Quote Originally Posted by walrus View Post
Quote Originally Posted by Master View Post
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.