Stocks and investments

[walrus]

Let me ask you English guys something. Does every Englishman get a pension when they retire. How is it structured. Does the government handle it or the employer. I'll get a pension from my government job but not many jobs in the us have pensions nowadays. We have employee matched 401k or 403b which are basically mutually funds tied to the market and bonds

[Master]

We have a state pension for those that have worked and contributed to the system which is not a lot and should not be depended on to retire with.

[walrus]

We have a state pension for those that have worked and contributed to the system which is not a lot and should not be depended on to retire with.

Ok so it's probably similar in structure to our SSI. What about companies themselves, do they pay pensions? Do you guys havevinvestment vehicles like our 401k which is based on the stock market and bonds where you put in a percentage and the company matches it. In the us we have those, the contributions are usually pretax but you can't start taking money out until you hit retirement age. I'm just curious how you folks in England might do it

[Master]

We have a state pension for those that have worked and contributed to the system which is not a lot and should not be depended on to retire with.

Ok so it's probably similar in structure to our SSI. What about companies themselves, do they pay pensions? Do you guys havevinvestment vehicles like our 401k which is based on the stock market and bonds where you put in a percentage and the company matches it. In the us we have those, the contributions are usually pretax but you can't start taking money out until you hit retirement age. I'm just curious how you folks in England might do it

I think there is a compulsory opt in pension that all employers have to implement and is being phased in hat everyone must have an employers pension. I got mines very late 2012 but had been working since 1995. It is generous with me contributing 7% and employer 12% and if I retire at 66ish (another 20 years) then I would get about £20K per year. It is inflation linked so that £20K would be the same value of it is now then.

[walrus]

We have a state pension for those that have worked and contributed to the system which is not a lot and should not be depended on to retire with.

Ok so it's probably similar in structure to our SSI. What about companies themselves, do they pay pensions? Do you guys havevinvestment vehicles like our 401k which is based on the stock market and bonds where you put in a percentage and the company matches it. In the us we have those, the contributions are usually pretax but you can't start taking money out until you hit retirement age. I'm just curious how you folks in England might do it

I think there is a compulsory opt in pension that all employers have to implement and is being phased in hat everyone must have an employers pension. I got mines very late 2012 but had been working since 1995. It is generous with me contributing 7% and employer 12% and if I retire at 66ish (another 20 years) then I would get about £20K per year. It is inflation linked so that £20K would be the same value of it is now then.

Yes similar to our set up but some of our investment vehicles go up and down with the market opposed to a regular pension which is guaranteed. That 12 percent match is good. Very good actually. The place I work know I put in 7 and they do like nine or something. A lot of companies here in the us no longer have the traditional pension and do the 401k thing which saves them money. Anyway, finances really are stressful. Money isn't everything but it allows a lot of freedom. Perhaps you guys in England have a better safety net for the retired. It's difficult here and it's very easy to not plan ahead. Then you can develope strategies but life can change those in a blink of an eye. I started working when I was 14 I think I pissed away a lot of money on stupid shit when I was younger

[brocktonblockbust]

@Master do you guys have to work 40 quarters meaning basically 10 years full time as a minimum in order to qualify for your pension?

[Master]

@Master do you guys have to work 40 quarters meaning basically 10 years full time as a minimum in order to qualify for your pension?

To get the full basic State Pension you need a total of 30 qualifying years of National Insurance contributions or credits.