Poker & National Insurance

[mondatoo]

Don't get a pension in fifty years they won't exist and we'll all be fukd if u wana save just put the money under your mattress and you know wer ur at,old school ftmfw

[StuartHopkin]

[  ] i wish i had a pension scheme
[  ] financial advisors are mint

Dont pay either MC they are both -ev

An ISA is a plan but as iron said you would have to be disciplined.
Theres a fair few places you can stick your spare pennies each month, that will make it work a lot harder for you than watching it shrivel in a pension fund.

[MC]

my pension scheme is called the sunday millions. lol .    1time

lol, I like this idea...

ISA sounds like a good option, less pressure to pay something in every month but more as if and when I can, I reckon I could be disciplined with that

[Splash]

Blogged this a few yrs ago ...think most of it still stands... skip the 1st bit of bollox aout how bad i run in 2006?! lol

http://wonkyjim.blogspot.com/2006/04/do-you-really-want-to-be-playing-full.html

[MC]

Blogged this a few yrs ago ...think most of it still stands... skip the 1st bit of bollox aout how bad i run in 2006?! lol

http://wonkyjim.blogspot.com/2006/04/do-you-really-want-to-be-playing-full.html

Thanks mate, good insight...

[Geo the Sarge]

FAQ for ISA

http://www.hmrc.gov.uk/isa/faqs.htm#13

NICS

http://www.hmrc.gov.uk/pensioners/approaching-nino.htm

Only other option is Personal or Stakeholder pension. Anyone not declaring earnings for tax can only invest max of £3600 which will receive 20% tax relief. All pensions have cash accounts which gain set interest, ideally need to root around to find best deal.

For example the company I work for offer a "control account" which offers bank of England base rate. Very nice in previous years but since April 2008 it has dropped from 5% to 0.5%

Splash's blog only mentions Annuity at retirement. Annuities offer up to 25% tax free lump sum and a set income till you die. Once you die, the annuity dies with you.

Currently from 50 years of age (as of 2010 it is from 55 years of age.) you can take the Income Drawdown option. Again up to 25% of the fund paid as a tax free lump sum but a monthly or annual income paid which is then recalculated every 5 years. By the time you reach 75 you must have converted any remaining fund into an annuity.

A couple of differences on the Income drawdown:

1. Should you die whilst in income drawdown, any remaining fund goes to your estate (subject to up to 35% tax)

2. You can, if you choose, take the 25% tax free cash sum from 55 and then recycle the monthly/annual income back into another pension, gaining tax relief and also building another pot from which to take a further tax free sum at a later date.

The annuity and drawdown bits are a good bit away for you mate, but might be of use for some of the more senior members.

Geo

[The Camel]

FWIW I have paid NI during all the time I've not worked.

No downside really, a direct debit pays it yearly.

[ScottMGee]

Theres a fair few places you can stick your spare pennies each month, that will make it work a lot harder for you than watching it shrivel in a pension fund.

forget pension funds or ISA funds, they are just funds!

Pensions / ISAs are just different tax wrappers around the underlying funds, hence you can invest your pension in exactly the same funds as your ISA!

Pick decent funds, not tracker funds, and the appropriate tax wrapper for you.

As for active managed vs tracker funds, I would go with active managed any day. Quick example L&G Managed +44% over 5 years vs L&G UK Index +36% over same 5 years - source trustnet.com

THIS IS NOT ADVICE!!!!!

[doubleup]

As for active managed vs tracker funds, I would go with active managed any day. Quick example L&G Managed +44% over 5 years vs L&G UK Index +36% over same 5 years - source trustnet.com

THIS IS NOT ADVICE!!!!!

You are not comparing the same asset class (managed funds will contain property and bonds) so this comparison is result orientated.  If comparing trackers to managed equities you should use a similar fund e.g. L&G uk equity fund (presumably there is one)

[TheChipPrince]

FWIW I have paid NI during all the time I've not worked.

No downside really, a direct debit pays it yearly.

I have probably missed it somewhere, but how much is this?

[Jon MW]

FWIW I have paid NI during all the time I've not worked.

No downside really, a direct debit pays it yearly.

Also what exactly do you get for it?

The state pension?

and....??

[roscopiko]

FWIW I have paid NI during all the time I've not worked.

No downside really, a direct debit pays it yearly.

Also what exactly do you get for it?

The state pension? (orly not if your under 30 imo)

and....??

Paying NI would be like burning money.

Pay it into any other investment vehicle other than NI.  Retirement ages are going to constantly move skywards and there is no guarantee that by the time you retire a state pension will even exist (imo it most definately won't once personal accounts have been introduced and running for a while).

If your in dire straights by retirement age you'll get loads of free stuff anyway NI or not.  Its how this country works.  Pay nought.

[ScottMGee]

You are not comparing the same asset class (managed funds will contain property and bonds) so this comparison is result orientated.  If comparing trackers to managed equities you should use a similar fund e.g. L&G uk equity fund (presumably there is one)

You make a valid point, although the argument was really pension funds (which normally means ABC Managed fund) vs low cost trackers.

But to answer your question, L&G UK Alpha Pension fund has done 65% over five years.

[The Camel]

FWIW I have paid NI during all the time I've not worked.

No downside really, a direct debit pays it yearly.

Also what exactly do you get for it?

The state pension?

and....??

A clearer conscience.

[salfi]

FWIW I have paid NI during all the time I've not worked.

No downside really, a direct debit pays it yearly.

Also what exactly do you get for it?

The state pension?

and....??

A clearer conscience.

i suggest trading the conscicience in . i got three magic beans for mine.