• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

State pension - fiendishly complex

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    State pension - fiendishly complex

    I missed some NI contributions a few years ago and HMRC wrote to me, giving me the opportunity to make voluntary contributions. So, I'm trying to work out whether it's worth it or not, using NPV of expected annuity rates in 30 years time, etc.

    That's not the tricky part: it's trying to fathom out what on earth the state pension rules currently are, will be next year and are likely to be in a decade's time.

    #2
    I don't trust the state pension, and would definitely not put any more money in than I have to.
    Originally posted by cailin maith
    Hang on - there is actually a place called Cheddar??

    Comment


      #3
      Originally posted by bobhope View Post
      are likely to be in a decade's time.
      You won't have one. That will be the rule.
      "Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny. "


      Thomas Jefferson

      Comment


        #4
        Originally posted by FSM with Cheddar View Post
        I don't trust the state pension, and would definitely not put any more money in than I have to.
        +1

        Wouldn't touch our soon-to-be-bankrupt state with a bargepole, I'm working on the assumption there won't be a state pension for me when I'm retired. Put it in a shares ISA instead.

        Comment


          #5
          The best pension policy IMHO is to build up a company that generates revenue beyond what you physically do for it (ie not just a one-person consultancy), and that can be sold when you wish to pack up work for enough funds to keep you going until you expire.

          Relying on a pension, be it state or private, is a hoooooj gamble.

          IMHO.
          Is God willing to prevent evil, but not able? Then he is not omnipotent. Is he able, but not willing? Then he is malevolent. Is he both able and willing? Then whence cometh evil? Is he neither able nor willing? Then why call him God? - Epicurus

          Comment


            #6
            Originally posted by moorfield View Post
            +1
            Put it in a shares ISA instead.
            Yep, cant go wrong there.
            The Mods stole my post count!

            Comment


              #7
              Originally posted by PM-Junkie View Post
              The best pension policy IMHO is to build up a company that generates revenue beyond what you physically do for it (ie not just a one-person consultancy), and that can be sold when you wish to pack up work for enough funds to keep you going until you expire.

              Relying on a pension, be it state or private, is a hoooooj gamble.

              IMHO.
              Frankly I think that relying on my ability to build a business would be just about the biggest gamble that I could imagine. I have neither ideas nor talent in that direction. Nor application nor inclination.

              As far as I can see, paying past NICs is a really cheap bet, and on current figures once you draw a pension for 2 years you are ahead on what you've paid.

              Comment


                #8
                Never - Ever subscirbe to any Financial prodcut which you dont understand because of its 'complexitiy'.

                It is quite likely that future Governments may well change state pension entitlement to another set of crtierion altogether - perhaps even abolishing the pension system so that we 'work till we drop' or for those not able bodied - given a lethal injection - so I would not pay any more contributions as you may well get nothing in return.
                Last edited by AlfredJPruffock; 31 March 2009, 09:30.

                Comment


                  #9
                  You're better off taking the money you are thinking of sinking into the State Pension and investing into Bonds instead. My tuppence worth....
                  Who has time? Who has time? But then if we do not ever take time, how can we ever have time?

                  Comment


                    #10
                    http://www.moneyweek.com/personal-fi...ale-14676.aspx

                    For sale: a £35,000 pension in return for a £421 investment. Deal ends 6 April.



                    Gordon is giving everyone a pension worth £35K for £421.

                    Comment

                    Working...
                    X