Pensions

PC CDROM

Have you started one? If you are or were working?

I used to have one and then realised the error of my ways!

And after reading this http://www.thejournal.ie/guineys-closed-workers-602007-Sep2012/ earlier I feel somewhat justified.

They are a bit of a scam really. The "investment" world needs you cash to keep ticking over as it bends to market forces. Until the market forces decide to "crash" and then the natural order is interrupted by governments intending on saving the asses of the elite.

I am going to assume that the pension mention above is a DB fund. The best you can get! It means you are guaranteed x% of you salary for your retirement years.

Thats OK unless the company goes bust and then the money in the pot is ring fenced for those already retired and any money left is handed back to those who were paying in but not yet retired. Probably peanuts.

I pity them

Islander13

PC CDROM wrote: »

Have you started one? If you are or were working?

I used to have one and then realised the error of my ways!

And after reading this http://www.thejournal.ie/guineys-closed-workers-602007-Sep2012/ earlier I feel somewhat justified.

They are a bit of a scam really. The "investment" world needs you cash to keep ticking over as it bends to market forces. Until the market forces decide to "crash" and then the natural order is interrupted by governments intending on saving the asses of the elite.

I am going to assume that the pension mention above is a DB fund. The best you can get! It means you are guaranteed x% of you salary for your retirement years.

Thats OK unless the company goes bust and then the money in the pot is ring fenced for those already retired and any money left is handed back to those who were paying in but not yet retired. Probably peanuts.

I pity them

Very sad allright

opti0nal

PC CDROM wrote: »

Have you started one? If you are or were working?

I used to have one and then realised the error of my ways!

And after reading this http://www.thejournal.ie/guineys-closed-workers-602007-Sep2012/ earlier I feel somewhat justified.

The story is missing some details, such as whether or not the company pension scheme is in deficit.

The essence of it is that the existing staff might not be able to take early retirement as their jobs are gone. But it is possible that on reaching retirement age, their entitlements will still be intact.

But, yes in general DB pensions are 'ponzi' schemes, as are state pensions..

The problem with DC schemes is that the contributors have no way of know what they'll get after the schemes administrators have frittered the money away on bad investments and also paid themselves fat commissions for doing it.

Best to start a big family, be nice to your kids and hope they'll look after you when you're old.

MagicMarker

Don't need one, if I make it to 65 I'll just kill myself.

Capt'n Midnight

MagicMarker wrote: »

Don't need one, if I make it to 65 I'll just kill myself.

LOL

you poor sap

By the time you get there it's be at least 68

The qualification age for the State Pension will rise from 65 to 66 in 2014, 67 in 2021, and 68 in 2028.

aaronjumper

Why what's a good age to start one? Providing the worst doesn't happen that is.

Real Life

im not bothered with one, i dont plan on still being around by then

PC CDROM

More under funding and slight of hand....


http://businessetc.thejournal.ie/no-strike-dublin-airport-612582-Sep2012/

galwayrush

I prefer to use any money i get to buy food and pay the bills.

Ghandee

I see the UK govt have made it compulsory for your employer to start offering you one from this year.

I'm fairly suspicious about that tbh.

If our Govt make it compulsory, I'll definitely get suspicious.

PC CDROM

galwayrush wrote: »

I prefer to use any money i get to buy food and pay the bills.

You would be right to.

Pensions will be the scam of the century... in the future. Subtle pyramid schemes.


They started out with good intentions though...

Seedy Arling

Islander13 wrote: »

Very sad allright

And all he wanted was a bit of cheese.

opti0nal

Ghandee wrote: »

If our Govt make it compulsory, I'll definitely get suspicious.

The money could be put into a special fund, let's call it the 'The National Pension Reserve Fund' or NPRF. The money would be invested wisely to grow and provide for future pension needs. Of course it would have to be ring fenced so that it's not raided by the government for any other purpose, such as bailing out a private bank or two.

Not that the government would ever think of such a thing.

Darwin

opti0nal wrote: »

The money could be put into a special fund, let's call it the 'The National Pension Reserve Fund' or NPRF. The money would be invested wisely to grow and provide for future pension needs. Of course it would have to be ring fenced so that it's not raided by the government for any other purpose, such as bailing out a private bank or two.

Not that the government would ever think of such a thing.

Absolutely, NPRF was setup to pay pensions from year 2020 and beyond. Guess how much is left in it. But hey, who cares its the PS after all and populist opinion say the lazy sods deserve to be rode.

kowloon

It's at times like this I'm glad I probably won't make it to 48, let alone 68.
Screw you all, you can clean up the mess I leave behind! :pac: