As the government launches its new workplace pension, Tim Bennett explains the basics of pensions in jargon-free language, and why the new scheme is being rolled out.
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I'm 51 years old with no retirement plan yet,any suggestions on accumulating a million dollar portfolio within 12-18 months? I have currently saved a capital of $100k
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Pension funds, city investors and “big insurers” are acquiring leaseholds for their investment portfolio as they then massively can increase ground rent. So if you put your money into these, a pension, you’re funding huge exploitation for those who have ground rent/leases, and these outnumber freehold houses in the uk.
Such an important lesson but so few people are interested! I speak to savvy professionals every day but pension planning remains such a low priority. This is not going to end well...
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I am approaching 50 and I think it would be a waste for me to invest in a pension. First off although the job I just got hired for is very stable/union job. My goal is not to do this kind of work until I retire from the workforce. I can’t see myself being a CSR for the next 15 or 20 years. So I am guessing enrolling in a pension plan wouldn’t benefit me unless at the very least I wanted to work at this job for over a decade. Am I right?
Great videos as usual. Should be required viewing for all school students! One question - If the pension fund is just invested in the market anyway, wouldn't one be far better of just putting their savings into a marking tracking ETF with an automatic DRIP, letting compound interest work its magic and keeping all the pot for themselves? Am I missing something here?
Why have they made it so you have to buy an annuity? Using your numbers of a man retiring at 60 and dying at 77, why should he buy an annuity paying 3k a year when he could use his pot and get 100k/17 = ~6k. Is it because of the inflation indexing?
You said that if the pot is 300,000, you can buy an annuity of 10,000 per year (and you still have to pay taxes). My question is, you still have the public pension (155 per week) apart from the annuity, right?
The way I see it - Pensions are technically your "salary" in old age. That is why you get taxed on it. Your contributions are not taxed and, if you self invest, the government add a percentage to it. In the UK - doing your own pension, supplements the State Pension you get from the contributions you pay in National Insurance.
The defined contribution idea is simple enough. But in explaining the defined benefit idea, Tim didn't explain how the employer will figure out how much to contribute in order to end up with (1/45 x 30yrs) of FINAL SALARY. How would the employer know how much the final salary could be?
+Shushanto Bose They have to have an Actuarial Valuation at least every 3 years. The Actuary works out the funding position, and tells the Company how much they should be paying in (Schedule of Contributions).
+Shushanto Bose The Valuation is a very complicated calculation, that ultimately compares the assets of the scheme, (usually the cash it has, which is normally invested), against the liabilities of the scheme (the promised pensions it has to pay out). A funding position can then be established, ie under/fully/overfunded, normally given as a percentage. In the current climate, most schemes are underfunded, ie in deficit, hence employers are asked to pay more in.
So if you earn 30,000 and pay 3%, which is £900 a year, your employer matches that every year, and you work for 30 years, you will earn £54,000. But that needs to last about 17 years, maybe more. Which is £3176pa, or £216 a month. That isn't really enough to live on, even if you have a partner with a similar pension and you've paid off your mortgage.
when your employer gives for example 3% contribution your base salary is 103%. Therefore if you put 3% and your employer 3% that is interest earned. Think about it.
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To be honest you're better off retiring to a country where the living standards are cheaper. At least you get to live like a king. I'd personally move to a beautiful country where it's cheap
So if a man is expected to live to 77 and retires at 60, he has 17 years retirement. So why does a £100k pension fund only pay out £3k a year, that's just £51k (51%), where's the remaining 49% gone?
opt out thats what im thinking im putting nearly 50 pound a month in i could save that myself plus by the time i get my pension il probably be french toast.
Yes, just don't but an annuity, the pension firm probably get to keep about 60% of your pot. Take you r money and budget for yourself, remember the pension firm will budget in their favour (the casino always wins)
Good video. I would suggest to take a look at the Chilean pension fund system, launched in Chile in 1980 and currently in place in many countries in Latin America and Eastern Europe.
I'm trying to decide how much of a lump sum to take out of my USS pension.... all or none or something in between. Due to multiple illnesses I don't expect to reach 74 and although my wife gets half my pension if I die, she would have to live an impossibly long time to receive the equivalent of the max lump sum as a pension. Should I take the max lump sum so that she has something to bank now? (We can still afford to live on the reduced annual pension which that would give me and of course the rest of the pot would revert to USS in any case in due course....)
My concern re this is everyone is being forced into getting a private pension. If this is a government order, why not just update/extend state pension? Putting our money into pensions owned by private companies??? Is that 100% guaranteed from (perhaps organised) crashes? Bankers win again.
Zionism. Antizionists have long known that the good guys as they call themselves hate pensioners. That is why you are seeing all this violence against pensioners. It is coming strictly from zionists.
Thank you so much, this video was super helpful. I was trying to find info on pensions and everything was so damn confusing. You explained everything well. I think that I may just save money myself instead of putting it into a company.
Hi I'm self employed and I wanted to know if I opened a SIPP now (2020-21 tax year), can I claim back tax relief from this when filing my tax accounts 2019-2020? Thanks so much! :D
A really good video, it's important to have a personal retirement/pension plans. I made an early move toward retirement by investing into a capital investment firm which has great retirement/investments plans that has benefited me so much and also made me financially comfortable.
My dad retired last year after 23years working for this company and his been living off his pension but it's never enough as he has nothing doing, I have always wish he had an opportunity where he could make extra income and not rely on his pensions alone.
It's been a wonderful experience, these past five months has been very rewarding for me that them. I have received an income of $47,800 prior to my initial investment of $8,300.
If I had £600k in a pension pot. Why would I buy an annuity and receive only £10k per annum. Wouldn't it be better to just keep that 600k and even if u lived another 20 years u could use 30k a year
It's actually starting £18,000 p.a. assuming 3% inflation linked. Don't discount the state pension that you will begin receiving at 68 too, adding circa £9,000 to that.
@@welshhibby You still have state pension (£155p/w, £8k p/a) and lets be honest at 80+ what are you really going to do day-to-day? Why risk losing up to £400k (67%) to the pension fund, who are obviously hoping you pop off before 80 so presumably they can pocket your hard earnt pension. Even if the annuity was double that and you got £20k a year it wouldn't be so bad, over 20 years you get £400k+ depending on when you live until and the pension firm get maybe 20%. This scam is just that, you pay in, the pension firms keep the vast majority for ourselves. I'd rather take a draw-down and take the tax hit, at least I know get money money rather than the pension firm, then I budget for myself.
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You used the word government “scheme “ but it sounded like you should have used the word “scam”. To lure new hires about Pensions similar to the original kind but the new kind is not really guaranteed.
This is pretty dated info, and depends on how old you are, how much you've saved, etc. My Money purchase pension plan is pretty sweet, my employer doubles the match, and I control the investment selections. Can rollover anytime. Much better than the standard govt defined beneft plan, which is controlled by a government commission, and if it fails the taxpayers have to bail you out.
Yep. the pension firm wants to keep the bulk of your money, use draw-down and take the lot then budget for yourself. They're hoping you die at say 77/80 and they've only paid out 50/60% of your fund and they keep the rest
I don't know who is to blame for this bad encouragement of people's money , weather its is MW, or youtube,also using Alan baldwin to pump this utter misunderstanding of how that type of business works is dangerous and disrespectful too. Especially, when he appears to be poking fun. Furthermore, I am surprised that only 45 people dislike this ? I suspect this add will have more interest to the downside .
So, the video was rich in contact, BUT DEAR LORD WAS IT BORING! Keep it cshort and sweet my friends, you can explain pensions in less than 3 minutes, with music in the backgroud and a bigger smile in your face!
