Of course not. They will be paid in Irish punts though.
No. No changes to DB schemes, they’re all back in the black now ( with the exception of 3).
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The galling thing here is there will be a few fuckers who don’t bother saving anything towards a pension who will get a state pension, whilst people who scrimp and do without won’t. There won’t be many, but there’ll be enough.
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I’m coming to end here in England lads, I have been pumping money into a scheme at 14% a month for 6 years, what is the story if I go back to Ireland
Why would you be going back to that dump for and leaving the greatest city and country in the world
Keep pumping it in while you can. You’d never know what the future holds.
Scotland yard will be investigating me soon
They can extradite
I am fairly ignorant when it comes to pensions, like most people.
Can someone answer be the following. When I get to retirement age, i get the choice of a mix between taking a lump sum or periodic payment (weekly/monthly etc). Do you have to pay tax on private pension income in retirement?
Also what is deemed the acceptable % of your salary should you want your pension to cover in retirement? Given that you would expect the mortgage to be paid and expenses are down, would 50% of your salary cover things comfortably or would be the recommended figure be higher?
They recommend 60 %. I’d guess at your age you would want 15 -20 % contributions now to achieve that.
It’s taxable above a certain amount . You can limit that by taking some of it as tax free lumpsum
Putting in around 17% or so. Assume I would up this a few percentage points every 5 to 10 years
It depends what type of pension you have really is the short answer.
You can only take a % as a tax free lump sum, this is to stop people from blowing their wad before they reach 70.
You have to pay the exact same tax on it, once it comes in as income, you have the same allowances as you do now in terms of where tax kicks in etc. for most people their pension would be on the lower rate of tax
You’re well ahead of the vast majority so kid.
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Company are doing most of the heavy lifting in fairness
Thought I had an ok pension pot until I saw what my mate who has a good number in a state agency will be getting. Half his final years salary. Different gravy.
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You’d be doing v well to have 50% of final salary.
Currently you get another 11k a year from the government as an ‘old age pension’. Couldnt rely on this being there in 30 years time
That’s a decent contribution, doubt there is many contributing more than 20% to a private scheme
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What age are you? Depending on age your tax relief limits increase. You need to max this out. Its an absolute no brainer.
Age 30-39 its 20%. 25% up to 49 then.
Like throwing money in the bin if you havent maxed this
So what’s going to happen to the state pension. Leave the old folks without until we put everyone on a private pension?