Pensions and how people are sometimes very STUPID

OK I work for a large retailer, and we have a quite good pension scheme.  I have been in it almost 15 years now.  I was discussing, as one does about stuff and found 4 people who refused to join it as far back as 6 years ago, because they felt ' they wanted to live life now, and that the money taken out...about £60-70 a month was better off spent elsewhere '.   The consensus of there views were that the state pension would provide, they were paying into it anyhows and if they were short for stuff, well they had worked xxx years and would be entitled to get help.   I was kinda lost for a while then decided it was not worth the hassle to try and talk to then further as they also had NO external pension schemes of any kind from prior works etc.   AND they say the young are...STUPID...?

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Permalink Reply by Mick Brent on August 25, 2011 at 18:39
That does seem crazy - especially when there are so many people who don't have/haven't had the option of work-based pensions scheme. I'm one of the lucky ones with a good works pension (Teachers Pension Scheme) so that I was able to afford (just about) to take early retirement to look after my disabled wife, and to look forward to my state pension as a bonus when I reach 65 in 16 months.
Permalink Reply by Dominique Payne on August 27, 2011 at 10:33
Only one of my previous jobs had a work-based pension scheme, which I paid into for 7 years.  As far as saving for pensions in general is concerned, I've never earned enough to do more than keep a roof over my head and food on the table.  I don't live extravagantly, most of my clothes come from charity shops, I don't smoke, and haven't had a proper holiday for 6 years. Unless I can amass enough wealth in the next 18 years before I'm allowed to retire, I shall be surviving (or not) on the state pension... not because I don't want to contribute to a decent amount to live on, but because the wages I've earned so far haven't kept pace with inflation and there is no excess to stash away.
Permalink Reply by Barry Wiggins on August 27, 2011 at 13:03
I agree with the comments, its about people who CAN afford the deductions but refuse to stating they will be provided with.   I know many who cannot afford to buy a pension and I guess its tough times ahead UNLESS something like a magic ending in some film happens.....!
Permalink Reply by Ray Cave on August 31, 2011 at 8:39
Sometimes there can be situations where it is possible to be at an advantage not to have paid into a pension scheme. i.e. I have paid into my scheme for many years and have collected a pension since earlier this year at 60, I am suffering from Sciatica just now and have very bad Asthma too, I looked into what I'd obtain on benefits if I had to stop working altogether and found that I'd be able to do this without significant loss but would lose my pension contribution as this would be absorbed into the full amount paid in the benefits structure. In short I'd be no better off than someone who hadn't taken a pension contribution financial hit throughout their working life.  
Permalink Reply by owen hockey on September 2, 2011 at 15:47
Ray i  agree with you i am acareer for my wife,we did get some help due to her low income,but because i have three very small private pensions £230 00 per month after tax,that was all the help we could get had i not had these pensions we would have been given better help
Permalink Reply by Graham Keith Griffiths on August 31, 2011 at 10:02

I think the young generally see old age as something that is so far away it is not worth factoring in to their everyday living. I was lucky in having worked for a national company with an excellent pension scheme which was mandatory so there was no option to not join it.  What concerns me more is the view that the state will provide for their needs when the time comes (either via the state pension or by way of benefits). This is a view which is unsustainable given the ageing population of the UK.

While I am not a great believer in means testing, I do think that failure to secure ones own future (where the opportunity to do so was available)  should be taken into consideration before extra benefits are awarded. 

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