31-10-2004, 14:32
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#1
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Senior Member
Join Date: Aug 2004
Posts: 567
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Pensions a pipe dream?
As a semi retired 50 odd year old,I read with dismay of the continual debacle of the Pension crisis.
Workers earning between £25,000-£30,000 were quizzed on how much pension they could expect if they were compelled to pay 5 -10% of their earnings into a pension scheme over their working lives.
Most said they expected a return of between £10,000-£15,000 per annum.
Yet the true figure is much less a 35 year old paying 5% of a £25,000 salaryand retiring at 65 would receive only £5,000 per year.
These earning figures were classed as average;though I suspect that in and around Hyndburn for most people this would be a dream wage.
To attain the hoped for £10-15 grand we have a choice work till we are 80 or increase pension contributions to more than 20%!
As I said I am semi retired,but already I am beginning to feel the financial pinch,God help us in the future as the working/retired populations continue to imbalance.
Answers on a post card please C/O Gordon Brown.
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