| Topic: | Re:Re:Re:How Much Do You Need to Retire On? | |
| Posted by: | Joe Conneely | |
| Date/Time: | 24/06/11 17:22:00 |
| Vanessa in responding to your posting of June 23, the general consensus from most postings in the chain here is that things cannot carry on as they are and new approaches are needed. While they will not give an immediate fix, my suggestions would be: 1. Accept that state pensions for all is not appropriate given our changed UK demographics and introduce a sliding scale that would deny them to persons with high personal pension income levels (similar to what has happened to personal allowances for higher rate taxpayers. 2. Junk the teaching of RE in more senior years at school and replace it with teaching of personal financial management so people commence work (when they can get a job!) with a better understanding of the realities - one suspects this would help better kick start the need to provide for ones retirement however far off it may seem. 3. Not a popular item I suspect but mandatory pension provision being required alongside the need to move pension arrangements so people have full portability of a personal account individual pension scheme specific to them. Given that in the future all will likely have a variety of jobs across their life the need is to avoid a disparate number of employer pension schemes or poor transfer values between such schemes by the actuaries. 4. Expand something like National Savings so that lower value personal pension funds are handled and fire walled in a secure and safe environment and avoid the rip offs that have occurred under pension mis-selling scams and poor investment performance exacerbated by management fees. |