SERPS

I opted out in 1989. I've had three financial advisors over the past 8 years and none of them have advised me to opt back in.

I suppose it depends on how much you're putting in each month, who your pension is with and how well it's done/doing.

I can't imagine opting back into SERPS is a good idea.

I've heard that going back into Serps is now the thing to do, but I don't know for sure. It seems that whatever happens we get screwed.

Apparently pension investment has turned out to be so piss poor that owners of the worst offending policies are being recommended to get back into SERPS.

Well hurrah for last year!
What about the preceding 10?

The people who really suffer are those who were with Equitable Life or compainies that decide to close or loot the scheme

quote:

Originally posted by Tarquin Maynard-Portly:
Bob

I think the average managed fund returned something like 18% - 20% last year.

Where did you manage to get 18-20%? I need to shift mine to those companies. I got a statement from 1 of my pensions and it was worth less than 2/3rds of what I had put into it.
I've heard it said that pensions are no longer a means of keeping you comfortable in your old age, they're a means of keeping you poor throughout your life

quote:

Where did you manage to get 18-20%? I need to shift mine to those companies

I have two, one with Scottish Widows and the other with Standard Life.

Discounting any money I've put in during the year, Scottish has risen 22.5% and Life 21.5%.

If you haven't already, you should have your personal pension transferred to a "stakeholder" pension. You should also have full access to your pension fund via the internet. This will allow you to follow it's performance (daily if you like!) and change all your fund choices, payments, etc... free.

Maxwell
National Bus Company
Allied Steel and Wire
British United Shoe Machinery
Dexion
Samuel Jones
etc, etc

And of course much sympathy to the IFAs who set people up in fabulous schemes that are now not worth a light but are driving around in fancy cars on the commission.

I have 3 pensions that I put money into every month but I would never use it as my only form of investment for retirement. I think the big difference between pensions and savings is that with savings the money is your own whereas with a pension you're dependent on other people to dole the money out to you. I will always keep a pension plan but I will never have it as my only means of long term investment.

I think that eventually I shall go and work for Local Government. It won't be a pension, but getting paid to do F***-All and stand chatting around the photocopier, flexitime, and working hours 10.00 - 4.30, 5 weeks holiday, would be as close to retirement as I'll ever need. Oh...of course there's the days off for strikes too that add up nicely for...er....early retirement because they've had to work so damn hard.