Pension?

chrismon

Ok sorry if this is in wrong forum.
I was chatting bout pensions today in class(im only 20) and one of the lads said that if you get a pension and save for it all you life that the only difference is you dont get state pension?
anyone shead some light on it for me?

Selik

I work in that area and you can get both, although you need to work enough to earn a state pension ie, get enough stamps over the years to qualify.

chrismon

So if i started a pension now,and worked for the rest of my life to earn a state pension id get both? Thats handy to know, the way i was thinking was if i had a full pension paid for i wouldnt get anything from the govement :cool:

mad m

You can acutally not work at all and still get a pension from the state but it will be pittans.There is a contributary and a non-contributary pension.

Ruu_Old

This should probably be in Biz->Investment/Markets/Money

Selik

chrismon wrote:

So if i started a pension now,and worked for the rest of my life to earn a state pension id get both? Thats handy to know, the way i was thinking was if i had a full pension paid for i wouldnt get anything from the govement :cool:

Man... don't worry too much about it yet... I'm nearly 25 and I ain't got one yet! Have a bit of craic and don't get too bogged down in this sorta stuff - ya got plenty of time yet!

funk-you

Giles wrote:

Man... don't worry too much about it yet... I'm nearly 25 and I ain't got one yet! Have a bit of craic and don't get too bogged down in this sorta stuff - ya got plenty of time yet!

^^
We'll see when your 65 wrapping youself in blankets to save on the heating. If you're working you might as well get one especially if your company will also contribute into it. its also tax free earnings.

-Funk

whizzbang

Giles wrote:

Man... don't worry too much about it yet... I'm nearly 25 and I ain't got one yet! Have a bit of craic and don't get too bogged down in this sorta stuff - ya got plenty of time yet!

did you do an SSIA? that only gave you 25%, doing a pension can give you up to 40%, and you can do it for as many years as you want.

I started my pension abuot 6 years ago, I'm 28 now. So far I have probably avoided giving about 10 grand to the government, which is nice

LegacyUser

Giles wrote:

I work in that area and you can get both, although you need to work enough to earn a state pension ie, get enough stamps over the years to qualify.

any idea how many stamps?

is_that_so

No harm in getting something going. Get into a saving habit. Also you get tax credits for saving for a pension. Start with say 50-100 a month. As far as state and private pension are concerned they are added together and are assessed for tax.

PDelux

I would say, start your pension as early as you can. You can give a good percentage of your wages to it until you have other committments such as mortgage repayments, then you can reduce the contribution.
I started when i was 21 and i dont miss the money out of my wages.

whizzbang

PDelux wrote:

I started when i was 21 and i dont miss the money out of my wages.

good point, you really don't miss it when its taken from your wages before you get them.

r3nu4l

Yeah, look I'm 31 and don't have a pension and am now getting seriously worried about it. I'm looking into all the products on offer here in the UK that allow me to keep contributing (without too many charges!) if I move back to Ireland.

My advice is get one going and put in what you can afford to, if after about three or four months you think you could whack some more into it by increasing payments then do it.

Also, as you get pay increases you should invest some of that in your pension, so if you get an increase of 3% on your salary, increase you pension input by about 3% or more.