Until my most recent job, which has no pension scheme, sick pay scheme or any other perks, I've been paying in up to 11% of salary, year in year out.
My pension money eventually buys an annuity. The state of the pot has been hammered by world events and I will not be getting 50% of my salary, at 65, let alone earlier - plus a nice lump sum.
My redundancy last year was after 22 years at the same employer where, despite consistently getting above average performance reviews, I had only had about 5% pay rise in 9 years, and was sent out with statutory minimum payment. I'm now 55 and they told me there was not enough in the fund to retire at 55, even if I wanted to, despite having been in schemes since I was 19. That's the way it is, and although it's disappointing, I'm not particularly bitter about it.
My Mrs took the opportunity to pay into her share purchase scheme at a previous company. U think it was £250 a month, of real money. She did that for about 109 years, and we took out one lump. But the shares have absolutely plummeted and are worth about £2500 on a good day.
But as far as I'm concerned, and without any real bitterness, I do regard your pension as gold plated. And it isn't all rosy out in the real world.
EDIT: And I too am a PAYE person.
Last edited by: smokie on Mon 28 Jun 10 at 11:51
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