The new Pension age to be 68

[callyno3]

Proposals published yesterday by the government includethe introduction of a new mandatory or 'auto-enrolment' pension scheme and the increase of the age of retirement to 68.

I certainly don't fancy workin til I'm 68!Or do my company even want to keep me past 65??
The mandatory scheme may not apply to me, I dont think it doesn't but will have to check it out.

[Garrett]

Frightening, ain't it !!!

Suggest everyone try and start up some sort of private pension to compliment their existing state pension .... you might be thinking, money is tight will do it next year etc but trust me, the longer you leave this the worse it will become.

Even putting in €25 per month (which is before tax relief, which can be applied at your appropriate tax rate up to certain maximum pension contribution limits) can help everyone !

And No, I'm not a pension advisor or seller :D

(although I know one or two lads on this site who are ;))

[rev]

Frightening, ain't it !!!

Suggest everyone try and start up some sort of private pension to compliment their existing state pension .... you might be thinking, money is tight will do it next year etc but trust me, the longer you leave this the worse it will become.

Even putting in €25 per month (which is before tax relief, which can be applied at your appropriate tax rate up to certain maximum pension contribution limits) can help everyone !

And No, I'm not a pension advisor or seller :D

(although I know one or two lads on this site who are ;))

I heard bits and pieces on the news yesterday - are they making it compulsory for everyone? :confused:

[Dotty]

I heard bits and pieces on the news yesterday - are they making it compulsory for everyone? :confused:

Only people below a certain age, can't remember all the details tho.

[byrnetred]

I heard bits and pieces on the news yesterday - are they making it compulsory for everyone? :confused:

yea but you can opt out every 2 years

seems a decent deal on the face of it

for every €2 you put in the government will put in €1 and your employer will put i €1

[Anfield Old Boys]

Suggest everyone try and start up some sort of private pension to compliment their existing state pension .... you might be thinking, money is tight will do it next year etc but trust me, the longer you leave this the worse it will become.

Even putting in €25 per month (which is before tax relief, which can be applied at your appropriate tax rate up to certain maximum pension contribution limits) can help everyone !

This is very good advice...you need something apart from state pension

[rev]

y
your employer will put i €1

If they can afford it!! The cost of employing someone in Ireland will go up again!! :rolleyes:

[byrnetred]

If they can afford it!! The cost of employing someone in Ireland will go up again!! :rolleyes:

employer will get a tax break on it

anyway it wont come in untill the economy can afford it (currently 2014 but will be pushed back if needed)

[Badman]

i think the compulsory pension applies to everyone over 22, but as far as i know there's an opt-ot option after a couple of years. regarding the new pension age of 68 this is bein phased in gradually but the bottom line is anyone under the age of 49 wont get the state pension til they're 68...so Garrett's advice is good, start ure own pension now to supplement the state one. i definitely wont be working til i'm 68,that'd mena 46 years in the same job..f**k that... prob be dead by then. want to be some bit fit and fresh to enjy retirement

[callyno3]

i think the compulsory pension applies to everyone over 22, but as far as i know there's an opt-ot option after a couple of years.

Not everyone, But most people I reckon.


in future, workers aged over 22 earning above a certain income threshold will automatically be enrolled in a new supplementary pension scheme to provide additional retirement income - unless they are already in their employers' scheme, which provides higher contribution levels or is a defined benefit scheme.

I thankfully will not be denending totally on the state pension. doing AVC's and the company pension too

[vodkacolly]

Thats a big jump to raise the pension age to 68. Cant see it happening to be honest.

Not sure of the details of the mandatory pension but surely you cant be forced to put money aside for retirement when theres no guarantee you'll reach that age. If you work for your money you should have the right to do whatever the fcuk you want with it (within reason)

[rev]

(although I know one or two lads on this site who are ;))

If anyone is will they drop me a pm??

Looking to get something started :o

[Garrett]

I'll drop ya a PM mate.

[stamullenredmen]

pension scheme in my job is 5% of your gross with our employer putting in 6% im in it four years i think an im only 26 now!!our contract says 65 is the retirement age so i think ill eventually get something else in place to cover the three years because ive always said id like to retire early anyway deffo not doing an extra three years

[Jockser]

would rather spend my money now whie i can enjoy it. the cnuts wont tell me how to live my life.

[Garrett]

would rather spend my money now whie i can enjoy it. the cnuts wont tell me how to live my life.


So who will feed you when your old and grey though mate ? :)