the fire brigade for over 20 years now. The public service was hit hard and he has lost all his pension.

What? Surely you're mistaken?

Mike 1972

skelliser wrote: »

are you better off now just having a long term savings account then taking out a pension?

Depends on how long you plan on living ?

A private pension is basically the opposite of life insurance. Its designed to ensure you dont run out of money should you live too long

teddy_303

Freddie59 wrote: »

Looks like it Gigino. And lo and behold, I've just seen revealed on RTE News that the wealthy are going to be exempt from the pension levy, because, well, they don't have 'pensions' per se. They're called "Approved Retirement Funds".:rolleyes: So Fine Gael/Labour continue the old FF nod and wink tradition. Great country.

One of these days a straw will break this exhausted camels back. Eventually...

LoanShark

Who'd ever be silly enough to put money into an pension scheme!!! Put your money into property... I swear it's gonna be the next big thing!!

Freddie59

LoanShark wrote: »

Who'd ever be silly enough to put money into an pension scheme!!! Put your money into property... I swear it's gonna be the next big thing!!

Ya know, you're right!:D

JohnMarston

dvpower wrote: »

What? Surely you're mistaken?

Nope, honest truth

Caoimhín

Mine is worth less than what I paid into it. It sickens me when I hear public servants whining about having to contribute a very small amount for a pension which the government has guaranteed.

barbiegirl

Hubbie and i have been putting €1400 a month into pensions it's meant we don't have lots of money now but the plan was we were preparing for retirement at 60-65 now we don't know if we've done the right thing.
I'm being laid off so have to suspend payments til i get a new job. :-( that money is money we could do with now can't help feeling we should have just put into a savings plan.

dvpower

JohnMarston wrote: »

Nope, honest truth

I don't doubt your truthfulness, but I still think you're wrong.
No one in the public service have 'lost' their pension. Fire fighters have an even better pension deal than other public servants in that they can acrue a full pension after 30 rather than 40 years service and they can retire at or before 60.

You're either mistaken or missing some crucial information.

Mike 1972

I actually have two pensions going (one through my employer and one I set up myself back in the days when I was self employed) I decided to keep both of them going because I figured there was no point putting all my eggs in one basket.

If the government ever go down the road of making private pensions compulsory though Id like to see legislation to give people more choice regarding where their pensions are invested rather than having their employers making the choice for them. There also needs to be more awareness in Ireland about ethical pension funds.