Help! Is there anyone out there who understands pensions?

silver quite. There is a generation of women out there who have never worked, who worked sporadically, or who simply weren't allowed to. Also, it used to be the case that, once retired, people wouldn't live that long. Thus costing the state less.

I was lucky to be born when I was (with hindsight)- it was expected that women would work, there were opportunities to work, and by and large it was easier to find work where a pension contribution was a part of the contract.

There must be a huge number of women (and men) who were encouraged to be flexible, adaptable, responsive to emerging markets, risk taking etc but where are those people now in terms of pensions? Probably still working, simply to make ends meet.

That is me , gettingonabit. Ive never paid into one, no-one ever told me it was wise to do so. I started work in 1971 and it was just assumed you got the old age state pension and had to scrimp when you were older or found a man to provide for you. My current employer will not let me pay into one as I don't earn enough, Im probably too old anyway, and having been self employed some of the time I was unaware that people paid into stakeholder pensions. Most people I know just rely on their men to provide- yes even nowadays. Im widowed and my husband never even thought to pay into anything, so roll on retirement....

I'd be interested to know what will happen to those without pension pots. Particularly women, who have raised kids and given up work to do so. Or those on zero-hours contracts, the self-employed or those whose employers do not run a pension scheme or who cannot afford to invest in one.

And what happens if your pot runs out?

I know lots about pensions. lol.
I don't have one so gotta work till im 67, I know lots about that.
I cant save into a pension as my employer will still not let me in, I know lots about that too. Ive worked as self employed so not paid into one of those stakeholder things as I didnt earn enough.
I get paid and by the end of the month Im skint-full stop. So the chancellor is wanting us to spend our pensions lump sum, go to the bingo and booze - I wish.
All Ive got is a house and if I sell that I will have too much in the bank to get social housing, if I go into a nursing home it will have to pay my costs so what is the point of working and scrimping to pay a mortgage.
Just have to hope I meet a rich man out there somewhere lol

I have been informed by my own personal financial advisor (who happens to be closely related to me) that HL rates are "competitive".

I have a small annuity from AVCs that I bought towards the end of my career - would have been more if the b******s hadn't made me redundant. If I had been allowed to take it as a lump sum, I don't know if I could have been trusted not to blow the lot - last of the big spenders on a limited income, that's me. As it is, it does increase annually and it pays my council tax!

nonnie we get a personal service from H-L. We have our own advisor who we can ring directly if we want to.
That's what I like about them.
We think they are good value for money.

jingle HL are very expensive and there is a price war at the moment. I think it is a question of 'watch this space' for a little while and see what emerges. My preference at the moment is to use someone very local and get a personal service but HL is very big so must be doing something right.

Thanks both. Yes, I suppose I'm lucky to have assets, but at the moment I'm self-employed and I've had years out due to child rearing. Hence the niggling worry!

At least I have options: plenty don't....

gettingonabit We do this. An annuity is not a good idea at the moment. Interest rates need to go up a lot! I would suggest you contact Hargreaves Lansdowne. They are excellent.

I think you should wait until much nearer the time. So much will change between now and then. Your teacher's pension will be index linked so will probably be more than you think at the moment. Your property prices will change and the rental will probably go up as well.

I think that you best bet is to wait until about 2 years before you intend to retire and then take your 'portfolio' to an adviser unless you want to do that now. As you have more options that anyone taking out a straightforward pension scheme paying for advice will almost certainly be worthwhile.

Currently if you buy an annuity you can get an index linked one which will pay out a lot less pa or a fixed one which will pay out more but not increase with inflation. Some say the latter is better as when you get to be a lot older you don't want to go on long haul holidays etc so don't need so much to live on. You also have a choice about whether the pension she continue after your death if you have a spouse. Some pension plans include that as part of the plan so you may not have a choice with your teacher's one.

Selling your properties will probably involve CGT so you have a lot to take into consideration.

Good luck. You sound well provided for.

All going to change soon gettingonabit so you can do as you like and not worry about an annuity!

Yes, looking forward to getting full details of new proposed pension arrangements. Nice to think there'll be a bit more flexibility.

Read tomorrow's papers. George Osborne completely redrew the occupational/personal pension map today.

Thanks ffinochio. I'll have a look.

gettingon The rules on buying an annuity with draw down options are about to be changed.

You may find these bullet points useful. (Scroll down to Pensions)

www.bbc.com/news/uk-politics-26626280