OnePlus 5 review
Oh its such a fragile future we live in here we go again with the pension crisis..
Can you remeber Robert Maxwell..? in 1989 i worked for his right hand man...
It's forty years before I retire and according to some people, re: the Large Hardon Collider thread we all won't live past the weekend anyway..... so why worry about it.
Pension funds will have investments in equities and property, both of which have seen a decline in value over the last year, so it's hardly surprising, especially as we are living longer.
GBs raid on the funds hasn't helped either
Having been involved in a personal pension fund scheme thats still active, I find that checking through annual supplied figures can bring depressing news on returns. Apparently this is going to get worse in forthcoming years, especially for people with low salaries.
One thing that I have noticed, is the fees and bonus's being charged by some pension fund administrators, which seem very high, for the work provided.
When the actuaries worked out pension rate a century ago- the life expectancy was 45 for men- they were on a fair bet to set it a 65- 80% of the contribution force were not going to get there.
Times have changed - we are living longer,
There is now unbalanced ratio of drawers to contributors.
We also hear so often- I have paid in for this - its my right!
Wrong- what was paid in - paid the pensioners of the day.
What gets paid in to day pays us and day on day there is more of us[drawers[ than there are payers
Please Nerw EU members. new comers from all over
Dont go home we need you contributions
What on earth has this got to do with RM?
Your suggested link is frankly fanciful nonsense.
Pensions, in the last 5-10 years in particular, have been the subject of fluctuations resulting from the strength of the stock market and, as a result, the value of the total asset available or need for pensions.
There is no secret that pension funds are relatively OK in good stock market times but are undervalued in terms of there needs in low times.....like now. The issue is complex but does include the fact we are all living longer.
The future can only be a mixture of larger contributions from those currently in schemes and/or the removal of final salary schemes.
This has nothing to do with the State Pension which has it's own recently announced solutions.
Is this part of the solution
Yes it could be.
Ultimately there is a funding gap, or at least there is outside the good times.
I suspect that given the choice most people would opt for paying more into their funds to guarantee an early exit from work rather than working to 70; certainly it would be my choice.
The Police do very well, as an example, with excellent final salary pensions at 55 years, they do however pay a relatively larger % of salary to the fund.
If I was asked to design a pension fund I would make it much more flexible than the current company schemes. I realise it could complicate matters but in principle I see no objection to schemes which allow for early or late retirement but set the contributions from the employee accordingly.
The only safe scheme is the state funded civil service pension. This should surely be reviewed - not abolished, but surely it should be contributary, or kept in line with the private sector. In the old days "public servants" pay was not on a par, but these days pay and conditions and job security is relatively better and I wonder if we can afford the current situation.
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