They will scrap state pension for anybody with a private pension. After auto enrolment is around for a few years.
Your don’t have to buy an annuity now. You can put your pot into an Aproved retirement fund and draw on it as you wish subject to some rules. The annuities are gone to pot altogether alright
Why do you think that out of curiosity ? Surely for anyone paying higher rate tax it’s still a massive concession? You get 100 in the pension for a cost of 55 or thereabouts. Maybe I’m missing something I’m not a pensions expert by any means
Yes you do put money in, and a quite a significant amount each fortnight between main scheme, S&c and PRD.
My 3 years in a private DB pension is still worth more than my 10 years CS pension
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You only get relief on 28k
Well dependant on age. So at 40 you can get the relief on 25% of salary to a max of 115k so yeah about 28k…but at 55 that’s 35% and 40% for an over 60.
Even at the 28k your putting 28k into your fund at a cost to you of course 16 k. That’s a huge concession annually. If you took that as salary you would need a fair return net of taxes to grow the investment to 28k.
You’re
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The S&C charge is for an additional benefit to your spouse and children, nothing to do with your pension. It’s like life insurance and is a benefit which would cost you a whole pile more outside of the public sector
Jesus, those snake oil salesmen will convince people of anything.
What do you mean you don’t have an S&C programme for your money? How do you expect to have a big, healthy pension without s&c?
People who don’t have a spouse and child are still charged for s&c which negates your insurance policy theory.
Just checked online and life cover in or around what s&c would provide currently is about half the cost of what I’m paying.
Do you still say people don’t pay into CD pensions?
The S&C sector is full of spoofers, I wouldn’t go near it.
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And would the life cover rise in line with inflation & pay increments?
Depends on amount insured but would still be half of what I’m currently paying
Back off Julio. Art has you cornered here.
He’s comparing Apples with Onions.
He’s beating you at the INTERNET
NO SURRENDER
There’s 4 seperate pension deductions in a civil servant’s payslip. . if you do overtime pensions deductions increase eventhough it has nothing to do with your actual pension. …
Proper order. A civil servant has little to do so there should be no need to stay late.
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Would it be a good idea If I started one of these?