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   DatahopaForumGeneral CategoryGeneral DiscussionWhat system (if one could call it that)...

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What system (if one could call it that)...
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Offline Art
United States Posts: 803
Rank: Baron

What system (if one could call it that)...


...is in place in the UK to help supplement one's retirement?

Here in the USA we have Social Security which was initially set up to help assist people as a supplement toward their personal savings / nest egg for retirement. Now people save hardly anything and depend on the government to provide a decent level of care during their retirement years! Funny how that got turned around!!

Just curious about what you chaps have, does it or does it not work and if not what's wrong with it. Spill it guys!! Thanks!! scratch-head

Posted July 19, 2012, 20:58:19 PM Logged

Offline DD1975
England Posts: 1458
Rank: Certified

Re: What system (if one could call it that)...


I the Uk we have the state pension which is provided for by National Insurance contribution (You have to have 17 years worth of NI contributions to qualify).

The state pension is quite small, barely subsistence living cost really but is fleshed by certain other subsidies such as the winter fuel allowance (£200 per annum at present)

Basically you are supposed to save into a private or company pension arrangement to complement the state pension, however people either do not save enough to make a difference or don't save at all, meaning we have many OAP's (Old Age Pensioners) living in quite poor circumstances or relying on family to help support them.

Posted July 20, 2012, 18:18:28 PM Logged
Smoke me a Kipper I'll be back for breakfast - Ace Rimmer

Offline DD1975
England Posts: 1458
Rank: Certified

Re: What system (if one could call it that)...


I should point out that what I have said is nothing more than the basics, the whole area of pensions in the UK is immensly complex as there are many different types of private pension, not to mention things like SERPS and the State Second pension which really confuse matters!!!

Posted July 20, 2012, 18:54:19 PM Logged
Smoke me a Kipper I'll be back for breakfast - Ace Rimmer

Offline Art
United States Posts: 803
Rank: Baron

Re: What system (if one could call it that)...


Thanks DD, that sort of parallels our "system" in the US with the exception of a fuel allowance although there's government / state issued Food Stamps (basically food coupons issued to those families meeting certain criteria of condition or income and some assistance with medical care and fuel and power bills. Like unemployment compensation, it is only issued for a set period of time, a set amount and under certain conditions.

Here, some companies offer a 401k (retirement program) where an employee contributes a portion of his / her salary and often, the company will match the contribution something like $.50 (fifty cents)  for every Employee dollar up to 6 % which is basically 3% net.

Not bad but what hits hard is when families suffer divorce and the individuals have to start over having really saved nothing to speak of to begin with. Seems that when a couple or person can finally begin to contribute to a savings plan, there aren't enough years left to make a big difference! Shame that!

Thanks for sharing the info! Looks as if we're all in the similar financial boat! <anyone have a bucket? I think I see water coming in>

Posted July 20, 2012, 21:33:16 PM Logged

Offline Carl2
United States Posts: 4095
Rank: Certified

Re: What system (if one could call it that)...


  Well, I just learned that Art is US. 
Carl2

Posted July 20, 2012, 22:19:21 PM Logged

Offline DD1975
England Posts: 1458
Rank: Certified

Re: What system (if one could call it that)...


We have similar company schemes her as well Art, in my case i contribute 5% of my salary and the company matches that.

As a result I'm in a better position than a lot of people are, although frankly i still haven't saved enough in real terms to provide properly for my family.......of course I wasn't really planning on having one of those it just sort of happened  Cheesy

Posted July 21, 2012, 08:18:19 AM Logged
Smoke me a Kipper I'll be back for breakfast - Ace Rimmer

Offline Art
United States Posts: 803
Rank: Baron

Re: What system (if one could call it that)...


  Well, I just learned that Art is US. 
Carl2

Carl, I'm surprised. Does my typing sound like I have a British accent?  Cheesy

Posted July 21, 2012, 11:21:34 AM Logged
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