FourWinds
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Re: generous pension schemes
Nov 28, 2002, 15:07
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Everyone should have a pension scheme like the firefighters'.
I wasn't saying that they should stop moaning because they do have a good scheme, I was just pointing out that the analogy with the supermarket in the article is a crap one.
If you were to use a supermarket to correctly parallel the situation you'd end up with something like:
You go to a supermarket for the next 25 years and give them some wheat seeds. The supermarket trebles the amount of seeds and plants them for you and (hopefully) looks after the plants well, then after the 25 years is up you get free bread for the rest of your life.
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FourWinds
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Re: generous pension schemes
Nov 28, 2002, 15:11
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I have yet to see a company that contributes more than 6% of your salary. You personally can only put a total (including employers contributions) of 17% in.
If you start investing straight out of university then you may achieve 100% salary upon retirement.
As far as I'm aware employers are limited to a max of 8% of salary contributions.
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necropolist
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not so
Nov 28, 2002, 15:43
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fraid your completely wrong sir
6% is the norm (tho companies are only required to offer 3%), many are more generous however.
At my place (which uses the South Yorkshire Council & Fire Service Scheme) the company pays 15% (or it might be 16 actually) and i have to contribute 6% myself. If i decide i don't want o, can't afford to pay that 6%, the company pays a big fat zero themselves.
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FourWinds
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Re: not so
Nov 28, 2002, 15:54
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Which bit am I completely wrong about?
I have not seen any companies offering over 6% .. fact (they may be out there but I ain't seen them)
You cannot put more than 17% in .. fact.
The employer is not obliged to offer anything. Most of the time they will only match your contribution up to a max of 5 or 6% ... the rest is up to you.
Compant pensions are a perk. You don't get one by default. You need one, but they aren't a right.
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necropolist
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Re: not so
Nov 28, 2002, 15:57
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uhhhh, well mine offers over 6% - like i just said!
i get 21% in total 15 from the company & 6 paid by my good self.
and they are now a right - any company employing 5 or more staff must offer a pension - tho it only has to be 3%.
I'm sure i just wrote all this down once........
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FourWinds
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Re: not so
Nov 28, 2002, 15:59
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Amazing how much it's changed in a year, then. Crikey!
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FourWinds
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Re: not so
Nov 28, 2002, 16:03
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Well, there you go. I was not far wrong with my 17%
http://www.tax.uk.com/tax_tables#Pensions
until you're 35 yrs old you can only put in upto 17.5% ... relieved that I wasn't completely wrong :-)
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necropolist
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Re: not so
Nov 28, 2002, 16:04
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i think it changed a couple of years ago (probably the '99 changes). Most companies are completely shit though, and don't recognise changes in the law until they are forced to do so by a court case. I'm going to an Industrial tribunal in a couple of weeks time (as the union rep) on behalf of a colleague who was (it will undoubtedly be found) unfairly dismissed because the employer (the bloody city council - a labour council which should not only know about, but also be actively in favour of, the changes) didn't realise the laws on fixed-term contracts had been changed.
Well, they probably did actually, but thought it would be cheaper to ignore it until trhey had lost a few court cases.
Wankers the lot of 'em.
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necropolist
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Re: not so
Nov 28, 2002, 16:07
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aah, now i think i understand!
that's personal pensions - which are different to company pensions! and indeed to stakeholder pensions (otherwise known as...a shit waste of money - i put about £1000 into mine 2 years ago, its now worth about £900)
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FourWinds
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Re: not so
Nov 28, 2002, 16:15
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When I updated a company hand book 2 years ago the limit levels were the same for both things. I presume that the company pensions one has been altered to make people take them up, because as you say the bog standard pension is a pile of shite.
By the way, my company pension fund went down by around 7% last year, as did most peoples. Not a good year for pensions.
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