Finance & Investments

[Malvolio]

Not most people, but most people over the age of 45.

If you're in that age group, you would have started full-time work in the nineties or earlier, when they were still commonplace in the private sector.   Bear in mind I'm referring to a deferred pension, rather than one you're still accruing benefits in.

[RandomGuy99]

Not most people, but most people over the age of 45.

If you're in that age group, you would have started full-time work in the nineties or earlier, when they were still commonplace in the private sector.   Bear in mind I'm referring to a deferred pension, rather than one you're still accruing benefits in.

Most people won't have stayed in the same job for 25+ years and their new job will most likely not have a final salary pension.  People are generally expected to have around 4 occupational pension pots by the time they retire.  Some will have more. 

[Blackpool Rock]

Not most people, but most people over the age of 45.

If you're in that age group, you would have started full-time work in the nineties or earlier, when they were still commonplace in the private sector.   Bear in mind I'm referring to a deferred pension, rather than one you're still accruing benefits in.

Perhaps in larger organisations however even then I worked for a company which has a massive American parent company and by the late 80's they had ditched the old defined benefits pension for a defined contribution one

I was very young at the time, can't remember if we had a choice or whether we were conned and railroaded to switch but it was said that the company had worked out the defined benefit pension was "Unaffordable"

[windowlicker]

Open DB schemes have been in decline in the private sector, falling from an estimated 11% of schemes in 2012 to 4% in 2023 (see Figure One). The 199 remaining open schemes had 1,217,076 members, 446,332 of whom were still actively contributing, and an estimated £165 billion in assets.26 Mar 2024

[PilotMan]

Not most people, but most people over the age of 45.

If you're in that age group, you would have  started full-time work in the nineties or earlier, when they were still commonplace in the private sector.   Bear in mind I'm referring to a deferred pension, rather than one you're still accruing benefits in.

Yep, that's me. My first job was with a Government organisation, they never offered me such a scheme.

[RandomGuy99]

Yep, that's me. My first job was with a Government organisation, they never offered me such a scheme.

Civil Service pensions do have some good contributions from the employer though

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[PilotMan]

Civil Service pensions do have some good contributions from the employer though

External Link/Members Only

You've got me thinking, I'm going to check to see if there was some sort of scheme running.

I was 16 when I got my first job, thinking about pensions wouldn't have been on top of my action list, whereas getting a motorbike was 

[Pillowtalk]

Civil Service pensions do have some good contributions from the employer though

External Link/Members Only

Check these contribution rates - add employer and employee contributions rates together and you get about 1/3 of payroll costs, with the employer paying the lions share.

[RandomGuy99]

You've got me thinking, I'm going to check to see if there was some sort of scheme running.

I was 16 when I got my first job, thinking about pensions wouldn't have been on top of my action list, whereas getting a motorbike was 

See External Link/Members Only

[PilotMan]

See External Link/Members Only

Thanks for that 

[RandomGuy99]

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