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.
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 (although I know one or two lads on this site who are )
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
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)
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
Not everyone, But most people I reckon. I thankfully will not be denending totally on the state pension. doing AVC's and the company pension too
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)
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