I had one job I worked in for 2 years. When I left (at the age of 24) I was given a certificate for a £10 a year pension at 60, based on the payments into the fund.
The money in the pension was invested in Legal and General and at 60. I received a letter to say I could have a pension if £10 a year, or a lump sum of £247, (the exact amount I and my employer had paid into the scheme 34 years before) £169 after tax.
At the time the pension was accrued deferred pensions were frozen at the value they were when you left the company. Shortly after this the law changed so that the money had to be treated like any other investment and increase in value in line with the fund it was invested in.
In the 34 years L&G had had my money in real terms its' values was now £2470 and if invested in the stockmarket it would have risen to nearly £6000 - and I got back exactly what I had paid in, less tax, £169.
Good Morning Friday 31st March 2023
What do you consider a low income in retirement?
"Bunking off" school as a child.